- Centurion Member
- Posts: 234
- Joined: Wed Feb 18, 2015 9:04 pm
- Location: Texas
I'm just coming out of a brief hibernation and haven't read about the card on MF yet, so I'm only going off of the info in this thread.
It sounds like a really good and useful credit product to me. Personally I make it a point of being able to afford to pay for things outright before I purchase them, but I think the opportunity to finance interest free for 6 months is a great deal for people who can't/won't do that. Most such cards are store specific, so a general, use-anywhere card with this feature seems like a truly innovative and appealing idea. I think that alone - 6 months no interest on purchases over $199 - would make the card highly useful to a wide segment of the population. The fact that it also comes with a 2% bonus - or indeed any bonus - should be very enticing to anyone not paying for purchases outright.
I think the retroactive interest thing is completely fair and the only realistic way they could make the card viable. Of course it'll piss people off when they run afoul of it, but it's completely fair and necessary.
As far as complaints, I voted for "Complaints about the competence of customer service" and "Complaints about payments not posting quickly or issuer website troubles" because it seems like that these issues will exist on a product like this. Ideally people probably ought to not rely on customer service much if at all and should make their payments WAY in advance...but they won't and then they'll complain. I also voted for "Confusion over APRs and the exact statement balance eligible for the 0%" because yeah, I'm sure they'll be confusion on this point.
Anyway, not a product I'm going to be applying for, but I absolutely think it has a place in the credit market and I'm kinda excited to see it. I think it could be a huge benefit for people who use it responsibly.