Ok, here are some answers.
Points cannot be redeemed for statement credit. Points can be redeemed at 1c per point for a variety of gift cards including Amazon, Best Buy, Cabela's, pretty much any chain restaurant I've ever heard of, Macy's, Exxon Mobil, Starbucks, Shell, etc. I think most people will have no trouble getting fully value for their points. The minimum redemption appears to be $25 (2500 points). I've cashed in for a couple gift cards since opening the account in July and turnaround seems pretty quick.
Points can also be redeemed for a MC debit card, but not at full value. It takes 12k points to get a $100 debit card. You'd only have to worry about that if you literally never shopped at any of the places they have gift cards for. Like many reward programs they also offer merchandise and travel. I believe, those selections are all rip-offs (not just for this program but for any I've seen).
Rewards for dining are 3% + 10% bonus for total of 3.3%, which as far as I can tell is the best available currently. The rewards apply for restaurants as well as fast food. The 3.3% on gas isn't that compelling, but it is uncapped just like the dining. The card also offers 3.3% on Travel, which again is the best going as far as I can tell for those of use who do not like the hassle of MR/UR/TYP programs.
Regarding the comment that 3.3% isn't that big of a deal because there are many 2% cards out there, I think that's a silly statement. In response I'd ask, why get a 2% card when there are hundreds of different cards out there that all offer 1% rewards? If the extra 1.3% from a 3.3% card is no big deal, then the extra 1% from a 2% card is even less of a big deal. For people with big travel & dining spend (an awesome combination for business travelers), the extra 1.3% per year could easily be hundreds or even thousands of dollars per year.
There are limitations, as others have pointed out. The biggest is the geography where the card is offered. I think it's just Northern Texas, Utah and parts of Colorado. I don't live in any of those areas and was able to get the card. I travel often to Denver for work and opened a checking account in person. I ran some charges through the checking account for 3-4 months and applied for the card after that. When I applied there was a $50k minimum income to apply for this card but I don't see it on the site any more. They did ask for income in the application but they did not ask for any additional income information. One other drawback is that the online interface is a bit primative, although not too bad compared with other credit unions.
If you can get the card (and if you travel or dine out at all), it's really pretty awesome. In addition to the 3.3% rewards on gas, dining & travel, the card benefits are stellar. These are the ones that stand out to me:
- No fees of any kind, no AF, no FTF, no BT fee, and get this, no cash advance fee; can't recall seeing that anywhere else. Also, for those who compared the rewards from the CSP, keep in mind the spending you'll need to beat 3.3% and $95 AF.
- APR of 10-11%, the lowest APR I've seen on a card with higher than average rewards. Also 7.9% for BT. Most rewards cards have much higher APR. This card could serve double duty as a BT or emergency balance card that many people have.
- 120 day price protection. I think most other cards offer about 60 days for this. Useful if you need it.
As you can tell, I'm a big fan. In conjunction with my Sallie Mae card, I have all of my biggest spend categories covered with at least 3.3% or 5% rewards.
