A credit card with 2.5% cash back on every single purchase – not specific categories

[Anonymous]

Thanks guys! 5% on everything! That is pretty sweet.

When you guys say it has a "geo restriction", does that mean one can only qualify for it based on where they live?

Can I not apply for it based on the fact that I live in Texas?

Edit: Ah, Dyn085 said the PCMCU 5% card was only up to the first $1,000. Too bad, that would have been nice to have that rate indefinatley.

[Anonymous]

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@longtimelurker wrote:

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Well, as mentioned, for 3) the AF is avoidable with a checking account, but yes, it's there.

4) is totally wrong.   Points can be redeemed at a 1c per point into any bank account.

For 3) the bonus negates the AF if you spend $1000.  To get the value from the card though you need over $5000, which gives a $50 bonus, so, IMO, the AF is a non issue based strictly on earning rate

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I didn't realize that the miles card had that available method of redemption, and I also just now saw how limited the PCMCU card was. Oh well, that would have been nice to have.

[Anonymous]

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@Anonymous wrote:

Thanks guys! 5% on everything! That is pretty sweet.

When you guys say it has a "geo restriction", does that mean one can only qualify for it based on where they live?

Can I not apply for it based on the fact that I live in Texas?

Edit: Ah, Dyn085 said the PCMCU 5% card was only up to the first $1,000. Too bad, that would have been nice to have that rate indefinatley.

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First $1k per month, which is a $600 return each year. Either way, you probably won't be able to app for it due to the geo restrictions.

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

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. I put it in the stock market where I can make $20+ a week on $1,500. 

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So why bother with something as paltry as a 2.5% cashback card!   $20+ a week is $1040+ a year on a $1500 investment,  so a 70+% annual stockmarket return  That is very impressive stock picking!

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Including dividends. 

And because free money is free money. I won't use a debit card just because I invest. I want my 2.5% back on purchases still. 

[longtimelurker]

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@Anonymous wrote:

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@longtimelurker wrote:

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@Anonymous wrote:

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. I put it in the stock market where I can make $20+ a week on $1,500. 

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So why bother with something as paltry as a 2.5% cashback card!   $20+ a week is $1040+ a year on a $1500 investment,  so a 70+% annual stockmarket return  That is very impressive stock picking!

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Including dividends. 

And because free money is free money. I won't use a debit card just because I invest. I want my 2.5% back on purchases still. 

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Sure, but the difference between 2.5 and 2% (or even a 0% debit) is in the noise if you can get a 70+% return, and presumably you can invest more than you spend on non-category credit card spending.

But of course my real intent was to rudely doubt that you can consistently get anything like that sort of return, including dividends or not.   The major investment houses would be after you, and probably wouldn't won't you posting anything on public forums..

[gdale6]

Lets all remember to play nice, thank you.

[Anonymous]

Mhm. So if I purchased 200 shares of $7.50 stock with a 30% dividend return, I guess I'm a crook because the stock has gone up $0.10 per share per week for the last three months. Gotcha. I'm done here.

[longtimelurker]

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@Anonymous wrote:

Mhm. So if I purchased 200 shares of $7.50 stock with a 30% dividend return, I guess I'm a crook because the stock has gone up $0.10 per share per week for the last three months. Gotcha. I'm done here.

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In context: you said you didn't bother with savings accounts as you could get this sort of return in the stock market.   For that to be a good argument, there is some expectation that this is a sustainable and consistent return.   No one is saying you did anything wrong, just that this sort of return is not generally available for extended periods.    If for you it is, then great!

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

Mhm. So if I purchased 200 shares of $7.50 stock with a 30% dividend return, I guess I'm a crook because the stock has gone up $0.10 per share per week for the last three months. Gotcha. I'm done here.

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In context: you said you didn't bother with savings accounts as you could get this sort of return in the stock market.   For that to be a good argument, there is some expectation that this is a sustainable and consistent return.   No one is saying you did anything wrong, just that this sort of return is not generally available for extended periods.    If for you it is, then great!

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Fair enough. Back to the Limitless conversation. 

I take USAA Limitless rewards and invest those too, so it's not really a risk, it's more like expanding rewards. 

[Anonymous]

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@Anonymous wrote:

Some have said USAA is rolling  back the states offered this card. I did not know that.

Any idea why they would do this? Could it be possible that this is a sign that they will discontinue the card in the near future?

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In the states where it had been available in, there was a banner on the screen that indicated that it was a "Online Pilot-Limited Availablity." It appears that USAA was testing the product out before possibly rolling it out to all members. In another post, someone indicated that they spoke to a USAA customer service representative (CSR) that stated that USAA wanted to use the Limitless Cash Rewards card as a way to intice their insurance customers to utilize the banking products. The 2.5% cash back was a great way to get people to sign up for the card and for the checking account. With the requirement of a $1,000 monthly direct deposit, they were hoping that these individuals would move all of their banking to USAA. They have now reduced the Limitless card to members in Louisana only. They will now gather data to determine if the product did what they intended and if it will be lucrative enough for them to make it a standard card available to all members. 

I have my doubts that they will roll it out to all members; the 2.5% reward is fairly expensive and it may not work for their bottom line. As far as those of us that have a Limitless who knows if we will lose it or have it reduced to the Preferred Cash Rewards card with 1.5% cash back. In the meantime I am using mine as my main card. Cha-ching!