FNBO Direct has started a new cash back credit card with a 2% cash back on all purchases for the first 12 months. It's called the ExtraEarnings Visa Card, and it's only for FNBO Direct online savings account customers. I received the details from FNBO in an email today.
Here's the promotion page. Some of the important details of the credit and bonus terms include:
- Earn cash back with 2% back for the first 12 billing cycles and 1% back after that directly deposited into your FNBO Direct Online Savings Account.
- Redeem your cash back by requesting a $25 deposit into your FNBO Direct account for every $2,500 in purchases on the card.
- No annual fee
- 7.99 APR fixed on purchases and balance transfers.
- A balance transfer fee of 3% of the transaction, with a minimum of $10, will be applied to each balance transfer with this offer.
With the 6% savings account promotion coming to an end, this is a product intended to keep customers. Unfortunately, the 2% is only for the first 12 months. After that, it goes down to 1%. Nevertheless, I would say FNBO did a better job with this cash back credit card than what Emigrant Direct launched in 2006 (see post). Unlike Emigrant's cash back card which required a $10K balance, FNBO doesn't seem to have any savings account balance requirements in order to be eligible for the cash back rewards.
5.05% APY is Official
Another email I received today from FNBO confirmed that the post-promotional savings account yield will be 5.05% APY. Hopefully, this rate will last at least until the next Fed rate cut. If they can do this, that would be a respectable rate considering the 50 basis point rate cut that the Fed did last week. But you have to wonder if FNBO is planning to ease us into the non-promo rates.
Thanks to the reader who mentioned this new credit card in the finding deals post.