yfan wrote:As far as banks tying rewards to deposit accounts go, I prefer earning roughly $25 a month in exchange for a few swipes of my credit union debit card.
I actually use a small bank that gives 2% interest on checking for jumping through some hoops like that (12 debit card swipes plus a few more like electronic statements, a direct deposit, etc.). I love it. I don't keep enough in it to earn that much, but it's an easy way to earn good interest. The best part is you can not meet all of the qualifications in a cycle and it's still a basic, free checking account just with the normal, piddly interest rate.
I think it's great to incentivize customers to keep a lot in deposit accounts. The distinction is between incentivizing behavior you want and disincentivizing behavior you don't want (when there is plenty of competition out there). Even their Preferred Rewards make you keep a ton in deposits with them for (what I consider to be) mediocre benefits. I don't want to harp on BofA too much here - they're certainly not the only bank that does this and it's not a problem if you use them for your everyday banking needs - but as someone that isn't already a customer I take one look at their list of requirements and think "no thanks."
To My Credit wrote:I just received my card and my next closing date is on the 8th of July. I'm wondering if I'll be eligible for the bonus for the second quarter of the year once I put some expense on it. Does anybody who has the card have a clue?
ETA: Just called Customer Service and they say I'm not eligible for the 2nd quarter bonus. I'm still going to put some expense on it, of course.
I didn't see anything spelling this out, but it sounds like it's done strictly by calendar quarter. I'm on board now, just need to see if my wife has any tolerance for my adding another card to our portfolio.