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Regret getting double cash card.

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Super Contributor

Re: Regret getting double cash card.


@longtimelurker wrote:


And this is giving a free loan to the issuer.  Why not withdraw when you can, put it in savings account, and get a little bit more without the risk of losing it for any reason.


I agree with this 100%.  I never understood letting rewards pile up on a credit card account.

Message 41 of 47
Senior Contributor

Re: Regret getting double cash card.


@beautifulblaquepearl wrote:

@SouthJamaica wrote:

@MrDre wrote:

Waste of a pull imo. Failed to understand the rewards prior to app.

 

Ok so 1% after billing statement closes.

1% after paid.

Cool.

 

However im reading it can take another billing statement for the 1% from payment to appear. Smiley Indifferent

 

 

Then you need $25 to redeem. Seems like its going to take a while to cash in my rewards. Am i right?

 

I feel like im better off using the quick silver now.


I agree. It's a much overrated card IMHO:

1. first 1% delayed until statement after purchase
2. second 1% delayed until statement after payment
3. redemption minimum of $25
4. low starting limits
5. hard to get CLI's, usually no soft pull opportunity
6. no balance transfer opportunities after first 30 days
7. high interest & high fees
8. foreign transaction fees

 


I took a HP to get the CL I wanted. 

 

I currently have 2 BT offers and a purchase promotional 6.99% APR through March or May (I think it's March). I can't remember.


Ditto.  And again from 10k to 15k.  I had BT offers when the card was a year old.  Still have 0% until mid feb 2017.  

 

I agree with folks who do not get their rewards that it can be frustrating.  In fact one could argue, that money could be placed in a high interest checking acount and earning them even more money.  But I usually never have a problem hitting the 25 mark each month with Citi, until just recently with my Discover aquisition in September.  Naturally I have shifted more of my spend to that card, because even after a year it too is a 2% card (the first year anyway).

 

I would encorage folks to evaluate their long term goals. Certainly if they can get in with citi vs capital one, I would say that is the wiser choice (depending on their level of spending).  But I would say FNBO would be even better!!!

EQ 730, TU 730, EX 720. INQs EQ-1, TU-9, EX-7 AAOA 4yrs Util 6% Inspiration: Themanwhocan's Cash Back Charts
Message 42 of 47
Established Member

Re: Regret getting double cash card.


I agree with this 100%.  I never understood letting rewards pile up on a credit card account.


 

I get it...  but i mean what amount of rewards are we talking here when you are pulling them out???   

 

If you pulled out $1000 in rewards and put them into a standard savings at the current rates which are barely 1% that's 10 whopping bucks in interest IF you had that amount in there the whole year...  whats the big deal?  I'd give up that just so i didnt have to mess with it!


Message 43 of 47
Super Contributor

Re: Regret getting double cash card.


@kawaiiguy wrote:

Technically a very valid point, but at today's rates and at the rate I spend/earn rewards it is not worth my effort to pull it out the frequently and make those transferrs, etc.


What if your card issuer closes your account and you lose all of those rewards?  Or they could nix their rewards program or that product all together and rewards could be lost.  Of course the chances of this happening aren't great, but when they have your money it's certainly a risk that offers no reward near as I can tell. 

Message 44 of 47
Established Member

Re: Regret getting double cash card.


What if your card issuer closes your account and you lose all of those rewards?  Or they could nix their rewards program or that product all together and rewards could be lost.  Of course the chances of this happening aren't great, but when they have your money it's certainly a risk that offers no reward near as I can tell. 


You'd have time to pay those out if they stop the program.  The only way you'd really lose them is if they just went belly up or you chose to close without redeeming them.


Message 45 of 47
Mega Contributor

Re: Regret getting double cash card.


@kawaiiguy wrote:

What if your card issuer closes your account and you lose all of those rewards?  Or they could nix their rewards program or that product all together and rewards could be lost.  Of course the chances of this happening aren't great, but when they have your money it's certainly a risk that offers no reward near as I can tell. 


You'd have time to pay those out if they stop the program.  The only way you'd really lose them is if they just went belly up or you chose to close without redeeming them.


Or is they close the card for real or imagined bad behavior.  Nearly all programs have language about rewards being forfeited if they close the card.

 

Just like people wanting small amounts of reward quicker makes little sense to you,  leaving it with the issuer makes no sense to me!   Just like those who love getting big tax refunds from the IRS rather than paying less during the year.

Message 46 of 47
Super Contributor

Re: Regret getting double cash card.


@longtimelurker wrote:



Or is they close the card for real or imagined bad behavior.  Nearly all programs have language about rewards being forfeited if they close the card.

 

Just like people wanting small amounts of reward quicker makes little sense to you,  leaving it with the issuer makes no sense to me!   Just like those who love getting big tax refunds from the IRS rather than paying less during the year.


I agree with this.  A creditor can close a card on your at any time for any reason.  I had a 15 year old daily driver through my credit union closed on me early last year out of the blue when it had 15 years of perfect account history.  It wasn't a rewards card so I didn't lose anything there, but if it was I would have been out those rewards.  Things can happen unexpectedly so it's better IMO to be proactive.  It makes sense to take your money sooner rather than later.

Message 47 of 47
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