Comments on: New Emigrant Direct Credit Card

By: Kathy

Kathy — Tue, 14 Feb 2006 20:27:40 +0000

If you are offering a savings account associated to a credit card account does this fall under regulation DD

By: Will

Will — Mon, 13 Feb 2006 17:03:16 +0000

ED card processor Jupiter Bank does not support recent version of Quicken since they only provide QIF download which Quicken does not support for credit cards.

By: Flexo

Flexo — Thu, 02 Feb 2006 07:32:22 +0000

I was referring to the interest gained on the cash back… which is taxable.

By: Jeff

Jeff — Thu, 02 Feb 2006 05:58:48 +0000

I think you are wrong about the (taxable) comment above – I’ve read elsewhere that credit card cash back is treated by the IRS as a “reduction of purchase cost” and not interest – this is why you don’t receive a 1099-INT from your credit card company. It isn’t considered taxable income.

By: mike

mike — Wed, 25 Jan 2006 04:26:38 +0000

The ED card is exactly what I needed. I was hitting the roof on my Citi card, and it’s nice not to constantly think about what defines a supermarket. The constent 1.25 makes my life easier. Plus, i’m sure ED will raise its rate if the Fed hikes rates next week.

By: Anonymous

Anonymous — Mon, 23 Jan 2006 21:42:55 +0000

I am glad to have my ED account @4.% although ING’s 4.75 is in my near future,but for cash back my AMEX Cash Rebate and Discover Platinum cards pay well especially DPC when you can double your rewards when you spend at certain partners stores/web sites.

By: Neo

Neo — Sat, 21 Jan 2006 01:53:12 +0000

I will be sticking with my Citibank card since it pays a higher %. If I get close to the $300/yr limit, I might consider getting another reward card. I have also already transferred my funds from ED to ING.

Neo

By: Caitlin

Caitlin — Sat, 21 Jan 2006 00:42:28 +0000

Yeah…reading the fine print totally threw cold water all over my excitement about this card. Now, I’m not interested at all.

By: Will Kirby

Will Kirby — Sat, 21 Jan 2006 00:29:38 +0000

I was stoked about picking up one of these cards until you mentioned that balance minimum. This seems rather pointless for a lot of people when you can easily get a regular card that offers 1% back and then just use HSBC to get a higher savings account rate than ED. Oh well!

By: Flexo

Flexo — Fri, 20 Jan 2006 22:31:36 +0000

That is a major detriment for what would probably be most users. I updated the text above… thanks for the update!

By: fivecentnickel.com

fivecentnickel.com — Fri, 20 Jan 2006 22:30:08 +0000

Sorry, didn’t mean the ‘for just one day’ bit… It’s averaged across the six months. Still, that’s a *big* hit to your rewards.

By: fivecentnickel.com

fivecentnickel.com — Fri, 20 Jan 2006 22:20:45 +0000

Check that minimum balance clause… If you dip below an average daily balance for just one day during the six months prior to reward deposition, your cash back drops to 0.50% of net purchases. It’s not 1.25%. It’s UP TO 1.25%.