I had never heard of this card, and saw it mentioned in another thread. It looks like the card has a 5% cashback on Amazon all the time, 2% on supermarket, restaurant, gas, streaming, and ride service, 1% on everything else and then an additional 5% cashback on a bonus category each quarter that stacks on top of the other cashback.
This quarter that bonus category includes Amazon (making it 10%!), Walmart/Target, and Supermarkets (making it 7%).
The bonus counts for the first $3500 spent in the quarter.
This card sounds amazing! I can't believe that I didn't know about it.
Questions:
1. Do you have to join the credit union to get their credit cards? (I assume so)
2. If you have to open a savings account with them, what is the minimum deposit? I've been in credit unions where you only had to keep $5 in to stay active. I do not need another savings/checking account so I would be doing the minimum needed to become a member to get the credit card.
3. Are there any other hoops to jump through? (Must direct deposit $x per month to stay a member?)
4. I saw someone mention using this card at Costco. Does Costco code as a supermarket with this card? Or maybe that person was only getting the 1%?
5. Do I have the cashback details correct? Is it really 7% on supermarkets this quarter?
6. Do they have a minimum cash back redemption? If so, is it also in $25 increments?
@dlister70 wrote:I had never heard of this card, and saw it mentioned in another thread. It looks like the card has a 5% cashback on Amazon all the time, 2% on supermarket, restaurant, gas, streaming, and ride service, 1% on everything else and then an additional 5% cashback on a bonus category each quarter that stacks on top of the other cashback.
This quarter that bonus category includes Amazon (making it 10%!), Walmart/Target, and Supermarkets (making it 7%).
The bonus counts for the first $3500 spent in the quarter.
This card sounds amazing! I can't believe that I didn't know about it.
Questions:
1. Do you have to join the credit union to get their credit cards? (I assume so)
- Yes
2. If you have to open a savings account with them, what is the minimum deposit? I've been in credit unions where you only had to keep $5 in to stay active. I do not need another savings/checking account so I would be doing the minimum needed to become a member to get the credit card.
- $5 in a "membership eligibility" savings account. They have a "SmartStart" savings account that gives 2% for the first $2499 and 1% for the $2500-5000.
3. Are there any other hoops to jump through? (Must direct deposit $x per month to stay a member?)
- If not eligible through one of their organizations, you will have to make a one time donation to a charity group (I think it is a $5 donation?).
4. I saw someone mention using this card at Costco. Does Costco code as a supermarket with this card? Or maybe that person was only getting the 1%?
- Haven't tried
5. Do I have the cashback details correct? Is it really 7% on supermarkets this quarter?
- Yes! I've been to a couple of Walmart locations that code as "Supermarket" on this card, and I've received that 2% CB (Walmart would normally fall into the "General" category of 1%). ETA- so the Hi5 5% bonus is added on top of the normal 2%. The 2% is awarded immediately and the Hi5 bonus rewards appear soon after the end of the quarter, so if you max out the $3500 for the Hi5 bonus for this Q4 then $175 will appear in January.
6. Do they have a minimum cash back redemption? If so, is it also in $25 increments?
- Yes, it is $25 (aka 2500 points)
Supplementing Duke's response, my notes in purple:
@Duke_Nukem wrote:1. Do you have to join the credit union to get their credit cards? (I assume so)
- Yes
2. If you have to open a savings account with them, what is the minimum deposit? I've been in credit unions where you only had to keep $5 in to stay active. I do not need another savings/checking account so I would be doing the minimum needed to become a member to get the credit card.
- $5 in a "membership eligibility" savings account. They have a "SmartStart" savings account that gives 2% for the first $2499 and 1% for the $2500-5000.
- The SmartStart account is recommended for relationship building
3. Are there any other hoops to jump through? (Must direct deposit $x per month to stay a member?)
- If not eligible through one of their organisations, you will have to make a one time donation to a charity group (I think it is a $5 donation?).
- Membership eligibility can be established through the New Jersey Coalition for Financial Education or Connecticut Jumpstart Coalition, each for a one-time donation ($5 - $15 if I recall correctly). There are some other additional associations and clubs that may be a path to eligibility which can be found here
4. I saw someone mention using this card at Costco. Does Costco code as a supermarket with this card? Or maybe that person was only getting the 1%?
- Haven't tried
- Costco does appear to be included as supermarket for the defacto 2% multiplier. This has yet to be seen for the hi-5 5% bonus program. Affinity does have a rotating Wholesale category which differentiates it from Supermarkets.
5. Do I have the cashback details correct? Is it really 7% on supermarkets this quarter?
- Yes! I've been to a couple of Walmart locations that code as "Supermarket" on this card, and I've received that 2% CB (Walmart would normally fall into the "General" category of 1%). The Hi5 bonus rewards appear soon after the end of the quarter, so if you max out the $3500 for the Hi5 bonus for this Q4 then $175 will appear in January.
- The stack is real. Also discussed here
6. Do they have a minimum cash back redemption? If so, is it also in $25 increments?
- Yes, it is $25 (aka 2500 points)
- Yes, and you have the option to redeem as a statement credit or deposit to savings or checking. Here's what the interface looks like:
