New Emigrant Direct Cash Back Credit Card
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FacebookBig news from Emigrant Direct Savings Bank… They’ve finally rolled out their new cash back credit card. This card, which is issued by Juniper Bank, offers:
• Up to 1.25% cash back on all purchases
• Rewards are credited directly to your American Dream Savings Account (twice annually)
• No limit to the amount of cash back that you can earn
• 0% APR on balance transfers for six months
There is, however, a pretty big catch… In order to receive the maximum cash back amount, the primary cardholder has to maintain an average daily balance of ? $10k in their Emigrant Direct savings account over the six months prior to the reward being deposited. Dip below $10k and your rewards will fall back to 0.50% of net purchases. Ouch. That’s a pretty big hit.
[Via: Neo's Nest Egg]
Published on January 20th, 2006 - 5 Comments
Filed under: Credit Cards
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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5 Responses to “New Emigrant Direct Cash Back Credit Card”
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January 20th, 2006 at 2:37 pm
I will stick to my 3% and 5% cash back or auto insurance credits, I think. Very good idea, though. Maybe once I have that kind of a balance in my emergency fund I might look into it; in the meantime, my money is going to chase the extra .25% at HSBC.
January 20th, 2006 at 3:45 pm
Agree with Blaine. I don’t think the math adds up here. The difference between 10k at HSBC @ 4.25% vs. 4.0% at emigrant is 0.25% or $25.
Assuming you already have a 1% cash back card with some other bank, all you are really gaining is an additional 0.25% interest.
You would need to spend at least10k annually to earn that $25 that HSBC is already paying you.
For every 10k you charged beyond the original 10k would earn you an extra $25. Of course, if you are ever late or carry a balance you just lost all that interest in fees! What is worse is if HSBC raises their rates to 4.5% or 4.75% then you’re better off with HSBC!
January 20th, 2006 at 9:06 pm
Guest offers a good point. The lower rate at Emigrant, the high account minimum, and lackluster rebate don’t make this the best deal.
If you simply go with Citi Dividends or AmEx Blue, you can get 5% back on your groceries, gas, and drugstore purchases and 1% back on everything else. Combine that with an HSBC account at 4.25% and you probably have a better deal.
If you want to check the numbers, there’s a tool to check the rebate you’d recieve from different cards based on your spending.
January 22nd, 2006 at 1:06 am
But it does have that sweet hat on it!