There’s a credit card from PCMCU credit union in Wisconsin that offers 5% back on all purchases, on up to $1,000 of purchases – $50 in rewards per month.
Direct Link to thePCMCU MasterCard Platinum Rewards Card
The card has no annual fee the first year; $49 after that. It is possible to get the fee waived if you maintain an active Rewards Savings Program and No Fee Checking account, plus related services including, direct deposit, debit card, free Virtual Branch, and eStatements on all accounts.
The big caveat is that it’s very hard to join the credit union. See ways of joining the credit union here; basically, you have to work for one of a number of companies in the Marinette, WI or Greenbay, WI area. It is slightly more expansive than that since family members of PCMCU members are also eligible to become members. Note, however, that it appears that you’ll have to apply for the card in-branch.
The cashback comes as a statement credit the following month.
It’s obviously not for most of us, but if you are eligible to join the credit union, or you have a family member who is a member of the credit union, it sounds like a card worth picking up.
This card was mentioned today by Reddit member batsy71, and I found it mentioned on Flyertalk a number of months ago.
This card is amazing! Just checked it out and the requirements to avoid the annual fee aren’t hard—have a savings acct, checking acct with (small) DD, and estatements. I wish this was available to more people or that more credit unions tried this model. Even the card’s APR is low, currently just under 10% and it says they have no penalty APRs.
Another thing I noticed on their site that I hadn’t seen elsewhere was full transparency on loan rates. For example, it has the rates, then explains that the rates will be 1% higher if your credit score is between this # and that #, and 2% higher if credit score under this #. And for auto loans that if your vehicle is worth less than $10K then add another 1% to the rate. Many people I know who don’t have Excellent credit (for various reasons) have a hard time comparison shopping for rates because the rates for people with less-ideal credit scores aren’t posted anywhere.
Kudos to this Credit Union!
Brother in law works at 1 of the companies listed. Going to see if that’s good enough.
Max $600 a year? I can get more than that with one cc signup bonus.
Some people like long term relationships. Plus they offer benefits, such as no BT fee and no cash advance fee, that I’ve never heard of before. And it seems that the annual fee can always be waived if you have qualifying services. Doesn’t sound too bad to me.