Update: Account now comes with a $150 bonus. This requires:
- Make recurring, qualifying direct deposits of $500 or more per month for three consecutive months (The first direct deposit must be made within 30 days, the second deposit within 31-60 days and the third deposit 61-90 days of the account opening date.)
- Make 10 or more purchases with the debit card associated with your Affinity Cash Back Debit account within 90 days of the account opening date
Hat tip to ShawntheShawn
Offer at a glance
- Availability:Â NY, NJ, CT only
- Hard/soft pull:Â Soft pull
- ChexSystems: Unknown, sensitive (not sensitive in branch)
- Credit card funding:Â Up to $1,000 with Visa, Mastercard or Discover
- Monthly fees:Â None
- Household limit:Â None
- Expiration date:Â None listed
The Offer
- Affinity Federal Credit Union is offering 1% cashback on up to $1,000 in purchases per month ($10 cashback). Max cashback is $120 per year.
The Fine Print
- Earn 1% Cash Back on up to $1,000 in debit card purchases (Point of sale purchases can be either a PIN or signature debit card purchase, including online transactions) each month.
- Up to $120 cash back per year maximum.
- Cash back earned each month will be credited to your Affinity Cash Back Debit Account by the next month’s statement cycle.
- ATM transactions, the purchase of money orders or cash equivalents, loan payments and account funding made with your debit card are not eligible for cash back rewards.
Avoiding Fees
Monthly Fees
To qualify for no monthly fees and avoid the $2 monthly paper statement fee, upon opening your Cash Back Debit Account, you must enroll in paperless statements (eStatements) either by registering and logging into your Online Banking or Mobile Banking account.
For new members the paper statement fee is waived for the first 45 days of membership, after that, if you have not enrolled in eStatements you may be assessed a $2 paper statement fee per month. Enrollment in eStatements means you will not receive mail delivery of your statements and you have agreed to Electronic Delivery Disclosure. You may withdraw your consent to receive paperless statements anytime by logging into your Online Banking or Mobile banking account. If you choose to withdraw from eStatements you will be charged a $2 monthly paper statement fee.
Note: The fee is waived for tenant accounts, members age 70 or older; and children age 12 and under.
Our Verdict
Some might have purchases they can’t do with a credit card and will find this account useful. Not sure if people will find it worthwhile to open the account for $10/month, but readers might already have an account from the $150 bonus last year, and can continue to benefit from the account due to this new feature. (That bonus appears to be expired and was replaced with this new cashback debit offer.) They also offer a savings account with 2% interest on up to $2,499 which is mildly interesting.
Hat tip to reader Foodie
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet)Â (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
