I wanted to share some detail from an email I received. Not sure if it's new information for everyone, but I just received the email and I couldn't find details before.
I know there's been some questions about what the categories will be post-nerf. TDLR is the bottom of the email says "Beginning next quarter, you’ll be able to choose your 5% category from these options: Amazon, home improvement, travel, hotels, and rental cars." Am I interpreting this right – restaurants will be a 5% category for the first 3 months… but then it's only from those limited categories? Would it make sense for restaurants to go away or did they just not mention it since it's the initial default?
A new rewards experience for your Visa Signature® credit card is almost here.
Beginning January 13, your MyChoice Rewards will move to CashBack+ – giving you more control over how you earn and redeem cash back, plus a simpler way to track everything in one place.
With CashBack+, you’ll have the flexibility to boost the category that fits your spending best.
5% Pick your category
2% Gas and groceries
1.5% Everything else
You’ll continue earning cash back on everyday purchases, now with more flexibility and choice.
A few things to know before launch:
- Your boosted category for January-March will be Restaurants.
- Your MyChoice Rewards will move to CashBack+.
- Beginning next quarter, you’ll be able to choose your 5% category from these options: Amazon, home improvement, travel, hotels, and rental cars.
Redstone FCU email with new category details
byu/xmorphicx inCreditCards
Posted by xmorphicx
8 Comments
Glad they didnt just nerf this card into the ground. I can live with a 5% rotator.
Just saw the same email. I guess I will set it to Amazon for April, sock drawer the card, forget about it, and see it get auto-closed due to inactivity.
I got the email too and even though I was already planning on not using the card anymore I think its ridiculous that they’re making hotels and rental cars separate from the travel category (which I assume will only apply to flights).
Wait…. Hotel is not part of travel?
Just got the same email. Really sucks. We don’t like to juggle cards so this was our everyday/everything card. Any suggestions to a new card?
A few extra things that are only in the FAQ:
– No minimums for redemptions
– Cash back is added to your cashback+ balance monthly by the 5th of the month. Accrued daily(A bit odd)
– No more automatic redemptions
– You must choose your boost category no later than the last day prior to the beginning of new quarter. New quarters begin April 1; July 1; October 1; January 1. You can change your boost category at any time prior to the start of the quarter. However, once the quarter has started, you cannot change the category.
– If you don’t choose a boost category prior to the beginning of the quarter, you will earn the standard 1.5% cash back. A boost category selection cannot be made after the quarter has begun.
– I’m not sure what home improvement counts as for merchants.
Saddening
So lame. The 5% on gas and restaurants was why I got the card, since those were my biggest categories.