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Plink is worth a look, and so is a certain Bank of America business card

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IS PLINK REPUTABLE?: “Is Plink reputable?” is a search query that led some anonymous stranger to this blog yesterday. In my experience, Plink–a service that lets you get extra rewards in exchange for your credit card data–is quite reputable and is a nice way to earn some gift cards on the side and juice your credit card rewards a bit. I haven’t done anything with Plink in a while, but back when I first signed up I earned $10 of Amazon credit without too much effort.

If you’re curious to learn more, Frequent Miler has written about Plink more than anyone I’m aware of. Go here for an introduction, here for a more in-depth look, and here for a guide to Plink rewards. If you haven’t joined yet, there’s a deal here for new members that will get you a $10 gift card if you make any purchase whatsoever at CVS.

BANK OF AMERICA BUSINESS CARD WORTH A LOOK: B of A has had its BankAmericard cash back product out for a while, but the 3% gas reward is capped on the first $1,500 of purchases. However, there is a business version of this card as well which is about 40 times better: you get 3% on gas and 3% on office supplies, and instead of $1,500 per quarter, the limit is $250,000 per year. The sign-up bonus is only $100, but you can do a lot worse than 3% gas/office and no annual fee.

Bank of american business card
Worth a look?

TOP 20 MOST REQUESTED GIFT CARDS: An interesting graphic, courtesy of Gift Card Granny.

BAD ADVICE FROM THE LA TIMES: A well-intentioned but uninformed columnist at the LA Times is leading consumers astray, alas. Here’s the setup:

It looked a sweet deal: Citibank would give Ole 50,000 American Airlines miles if he took out a new credit card.

The only catch was that he’d have to spend at least $3,000 over three months.

Ole had no problem with that. He applied for the card and, when it arrived, called to activate it. That’s when he learned that the three-month clock had started two weeks earlier, when he’d originally applied for the card.

Hardly seemed fair. But Ole wanted to know if it’s illegal. In other words, does he have grounds to sue?

Most of you reading won’t be surprised by this kind of thing. You know perfectly well that there’s always a catch any time a bank wants to give you something for free. You also know that banks do everything they can to tilt the system in their favor, which is why you should return the favor and do everything you can to tilt the system in your favor.

So sue? Certainly not! This sort of bank behavior is merely part of the game. You probably know the right thing to do in this situation, but let’s see what columnist David Lazarus has to say:

He can try, but I scoured Citi’s card contract and didn’t see anything that would stop them from this decidedly customer-unfriendly practice. I didn’t see anything in American Airlines’ offer either.

So I think Ole was smart to have immediately canceled the new card. I’d also advise him to find a new airline to fly.

No, no, no! If you really want revenge on Citi, hit them in their wallet. The smart thing to do is to meet that $3,000 minimum spend, get your 50,000 miles, and then cancel the card if you’re still feeling spiteful. Better yet, keep the card and then threaten to cancel once per year when the annual fee comes due. Citi will usually waive the annual fee, and they’ll often throw in a nice incentive for you to stay as well. They’ll also send you the occasional offer for 3X or even 5X miles for a limited time.

Never get mad at your banks, as anger does not help you make good decisions. Boycotting American Airlines doesn’t help either, since they have nothing to do with card operations, so poor Ole would only be limiting his airline options for no benefit.

“Consumer-unfriendly” is, for the most part, a fact of life with a lot of financial products (which is why I celebrate the rare consumer-friendly product like the Amex Bluebird). The question is how will you stick up for yourself and make the best of your situation?

Cancelling a lucrative credit card offer, though it may make you feel better, does nothing to help you and nothing to hurt Citi. Keeping the offer, paying off your balance every month, and not paying the annual fee is a much better outcome, wouldn’t you agree?

$175 from B of A, $100 from Suntrust, and 40,000 ThankYou Points from Citibank

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$175 BONUS FOR A B OF A CREDIT CARD: Via MaximizingMoney, you can get $175 cash back when you’re approved for an American Bar Association-cobranded BankAmericard. $175 isn’t amazing, but given the paucity of great sign-up bonuses from Bank of America it might be worth going after. Someone on this FWF thread said they had a $200 offer, so if you’re currently a B of A customer you might want to check your available offers in online banking.

And in case you’re wondering, you don’t have be an ABA member to get the card. I’m still in my thirties, and I’ve never stepped foot on Harvard’s campus, but that hasn’t stopped me from getting an AARP card (for a 5% “unlimited” cash back deal) and a Harvard alumni card (for a 0% no-fee balance transfer).

SUNTRUST $100 CHECKING ACCOUNT BONUS: Via Fatwallet, you can get $100 with a new SunTrust checking account. T&C’s:

Eligible New Checking Accounts: To qualify for the $100 promotional incentive, a new personal checking account must be opened at an in-store SunTrust branch located inside Publix, Kroger,safeway, WalMart, B-Lo and Harris Teeter retail stores between 8/30/2013 and 12/31/2013, and at least $500 must be spend on qualifying purchases with a SunTrust MasterCard Check Card(s) or Delta SkyMiles World Check Card(s) that are associated with the new account within 90 days of opening the new checking account.

As always, keep in mind that you are required to pay income tax on deposit account bonuses (but not for credit card bonuses, of course), so always include that fact in your calculations.

40,000 THANKYOU POINTS: In the comments last week, Chasing The Points mentioned that Citibank is offering up to 40,000 ThankYou Points for opening a checking account with them. You’ll have to have $50K in assets to get the full 40,000 points, but you can also open a basic account and settle for a mere 20,000 points.

A BUY LOW, SELL HIGH GIFT CARD DEAL: Speaking of Chasing The Points, he points out that you can buy a DSW gift card for $150 via an Amex Sync promotion and sell it for $160–AND get 6X Ultimate Reward points if you click through via the Chase online mall.

PENFED FOLLOW UP: Thanks to reader Kirk for pointing out in the comments last week that PenFed has nerfed other credit card rewards as well, not just the Platinum Cash card. The Platinum Rewards Card used to offer 5 points per dollar on gas, 3 on groceries, and 1 on everything else, whereas now it offers 3/2/1, a la the BankAmericard.

But that’s not all: the points are worth less too. As per this Fatwallet thread, here are the new redemption rates for Visa gift cards:

  • $50 Visa Prepaid Card = 6100 points
  • $100 Visa Prepaid Card = 12000 points
  • $250 Visa Prepaid Card = 29600 points

So you’re actually getting less than 3/2/1 with the new structure. Time to move on…

More new credit card offers! Plus some awful advice from Slate

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WELCOME BACK, HUNTINGTON BANK: It’s been 14 years, but Huntington Bank is once again issuing credit cards. It’s called Voice from Huntington, and according to the WSJ, only existing retail customers are eligible to receive one.

So is the card worth pursuing? For most of you reading this, probably not. The card’s selling point is that you can get 3% back on the category of your choice in any given quarter. The categories you have to choose from are actually pretty good:

huntington bank 3x categories

The catch is that the 3% is only for purchases up to $2,000 in any given quarter. So the card may have some appeal for casual credit card users who don’t spend too much time thinking about rewards, but as a lot of you know there are better rewards available for most of these categories with other credit cards.

CITI THANKYOU PREFERRED 30,000: As reported on My Money Blog, the Citi ThankYou Preferred credit card now has a 30,000-point sign-up bonus. This is an improvement over the default 20,000 points currently offered, but is it worth signing up for?

It’s essentially a $300 bonus, so you could certainly do worse. Keep in mind, though, that Citi offered 50,000 points near the end of 2011 and 2012 for the Preferred and the Premier. Personally, if I were in the market for some Citi ThankYou Points, I’d wait until the end of the year.

A CATCHY HEADLINE: Why You Should Die With A Lot Of Credit Card Debt. It’s a little complicated, but the author makes a good case, as it turns out credit card debt is hard to collect once you die.

A MUCH LESS CATCHY HEADLINE: Ditch Your Loyalty Cards. From the Slate article:

According to a 2002 article in the Harvard Business Review, many retailers now offer such extensive rewards for loyalty that they’re no longer making money on their top customers—the very people the programs are supposed to entice. In addition, most customers engage in what researchers call “polygamous loyalty,” which is a creative way of saying disloyalty. The overwhelming majority of fliers, for example, belong to multiple rewards programs. It’s a race to the bottom, as companies are so afraid of losing customers to their competitors that they destroy their own profitability and forsake strategies to attract customers in novel ways.

The author’s solution?

I invite you to join me in a vacation from customer loyalty. For six months, stow your plastic cards, your key fobs, and your punch cards in a drawer. Even if you buy from a retailer with loyalty cards, don’t flash your membership to the cashier.

Let me get this straight: companies are “destroying their own profitability” by offering “extensive rewards” to consumers–and you want us to boycott this practice?

I’m not sure what to do here other than trot out a classic meme…

Thanks a lot, Slate!

This week’s Staples deals, how to cancel a Citi card, and a great deal for members of the military

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THIS WEEK’S STAPLES DEALS: The back-to-school onslaught continues! Courtesy of Slickdeals.

  • 12-pack Staples #2 Pencils $0.25
  • 4oz Staples School Glue $0.25
  • 5-pack Paper Mate Sharpwriter 0.7mm Mechanical Pencils $0.25
  • 12-pack Staples Pink Cap Erasers $0.25
  • 100-pack Staples Paper Clips $0.25
  • Slider Pencil Case $0.25
  • 4-pack 0.26oz Staples Glue Sticks $1
  • 8.5″x11″ Writing Pad (Assorted Designs and Rulings) $1
  • Scotch 3/4″x300″ Magic Tape with Dispenser $1
  • 200-sheets Staples 5.5″x4.25″ Fat Book $1

HOW TO CANCEL A CITIBANK CARD: For those of you who enjoyed his article on cancelling Amex cards, Matt from Saverocity is back with advice on cancelling Citi cards. If you have any Citi annual fees coming up in the next year, it’s worth a look. My American Airlines card annual fee is due this month, so we’ll see what they offer. Last year they reimbursed the annual fee, plus they offered double miles for the first $750 in purchases every month.

AN AMAZING DEAL FOR ACTIVE MILITARY MEMBERS: Military Money Manual points out a great deal for members of the military:

The Servicemembers Civil Relief Act has a long history dating back to the Civil War and it protects servicemembers’ from many legal and financial troubles that they could encounter while serving their nation both at home and overseas.

The SCRA has several sections covering taxes, lawsuits, and outstanding debt. Credit card companies are only legally required to keep your interest rate below 6% on any outstanding debt you have with them BEFORE you enter military service.

I had never heard of a credit card company waiving fees because of the SCRA so I had to investigate further. Plus I had recently become a cardholder (again) at AMEX and I would definitely remain a cardholder for much longer if I knew I wouldn’t have to pay annual fees.

What I found was that yes, indeed, American Express waives annual membership fees for active duty military service personnel.

AMEX decided that they are going to be a true class act and go beyond their legal requirements. For the duration of your active duty military service, they will waive the following fees:

  • Annual membership fees ($200 savings for my two cards)
  • Overlimit fees
  • Late Payment fees
  • Returned Payment fees
  • Statement Copy Request fees

Frequent Miler’s not in the military, but he came up with a few thousand dollars worth of fees servicemembers could have waived if they were so inclined.

Incidentally, Military Money Manual is a pretty good blog and seems like the kind of thing I’d be reading if I were in the military–if you or anybody you know is, you might want to pass it along.

FRUGAL SAN FRAN HIPSTERS LIVING IN RVs: Recreational Vehicles aren’t just for retirees driving around the country anymore:

“We’re one step ahead of the Brooklyn hipsters!”

Tynan Smith, a 32-year-old tech entrepreneur, lives in what he considers his dream Castro district apartment. He’s got marble counters, hardwood floors, a cedar closet and gold leaf ceiling. He doesn’t have a roommate. And at $500 a month, you can’t beat the rent.

The hitch is something he thinks is hardly a hitch: His apartment is a 1996 Winnebago. The rent is for a parking spot and a bit of electricity.

His Winnebago Rialto, which he bought for $17,000, is 20.8 feet long, about a foot longer than a regulation parking spot. The vehicle gets 17 miles per gallon – and has been meticulously rebuilt.

The obvious way to one-up these guys is to live in an electric vehicle. (Though biofueled cars may be acceptable as well.) I’m looking forward to a profile of some dude living in a Leaf or a Volt or a Tesla.

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Saverocity is Journalistic in Nature, please obtain Professional Representation prior to attempting anything discussed herein. Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.