Your math is off. $700 earnings requires $28k spend. Congrats on the price protection program but careful research on purchases can mitigate overpaying on products.BeerMoney wrote: ↑Mon Dec 11, 2017 4:28 pmThe nice thing about the Citi doublecash card is the generous price protection program. That's paid me out probably $700 this year and I only recently started using it.
Think about it this way: to equal that $700 in price rewind credits it would take $140,000 in spending on a 2.5% cash back card vs the 2% citi doublecash card before the extra cash back added up to $700.
Though, before someone points it out, yes it does require a little bit of your time to submit email receipt pdfs. But you can do it all online pretty fast.
USAA 2.5% Cash Back Credit Card [Update]
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Re: USAA 2.5% Cash Back Credit Card
Re: USAA 2.5% Cash Back Credit Card
He's calculating the .5% difference between the 2 cards to come up with $140k of spending. You're correct about $28k spend giving you $700 cash back on the 2.5% card, but $28k would give you $560 on the 2% Citi card.Silk McCue wrote: ↑Mon Dec 11, 2017 4:46 pmYour math is off. $700 earnings requires $28k spend. Congrats on the price protection program but careful research on purchases can mitigate overpaying on products.BeerMoney wrote: ↑Mon Dec 11, 2017 4:28 pmThe nice thing about the Citi doublecash card is the generous price protection program. That's paid me out probably $700 this year and I only recently started using it.
Think about it this way: to equal that $700 in price rewind credits it would take $140,000 in spending on a 2.5% cash back card vs the 2% citi doublecash card before the extra cash back added up to $700.
Though, before someone points it out, yes it does require a little bit of your time to submit email receipt pdfs. But you can do it all online pretty fast.
Re: USAA 2.5% Cash Back Credit Card
I’ve earned an extra $1174 this year by using my 2.5% Usaa card vs the 2% citi card I was using.
Consistently sets low goals and fails to achieve them.
Re: USAA 2.5% Cash Back Credit Card
Wow! Out of curiosity, was that all organic spend or were you doing manufactured spending?
I can't imagine charging $235k unless I was putting numerous business expenses on it, or remodeling a house and got the contractor to bill materials to my CC.
Re: USAA 2.5% Cash Back Credit Card
Too bad they're scaling this back. Luckily me and a few friends got in before it closed out. The only thing I found that didn't get 2.5% was some tax payments I made. If they open it again in future, watch out for the 50K credit limit across USAA. I had to lower some limits on other sock-drawered USAA cards before they would approve me.
For active duty out there the Chase Sapphire Reserve with the MLA waiver is looking like a good option.
For active duty out there the Chase Sapphire Reserve with the MLA waiver is looking like a good option.
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Re: USAA 2.5% Cash Back Credit Card
I love the 2.5% card and have received substantial payments from it this year. I had a feeling they would scale it back as it must be expensive.. however I jumped in and am charging everything. I gave one to my son even.... Kind of like earning 2.5% on what you spend!
And, no, I am not spending more just to get 2.5% back!
And, no, I am not spending more just to get 2.5% back!
Twitter: @JAXbogleheads |
EM: JAXbogleheads@gmail.com
Re: USAA 2.5% Cash Back Credit Card
Looks like they've now closed off all new applications and removed the information pages. I'm hoping they don't turn the existing cards into a flat 1.5%, but it did seem a little too good to be true.
- sunny_socal
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Re: USAA 2.5% Cash Back Credit Card
It was too good to be true.
But there's the Alliant 2.5% card, anyone can get it. Here's my story:
viewtopic.php?t=234617
Cliff Notes:
- Unfreeze your Equifax and Transunion accounts temporarily
- Simply apply from the main link, no need to apply for Alliant CU membership first:
http://www.alliantcreditunion.org/bank/ ... ature-card
- If prompted, Donate $10 to this charity, Foster Care to Success:
(This is one of the ways to become eligible for Alliant memberhip)
http://www.fc2success.org/programsmento ... rtnership/
- Be prepared to submit your last two pay stubs for proof of income (they look for $100k)
- The decision is not immediate, expect some email exchange over 1-2 days
- Card arrives about a week later along with your checking/savings paperwork and your debit card
But there's the Alliant 2.5% card, anyone can get it. Here's my story:
viewtopic.php?t=234617
Cliff Notes:
- Unfreeze your Equifax and Transunion accounts temporarily
- Simply apply from the main link, no need to apply for Alliant CU membership first:
http://www.alliantcreditunion.org/bank/ ... ature-card
- If prompted, Donate $10 to this charity, Foster Care to Success:
(This is one of the ways to become eligible for Alliant memberhip)
http://www.fc2success.org/programsmento ... rtnership/
- Be prepared to submit your last two pay stubs for proof of income (they look for $100k)
- The decision is not immediate, expect some email exchange over 1-2 days
- Card arrives about a week later along with your checking/savings paperwork and your debit card
Re: USAA 2.5% Cash Back Credit Card
I unfroze all 3 for 1 day. Called up USAA immediately and got immediate approval.Cunobelinus wrote: ↑Sat Oct 28, 2017 7:11 pmI'm not sure. That was the first time I had unfrozen my credit.hudson wrote: ↑Sat Oct 28, 2017 4:10 amThanks Cunobelinus for the useful info! So unfreeze all 3 credit bureaus for 3 weeks. Isn't there a way to unfreeze all 3 for just one company?Cunobelinus wrote: ↑Fri Oct 27, 2017 10:54 pmIt was available in February, I believe. I applied then, expecting it to fail because I already had frozen my credit with all three agencies, and USAA would not divulge who they used prior to my submission of the credit card application. The application failed to be approved, as expected, so I called back their number when they left me a voicemail and they said they used Transunion -- I said no problem and unfroze it for 3 business days. They said I had to apply again, so I did.. fast-forward several more phonecalls and almost 2 weeks, and it turns out you can only apply three times in 12 months for the credit card, and USAA randomly chooses who they'll pull your credit from. For the last application I had 2 of 3 credit bureaus unfrozen, and they said they needed the third agency unfrozen in order to do anything, despite me having several USAA credit cards and having been a member >10 years. And despite the previous applications using Transunion and Experian. Unfortunately, they're slaves to the algorithm and were unable to modify anything in the process (i.e., which credit reporting agency to pull from, manually submitting a credit card application, reviewing/modifying a submitted credit card application).TimeRunner wrote: ↑Fri Oct 27, 2017 8:55 pm I don't see that card for Hawaii, are you using a different billing address? I do see it when I tell the website I'm in WA. Unfortunately, I'm in CA so I'm still waiting.
So, next February, I'll try again. After I've temporarily unfrozen my credit at all three agencies.
I'm not saying you should unfreeze for three weeks -- I'm saying that I got the runaround from USAA every time I talked with them and that's what took so long. I couldn't ever get a truthful answer from anyone in several weeks of talking with them. If you unfreeze all three, then apply, you may very well be approved within a day or two. USAA couldn't get past the point with my applications where their system pulled my credit report from all three agencies and then told the human USAA rep whether or not I should be approved.
- flamesabers
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- Joined: Fri Mar 03, 2017 11:05 am
- Location: Rochester, MN
Re: USAA 2.5% Cash Back Credit Card
Surely USAA would send out a notification to current cardholders that the rewards rate is being permanently lowered to 1.5%?
Re: USAA 2.5% Cash Back Credit Card
If they switch to 1.5% anytime in the recent upcoming future (I'm thinking at least a few years), it's going to come across as a bait-and-switch tactic. Surely, they wouldn't do that with their reputation.flamesabers wrote: ↑Tue Jan 09, 2018 1:28 pmSurely USAA would send out a notification to current cardholders that the rewards rate is being permanently lowered to 1.5%?
- flamesabers
- Posts: 1848
- Joined: Fri Mar 03, 2017 11:05 am
- Location: Rochester, MN
Re: USAA 2.5% Cash Back Credit Card
Considering the product never got past the pilot phase, I'm not sure how much of a bait-and-switch it would really be. Besides, wouldn't keeping the card as it is go against USAA's principle of not having any loss leader products?azanon wrote: ↑Tue Jan 09, 2018 2:26 pmIf they switch to 1.5% anytime in the recent upcoming future (I'm thinking at least a few years), it's going to come across as a bait-and-switch tactic. Surely, they wouldn't do that with their reputation.flamesabers wrote: ↑Tue Jan 09, 2018 1:28 pmSurely USAA would send out a notification to current cardholders that the rewards rate is being permanently lowered to 1.5%?
Re: USAA 2.5% Cash Back Credit Card
I believe they'd be required to do so by law/regulation; IIRC they'd need to provide notice to customers of any material changes to the product.flamesabers wrote: ↑Tue Jan 09, 2018 1:28 pmSurely USAA would send out a notification to current cardholders that the rewards rate is being permanently lowered to 1.5%?
A couple of thoughts re: the product (I don't have this card) . . . seems like there was a checking component to get the full 2.5% cash back and accordingly, the premise of the product and pilot program may have been to increase checking accounts in certain markets; the card never went completely nationwide so one could argue they were targeting certain states to increase active accounts (checking accounts with minimum direct deposits).
If this is the case, those cardholders may be grandfathered-in for the long term.
Another thought could be that they'd implement an annual fee to keep the 2.5% cash back akin to Alliant's product. I'm doubtful of this, but it's an alternative to shore up the product's profitability.
- flamesabers
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- Joined: Fri Mar 03, 2017 11:05 am
- Location: Rochester, MN
Re: USAA 2.5% Cash Back Credit Card
I'm doubtful of this as it would violate USAA's principle of not having any loss leader products. If the Limitless Visa can't at least be revenue neutral, it has to be scaled back in some form versus being subsidized by other USAA products.KT785 wrote: ↑Tue Jan 09, 2018 2:46 pmA couple of thoughts re: the product (I don't have this card) . . . seems like there was a checking component to get the full 2.5% cash back and accordingly, the premise of the product and pilot program may have been to increase checking accounts in certain markets; the card never went completely nationwide so one could argue they were targeting certain states to increase active accounts (checking accounts with minimum direct deposits).
If this is the case, those cardholders may be grandfathered-in for the long term.
Re: USAA 2.5% Cash Back Credit Card
The inflow via direct deposits (and associated increase in assets held at USAA) due to those accounts acquired during this "pilot" program could provide quantifiable revenue to offset the losses associated with the 2.5% cash back rate.flamesabers wrote: ↑Tue Jan 09, 2018 3:00 pmI'm doubtful of this as it would violate USAA's principle of not having any loss leader products. If the Limitless Visa can't at least be revenue neutral, it has to be scaled back in some form versus being subsidized by other USAA products.KT785 wrote: ↑Tue Jan 09, 2018 2:46 pmA couple of thoughts re: the product (I don't have this card) . . . seems like there was a checking component to get the full 2.5% cash back and accordingly, the premise of the product and pilot program may have been to increase checking accounts in certain markets; the card never went completely nationwide so one could argue they were targeting certain states to increase active accounts (checking accounts with minimum direct deposits).
If this is the case, those cardholders may be grandfathered-in for the long term.
Increasing checking accounts and direct deposits is a financial motivator for a lot of these institutions . . . thus why PenFed's 2% card requires a checking account (or current/prior military service) and the Limitless card required a level of direct deposit to get the full 2.5% cash back.
While I think it's possible (perhaps even likely) that they may reduce cashback rate years down the road--it's also possible that those new checking accounts (and their associated direct deposits) may prove more "sticky" since the account holders are "grandfathered in" to the 2.5% card assuming they maintain the other requirements (checking account and minimum direct deposit). As a result, there's an even greater value associated with those new customers/accounts/etc.
Re: USAA 2.5% Cash Back Credit Card
As someone said in that Doctor of Credit comments section regarding manufactured spending as being a likely reason USAA is pulling back, "This is why we can't have nice things."
Even if all of the $222K in spend to generate the above rewards is "organic", it is clear that it would be difficult to make this pilot program revenue-neutral if sizable percentage of cardholders are collecting rewards of this size. It also makes me wonder how Alliant is able to justify their 3%/2% cashback card.
Re: USAA 2.5% Cash Back Credit Card
I suppose we'll see if Alliant changes their product in the next year or two as I am similarly curious. Though, as others have noted in different threads and forums, the underwriting with Alliant is much more conservative and I believe they look for indications of churning and manufactured spending when reviewing applications and credit reports. However, the break even threshold to justify their annual fee would necessitate a fairly high annual spend; I believe their website states their target customer would spend $50,000+ a year on the card.jrbdmb wrote: ↑Wed Jan 10, 2018 2:47 amAs someone said in that Doctor of Credit comments section regarding manufactured spending as being a likely reason USAA is pulling back, "This is why we can't have nice things."
Even if all of the $222K in spend to generate the above rewards is "organic", it is clear that it would be difficult to make this pilot program revenue-neutral if sizable percentage of cardholders are collecting rewards of this size. It also makes me wonder how Alliant is able to justify their 3%/2% cashback card.
- sunny_socal
- Posts: 2732
- Joined: Tue Mar 24, 2015 4:22 pm
Re: USAA 2.5% Cash Back Credit Card
Let's do the math for Alliant. Remember, there are no competing 2.5% cards at the moment, the best widely available cards are 2% (eg. Fidelity, Doublecash)KT785 wrote: ↑Wed Jan 10, 2018 9:12 amI suppose we'll see if Alliant changes their product in the next year or two as I am similarly curious. Though, as others have noted in different threads and forums, the underwriting with Alliant is much more conservative and I believe they look for indications of churning and manufactured spending when reviewing applications and credit reports. However, the break even threshold to justify their annual fee would necessitate a fairly high annual spend; I believe their website states their target customer would spend $50,000+ a year on the card.jrbdmb wrote: ↑Wed Jan 10, 2018 2:47 amAs someone said in that Doctor of Credit comments section regarding manufactured spending as being a likely reason USAA is pulling back, "This is why we can't have nice things."
Even if all of the $222K in spend to generate the above rewards is "organic", it is clear that it would be difficult to make this pilot program revenue-neutral if sizable percentage of cardholders are collecting rewards of this size. It also makes me wonder how Alliant is able to justify their 3%/2% cashback card.
Spend = $50k
Any 2% Card
- All Years = $1000 cash back
Alliant:
- Year 1 is 3%, No Fee = $1500 cash back
- Year 2 and Later is 2.5%, $59 Fee = $1191 cash back
Spend = $40k
Any 2% Card
- All Years = $800 cash back
Alliant:
- Year 1 is 3%, No Fee = $1200 cash back
- Year 2 and Later is 2.5%, $59 Fee = $941 cash back
Spend = $30k
Any 2% Card
- All Years = $600 cash back
Alliant:
- Year 1 is 3%, No Fee = $900 cash back
- Year 2 and Later is 2.5%, $59 Fee = $691 cash back
Spend = $20k
Any 2% Card
- All Years = $400 cash back
Alliant:
- Year 1 is 3%, No Fee = $600 cash back
- Year 2 and Later is 2.5%, $59 Fee = $441 cash back
IMO Alliant simply a better option, the $59 fee is easy to gain back. The main hurdle is showing $100k income when you apply. The First Year under Alliant behaves much like a sign up bonus, in the $50k example you get $500 more than the lowly 2% card.
Re: USAA 2.5% Cash Back Credit Card
That's a great and easy to digest summary, and I agree that the Alliant card would be better than the 2% cards for many people, especially those of us on BHs. The point I was making in my previous post was that the Alliant card necessitates a relatively high annual spend to justify the annual fee; I certainly spend enough in a year to justify the fee (I don't yet have the Alliant card) but I spread the spend around to enough cards that I may not necessarily spend enough to justify it compared with my Citi DC card.
I think there is some question about the financial viability of Alliant card when the USAA card is being shut down (for new apps). Though, as I'd said in my post, the annual fee helps encourage significantly more spend so the economics for Alliant are likely better . . . and their underwriting is significantly more conservative than most.
I still contemplate getting the Alliant card, in part because I can open the account along with my wife; nearly all our other cards are under my name so if something were to happen to me, it would be a nuisance for her. My plan would be to have the main everyday card (currently Citi DC) be a joint card (possible with Alliant) so our recurring expenses could continue to operate on auto-pilot in the event of my demise or incapacitation . . . I'm only 30 but I take care of all finances for us and don't want to minimize all issues for her.
The downside to Alliant, and those with the card can correct me if I'm mistaken, is that it's a small issuer who presumably outsources their credit card servicing to a third-party. This likely means slower times for pending charges to post, smartphone app functionality is lessened, no or limited push notifications. Citi's phone support isn't great, but their technological infrastructure is quite good--as is the price rewind feature which I've used with great success.
Lest we derail this USAA thread anymore, we'll likely need to continue the discussion on the Alliant thread.
- flamesabers
- Posts: 1848
- Joined: Fri Mar 03, 2017 11:05 am
- Location: Rochester, MN
Re: USAA 2.5% Cash Back Credit Card
Getting "grandfathered in" sounds like a nice possibility, but how probable is it considering USAA's history? (I've only been with USAA for the last 9 years, so I'm not sure what exactly is the most likely outcome).KT785 wrote: ↑Tue Jan 09, 2018 3:07 pmWhile I think it's possible (perhaps even likely) that they may reduce cashback rate years down the road--it's also possible that those new checking accounts (and their associated direct deposits) may prove more "sticky" since the account holders are "grandfathered in" to the 2.5% card assuming they maintain the other requirements (checking account and minimum direct deposit). As a result, there's an even greater value associated with those new customers/accounts/etc.
Re: USAA 2.5% Cash Back Credit Card
I can't speak to USAA's practices re: grandfathering-in of bank products. However, my understanding is that many other banks/issuers allow customers to keep already open credit card products that are no longer offered to the public. This depends on the issuer as some may downgrade the product after a certain period of time . . . my pure speculation is that USAA will allow customers to continue to earn 2.5% for some period (a year perhaps?) before downgrading the product.flamesabers wrote: ↑Wed Jan 10, 2018 1:26 pmGetting "grandfathered in" sounds like a nice possibility, but how probable is it considering USAA's history? (I've only been with USAA for the last 9 years, so I'm not sure what exactly is the most likely outcome).KT785 wrote: ↑Tue Jan 09, 2018 3:07 pmWhile I think it's possible (perhaps even likely) that they may reduce cashback rate years down the road--it's also possible that those new checking accounts (and their associated direct deposits) may prove more "sticky" since the account holders are "grandfathered in" to the 2.5% card assuming they maintain the other requirements (checking account and minimum direct deposit). As a result, there's an even greater value associated with those new customers/accounts/etc.
If it's truly costing USAA money to keep those accounts on the books (new checking accounts/direct deposits notwithstanding) then realigning all products to 1.5% or possibly 2% would make sense.
Doubtless those with the product will find out sooner or later if they'll be able to keep their cards open with the current features/earn rate.
Re: USAA 2.5% Cash Back Credit Card
Well they bailed on the Mastercard that was one of the few actual PIN priority chip cards available and replaced it with a Visa card that is not a true chip and pin card.KT785 wrote: ↑Wed Jan 10, 2018 1:43 pm
I can't speak to USAA's practices re: grandfathering-in of bank products. However, my understanding is that many other banks/issuers allow customers to keep already open credit card products that are no longer offered to the public. This depends on the issuer as some may downgrade the product after a certain period of time . . . my pure speculation is that USAA will allow customers to continue to earn 2.5% for some period (a year perhaps?) before downgrading the product.
If it's truly costing USAA money to keep those accounts on the books (new checking accounts/direct deposits notwithstanding) then realigning all products to 1.5% or possibly 2% would make sense.
Doubtless those with the product will find out sooner or later if they'll be able to keep their cards open with the current features/earn rate.
Re: USAA 2.5% Cash Back Credit Card
I do have the card and the Terms and Conditions are clear.KT785 wrote: ↑Tue Jan 09, 2018 2:46 pmI believe they'd be required to do so by law/regulation; IIRC they'd need to provide notice to customers of any material changes to the product.flamesabers wrote: ↑Tue Jan 09, 2018 1:28 pmSurely USAA would send out a notification to current cardholders that the rewards rate is being permanently lowered to 1.5%?
...
We reserve the right to terminate this Program or to change, delete from, or add to these Terms and Conditions. We will notify you of any changes to the Program, and will provide you 45 days' notice of any changes we deem to be significant and adverse to you.
Re: USAA 2.5% Cash Back Credit Card
Which is in accordance with Reg Z (implementing the CARD Act).Soaker wrote: ↑Wed Jan 10, 2018 8:01 pmI do have the card and the Terms and Conditions are clear.KT785 wrote: ↑Tue Jan 09, 2018 2:46 pmI believe they'd be required to do so by law/regulation; IIRC they'd need to provide notice to customers of any material changes to the product.flamesabers wrote: ↑Tue Jan 09, 2018 1:28 pmSurely USAA would send out a notification to current cardholders that the rewards rate is being permanently lowered to 1.5%?
...
We reserve the right to terminate this Program or to change, delete from, or add to these Terms and Conditions. We will notify you of any changes to the Program, and will provide you 45 days' notice of any changes we deem to be significant and adverse to you.
Re: USAA 2.5% Cash Back Credit Card
Where are the $100k income rumors coming from? I was approved with much less than that. Actually, I didn't even apply for it - they targeted my existing card with the upgrade. Then again, I use them for savings and checking so maybe they has something to do with it.sunny_socal wrote: ↑Wed Jan 10, 2018 11:38 amLet's do the math for Alliant. Remember, there are no competing 2.5% cards at the moment, the best widely available cards are 2% (eg. Fidelity, Doublecash)KT785 wrote: ↑Wed Jan 10, 2018 9:12 amI suppose we'll see if Alliant changes their product in the next year or two as I am similarly curious. Though, as others have noted in different threads and forums, the underwriting with Alliant is much more conservative and I believe they look for indications of churning and manufactured spending when reviewing applications and credit reports. However, the break even threshold to justify their annual fee would necessitate a fairly high annual spend; I believe their website states their target customer would spend $50,000+ a year on the card.jrbdmb wrote: ↑Wed Jan 10, 2018 2:47 amAs someone said in that Doctor of Credit comments section regarding manufactured spending as being a likely reason USAA is pulling back, "This is why we can't have nice things."
Even if all of the $222K in spend to generate the above rewards is "organic", it is clear that it would be difficult to make this pilot program revenue-neutral if sizable percentage of cardholders are collecting rewards of this size. It also makes me wonder how Alliant is able to justify their 3%/2% cashback card.
Spend = $50k
Any 2% Card
- All Years = $1000 cash back
Alliant:
- Year 1 is 3%, No Fee = $1500 cash back
- Year 2 and Later is 2.5%, $59 Fee = $1191 cash back
Spend = $40k
Any 2% Card
- All Years = $800 cash back
Alliant:
- Year 1 is 3%, No Fee = $1200 cash back
- Year 2 and Later is 2.5%, $59 Fee = $941 cash back
Spend = $30k
Any 2% Card
- All Years = $600 cash back
Alliant:
- Year 1 is 3%, No Fee = $900 cash back
- Year 2 and Later is 2.5%, $59 Fee = $691 cash back
Spend = $20k
Any 2% Card
- All Years = $400 cash back
Alliant:
- Year 1 is 3%, No Fee = $600 cash back
- Year 2 and Later is 2.5%, $59 Fee = $441 cash back
IMO Alliant simply a better option, the $59 fee is easy to gain back. The main hurdle is showing $100k income when you apply. The First Year under Alliant behaves much like a sign up bonus, in the $50k example you get $500 more than the lowly 2% card.
- sunny_socal
- Posts: 2732
- Joined: Tue Mar 24, 2015 4:22 pm
Re: USAA 2.5% Cash Back Credit Card
The 100k rumors for Alliant come from threads like this:
http://ficoforums.myfico.com/t5/Credit- ... 374/page/2
I don't know their cutoff for income. But you need to plan on spending at least $20k/year to make it worthwhile.
http://ficoforums.myfico.com/t5/Credit- ... 374/page/2
I don't know their cutoff for income. But you need to plan on spending at least $20k/year to make it worthwhile.
Re: USAA 2.5% Cash Back Credit Card
Not really. For me, it was an offered account conversion. There was no reason to turn it down. You just downgrade/cancel after the first year.sunny_socal wrote: ↑Fri Jan 12, 2018 12:12 pm The 100k rumors for Alliant come from threads like this:
http://ficoforums.myfico.com/t5/Credit- ... 374/page/2
I don't know their cutoff for income. But you need to plan on spending at least $20k/year to make it worthwhile.
Re: USAA 2.5% Cash Back Credit Card
Can anyone confirm a monthly $1000 ACH into your USAA account is enough to make sure you get the full 2.5%? So far I have been using direct deposit from my pay check, but am considering changing if I can simply do $1000 ACH in/out monthly.
Re: USAA 2.5% Cash Back Credit Card
Yes. I do an automatic monthly $1000 ACH transfer from my Alliant Credit Union savings account over to the USAA checking account.
Re: USAA 2.5% Cash Back Credit Card
Re: USAA 2.5% Cash Back Credit Card
Do you mind sharing the source for this? Thanks!Gort wrote: ↑Mon Jun 28, 2021 10:49 amFYI USAA just ended the direct deposit requirement to be eligible for the full 2.5% cash back reward.
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- Posts: 3289
- Joined: Mon Nov 24, 2014 10:30 pm
Re: USAA 2.5% Cash Back Credit Card
Hmm.. in my USAA limitless card under special offers. it how says "There are no special offers available at this time." it used to have the DD requirements....galawdawg wrote: ↑Mon Jun 28, 2021 10:59 amDo you mind sharing the source for this? Thanks!Gort wrote: ↑Mon Jun 28, 2021 10:49 amFYI USAA just ended the direct deposit requirement to be eligible for the full 2.5% cash back reward.
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
Re: USAA 2.5% Cash Back Credit Card
Not seeing the 2.5% offer on my page which can be state specific
Re: USAA 2.5% Cash Back Credit Card
I haven't received any notice of change of terms and there isn't anything about elimination of the direct deposit requirement on my last few statements. I wonder if they just removed the special offer since the 2.5% is grandfathered and no longer available?Soon2BXProgrammer wrote: ↑Mon Jun 28, 2021 11:03 amHmm.. in my USAA limitless card under special offers. it how says "There are no special offers available at this time." it used to have the DD requirements....galawdawg wrote: ↑Mon Jun 28, 2021 10:59 amDo you mind sharing the source for this? Thanks!Gort wrote: ↑Mon Jun 28, 2021 10:49 amFYI USAA just ended the direct deposit requirement to be eligible for the full 2.5% cash back reward.
I just downloaded the current USAA Limitless Cashback Rewards Program Terms and Conditions, it still has the direct deposit requirement to earn the 2.5% cash back. https://pdfhost.io/v/3~RpQcYy6_USAA_Credit_Cards.pdf
Re: USAA 2.5% Cash Back Credit Card
With Alliant removing its fee (but adding the direct deposit), one can only hope usaa brings back the 2.5% card offers
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- Posts: 3289
- Joined: Mon Nov 24, 2014 10:30 pm
Re: USAA 2.5% Cash Back Credit Card
I doubt it will happen. USAA has internal policies that each product needs to support itself, and not be a loss leader subsidized by other products.
USAA realized that at 2.5%, the credit card doesn't actually pay for itself, because only high quality people got approved for it, and they paid the cards off without paying interest, so the sum of that is the product isn't profitable, hence they stopped the roll out.
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
Re: USAA 2.5% Cash Back Credit Card
All true but Alliant pays 2.5% and now no annual fee so somebody can do it
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Re: USAA 2.5% Cash Back Credit Card
Uh oh. I’d be worried that this means both the DD requirement AND the 2.5% went bye bye.Soon2BXProgrammer wrote: ↑Mon Jun 28, 2021 11:03 amHmm.. in my USAA limitless card under special offers. it how says "There are no special offers available at this time." it used to have the DD requirements....galawdawg wrote: ↑Mon Jun 28, 2021 10:59 amDo you mind sharing the source for this? Thanks!Gort wrote: ↑Mon Jun 28, 2021 10:49 amFYI USAA just ended the direct deposit requirement to be eligible for the full 2.5% cash back reward.
EDIT: just checked and my “special offer” has disappeared too. I wonder if they are now just morphing these into 1.5% cards without even telling us…
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Re: USAA 2.5% Cash Back Credit Card
If they do.. i'll just switch to the BOA card..absolute zero wrote: ↑Mon Jun 28, 2021 12:57 pm EDIT: just checked and my “special offer” has disappeared too. I wonder if they are now just morphing these into 1.5% cards without even telling us…
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
Re: USAA 2.5% Cash Back Credit Card
How do you know whether the cash back is actually 2.5%? There is nothing on the credit card statement to indicate, and the math is not obvious.
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Re: USAA 2.5% Cash Back Credit Card
Yes but usaa had requirements too
Most people using usaa for cc probably already have usaa checking so hard to know
In previous year Alliant had fee but no requirement
I’m hoping more companies make decent offers with the hope of interest rate hikes
Most people using usaa for cc probably already have usaa checking so hard to know
In previous year Alliant had fee but no requirement
I’m hoping more companies make decent offers with the hope of interest rate hikes
Re: USAA 2.5% Cash Back Credit Card
USAA put this notice of the change on my most recent Visa statement dated 6/25:galawdawg wrote: ↑Mon Jun 28, 2021 11:13 amI haven't received any notice of change of terms and there isn't anything about elimination of the direct deposit requirement on my last few statements. I wonder if they just removed the special offer since the 2.5% is grandfathered and no longer available?Soon2BXProgrammer wrote: ↑Mon Jun 28, 2021 11:03 amHmm.. in my USAA limitless card under special offers. it how says "There are no special offers available at this time." it used to have the DD requirements....
I just downloaded the current USAA Limitless Cashback Rewards Program Terms and Conditions, it still has the direct deposit requirement to earn the 2.5% cash back. https://pdfhost.io/v/3~RpQcYy6_USAA_Credit_Cards.pdf
USAA LIMITLESS CASHBACK REWARDS VISA
WE RECENTLY MADE CHANGES TO YOUR LIMITLESS CASHBACK REWARDS CREDIT CARD. NOW YOU WILL EARN 2.5% CASH BACK ON QUALIFYING PURCHASES REGARDLESS OF DIRECT DEPOSIT STATUS.
FOR MORE INFORMATION ABOUT YOUR USAA LIMITLESS CASHBACK REWARDS VISA, GO TO YOUR ACCOUNT SUMMARY PAGE ON USAA.COM OR CALL (800)980-USAA (8722) 9AM - 8PM (ET), 7 DAYS A WEEK.
Re: USAA 2.5% Cash Back Credit Card
I assume they're treading water between the 3.x% merchant fees and the 2.5% cash back, then any profit is from selling (anonymized) transaction data. the fact that the transaction data is from relatively well-off people makes it more valuable. I don't have any evidence USAA is doing transaction data sales but it's a common enough thingSoon2BXProgrammer wrote: ↑Mon Jun 28, 2021 11:35 amI doubt it will happen. USAA has internal policies that each product needs to support itself, and not be a loss leader subsidized by other products.
USAA realized that at 2.5%, the credit card doesn't actually pay for itself, because only high quality people got approved for it, and they paid the cards off without paying interest, so the sum of that is the product isn't profitable, hence they stopped the roll out.
https://en.wikipedia.org/wiki/Card_Transaction_Data
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Re: USAA 2.5% Cash Back Credit Card
i don't believe the merchant fees are that high on what USAA would recieve... Its a Visa Signature card..z0r wrote: ↑Mon Jun 28, 2021 2:08 pmI assume they're treading water between the 3.x% merchant fees and the 2.5% cash back, then any profit is from selling (anonymized) transaction data. the fact that the transaction data is from relatively well-off people makes it more valuable. I don't have any evidence USAA is doing transaction data sales but it's a common enough thingSoon2BXProgrammer wrote: ↑Mon Jun 28, 2021 11:35 amI doubt it will happen. USAA has internal policies that each product needs to support itself, and not be a loss leader subsidized by other products.
USAA realized that at 2.5%, the credit card doesn't actually pay for itself, because only high quality people got approved for it, and they paid the cards off without paying interest, so the sum of that is the product isn't profitable, hence they stopped the roll out.
https://en.wikipedia.org/wiki/Card_Transaction_Data
https://usa.visa.com/content/dam/VCOM/d ... t-fees.pdf
Roughly the 9/10th pages of the PDF (7 in the footer)
i'm not an expert in this space.. but i didn't think USAA would get 3%+ on transactions.
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
Re: USAA 2.5% Cash Back Credit Card
USAA website doesn't make it easy to find this info but it's there...
Log on to USAA and click "My USAA' at the top if you aren't already on your main page showing all your individual accounts.
On right side, click on "Go To Rewards Center".
On right side, middle of page, click on "View Your Rewards History". This takes you to a USAA affiliated site "loyaltygateway.com".
Left side, under "Cash Balance:" click on "My Rewards Summary".
Under "My Rewards" click on "Rewards Details By Transaction". Here you will find your eligible individual transactions with the base 1.5% and 1% bonus reward for the total 2.5% cash back reward for each transaction.
Re: USAA 2.5% Cash Back Credit Card
Nice. Thank you.Gort wrote: ↑Mon Jun 28, 2021 1:40 pm USAA put this notice of the change on my most recent Visa statement dated 6/25:
USAA LIMITLESS CASHBACK REWARDS VISA
WE RECENTLY MADE CHANGES TO YOUR LIMITLESS CASHBACK REWARDS CREDIT CARD. NOW YOU WILL EARN 2.5% CASH BACK ON QUALIFYING PURCHASES REGARDLESS OF DIRECT DEPOSIT STATUS.
FOR MORE INFORMATION ABOUT YOUR USAA LIMITLESS CASHBACK REWARDS VISA, GO TO YOUR ACCOUNT SUMMARY PAGE ON USAA.COM OR CALL (800)980-USAA (8722) 9AM - 8PM (ET), 7 DAYS A WEEK.
Re: USAA 2.5% Cash Back Credit Card
Thanks. My next statement won't come out for a couple of weeks but I will look to see if I get that same notice!Gort wrote: ↑Mon Jun 28, 2021 1:40 pmUSAA put this notice of the change on my most recent Visa statement dated 6/25:galawdawg wrote: ↑Mon Jun 28, 2021 11:13 amI haven't received any notice of change of terms and there isn't anything about elimination of the direct deposit requirement on my last few statements. I wonder if they just removed the special offer since the 2.5% is grandfathered and no longer available?Soon2BXProgrammer wrote: ↑Mon Jun 28, 2021 11:03 amHmm.. in my USAA limitless card under special offers. it how says "There are no special offers available at this time." it used to have the DD requirements....
I just downloaded the current USAA Limitless Cashback Rewards Program Terms and Conditions, it still has the direct deposit requirement to earn the 2.5% cash back. https://pdfhost.io/v/3~RpQcYy6_USAA_Credit_Cards.pdf
USAA LIMITLESS CASHBACK REWARDS VISA
WE RECENTLY MADE CHANGES TO YOUR LIMITLESS CASHBACK REWARDS CREDIT CARD. NOW YOU WILL EARN 2.5% CASH BACK ON QUALIFYING PURCHASES REGARDLESS OF DIRECT DEPOSIT STATUS.
FOR MORE INFORMATION ABOUT YOUR USAA LIMITLESS CASHBACK REWARDS VISA, GO TO YOUR ACCOUNT SUMMARY PAGE ON USAA.COM OR CALL (800)980-USAA (8722) 9AM - 8PM (ET), 7 DAYS A WEEK.
Re: USAA 2.5% Cash Back Credit Card
I think you're right... so they're actually losing money consistently on some categories. makes me wonder just how valuable the other stuff isSoon2BXProgrammer wrote: ↑Mon Jun 28, 2021 2:13 pmi don't believe the merchant fees are that high on what USAA would recieve... Its a Visa Signature card..z0r wrote: ↑Mon Jun 28, 2021 2:08 pmI assume they're treading water between the 3.x% merchant fees and the 2.5% cash back, then any profit is from selling (anonymized) transaction data. the fact that the transaction data is from relatively well-off people makes it more valuable. I don't have any evidence USAA is doing transaction data sales but it's a common enough thingSoon2BXProgrammer wrote: ↑Mon Jun 28, 2021 11:35 amI doubt it will happen. USAA has internal policies that each product needs to support itself, and not be a loss leader subsidized by other products.
USAA realized that at 2.5%, the credit card doesn't actually pay for itself, because only high quality people got approved for it, and they paid the cards off without paying interest, so the sum of that is the product isn't profitable, hence they stopped the roll out.
https://en.wikipedia.org/wiki/Card_Transaction_Data
https://usa.visa.com/content/dam/VCOM/d ... t-fees.pdf
Roughly the 9/10th pages of the PDF (7 in the footer)
i'm not an expert in this space.. but i didn't think USAA would get 3%+ on transactions.
Re: USAA 2.5% Cash Back Credit Card
What? That's not true at all.Soon2BXProgrammer wrote: ↑Mon Jun 28, 2021 11:35 amI doubt it will happen. USAA has internal policies that each product needs to support itself, and not be a loss leader subsidized by other products.
USAA realized that at 2.5%, the credit card doesn't actually pay for itself, because only high quality people got approved for it, and they paid the cards off without paying interest, so the sum of that is the product isn't profitable, hence they stopped the roll out.
ETA: The part about the policy. I work in banking and have multiple friends over there