Jim submitted this news today, but I’ve been unable to find a confirmation online. Perhaps holders of the Emigrant Direct MasterCard have received this announcement.
The party is over on the Emigrant Direct Savings account and Mastercard program.
As the Fed has cut interest rates, so too has Emigrant Direct (2.75% as of 4/19.2008). What is worse, they just pulled the rug out of their cash back program on the Mastercard side.
It used to be that you could earn 1.4% cash back on all purchases as long as you maintained a $10,000 balance in your Emigrant Direct savings account. However, that will all end on 5/15/2008. Emigrant Direct is now issuing a new card called the World Elite. The new cash back program is now capped at 1.5% back on the first $10,000 in purchases or in other words $150 maximum cash back.
We used to charge EVERYTHING to our Emigrant Direct Platinum card. We earned over $500 in cash back last year, so this comes as quite a disappointment. In fact, with the lousy interest rate in the Emigrant Direct Savings account and now coupled with the horrible cash back program of their Mastercard program, it may be time to shut down my accounts and move elsewhere.
A cash back rebate capped at $150 is hardly a benefit.
Updated May 26, 2009 and originally published April 19, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.