Get An Extra 10% On Rewards Earned By Having A Huntington Checking Account (3.3% In A Category You Choose)

We’ve talked about the Huntington Voice card before, this card lets you choose a category that earns 3x points (points are worth a penny each). There is a spending limit of $2,000 per quarter (6,000 or $60 in points) and unlike the U.S Bank Cash+ card, the categories are quite generous:

  • Apparel/Soft Goods
  • Department Stores/Electronics
  • Discount Stores
  • Gas
  • Grocery
  • Home Improvement
  • Office Supply
  • Pharmacy
  • Restaurants
  • Sporting Goods
  • Travel & Entertainment
  • Utilities
  • Wal-mart

10% Bonus

I’m not sure if this is a new feature, but reader Karthik let us know if you have a Huntington Bank checking account (5 or 25) that you’ll receive a 10% bonus on all rewards earned that is paid out monthly. This actually means that this card can earn 3.3% cash back if you have a Huntington 5 checking or Huntington 25 checking accounts.

Fees

Both of these accounts come with monthly fees that can be waived:

  • Huntington 5 checking: $5 monthly fee, waived if you total relationship balance is $5,000 or greater
  • Huntington 25 checking: $25 monthly fee, waived if you total relationship balance is $25,000 or greater

Is It Worth It?

Obviously having the above accounts requires locking up a lot of money or paying the annual fees, let’s see if this bonus is actually worth it or not. At most we’re going to get an extra 600 points per quarter which is worth $6, obviously paying the monthly fees does not make sense but what about locking up funds?

The interest rate on the 5 checking account is 0.15% APY and 0.25% APY on the 25 account.

If we put $5,000 into the 5 checking account to keep it fee free we would earn $0.625 per month and a maximum of $2 from the 10% credit card bonus (total of $2.625). If we put that same $5,000 into a 1% account we’d earn $4.17 per month as you can see getting the 10% bonus doesn’t make sense in this case.

We can do the same thing for the 25 checking account, but the results are even worse. If we put $25,000 into the 25 checking account to keep it fee free we would earn $5.208 per month and a maximum of $2 from the 10% credit card bonus (total of $7.208) If we put that same $25,000 into a 1% account we’d earn $20.84 per month as you can see getting the 10% bonus doesn’t make sense in this case.

Final Thoughts

This is a tricky little promotion that Huntington have put together, at first glance it looks like great value but you’re better off just stashing your funds into a 1% account (although I’d recommend a high yield prepaid account or rewards checking account). It’s a shame this 10% bonus isn’t also earned on their asterisk free account, which is fee free and often comes with sign up bonuses.

 

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