First Bank account, any drawbacks to having check cards with rewards?

Question

I am on the US Bank website setting up my first checking and savings accounts. I want a check card, should I get one and is there any drawback if I get a card that rewards a orginization. Does that cost me anymore money? Any other suggestions, I am trying to save mostly for college.

Answer 1

I would first check to see that there are no additional charges for the rewards card. If there is then you need to weigh the benefits against the charges. If the additional charges outweigh the benefits, then you may want to go ahead with a regular card and just keep track of what the rewards would have been and put those into your savings account also. One last thing, keep very good track of all your spending and do not spend more than you have. If you overdraw your account by even 1penny, the bank will add on a hefty fee. Good luck.

Answer 2

We recently signed up with the Wells Fargo Rewards program, which I believe costs $12 per year. I signed us up for it because we pay quite a few of our bills using our check card as well as make 9 out of 10 purchases with it.

So far we've accumulated quite a few points and plan on using them for a $500 Home Depot gift certificate. Not too shabby. :)

The only drawbacks I can see to their program are if you mainly use cash or checks to pay for things because you won't get any points. In other words, you won't receive points for ATM withdrawls or any purchase made where you use your pin number. You must tell the salesperson "credit", when they ask, "Debit or credit?" as well at the time of purchase so don't forget to do that.

Answer 3

Hi Michael,
Myself, I was in the same situation, wanting to find the best rebate or reward or cash back credit card. But after beginning to study the terms on a few cards, WHOA, it's overwhelming. But I knew it's one of those things that the more time you spend researching, the better deal you'll get.

Fortunately I found a site that did the work for me at http://www.LendersRated.com/creditcards.htm

Hope this helps...
Ajafifi

Answer 4

Yeah sometimes you have to pay to keep getting the rewards. Like a monthly fee. Make sure you check with your bank.

Answer 5

Nothing is free. It's covered in the interest rate.
Depending on credit score, under 10 % is available.
Much above that more than covers "gifts".

Answer 6

It's good

Answer 7

You fared better than most of us with the first bank account, so congrats.

Answer 8

Interesting discussion!

Answer 9

Great answers, just what I was looking for.

Answer 10

No drawbacks at all.