Wasn't really intending to wade back into the SECU rewards card debate. Was looking at the most recent "Independence Day" email from CIVIC FCU (yes, I am a member - see anyone can join!), when that new "6% cash back" card offer popped up from Bank of America [link].
CIVIC's "upgrade" pitch seemed to confirm the suspicion that the 60/70% of LGFCU members carrying a balance will be "steered" out of the low-rate Classic credit card into the new rewards offering. The "rewards card" interest rate at both CIVIC and SECU will be 3% higher (that's a +25% rate increase ).
... "upgrading" to 18%?
❋ Quote: "Consider upgrading from a Classic Credit Card to the Rewards
Credit Card, with no cash advance, annual, or balance transfer fees."
So lets set the benchmark also for CIVIC FCU to measure future success. At 3/31/2025 CIVIC had 43,230 credit card holders with balances of $145.5 million.
😎 By the way, remember the post about CIVIC now offering better across the board savings rates than SECU [link]? While looking at the email, noticed that CIVIC has now also posted lower rates than SECU on most loans - autos, credit card, personal.
🎆🎆🎆 Prepare for the fireworks come "Independence Day"!
"Virtue has its own rewards, but doesn't sell at the box office!" - Mae West
