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@longtimelurker wrote:You are right. When bill pay was an uncapped category, meant to be used for insurance and utilties, we found a tofu factory classified as a utility and a group of us bought millions of dollars worth of tofu, getting 5% back.
Still some left if you are interested (tofu, not the cash back)
I would like some actually. I am about as carnivorous as they come, but I love tofu.
How would anyone on this forum have any idea how long 2% cards would last for?
For Fidelity Amex, the source about how long it will last seems to be this NYT article:
Towards the very end:
Fidelity also pays for a portion of these rewards, and for good reason. Customers who use its cards keep three and a half times as much money with the company as those who don’t. Sam McLimans, senior vice president for cash management at Fidelity, promised in an interview this week that the 2 percent rate would not fall for at least 18 months.
This was Feb 2014. So lets see if they continue in Aug 2015. This also shows why the Fid Amex card might be sustainable, because customers keep accounts with the company. Not sure that Citi DC invites any such loyalty, maybe they could increase the bonus for Citibank customers (or more likely, reduce the bonus for non-customers!)
@longtimelurker wrote:For Fidelity Amex, the source about how long it will last seems to be this NYT article:
Towards the very end:
Fidelity also pays for a portion of these rewards, and for good reason. Customers who use its cards keep three and a half times as much money with the company as those who don’t. Sam McLimans, senior vice president for cash management at Fidelity, promised in an interview this week that the 2 percent rate would not fall for at least 18 months.
This was Feb 2014. So lets see if they continue in Aug 2015. This also shows why the Fid Amex card might be sustainable, because customers keep accounts with the company. Not sure that Citi DC invites any such loyalty, maybe they could increase the bonus for Citibank customers (or more likely, reduce the bonus for non-customers!)
You....uh...
Mean the same way Chase had the old 10c/swipe thing going if you had a checking account with them?
@Chris679 wrote:
I maintain my position that the card may only tread water for now but will rake in the profits down the road once prime rate is raised up. People will still be carrying large balances at rates like prime + 16% or so.
I have read multiple reports that the average household carrys something like $7000 of CC debt. How many of these people actually realize that those APRs are variable and they could be in for trouble?
Any predictions on prime rate?
@Anonymous wrote:
@longtimelurker wrote:For Fidelity Amex, the source about how long it will last seems to be this NYT article:
Towards the very end:
Fidelity also pays for a portion of these rewards, and for good reason. Customers who use its cards keep three and a half times as much money with the company as those who don’t. Sam McLimans, senior vice president for cash management at Fidelity, promised in an interview this week that the 2 percent rate would not fall for at least 18 months.
This was Feb 2014. So lets see if they continue in Aug 2015. This also shows why the Fid Amex card might be sustainable, because customers keep accounts with the company. Not sure that Citi DC invites any such loyalty, maybe they could increase the bonus for Citibank customers (or more likely, reduce the bonus for non-customers!)
You....uh...
Mean the same way Chase had the old 10c/swipe thing going if you had a checking account with them?
More like BoA BBR and Travel Rewards give a bonus for having accounts with them.
@longtimelurker wrote:
@Anonymous wrote:
@longtimelurker wrote:For Fidelity Amex, the source about how long it will last seems to be this NYT article:
Towards the very end:
Fidelity also pays for a portion of these rewards, and for good reason. Customers who use its cards keep three and a half times as much money with the company as those who don’t. Sam McLimans, senior vice president for cash management at Fidelity, promised in an interview this week that the 2 percent rate would not fall for at least 18 months.
This was Feb 2014. So lets see if they continue in Aug 2015. This also shows why the Fid Amex card might be sustainable, because customers keep accounts with the company. Not sure that Citi DC invites any such loyalty, maybe they could increase the bonus for Citibank customers (or more likely, reduce the bonus for non-customers!)
You....uh...
Mean the same way Chase had the old 10c/swipe thing going if you had a checking account with them?
More like BoA BBR and Travel Rewards give a bonus for having accounts with them.
Or the wayyyy old BoA "Keep the Change.."
@Anonymous wrote:
@Chris679 wrote:
I maintain my position that the card may only tread water for now but will rake in the profits down the road once prime rate is raised up. People will still be carrying large balances at rates like prime + 16% or so.
I have read multiple reports that the average household carrys something like $7000 of CC debt. How many of these people actually realize that those APRs are variable and they could be in for trouble?Any predictions on prime rate?
We just did that like two weeks ago when someone else posted this exact same thread. Too many posts clouding your memory