Originally Posted by
milesforfamily
What I meant to say, was , that I got the card recently, along with the bonus. The renewal fee will come up, before I have to make the redemption. Actually, I don't mind paying it, it seems fair, sort of like buying the miles from CITI at a discount rate. I don't mind taking advantage of the bonuses, but I try to play fair with the banks. Its my personal view, not judging anyone.
You're choice but the banks aren't losing money on this ( churning deal) as they have a great deal of research that shows "X" percentage of people who get the card and spend the $3K will end up paying interest of 15% . Combine the interest some will pay and the fee they collect per charge and they are making $$, perhaps quite a bit
Even people who pay bills in full run into bad situations from time to time
The banks don't play fair, ask anyone down on their luck about the 25% plus interest rates they are being charged