Chase Debit Card Rewards Worth It or Not?

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RConcheiro
 
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Chase Debit Card Rewards Worth It or Not?

Postby RConcheiro » Sun Nov 14, 2010 10:23 am

First off this is a DEBIT card question, I tried looking but could not find anywhere else to post this or any other forums.

My credit is not good, I am currently trying to re-build my credit. However, I currently have Chase Debit Card rewards (Ultimate Rewards), I do like it because I use to to purchase things and then later get cash back or anything that I want, but recently I decided I want to start traveling and trying the best to explore the world. So I was wondering if it is worth to get the Continental Debit Card for $65 per year which includes free baggage check in. I read that it takes years for an average person and if thats the case I was thinking of just sticking with the Chase Debit Card Ultimate Rewards. Any advice/opinions would be greatly appreciated.

And if you choose to go with the Airline Debit Card, would you recommend that I go with Chase's Continental Debit, Chase's United Debit, or SunTrust's Delta. Thanks again!


Semprak
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Postby Semprak » Sun Nov 14, 2010 3:52 pm

A debit card won't do any good for re-building credit. I am researching store credit cards that are BK friendly to try for. Why not try that route?

Generallisimo
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Postby Generallisimo » Sun Nov 14, 2010 10:39 pm

Absolutely is not worth it. I used to have chase checking until a few months ago, but I remember the latest update they sent out was that it was 4 dollars spent gave you one point of cash back. Which basically amounts to 0.25% cash-back (if even). Granted, it is free as long as you make 6 transactions or receive a direct deposit. If you absolutely want to stick to debit, check out PerkStreet: PerkStreet Financial They normally have 2% cashback on all purchases and they have a special promotion of 5% for the holiday-- this is better than almost every single credit card out there! However, perkstreet is pretty new and I am not sure how long they will be able to last with such a good deal, if you want a more trusted source, INGDirect has been around for a long time (and is definitely here to stay, ING is one of the largest banks in the world) and has some cash-back incentives, besides being totally free checking without any gimmicks (like Chase).

However, especially for travel, I do not recommend using debit cards. If they are lost/stolen, that money is gone from your account. Yes, you will get it back, but in the mean time, you will not have any money in your account. I'd definitely follow the suggested route and get a secured card. I am willing to venture in as little as 6 months with responsible use, you would then be able to qualify for a normal card, albeit at a higher interest rate.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sat Nov 20, 2010 5:01 pm

I considered the Chase debit card rewards but between the tiers and the fees it wouldn't make sense. Their reward cards are a much better way to go if no balance is carried.

However, perkstreet is pretty new and I am not sure how long they will be able to last with such a good deal


I assume the 2% must only apply to debit transactions processed as credit? If Charles Schwab couldn't afford to continue the straight 2% cash back I don't see how Perk Street will be able to given that there is a zero chance of interest being generated.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

DoingHomework
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Postby DoingHomework » Mon Nov 22, 2010 5:35 pm

Bag fees are basically $50 per trip on most major airlines. So if you make more than 1 trip per year the card that pays bag fees might be a good deal even if you get other cards.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Nov 28, 2010 9:54 pm

Besides Delta and Continental are there any other cards that give first bag checked free?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

infomaniac
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Postby infomaniac » Mon Nov 29, 2010 2:57 pm

What I find unattractive about the Chase debit card rewards program is that it involves spending tiers.



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