We made $1,268.22 last year on our credit card (TD Ameritrade). We are not new customers, so this wasn’t a “bonus” for joining. Our interest rate on this card is 13.99% which is something atrocious (they all are, even with our 800ish range credit scores). However, since we always pay our bill on time and in full we don’t mind the threateningly high interest rate. We end up costing this company money by doing business with us. If you let balances roll over though this card (or any one really) probably isn’t the best one for you. Below is the good, the bad, and the ugly on this card:
- We earn 1.5% +10% rewards bonus to buy stocks through their TD Ameritrade Client Rewards Card program.
- The rewards do not go straight into our pocket (though that is an option) we have them deposited into a stock brokerage account. This makes them out of sight and out of mind, while riding the highs and lows of the market. Plus Mr. Moe LOVES researching stocks (and I do not), so it gives him a nice job in working toward our goals).
- There is no annual fee. We do have a card with an annual fee that we keep for separate reasons (it more than pays for itself).
- Customer service (like real humans) are available 24/7/365.
- They don’t accept online payment from my bank, which is the weirdest thing. Our bank sends a physical check so we add in a day or two for processing time.
- I don’t know why, but this one gets locked out a lot, so we end up calling in a few times (or more) a year to reset the password – irritating. I feel like this just is an excuse to keep the customer service team employed….
- There was one specific time where we paid the bill on time, but due to a holiday, the company didn’t process it in time. Consequently, they billed us a $35 late fee plus interest. That was a lot of dough and could quickly put a large dent into any worth this card has for our family. Mr. Moe (the main card holder) had to call the customer service line and deal with it. The customer service agent made it seem like she was providing us a very grand gesture for crediting us for their late pay processing, and frankly was a bit condescending. Ever since then, we have paid our card up to a week before it is due and it’s a small negative thought that crosses my mind each month when I schedule the payment. I still harbor a little resentment for having to deal with that.
All in all, we really like the investment portion of this card. However, we may look into other credit cards that are easier to deal with (more online services for simple things like passwords and payment). We aren’t against paying an annual fee for more attractive rewards, but haven’t put much research in it as of late. It’s something we’ll probably research more in the winter (when the weather draws us inside more). However, for now, making over $100 a month for money I was spending anyway is not bad, and far better than paying cash.