@Aim_High wrote:I don't have the PayPal card but the other major complaint I have heard from those who have it is that you have to access it through PayPal (not through an independent mobile banking app or website login). Consequently, it's more difficult to monitor your account, there aren't automated account alerts for spending etc, and you have to pay out through your PayPal account so it's more cumbersome to redeem. Compared to almost all my other banking and credit accounts, it sounds like it's more difficult to manage.
It's not THAT cumbersome. Yes, you need to login to PayPal first and then transfer to Synchrony to view transactions and/or make payments; so it's an extra step, but given that all my log-ins are saved on my phone & computer, it's an extra 15-20 seconds maybe. As for transferring rewards, yes, it goes to your PayPal first and then you can transfer to your account. Again, an extra step, but the money is in my bank almost instantaneously (same day, if not next day). It has not been a huge hassle, I just don't care for the dated Synchrony website. But so far, it's gotten a lot of my spend in the past 2.5 months and earned me a nice chunk of cash back.
@Anonymous wrote:
I'm still trying to figure out why the 2% from PP and Fidelity, while having an intermediate account you need to transfer to and wait for (a pain), is better than the 2% from DC. PP does not have extended warranty, etc. Why is PP and Fidelity better?
Pro's of PPMC vs Citi DC:
*PPMC can be redeemed starting at $0.01. DC has minimum $25 redemption.
Advantage: PPMC.
*As posted earlier in this thread and elsewhere on MyFico, Citi is nerfing extended warranty in a few weeks.
No Advantage: Citi. Tie.
*PPMC cash does not have defined expiration. Citi DC expires with 12 months account inactivity.
Advantage: PPMC.
*PPMC Rewards are available sooner than Citi DC.
Citi makes you wait, not only for minimum redemptions but statement date, and then also makes you wait a 2nd statement date for the 1% when you pay.
Advantage: PPMC.
*PPMC has no Foreign Transaction Fee.
Citi DC has 3% FTF.
Advantage: PPMC.
There's probably more, but that will get us started.
@Anonymous wrote:
@Aim_High wrote:I PIF but I am aware of potential interest rates I could be charged. (In one thread about whether APR matters, I pointed out that even though I do always PIF and have automatic minimum payments enabled, what would happen if I were to get into an accident or become ill and fail to pay the remainder of my balance before the due date, for example? Life happens, and I don't expect my bank to be waiting in the wings to exploit it.
If you PIF, why not have the bank behind the card autopay the full amount from a bank account? Then backup that bank account with a overdraft savings or (gulp) line of credit overdraft. If that overdraft savings is your rainy day fund, say 3-6 months of living expenses, in all but the extreme cases, this concern of not being able to PIF once shouldn't be an issue.
All my cards are on autopay. One less thing to worry about.
That's a novel idea and might work for some people but my finances are too complicated for that.
Most importantly, I don't want the bank's sticky fingers having full access to my accounts without my permission. (I do always check my charges before I pay them off.) Getting my money BACK if there was a questionable charge wouldn't be so easy. (Having automatic minimum payments enabled is just a way to prevent ever having "late payments" in case I forget to pay, but I usually pay my accounts manually well before they are due.)
Also, there are months where I charge a lot more than others and I don't want to keep a large amount sitting in a checking account where it earns less interest. And my checking account isn't paying just a credit card bill or two, so there are variable charges. The balance ebbs and flows. I move money in and out of there all the time.
I don't want to use "overdraft protection" except in an emergency. Banks typically charge fees for those. My credit union that has fairly low fees and pays respectable interest rates on accounts charges $5 per posting to pay the overdraft.
