Consumers CU Cash Rewards Visa

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yfan
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Consumers CU Cash Rewards Visa

Postby yfan » Wed Jun 29, 2016 1:29 pm

The skinny on the rewards:

3% on Grocery/Convenience Store
2% on Gas
1% on everything else.
No redemption threshold. Automatically credited to each statement.
$500 spend in a month gets you 3.59% interest rate on checking up to $15K
$1000 spend in a month gets you 4.59% interest rate on checking balance up to $20K

It's turned out to be a great institution and a great card for me. So far as I know, there are 2 Consumers Credit Unions, and I'm talking about the one based in Illinois. I opened an account with them (anyone in the US can, there's no residency requirements) in late 2014, and they offered me a credit card with it. At the time, they were only able to do their Platinum "rewards" Visa, which was useless as far as rewards was concerned, except the fact that I could get a higher interest rate on my checking account if I swiped it a certain amount of times. At that time, they gave me a $2500 limit. I wasn't too impressed as I had better limit, better rewards cards.

But boy did it grow with me. About half way through 2015, they auto-raised my limit to $10,000. A month after that, they sent me a letter giving me the option to upgrade to one of their Signature Rewards cards. I picked the cash rewards one, which has an identical rewards structure as the Amex BCE, except that the cashback is automatically credited from each month's statement regardless of the amount (no waiting to build it up and no effort to redeem), and that it's a Visa, and so has an overall greater acceptance. I do on occasion shop at grocery markets that don't take Amex (especially Asian markets), so this is pretty great.

I log into my account today, and there's a new credit limit on my card. $15,000. A fairly large limit for me, but what is really cool is this: For the card to go from a $2500 Visa Platinum 1x "CU points" rewards to a $10,000 Visa Signature with good, usable cash rewards and then to a $15,000 limit took less than 2 years in total, and it took NO effort on my part. No having to request SP CLIs, no figuring out the art of product change (they offered, I didn't ask).

There's no sign-up bonus. But in addition to the CC rewards, you get 3.59% interest on your checking up to $15K if you run $500 through it, and 4.59% on up to $20K if you run $1,000 through it in a month (in addition to swiping your debit card 12 times - must be processed as credit, not debit).

Just thought I'd share.
Last edited by yfan on Wed Jun 29, 2016 2:25 pm, edited 1 time in total.


To My Credit
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Re: Consumers CU Cash Rewards Visa

Postby To My Credit » Wed Jun 29, 2016 1:41 pm

Sounds like a great deal, considering those interest rates. Hitting $500/month shouldn't be hard if you make it your primary card, which would give you $45/month on interests alone. The debit card swipe requirement is annoying, though.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

yfan
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Joined: Wed Jul 09, 2014 5:55 pm
Location: San Jose CA

Re: Consumers CU Cash Rewards Visa

Postby yfan » Wed Jun 29, 2016 1:47 pm

To My Credit wrote:Sounds like a great deal, considering those interest rates. Hitting $500/month shouldn't be hard if you make it your primary card, which would give you $45/month on interests alone. The debit card swipe requirement is annoying, though.

Yes, but easily taken care of with Amazon gift cards. Just make sure to set it to process as credit rather than debit.

To My Credit
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Re: Consumers CU Cash Rewards Visa

Postby To My Credit » Wed Jun 29, 2016 2:15 pm

yfan wrote:Yes, but easily taken care of with Amazon gift cards. Just make sure to set it to process as credit rather than debit.
You mean recurring payments on Amazon for gift cards? Does that take care of the debit card swipe requirement?
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

yfan
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Posts: 379
Joined: Wed Jul 09, 2014 5:55 pm
Location: San Jose CA

Re: Consumers CU Cash Rewards Visa

Postby yfan » Wed Jun 29, 2016 2:25 pm

To My Credit wrote:
yfan wrote:Yes, but easily taken care of with Amazon gift cards. Just make sure to set it to process as credit rather than debit.
You mean recurring payments on Amazon for gift cards? Does that take care of the debit card swipe requirement?

Recurring payments, yes, as long as it's at least 12 a month. You can also manually reload your balance 12 times. But by default, Amazon will add your card as a debit card, which doesn't count towards the transactions. You have to go into the settings and manually set it in Amazon to charge this card as credit. Gonna make that clearer in OP.

To My Credit
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Re: Consumers CU Cash Rewards Visa

Postby To My Credit » Wed Jun 29, 2016 2:58 pm

Just found an article on this on Doctor of Credit:
This is a rewards checking account, as such you need to complete certain requirements to get the increased interest rate. Below are the requirements you need to meet and what APY you’ll receive if you meet them. All of these requirements are based on a calendar month.

3.09% APY on balances up to $10,000 and ATM refunds.
1. Complete 12 debit/check card point-of-sale purchases without a PIN
2. Complete one of the following every calendar month:
(a) One direct deposit OR
(b) One ACH debit OR
(c) Pay one bill using CCU online bill pay
3. Access online banking at least once
4. Receive eDocuments (enroll and accept the disclosure)

3.59% APY on balances up to $20,000 and ATM refunds
1. Complete all of the 3.09% requirements and
2. Spend a minimum of $500 on CCU Visa credit card purchases

4.59% APY on balances up to $20,000 and ATM refunds
1. Complete all of the 3.09% requirements and
2. Spend a minimum of $1,000 on CCU Visa credit card purchases

If you don’t meet these requirements then you will only receive an APY of 0.01%.


Sounds kind of hands-on and complicated. If you can do it, though, the interest rate is pretty great. Is the interest debited monthly as long as you meet the monthly requirements? Or would you need to meet them year-round to get a yearly interest?
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

yfan
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Joined: Wed Jul 09, 2014 5:55 pm
Location: San Jose CA

Re: Consumers CU Cash Rewards Visa

Postby yfan » Wed Jun 29, 2016 3:04 pm

Interest is debited monthly.



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