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Eric

I haven’t used this account for several months. I just looked at the qualification email that I received for June. It shows that I qualified for the 2.09% rate even though I only met 1 of the requirements. Are any of you in the same boat as me? I’m just wondering if this is a glitch or if they are still waiving the requirements.

You qualified for the 2.09%APY* (Annual Percentage Yield) and ATM fee refunds on your free Rewards Checking Account last month.

We look forward to rewarding you again the next cycle you qualify. Remember, if you don’t qualify, you still earn the base dividend rate.

Below is a summary of the monthly qualifications and your actual results:

Monthly Qualifications

Actual Results

12 or more debit card transactions

Not Met

Direct Deposit/Mobile/ACH Credit of $500 or more

Not Met

Enrolled in eDocuments

Met

Required to receive 3.09% APY*: Complete at least $500 in CCU Visa credit card purchases.**

Not Met

Required to receive 4.09% APY*: Complete at least $1,000 in CCU Visa credit card purchases.**

Not Met

Robert
Robert

Several posts refer to a $500 DD requirement. Maybe there used to be a DD requirement, but as of 1/26/2022, the requirements to earn 2.09% APY are

(1) Receive eDocuments (enroll and accept the disclosure)
(2) Make at least 12 debit card purchases each month.
(3) Direct deposits OR Mobile Check Deposits OR ACH Credits totaling $500 or more monthly.

As you can see, DDs are OPTIONAL !!!

Furthermore, the requirements to earn 3.09% APY and 4.09% APY do not include receiving DDs.

Here’s the link: https://www.myconsumers.org/bank/accounts/free-rewards-checking

Em
Em

I’m considering this, but not sure if I’m going to go for it. In case this helps others out, here’s how I figured I could potentially qualify for the 4% interest:

Debit card

Eating out 4-8x/month
Gas 4x/month
Small shopping trips (or doing separate transactions as needed) 2-4/month

Credit card for regular household bills and groceries

$800+ for groceries (family of 4)
Cell ($52), internet ($50), electric ($60), gas ($30), insurance ($55)

Still not sure if it’s a wash with missing out on cashback from my other cards. If you’re single and on a tight budget, I can see how this wouldn’t work, but for families you might be able to swing it.

Bertrand
Bertrand

Has anyone who is an existing member tried to open a checking account for the MP or SB bonus? If so, what reports got pulled? I am assuming they would do a Chex pull but no hard pull (this being required only for membership), but I am reluctant to give it a try without a DP.

Robert
Robert

I misplaced my dictionary of abbreviations and acronyms. What are the “MP” and “SB” bonuses? Member of parliament? Santa Barbara?

Ferris
Ferris

I miss the good ‘ol days. You could get 5.09% with 3% cashback on groceries and making an extra 1% from paying your bill with PPDG.

John M
John M

Without discussing age I remember back in 1978 you could get 5.5% on just your checking account and 11% on a CD-without doing anything but watching the money roll in.

Hellen
Hellen

To get 4.09% APY, you need to have their credit card and spend $1000 ore more each month. Too much.

John M
John M

Why can’t they make it simple. I’m getting 2% from 1st community credit union. Only have to do 25 debits/mo(25 swipes at a gas station at 3-4 cents each) and 1 automatic ACH($1). Maximum for the 2% is 25,000. Not sure if they’ll take out of footprint.

HarryTheFirstHarry
HarryTheFirstHarry

Trying to do some math here:
Max Annual Earn: 409+30 (3% earn on buying 2x$500VGC at S&S for 6 month) +10 (1% earn for the next 6 months)
Losses
1) $6VGC fee for 12 months x2 = -72
2) Loss of 3% in grocery points for the 2nd 6 months of the year = -30
3) 1% interest earned at other CU = -100
4) Time to deposit a check every month and do the 12 Amazon reloads.
Total loss: $202
Net Gain: 449 – 202 = $247 annual profit as compared to putting the money elsewhere.
Excludes time spent described in 4 above and the signup SB.

Penny

Funny thing, I just sat down on calculated to see if it is worth the extra $500 MS spend a month to get the 3.09% interest from 2.09% interest for each month (I opted for this, as the 3% cash back at supermarket is limited to 6K a year, so that’s $500 a month, alternatively you can do $1k/month for 6 months). I can qualify the 2.09% interest easily (which require DD and the debit spends only), so I don’t factor that in.

1) the 1% increase , would gain $100 in interest a year on the 10K if I charge $500/month. So divide that by 12 to keep things simple, that is roughly $8.33 additional interest a month

2) Buying a $494 VGC+$6 Fee would yield (3% of 500 spend is $15 cash back minus the $6 fee) , yields $9 profit

3) I have a 2.5% Cash back card that is my daily driver unless there are categories that is higher that I would set aside and spend the VGC card, so that is a loss of $12.38 ($494*2.5%) in cash back.

So the work on qualifying for the 2nd tier rewards would yield $4.95 profit each month (+8.39 in bank interest, +$15 Cash back on $500 spend, -$6 in VGC fee, -$12.38 in cash back opportunity on my regular card).

it’s an extra 5-10 mins to do a separate transaction as I’m already at the supermarket already, so that would be worth the $4.95 monthly profit ($59.40 a year). I wouldn’t go out of my way to do it. However, Q1 5% category on Chase Freedom cards is supermarket and I have 5 Freedoms, so I will prob focus on that first.

HarryTheFirstHarry
HarryTheFirstHarry

what card gives 2.5% on everyday spend? Thanks in advance.
I also left out the loss point of a hard pull which may be the main reason I would skip getting this CC.

Penny

USAA Limitless, no longer available

Robert
Robert

Qualifying for the 2.09% APY does not require a DD. According to CCU’s advertised requirements, the $500 monthly deposit requirement can be satisfied by direct deposits OR mobile check deposits OR ACH credits.

Here’s the link to CCU’s advertised requirements to earn top rates for Rewards Checking: https://www.myconsumers.org/bank/accounts/free-rewards-checking

Robert
Robert

CCU’s Visa Signature Rewards credit card and Visa Signature Cash Rebate credit card have no annual fee and pay 3% rewards on grocery purchases up to $6000/yr.

You don’t have to deposit any checks or make any direct deposits. According to the ADVERTISED requirements to earn 2.09& APY, you can satisfy the $500 monthly deposit requirement with ACH credits. Here’s the CCU link to CCU’s ADVERTISED requirements to earn the top yields with Rewards Checking:

https://www.myconsumers.org/bank/accounts/free-rewards-checking

You don’t have to do do any Amazon gift card reloads. Instead, link your CCU debit card and any one of your bank accounts to a CashApp account. Using CashApp, you can easily do 12 point-of-sale purchases (of any amount) with your CCU debit card; the purchases are debited from your CCU checking account as point-of-sale purchases. The debited amounts go into your CashApp balance, which you can easily transfer to your linked bank account. You don’t actually spend any money. You merely move money from your CCU checking account to your CashApp balance to your linked bank account.

Bobby Cobby
Bobby Cobby

Is anyone else earning the 2.00% despite not meeting any of the requirements? Since October, I’ve had interest payments equivalent to the amount of 2.00% APY with zero transactions on the account.

Eric

Was your account converted from Andigo like mine was? I had only about $1 in the account the past 3 months but I have also been receiving the 2.09% rate despite not meeting the requirements.

The 1st 2 months had the 1st message below. December had the 2nd message below.

At some point they will presumably stop waiving the requirements for us. I do have money in the account in this month and I am planning on meeting the requirements.

“We realize you are just getting acquainted with your new Consumers Rewards Checking account. As a special welcome offer, you qualified for at least the C Tier dividend rate of 2.09%APY for October, regardless of whether qualifications were met. This will give you a chance to enroll and start using the services that can qualify your account for an even higher dividend.”

“You qualified for the 2.09%APY* (Annual Percentage Yield) and ATM fee refunds on your free Rewards Checking Account last month.”

Kory
Kory

6000 Mypoints for this right now