Mini Cooper credit card comes with a $10,000 rewards bonus?!

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hipfluk
 
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Mini Cooper credit card comes with a $10,000 rewards bonus?!

Postby hipfluk » Mon Sep 19, 2011 3:38 pm

Have any of you here seen the Mini Cooper credit card? It is a platinum Visa card issued by Mini Financial (not an outside bank) and the rewards are astonishing. Look at this.
Motor On with up to $10,000 back on your next MINI:
Earn up to $5,000 back on the purchase or lease of your next MINI, plus
An additional $5,000 back if you finance your next loan or lease with MINI


I'm not making this up you can go here and see it for yourself. How can they afford to give out so much cash back on this credit card???


DarrellEW
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Postby DarrellEW » Wed Sep 21, 2011 11:47 am

You're not reading it exactly right.
You earn one point per dollar on purchases. Those points can be redeemed for up to $10,000 of a Mini Cooper.
It's basically just a 1% cashback card with the redemption option of paying for a car.

A similar, but much better card, in my opinion, is the GM credit card. You earn 5% cashback on all purchases on the card, but you have to redeem your points towards the purchase of a new GM vehicle. Even at 5%, this card isn't really worth it for most people unless you had planned on buying a new GM vehicle anyways.
https://www.gmcard.com/GMCard/

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Pete838
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Postby Pete838 » Sun Sep 25, 2011 8:43 pm

hipfluk wrote:Have any of you here seen the Mini Cooper credit card? It is a platinum Visa card issued by Mini Financial (not an outside bank) and the rewards are astonishing. Look at this.


I'm not making this up you can go here and see it for yourself. How can they afford to give out so much cash back on this credit card???


I have not read the T&C, but at 1% you would have to charge $1M (yes, one million dollars) on the card in order to earn the maximum reward of $10K. Since most merchants pay ~3% on each transaction, and some customers will carry a balance, they can easily afford 10k on 1M spend.

They could further dilute the benefit by keeping credit limits low.
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
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hipfluk
 
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Joined: Mon Sep 19, 2011 3:26 pm
Location: AR

Postby hipfluk » Mon Sep 26, 2011 1:04 pm

Crap. That is kinda deceiving for the Mini Cooper credit card to be promoted that way, no? With that logic couldnt any credit card claim $10,000 cash back?

More importantly what is the point of this card vs something else if it is 1%?



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