Pretty easy to get a 2% card nowadays. This is a shit deal
Comment on [deleted]
radix@lemmy.world 1 year ago
Every $1 spent generates one card point, and 1,500 card points are enough to claim a $15 gift card that’s redeemable at Microsoft’s online Xbox store.
Which is a convoluted way to say highly-restricted 1% cash back, which is pretty low-end these days, right?
APR rates range from 20.99 percent to 31.99 percent based on credit.
At least 21% interest‽ I must be totally out of touch with the current reality, because that sounds outrageous.
NOT_RICK@lemmy.world 1 year ago
i2ndshenanigans@lemmy.world 1 year ago
My Apple Card gives me 1-3% depending on the purchase type. I average 2% since I use Apple Pay all the time.
Clbull@lemmy.world 1 year ago
21 to 32 percent APR is pretty standard for credit cards.
Which is why you should pay off the balance of a credit card each month where possible so that you accrue no interest, which can easily be done by setting up a direct debit. They’re not meant to be for long term borrowing.
Card companies will make their money from responsible users through merchant fees, which is them passing on the burden to merchants.
The main reason you’d want to use credit cards is for the added rewards and consumer protections you’d get.
ScoobyDoo27@lemm.ee 1 year ago
I don’t know why so many are caught up on the interest rate. You shouldn’t keep a balance on your credit card and should pay it off every month. No rewards card will ever come close to a good thing if you ever pay interest on it.
It’s also 5 points per dollar when spending at Microsoft, which is 5% back and a good deal. Majority of cards are 1% base with a bonus if you shop at their store. This card is pretty standard for the industry.
DarkWasp@lemmy.world 1 year ago
Some people can’t do this or had an emergency and needed to use their credit card. Lower interest rates are manageable.
bob_wiley@lemmy.world 1 year ago
ScoobyDoo27@lemm.ee 1 year ago
Doesn’t matter to me. I have like 10 different credit cards to get the best cash back depending where I’m shopping. Currently the best I get at Microsoft would be 2% so this is a pretty sweet card.
SeriesOfTubers@lemmy.world 1 year ago
Yes but if you need 1500 points at minimum before you can cash out, that means you aren’t seeing any cash back until you’ve spent $300 at Microsoft. The payout might be bigger, but you have to wait a lot longer to get it.
If that’s worth it for you, that’s great! But if I’m spend $60 at Microsoft a few times a year, I might rather just have $1.20 next month that I can spend on many things than $3.00 in two years that I can only spend at Microsoft.
bob_wiley@lemmy.world 1 year ago
ripcord@kbin.social 1 year ago
This specifically says 1 point per dollar