In researching for my next post, I stumbled upon a gold mine. I am not sure how we, a group of highly trained expert manufactured spenders, missed this. We could have completed our holiday shopping with this INSANE offer.
Can you imagine? The terms specifically state: Earn 7 extra points per $1 spent on qualifying categories on transactions up to $50,000. The categories change monthly, thus the $50,000 spending threshold resets every month. To me, this reads like MilesAbound’s Banana Republic story. The marketing department does not work with the rewards department.
They only showed November and December. Imagine what the other 10 months that we missed?
- Movie Theaters
- Home Supplies
We know what we’d do to those poor grocery stores with a 50k spend max.
- Department Stores
Sears, I’m looking at you!
My head is about to explode at this awesome offer. Each point is worth 1 penny, with an 8% return every month (1% for regular spend + 7% in bonus category), how can you beat that? There’s still time to sign up for this card as we’re only midway through December, hopefully you’ll receive the card before 2014 ends
First Bankcard, a division of First National Bank of Omaha, issues the Rakuten Rewards Mastercard. Terms state that the points expire after two years.
For every $1 you spend, you earn 1 point. 100 points is worth $1. Just like your plain vanilla 1% card.
The Insane Part:
$50,000 worth of spend per month in the categories they choose. That’s an unheard of 8% return for your manufactured spend on your credit card alone. Stack that up with your favorite portal in December for a department store and you’re in the double digit territory, easily.
EDIT: Doctor of Credit graciously researched the Terms and Conditions further and left this in the comment that I have summarized: the monthly category bonus is in essence capped at ~$7,000 worth of spend for the maximum value.
I wonder what First National Bank’s tolerance level for manufactured spending is like for giving something out like this.
Don’t believe me? Check out the application link.
**Disclaimer, Rakuten points can only be redeemed for merchandise and not gift cards. You can be like my esteemed colleagues like Big Habitat or Miles4More or Tagging Miles and resell the merchandise you redeem the points for.