Other Credit Card Programs - New Arco Debit Card-- Crazy Cash Back up to 7%




erlftex
Oct 20, 09, 5:37 pm
So, I just saw an ad for the two brand new Arco Debit cards. As a veteran user of the Costco Amex, Fidelity 1.5% and 2% cards, and Starwood cards, I like to think I know what I am reading about. As an LA resident, I never go to Arco since they are sketchy and don't take credit cards and charge $0.45 to use a debit card. As a heavy CC user ($200k+ for work), I am skeptical about debit cards and their consumer protections and also blow through minimum spends in January. But, this is crazy-- has anyone used this? Can anyone verify it? (FYI with both these cards, no debit fees at Arco)

Regular card: (up to 3.5% back)
Start by earning 1 point per dollar on PIN purchases and 2 points per dollar for signature purchases.
Once you reach 5,000 points, for signature purchases you'll earn 2.5 points per dollar; at 20,000 points you'll earn 3 points per dollar, and after reaching 40,000 points you'll earn 3.5 points per dollar on all of your signature purchases.
As a special bonus, we'll kick start your earnings with 1,500 bonus points when you sign for your first purchase.
$5.00 will be added right onto your card every time you earn 5,000 points - no waiting for a check, gift card or coupon.

Preferred Card ($25 annual fee, up to 7% back)
Start by earning 2 points per dollar for PIN purchases and 4 points per dollar for signature purchases.
Once you reach 5,000 points, for signature purchases you'll earn 5 points per dollar; at 20,000 points you'll earn 6 points per dollar, and after reaching 40,000 points you'll earn 7 points per dollar on all of your signature purchases.
As a special bonus, we'll kick start your earnings with 3,000 bonus points when you sign for your first purchase.
$5.00 will be added right onto your card every time you earn 5,000 points - no waiting for a check, gift card or coupon.

https://www.hrsaccount.com/optipay/ecare?ev_Home=&org=784


jeelele
Oct 20, 09, 6:07 pm
$5.00 will be added right onto your card every time you earn 5,000 points - no waiting for a check, gift card or coupon.

To me, it looks more like 0.1 cents a point. Comes to 0.7% cash back. :p

erlftex
Oct 21, 09, 12:28 am
Oh jeez I am embarrassed. Thanks for pointing that out, I must have read and copied too quickly.


skofarrell
Oct 21, 09, 5:37 am
Still, not a bad deal if you either don't want a credit card or can't qualify for one.

EasternTraveler
Oct 21, 09, 4:21 pm
ARCO used to have a credit card. Since they did away with that, I have not been back.



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