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Emigrant Direct Cash Back Credit Card

Emigrant Direct’s new 1.40% Cash Back Credit card [3] 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 [4] 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.