Emigrant Direct’s new 1.40% Cash Back Credit card that’s been under wraps for a while now. Read the fine print, but I don’t think this card is worth getting right now especially when you compare the requirements and how its cash back program stacks up against the best cash back credit cards available today.
Eligibility for the 1.25% cash back is based on your average daily balance for the six months prior to the cashback being awarded. You will need a $10,000 balance to qualify! If it falls below that, you only get 0.5% cashback.
Cashback is credited only twice a year! Sure, I use a Costco American Express card that credits cashback only once a year but I get 3% on restaurants and its the only credit card accepted at Costco. I’m willing to forgo the interest on the cashback for the year in order to triple cash-back.
Cashback is only 1.25%. Sure, 1.25% is 0.25% better than most cards but you can get a 5% cashback card for gas stations and supermarkets and the extra 0.25% over 1% isn’t worth another card.
Why would you get this card?
If you have a $10,000+ balance and don’t trust yourself to blow the cashback checks, then you should get this card because the money is directly deposited into your ED account where they can earn 4%. Otherwise, I’d hold out for some sort of bonus or something (not likely, they ran one promotion for about two weeks in a limited market) to sign up.