Reader Ben (from Reward Yourself Travel) let me know about a survey he recently received from Personal Capital (kind of like Mint, but focused on investment accounts). The survey was about a credit card they are obviously considering offering called the Personal Capital Visa Signature Credit Card and has the following benefits:
- Cards earns up to 3% cash back on all purchases (up to $1 million in purchases per year):
- 3% for advisory clients with over $1 million invested with Personal Capital
- 2% for advisory clients with less than $1 million invested with Personal Capital
- 2% for users who aggregate more than $100,000 with Personal Capital’s dashboard
- 1% for everybody else
- No annual fee
- No foreign transaction fee
- Interest rate of 5.99%-19.99%
- Security features as follows:
- Real-time transaction alerts
- Real-time authorization control
- Integrated credit card information and servicing as part of Personal Capital’s dashboard
- Additional perks:
- Car rental collision damage insurance
- Extended warranty on products purchased
- Mobile device insurance
A 2% cash back card no longer excites me (there is already the Citi Double Cash & American Express Fidelity cards), the Discover it Miles does offer 3% but only for the first year and you only get half of that at the end so there is so risk involved.
All of that being said, even though this card has the potential to be 3% cash back with an annual limit of $1,000,000 this product from Personal Capital doesn’t excited me either. The reason is that you need to have $1,000,000 invested with them to qualify, the fees they charge to manage your funds will be higher than the rewards you’ll receive from the credit card offering.
