topic Re: My Debit card is the new rewards card! in Credit Cards

My Debit card is the new rewards card!

Anonymous — Wed, 23 Apr 2008 20:05:09 GMT

Ok, so I have been with Wells Fargo and US Bank for years. I decided last month to try the local credit union on for size.

I deposited a good sum into my new checking account. The account is free, and earns 5% APY if

*use debit card 12 times in a month.
*have e-statements
*make one ACH or direct deposit per month.

I was credited today with $23.33. That is on the fractional (5%/12). To get this from my credit card I would have had to spend something like $2333.

So to maximize rewards I am thinking all small purchases will be debit, larger on the credit cards to show love to my issuers. And one small purchase on a CC that is paid thru the CU.

I will pay all the other large balances (CC) out of my Wells. So I keep average daily balance high in CU.

I thought this deal was bunk, but I just got the cash to prove it! WOO HOO!

What do ya'll think. I am obsessed at this point, trying to maximize my incentives!

Any other CU out there offering these types of perks???

Re: My Debit card is the new rewards card!

Creditaddict — Wed, 23 Apr 2008 20:09:23 GMT

sounds like a pretty good perk. I only earn 1 point off my debit card which I don't use!

Re: My Debit card is the new rewards card!

Anonymous — Wed, 23 Apr 2008 20:19:28 GMT

I was pretty stoked.....I have been using CC's to pay for nearly everything. (To maximize rewards)

I didn't think too much of this offer when I first signed up. But it is working. Obviously if the balance is low in the checking account it wouldn't be worth much, but I am so intrigued! I know $23 is not a huge deal, but for me it's a great thing.

To bad debit cards don't have any role in my FICO!

Message Edited by miahmarie on 04-23-2008 01:19 PM

Re: My Debit card is the new rewards card!

Creditaddict — Wed, 23 Apr 2008 20:27:49 GMT

that's how I am with my business Amex card.

I wish I could pump as much personal stuff through my green as I do the business card.

I just traded in 2 months of points for $100 statement credit.

Now if I could just get the Plum card I would see an extra $60-75 month for early pay!

I'm all about the rewards. $23 sounds good to me for 1 month

Re: My Debit card is the new rewards card!

Anonymous — Wed, 23 Apr 2008 21:28:15 GMT

Considering at most on a usual month the most I put through the cards would be $1700. Unless it was like February or March where I put about $2500 through each month. Paid for a Cruise, and bought hubby a new super duper gaming computer. Each month I put only those purchases thru and got back $25 each month, but that is not typical of how I spend.

It sounds to me as if you spend considerably more than I, but hey $100 credit-I think I would celebrate!

If I could only pay my mortgage this way and my other household bills, I would jump on it so quick! Rack up some serious points. Ahhhhh the sweet smell of rewards.

Re: My Debit card is the new rewards card!

Creditaddict — Wed, 23 Apr 2008 21:30:22 GMT

RIGHT!

I just went through and tried to pay my cable, phone, and electric and they don't take amex.

so everything i can have auto billed to it is.

to bad I can't by my chapter 13 payment with my amex. LOL

Re: My Debit card is the new rewards card!

Anonymous — Wed, 23 Apr 2008 21:34:45 GMT

LOL...you are funny.

Looks like things are great for you now, yes???

Re: My Debit card is the new rewards card!

Anonymous — Wed, 23 Apr 2008 23:28:27 GMT

Rewards aside, 5% on an account is amazing in today's interest rate environment.

Which CU is this?

Is it FDIC insured?

Re: My Debit card is the new rewards card!

MidnightVoice — Wed, 23 Apr 2008 23:36:25 GMT

Creditaddict wrote:
RIGHT!
I just went through and tried to pay my cable, phone, and electric and they don't take amex.
so everything i can have auto billed to it is.
to bad I can't by my chapter 13 payment with my amex. LOL

I pay Direct TV and a land line and cell phone with Amex

Internet won't accept Amex

Uti;lities don't like credit cards

Re: My Debit card is the new rewards card!

Anonymous — Thu, 24 Apr 2008 00:14:30 GMT

Greater Nevada Credit Union, and it's called greater checking.

They cap it at $50,000 balance.

Re: My Debit card is the new rewards card!

Anonymous — Thu, 24 Apr 2008 00:17:27 GMT

@Anonymous wrote:
Rewards aside, 5% on an account is amazing in today's interest rate environment.

Which CU is this?

Is it FDIC insured?

Your savings federally insured to at least $100,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

Re: My Debit card is the new rewards card!

Anonymous — Thu, 24 Apr 2008 02:16:45 GMT

@Anonymous wrote:

@Anonymous wrote:
Rewards aside, 5% on an account is amazing in today's interest rate environment.

Which CU is this?

Is it FDIC insured?

Your savings federally insured to at least $100,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

Not everywhere it's not, which is why I asked.

You can get accounts in extra-territorial locations that pay 11%, but aren't FDIC insured.

But if it's in Nevada, it will be, so case closed.

Re: My Debit card is the new rewards card!

Anonymous — Thu, 24 Apr 2008 02:21:38 GMT

@Anonymous wrote:
Greater Nevada Credit Union, and it's called greater checking.

They cap it at $50,000 balance.

Huh...I can't seem to find membership requirements anywhere.

Is it open to just anybody???

Re: My Debit card is the new rewards card!

Anonymous — Thu, 24 Apr 2008 02:31:03 GMT

Yeah, I can't find on their website either? It says you just have to be a U.S. citizen?! Is that true?

Re: My Debit card is the new rewards card!

Anonymous — Thu, 24 Apr 2008 02:36:15 GMT

watchnerd wrote:

Not everywhere it's not, which is why I asked.

You can get accounts in extra-territorial locations that pay 11%, but aren't FDIC insured.

But if it's in Nevada, it will be, so case closed.

Well, NCUA insured, anyway. CUs aren't insured by the FDIC, but that's probably splitting hairs.

Re: My Debit card is the new rewards card!

Anonymous — Thu, 24 Apr 2008 03:22:08 GMT

Honestly I am not sure what the membership requirements are. After reading about everyone talking about establishing a relationship with a credit union I went into the branch with a Cashier's Check from Wells Fargo and asked about what "FREE" accounts they had.

The lady told me about this program and I was like ok, sign me up!

I can call there tomorrow and ask about membership requirements. The account lady actually called me today to see if everything was going okay. She said since everything is so electronic she likes to check in on the members every once in a while.

And yes cheddar they are NCUA insured. Thanks for that!

Re: My Debit card is the new rewards card!

Anonymous — Thu, 24 Apr 2008 03:27:56 GMT

Okay I found it.....only Nevada residents, or immediate family members.

Bummer.

I live or work in one of the following northern Nevada counties: Carson City, Churchill, Douglas, Elko, Eureka, Humboldt, Lander, Lyon, Pershing, Storey, Washoe, and White Pine.

I am immediately related to a current member of Greater Nevada Credit Union by blood, adoption, or marriage, and live in the same household

Re: My Debit card is the new rewards card!

islandchild82 — Thu, 24 Apr 2008 04:46:34 GMT

Wow, that sounds really great! Good for you, Miah!

I wish my CU had that program. I'm going to have to start shopping around!

Re: My Debit card is the new rewards card!

Anonymous — Thu, 24 Apr 2008 08:59:10 GMT

Credit Unions usually have pretty good deals. After all, they are owned by their members, and the owners are going to give themselves a good deal.

PayPal has something interesting as well. You can get 1% cash back when you use your PayPal debit card (1.5% if you were a charter member who got it when it first came out). But what is interesting is that you can setup backup funding now, which either does an ACH against your checking or pulls from your PayPal Buyer Credit (from GEMB). And you can switch it between the two at any time as long as you do not have any outstanding backup funding requests.

So, in a way, if you select PayPal Buyer Credit as backup funding, you have a debit card that gives you 1% cash back, and have the equivalent of overdraft protection in the form of PayPal Buyer Credit.

Re: My Debit card is the new rewards card!

Anonymous — Thu, 24 Apr 2008 15:17:32 GMT

Just a data point... I got the same deal from Coastal Federal Credit Union in North Carolina. 5% interest on my checking account balance as long as I meet the conditions specified in the original post: Electronic statements, direct deposit, and a minimum number of debit card purchases per month. (I think it's five DC purchases but I don't remember. It wasn't important to me because I use my debit card for nearly everything.)