One of the most anticipated credit card announcements came this week from our favorite high interest savings bank Emigrant Direct. Emigrant Direct, facing big competition lately with ING Direct announcing a APY Sale of 3.60%, now brings a shiny platinum credit card to block out the competition. The Emigrant Direct Cash Back Platinum MasterCard pays you 1.25% with no yearly limits and no annual fee which is higher than most credit cards on general purchases. The cash back rebate is directly deposited into your American Dream Savings Account with Emigrant Direct every six months. The catch to this new card is that for your average daily balance must be $10,000 or higher or the cash back rate goes to low 0.5%. Another drawback to the Emigrant Direct card is that the deposits are not made immediately and you are giving up your interest while they hold your money during that timeframe. We would feel better recommending this card if the deposits were made on a monthly basis and there was not a minimum of $10,000. This could have been a much better card but it cannot compete with our Chase Bank credit cards that give you no hassle rewards and automatically credit your card for a full 1% monthly.
|Emigrant Direct Credit Card Snapshot|
The Emigrant Direct Platinum MasterCard is issued by Juniper Bank.