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Increase Competitiveness of Standard % Back on the Credit Card

by huckdisc on 04-15-2009 03:41 PM

Let's be honest.  Many of us here do not use this credit card for the bulk of our purchases anymore.  We are instead gaming the card for the areas where the money we can extract exceeds that of what other cards offer.  Over time the 1% back offered through the Upromise card has become less and less competitive.  At the beginning of 2008, I got the new PFCU Platinum Cash Rewards Card which gives me back 5% back on gas, 2% back on groceries, and 1.25% on all other purchases.  Why go for an extra penny per gallon at Exxon on top of my 1% when I can get 5% at any gas station (so you lost all my gas business).  Why accept 1% when I can get 1.25% for normal purchases (so you lost all my typical purchase business).  This basically left you as my card of choice for groceries (but only when buying Upromise bonus products) and restaurants (again where I can get a bonus).  Today I started using my Schwab Invest First Card which gives me an unlimited 2% back on every purchase.  That's 100% more than what Upromise is offering.  Additionally, the $ flows directly into a Schwab brokerage account that pays nominal interest (vs. Upromise which holds my rewards hostage for upwards of 3 mths).  I can easily transfer that money out and then into my kid's 529 plan at a quicker rate than Upromise.  So, my idea is that you:

 

1) Increase the % back on standard purchases to stay at all competitive.

2) Decrease the amount of time you hold rewards before distributing them into my 529 plan.

3) Agree to pay nominal interest during the holding period.

 

Implementing any/all of these recommendations would greatly increase my Upromise card use as well as that of other like-minded individuals who found early utility with the card but have since moved on to better deals.

 

Thanks for your consideration.

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*The $100 more a year savings figure is based on Upromise internal reporting data for 2007 and 2008 comparing the average Upromise savings for members who joined Upromise prior to such year and used the Upromise credit card at least once during the year with the averagae Upromise savings for members who joined Upromise prior to such year and have not opened a Upromise credit card account.