You probably don’t know about this credit card unless you’re a Quicken customer. That’s because they only advertise it on their website.
The Quicken credit card is issued by Chase and has a similar rewards program to some of their other co-branded products like the Amazon Visa.
The truth about the rewards
The good news is that just like Chase’s other cards, the point value is fair; you typically get at a minimum of 1 cent per point when redeeming for gift cards. Here are some examples which are current as I write this review (July 2013):
The bad news is the number of points you’re earning with the Quicken Visa is not very competitive. Let me explain…
- 1 point/dollar spent on regular purchases
- 2 points/dollar at gas stations, office supply stores, drugstores, and restaurants
- 5 points/dollar on Quicken purchases (made at Quicken.com, TurboTax.com, Intuit.com, and QuickBooks.com)
At first glance this may sound appealing, but unless you’re spending thousands per year on Quicken products and services, the 5x points aren’t going to be much.
For example, I use Quick Books for my LLC and pay $26.95 per month for it. That’s $323.40 per year. 5% (5x points) on that only equals $16.17 worth of rewards per year.
Meanwhile if you used their credit card for TurboTax purchases, you’re actually earn less than what some other cards earn.
The most compelling categories that Quicken offers are going to be those that earn 2x points, since those are categories that are more likely to see some real usage. If you’re going to apply for their card, that will be the most logical reason to do so. But keep in mind it is possible to get a card that gives travel rewards worth 2% on every purchase.
Last but not least, we come to the 1x points on everything else. That’s average and to be expected, so that’s neither a pro nor a con.
Is $60 really worth it?
That’s the signup offer featured on Quicken.com.
For a Visa card from a major bank, this bonus is definitely on the low end. In fact, some of Chase’s other cards like the Freedom and Sapphire have significantly better offers. I guess they don’t extend that same generosity to some of their co-branded cards like this one.
And how about 0% for purchases and/or balance transfers? If you’re looking for that, you won’t find it here. There’s no 0% intro rate.
What it comes down to is this
If you’re spending a few thousand per year on Intuit purchases (excluding TurboTax.com) then you should pull the trigger on Quicken’s credit card application. Obviously you wouldn’t be doing it for the $60, but rather the 5% rewards earned on Intuit.
But keep in mind that that this is a personal card. As an individual, you probably won’t spend much on their products. It’s businesses that do that, but unfortunately you can’t apply for this card under your LLC or corporation (if you need to do that, then consider the Chase Ink).
Verdict? It’s not that Chase’s Quicken Visa is a bad card. It actually has fairly good rewards program. But if you want the best – to earn the more rewards – then you can do better elsewhere.