Vattené wrote:I'd like to see a game changing new card come along, too, but won't hold my breath. The bottom line is credit card companies have to make money off of these products one way or another, so there is only so much they can give in rewards. Until the general public is willing to pay more in interest, us reward-seeking PIFers may be near the ceiling in what we can get out of cards.
Someone told me some states had or still have laws in place that limited the max APR of a credit card product to protect customers. Is this true and is there any federal laws on the books for a max APR?
The highest I have seen is %29.99 APR. I also think they have played just about every rewards game in the book to find out what works best for THEM and now we are starting to see the results in the boring new line ups of cards
Yup. I think in terms of cash rewards/cash equivalents, 5% cards are basically never going to happen again (with steady categories, anyway). Sallie Mae, Citi Forward, TD's Easy Rewards with 5% for 6 months, etc. It's just too great of a loss, apparently. Discover and Freedom make it work by rotating the categories. Even with Cash+ you're at the mercy of what they decide to provide for choices (and we all know they've removed some of the older, more broad categories).
I think we will see more 1.5% ish flat cards if anything, or maybe 1% base with 2% on a few things etc (like Suntrust's new grocery/gas card). Hardly exciting when one can get a 2% everywhere card, but I also don't think the Double Cash will be around forever. Just my opinion.
I hope I'm wrong and we see something groundbreaking come out, but I won't hold my breath. Even in 2015, the only really new, exciting product (in my view) was Discover Miles, which is really only compelling for a year of 3% on everything. After that, it's just a Quicksilver, essentially. The new Fidelity just came out, but it's just a US Bank version of what already existed, so I don't consider that very exciting.