topic Re: New 5/3 Credit Card Coming in Credit Cards

New 5/3 Credit Card Coming

gdale6 — Wed, 26 Oct 2022 15:44:29 GMT

Hi all,

I received this via email this morning and couldnt stop laughing, a 1% cash back card are you kidding me.... 5/3 continues to make themselves more irrelevant every day. I dont bank with them so Im not elegible to even apply for it.

Re: New 5/3 Credit Card Coming

wingennis — Wed, 26 Oct 2022 15:47:23 GMT

This is a great card for 2010🤣

Re: New 5/3 Credit Card Coming

Hex — Wed, 26 Oct 2022 16:06:45 GMT

Maybe people will want it for the 21 month 0% APR for purchases and balance transfers (4% BTF)?

I think 21 months is pretty long right? I'm not entirely sure because I never use that kind of promo. Don't most 21 months at 0% cards usually come without any rewards at all?

Re: New 5/3 Credit Card Coming

OmarGB9 — Wed, 26 Oct 2022 16:18:35 GMT

Well, at least it's got cell phone protection and a long 0% APR intro period for both purchases and BTs! Then it can just be SD'd.

Re: New 5/3 Credit Card Coming

NoMoreE46 — Wed, 26 Oct 2022 16:27:05 GMT

Reminds me of the time when my company had us mail letters to our contacts proudly announcing that we had EMAIL now! (This was in late 90s and most of my clients were high tech Silicon Valley startups...)

To its credit, 21 months is a longer duration than most for BT offers

Re: New 5/3 Credit Card Coming

PullingMeSoftly — Wed, 26 Oct 2022 16:34:45 GMT

So it'll basically be their 0-apr card with cell phone protection. Looking at their WEMC benefits:

Coverage for theft and damage
Up to $800 per claim, $1,000 per year
$50 deductible
2 claims per year

Funny to also see their cash back card rewards rate in combination with their name makes me think a math major is in charge of their credit division: 1.67% unlimited cash back, and 5.3% promo cash back on gas (through 12/31), lol these guys

Re: New 5/3 Credit Card Coming

DONZI — Wed, 26 Oct 2022 17:07:59 GMT

Pretty amazing...

I may try for some CLI on my 5/3rd cards one of these days. The Trio is okay for trivial meals within it's dining category but I don't much bother with that card anymore. The Cash/Back I use for the 2% when all else would be 1% or 1 Point, sometimes.

To their credit I did get a nice offer on fuel. Not used it at all so far but will probably get a few $$ in the tanks with it before the new year.

Re: New 5/3 Credit Card Coming

Anonymous — Wed, 26 Oct 2022 18:30:03 GMT

@Hex wrote:
Maybe people will want it for the 21 month 0% APR for purchases and balance transfers (4% BTF)?
I think 21 months is pretty long right? I'm not entirely sure because I never use that kind of promo. Don't most 21 months at 0% cards usually come without any rewards at all?

Right. Citi Simplicity has 21 month on BT and 12 month on purchases, but the BTF is 3% if done in the first few months. That difference may well be more significant that 1% on purchases (depending on the relative amounts!)

Chase Slate Edge is 18 months on both, with a 3% BTF in first 60 days,

So an extra player isn't dreadful, but like @gdale6 , I find the prominent boasting of the 1% amusing!

Re: New 5/3 Credit Card Coming

Anonymous — Wed, 26 Oct 2022 21:23:57 GMT

@Anonymous wrote:
@Hex wrote:
Maybe people will want it for the 21 month 0% APR for purchases and balance transfers (4% BTF)?
I think 21 months is pretty long right? I'm not entirely sure because I never use that kind of promo. Don't most 21 months at 0% cards usually come without any rewards at all?
Right. Citi Simplicity has 21 month on BT and 12 month on purchases, but the BTF is 3% if done in the first few months. That difference may well be more significant that 1% on purchases (depending on the relative amounts!)

Chase Slate Edge is 18 months on both, with a 3% BTF in first 60 days,

So an extra player isn't dreadful, but like @gdale6 , I find the prominent boasting of the 1% amusing!

Aw... do you suppose this is the new Reward Structure of the future? 5/3 is leading the pack and we get invited in early?

Re: New 5/3 Credit Card Coming

Anonymous — Wed, 26 Oct 2022 21:36:25 GMT

Love the exclamation point after 1% cash back like it's ground breaking.

Re: New 5/3 Credit Card Coming

SUPERSQUID — Wed, 26 Oct 2022 22:00:07 GMT

@gdale6 wrote:
Hi all,

I received this via email this morning and couldnt stop laughing, a 1% cash back card are you kidding me.... 5/3 continues to make themselves more irrelevant every day. I dont bank with them so Im not elegible to even apply for it.

Even some subprime cards give 2 pct cb. I guess this card can compete with mercury mastercard.

The only way this card could benefit someone is if they used the 21 month bt and paid it off in 21 months and closed the card.

Re: New 5/3 Credit Card Coming

RedKaos — Thu, 27 Oct 2022 05:40:40 GMT

0% APR on balance transfer and purchases aren't too common right? I know Citi and Chase have theirs with 3% balance transfer fees. If this one is also 3% then isn't it best in class in a sense. 1% is laughable, but it could also just be another sneaky way to keep certain customers spending and in debt.

On that topic, Citi needs to stop asking me to do a balance transfer to their Double Cash card, which does NOT have 0% APR on purchases. Yeah, I'm so going to keep a transfer balance on what's by design a daily driver card.

Re: New 5/3 Credit Card Coming

markhs777 — Thu, 27 Oct 2022 06:44:49 GMT

As others have mentioned it's the 21 month 0% that might be enticing. The Citi Diamond Preferred is also. 21 months with a 5% fee and without any cash back. So not the worst.

Re: New 5/3 Credit Card Coming

AlanGJP — Thu, 27 Oct 2022 14:29:29 GMT

@markhs777 wrote:
As others have mentioned it's the 21 month 0% that might be enticing. The Citi Diamond Preferred is also. 21 months with a 5% fee and without any cash back. So not the worst.

This whole ad reads as well targeted. They're marketing to people carrying a balance, that likely don't have the best scores and could use a two year break from 24%+ APRs. For those people, this is probably one of the better cards they'd get approved for and probably a good choice.

This really isn't marketed to most of the people in this forum. imo

Re: New 5/3 Credit Card Coming

NoMoreE46 — Thu, 27 Oct 2022 18:26:53 GMT

With a new card product/first time customer, many issuers will have the 0% rate for BT and purchases. 21 months though is longer than the typical duration.

My last three Wells Fargo cards had this offer for 15 months.

I don't quite understand how offering #% back is a "sneaky way to keep certain customers spending and in debt."

@RedKaos wrote:
0% APR on balance transfer and purchases aren't too common right? I know Citi and Chase have theirs with 3% balance transfer fees. If this one is also 3% then isn't it best in class in a sense. 1% is laughable, but it could also just be another sneaky way to keep certain customers spending and in debt.

Re: New 5/3 Credit Card Coming

DONZI — Thu, 27 Oct 2022 18:47:06 GMT

@AlanGJP wrote:
This whole ad reads as well targeted. They're marketing to people carrying a balance, that likely don't have the best scores and could use a two year break from 24%+ APRs. For those people, this is probably one of the better cards they'd get approved for and probably a good choice.

This really isn't marketed to most of the people in this forum. imo

I wouldn't call it well targeted with it hitting my inbox.. if anything they want more spend from me. That isn't the card for it, but the 5.3% cash back for fuel offer I got will attract some spend.

I can certainly see it's got a reason, but they kinda missed the mark on marketing the potentially lower APR for spend and decent BT offer as front and center instead of the 1% cash back.