topic Re: Mastercard Elite 3x Rewards Unlimited from CU in Credit Cards

Mastercard Elite 3x Rewards Unlimited from CU

creditfan — Wed, 04 Mar 2020 03:52:02 GMT

https://www.tropicalfcu.com/fixed-rate-reward-credit-cards

It's good for who are eligible

more info here

https://www.doctorofcredit.com/fl-tropical-financial-credit-union-3-cashback-mastercard-credit-card-no-annual-fee/

Re: Mastercard Elite 3x Rewards Unlimited from CU

Anonymous — Wed, 04 Mar 2020 04:29:56 GMT

"Earn 3 reward points on all retail purchases"

I wonder if it's truly 3 points on all purchases or if they mean retail category.

3% (I confirmed with other CUs that points are typically worth 1cpp) would be very abuseable but considering that PCMCU offers 5% on all purchases and is also geofenced, maybe they are just heavily enforcing their fence.

Re: Mastercard Elite 3x Rewards Unlimited from CU

Anonymous — Wed, 04 Mar 2020 17:22:22 GMT

@Anonymous wrote:
"Earn 3 reward points on all retail purchases"

I wonder if it's truly 3 points on all purchases or if they mean retail category.

3% (I confirmed with other CUs that points are typically worth 1cpp) would be very abuseable but considering that PCMCU offers 5% on all purchases and is also geofenced, maybe they are just heavily enforcing their fence.

I saw this under disclosures:

"You will earn 3 reward point for each $1 of net purchases. Terms and conditions for the Rewards program apply. The CURewards® program rules will be mailed after the account is opened. "

Not sure what the point value is worth, especially if you cannot find out until the rules are mailed to you after the account is opened.

Re: Mastercard Elite 3x Rewards Unlimited from CU

Anonymous — Wed, 04 Mar 2020 17:43:13 GMT

@Anonymous wrote:
@Anonymous wrote:
"Earn 3 reward points on all retail purchases"

I wonder if it's truly 3 points on all purchases or if they mean retail category.

3% (I confirmed with other CUs that points are typically worth 1cpp) would be very abuseable but considering that PCMCU offers 5% on all purchases and is also geofenced, maybe they are just heavily enforcing their fence.
I saw this under disclosures:

"You will earn 3 reward point for each $1 of net purchases. Terms and conditions for the Rewards program apply. The CURewards® program rules will be mailed after the account is opened. "

Not sure what the point value is worth, especially if you cannot find out until the rules are mailed to you after the account is opened.

Googling I see many CUs use CURewards and they were all 1cpp value.

It certainly seems like a great card but DoC comments are saying they want a utility bill showing you live there so it looks like they are indeed enforcing their geofence and not just allowing anyone who lives anywhere and works for one of the listed employers in.

Re: Mastercard Elite 3x Rewards Unlimited from CU

Anonymous — Wed, 04 Mar 2020 17:47:36 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
"Earn 3 reward points on all retail purchases"

I wonder if it's truly 3 points on all purchases or if they mean retail category.

3% (I confirmed with other CUs that points are typically worth 1cpp) would be very abuseable but considering that PCMCU offers 5% on all purchases and is also geofenced, maybe they are just heavily enforcing their fence.
I saw this under disclosures:

"You will earn 3 reward point for each $1 of net purchases. Terms and conditions for the Rewards program apply. The CURewards® program rules will be mailed after the account is opened. "

Not sure what the point value is worth, especially if you cannot find out until the rules are mailed to you after the account is opened.
Googling I see many CUs use CURewards and they were all 1cpp value.

It certainly seems like a great card but DoC comments are saying they want a utility bill showing you live there so it looks like they are indeed enforcing their geofence and not just allowing anyone who lives anywhere and works for one of the listed employers in.

If someone who likes the card is in the area, its probably a great card.

Re: Mastercard Elite 3x Rewards Unlimited from CU

Anonymous — Wed, 04 Mar 2020 18:20:43 GMT

@Anonymous wrote:
"Earn 3 reward points on all retail purchases"

I wonder if it's truly 3 points on all purchases or if they mean retail category.

3% (I confirmed with other CUs that points are typically worth 1cpp) would be very abuseable but considering that PCMCU offers 5% on all purchases and is also geofenced, maybe they are just heavily enforcing their fence.

My guess is that being a CU they could quickly shut down an individual abuser, or, if their profitibility calculations were wrong, eventually nerf by capping or reducing the 3% (If they are using a standard CU rewards program, hard to do the other option which is to devalue the points).

Still 3% isn't 5%, which is where some people start getting excited!

Re: Mastercard Elite 3x Rewards Unlimited from CU

Anonymous — Wed, 04 Mar 2020 18:24:56 GMT

@Anonymous wrote:
@Anonymous wrote:
"Earn 3 reward points on all retail purchases"

I wonder if it's truly 3 points on all purchases or if they mean retail category.

3% (I confirmed with other CUs that points are typically worth 1cpp) would be very abuseable but considering that PCMCU offers 5% on all purchases and is also geofenced, maybe they are just heavily enforcing their fence.
My guess is that being a CU they could quickly shut down an individual abuser, or, if their profitibility calculations were wrong, eventually nerf by capping or reducing the 3% (If they are using a standard CU rewards program, hard to do the other option which is to devalue the points).

Still 3% isn't 5%, which is where some people start getting excited!

Is it 3% retail or 3% everything? I would start to get excited at 3% everything, although with Propel, Savor (4%), and BoA cash rewards, I'm getting 3% most.

Re: Mastercard Elite 3x Rewards Unlimited from CU

Rockysocks — Wed, 04 Mar 2020 22:31:35 GMT

I live out of state but decided to go for it anyway. Long story short, they're strictly geofenced lol.

I applied for the card and was approved but checked on the status of the application on their website which stated declined.

I called and they told me my physical address had to be in southern Florida.

Darn.

The GOOD NEWS though is that they never pulled a hard inquiry! At least, Credit Wise, Experian, etc haven't blown up my phone with emails about someone checking my credit. Lol

Re: Mastercard Elite 3x Rewards Unlimited from CU

AllZero — Wed, 04 Mar 2020 22:47:31 GMT

^ That's unfortunate. Thank you for sharing the data points. Hope no future hard pull.

Re: Mastercard Elite 3x Rewards Unlimited from CU

batsy71 — Wed, 04 Mar 2020 22:58:27 GMT

@Rockysocks wrote:
I live out of state but decided to go for it anyway. Long story short, they're strictly geofenced lol.
I applied for the card and was approved but checked on the status of the application on their website which stated declined.
I called and they told me my physical address had to be in southern Florida.
Darn.
The GOOD NEWS though is that they never pulled a hard inquiry! At least, Credit Wise, Experian, etc haven't blown up my phone with emails about someone checking my credit. Lol

> I live out of state but decided to go for it anyway. Long story short, they're strictly geofenced lol.

Did you satisfy any requirement for the CU membership? Like being associated with approved employers list? Or you applied for cc application, followed by CU membership, the latter being declined?

Re: Mastercard Elite 3x Rewards Unlimited from CU

Rockysocks — Wed, 04 Mar 2020 23:00:05 GMT

I gave the membership topic a try when I was talking to them. All they asked was where I work, and then quickly said nope since the company I work for is only located in Tennessee lol. I even asked the rep if I could qualify since I have immediate family living in Florida, but she said YOU have to live there.

Also, I never applied for membership. I just applied for the card, so I could see how the process would play out first.

Why do all the AMAZING REWARD CARDS have to be geofenced?!?!?!? (I know, I know, so they can keep my hands off them, but still!!)

Re: Mastercard Elite 3x Rewards Unlimited from CU

batsy71 — Wed, 04 Mar 2020 23:12:00 GMT

thank you kind sir for taking the plunge for us all. i have been playing this game for a while as well. Have been on phone with many such CU's only to be turned down.

I have still not completely given up on Tropical FCU for non-South FL residents. I feel un-explored pathways still exist toward it's membership which I plan to make an attempt at in the first week of april as I am waiting my credit reports to clear up. Will post here on how that goes.

Re: Mastercard Elite 3x Rewards Unlimited from CU

AverageJoesCredit — Wed, 04 Mar 2020 23:39:39 GMT

@Rockysocks wrote:
I live out of state but decided to go for it anyway. Long story short, they're strictly geofenced lol.
I applied for the card and was approved but checked on the status of the application on their website which stated declined.
I called and they told me my physical address had to be in southern Florida.
Darn.
The GOOD NEWS though is that they never pulled a hard inquiry! At least, Credit Wise, Experian, etc haven't blown up my phone with emails about someone checking my credit. Lol

MyFico thanks you

Re: Mastercard Elite 3x Rewards Unlimited from CU

Anonymous — Fri, 06 Mar 2020 12:26:06 GMT

Ok if you work for Holiday Inn, Macys Florida, Clubmed, Sams Club, Office Depot, or Bloomingdales, you are in a qualifying SEG!!

If you have an immediate family member who is a member, or if you live with a member...otherwise geo-fenced.

I need an immediate family member, anybody looking to adopt? Only requirement is you work for one of the above, LOL, j/k.

Re: Mastercard Elite 3x Rewards Unlimited from CU

Anonymous — Fri, 06 Mar 2020 14:58:53 GMT

@Anonymous wrote:
Ok if you work for Holiday Inn, Macys Florida, Clubmed, Sams Club, Office Depot, or Bloomingdales, you are in a qualifying SEG!!

If you have an immediate family member who is a member, or if you live with a member...otherwise geo-fenced.

I need an immediate family member, anybody looking to adopt? Only requirement is you work for one of the above, LOL, j/k.

They seem to still be enforcing their fence with a utility bill requirement.

https://www.doctorofcredit.com/fl-tropical-financial-credit-union-3-cashback-mastercard-credit-card-no-annual-fee/#comment-926651

Re: Mastercard Elite 3x Rewards Unlimited from CU

Anonymous — Fri, 06 Mar 2020 17:23:26 GMT

@Anonymous wrote:
@Anonymous wrote:
Ok if you work for Holiday Inn, Macys Florida, Clubmed, Sams Club, Office Depot, or Bloomingdales, you are in a qualifying SEG!!

If you have an immediate family member who is a member, or if you live with a member...otherwise geo-fenced.

I need an immediate family member, anybody looking to adopt? Only requirement is you work for one of the above, LOL, j/k.
They seem to still be enforcing their fence with a utility bill requirement.

https://www.doctorofcredit.com/fl-tropical-financial-credit-union-3-cashback-mastercard-credit-card-no-annual-fee/#comment-926651

If issuing cards to customers were such a great thing, you'd think they'd want to offer it to as many people as they can, and have no fences.

Re: Mastercard Elite 3x Rewards Unlimited from CU

Anonymous — Fri, 06 Mar 2020 17:29:07 GMT

When I went thru the app process, eligibility gave choices: where you live, where you work, etc. Long list of employers.

Re: Mastercard Elite 3x Rewards Unlimited from CU

Anonymous — Fri, 06 Mar 2020 17:57:54 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Ok if you work for Holiday Inn, Macys Florida, Clubmed, Sams Club, Office Depot, or Bloomingdales, you are in a qualifying SEG!!

If you have an immediate family member who is a member, or if you live with a member...otherwise geo-fenced.

I need an immediate family member, anybody looking to adopt? Only requirement is you work for one of the above, LOL, j/k.
They seem to still be enforcing their fence with a utility bill requirement.

https://www.doctorofcredit.com/fl-tropical-financial-credit-union-3-cashback-mastercard-credit-card-no-annual-fee/#comment-926651
If issuing cards to customers were such a great thing, you'd think they'd want to offer it to as many people as they can, and have no fences.

CUs have to be really careful. Banks are trying real hard to get their not for profit status revoked. The more that they loosen restrictions away from their charter, the more the banks push.

Re: Mastercard Elite 3x Rewards Unlimited from CU

Aim_High — Fri, 06 Mar 2020 19:56:32 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
...otherwise geo-fenced.
They seem to still be enforcing their fence with a utility bill requirement.
https://www.doctorofcredit.com/fl-tropical-financial-credit-union-3-cashback-mastercard-credit-card-no-annual-fee/#comment-926651
If issuing cards to customers were such a great thing, you'd think they'd want to offer it to as many people as they can, and have no fences.
CUs have to be really careful. Banks are trying real hard to get their not for profit status revoked. The more that they loosen restrictions away from their charter, the more the banks push.

Good point about protecting their Credit Union nonprofit status. But also remember that banks offer rewards credit cards to entice us so that they can make money from us in other ways. They want to be your primary financial institution. Sure, there is the chance for lenders to make up some of that rewards money they are paying out from swipe fees, interest, late payments, etc. But they sometimes are willing to take a loss in that area if they're making even bigger money financing car loans, houses, or holding substantial savings accounts or CDs. Those of us on My Fico who shop around and are more credit-savvy are the exception.

Re: Mastercard Elite 3x Rewards Unlimited from CU

batsy71 — Fri, 06 Mar 2020 22:09:56 GMT

This card would have been a must have for many reasons:

1) There are simply too many cc transactions that are not covered by category spends: Medical Bills, Insurance, hoa, rent, tuition bills, income tax, property tax. For someone like me living in west coast this can amount to 40-50k/yr. Getting an additional 1% discount versus the typical 2% card would easily save me 4-500$/yr.

2) Ok, i sort of exaggerated in my previous point, there are cc's that giv 3% on medical bills (BBVA) and insurance (State Farm), but having one card that does it all and helps me get rid of like 4-5 cards that i had to hold on to, to reach such a large saving. That's pretty impressive.

3) The best aspect of the card comes out when combined with Plastiq. Plastiq allows you to pay mortgage using cc. But only non-Visa cc's are allowed to pay mortgage. Plastiq also charges 2.5% transaction fees for each bill paid. So essentially with this credit card one could save 0.575% of their mortgage (or rent). With a 1500$ mortgage each month, thats 103$/yr. Its usually a little more cos Plastiq will offer special 1% transaction rates 4x/yr

4) There are actually some cedit unions that provide 3% on everything cc's like Safe America CU that will allow you to have a 3% cc if you lock up 100k$ in cash. But these are moot, given their **bleep**ty interest rates, one would lose more on interest of their 100k than gain from the 3% cash back, not to mention the cc is a Visa and not a Mastercard (miss out on point 3)).

With all this in mind, I have started to ask myself, is it maybe worth, literally renting a small place for a month in the locations of these CUs? A small rent in Miami for a month would probably cost me 450$. Add another 80$ for my first utility bill. If i prefer to handle this in person and not just online, add a 250$ round trip plane ride. With this setup I should easily get the CU membership and then the CC. For <800$ i get this CC and recoup its cost in < 2 yrs. After that it's pure gains.