Description: The article is about dressbarn capital one. The author is going to talk about a new segment called Credit Card Junk Mail of the Week, he will go through a lot of junk mails he received this week for credit cards loans and bank accounts, then consider about whether each one is a good deal or not.
We are going to be trying out a new segment today called junk mail of the week, I’m going to go through a lot of junk mails I received this week for credit cards loans bank accounts and we’re going to have a look and see whether each one is a good deal or not.
So first of all, we’re going to have a look at this, this is an advert for the city double cash, the classic cash back card from Citibank is a very popular card, 2% back on everything, 1% when you make your purchase and 1% when you pay, so they send you this.
It’s very nice letter here and you can see the card now has a $100 sign-up bonus now, this card never had a sign-up bonus in the past, but about one month ago, they added a $100 sign-up bonus, so that’s very good, this is what I call a tier 2 card.
So there’s no annual fee, but there are some rewards typically cash back in tier 2 and it’s in the same range as the chase freedom, the sign-up bonus a little bit on the low side for the tier, the chase freedom is 150 sign-up bonus, there’s also the cash wise from Wells Fargo a cash back card, that’s 200 with this card though you also get 18 months at 0% APR.
So if you were looking to finance a large purchase and be able to pair back with no interest, this could be a good card for you although obviously I always advise caution when borrowing money, it’s got to be something worth borrowing.
So that gets a thumbs up from me, let’s have a look at the second one now, this is a loan advertisement, loan junk mail and it’s from a company called upstart, I hope you can see that they own on their envelope, they boast that they are featured on all these media.
I think Bloomberg Forbes, let’s open that up and they give you a little credit card in this although it’s for a loan, but whatever they’ve given you a credit card thing there and it’s their loans are from 1,000 to 50,000 dollars, I looked up a little bit about this online.
So I’d never heard of it before, apparently, they have some good feedback on Credit Karma and NerdWallet, Credit Karma, they have five stars overall as an average of 800 reviews and nerd wad, they had four stars, they seem to be a company that specializes in lending to people who don’t necessarily have credit scores.
But they will consider if you have a degree or college degree or whatever in place of a credit score, they also don’t necessarily need income, when they lend you the money, but they need some qualifications that could show you could have income in the future.
That’s some stuff I read about in the reviews and they also do loans that you can use for education and they apparently partner with some coding academy, so if you want to learn computer coding programming languages, this is quite a good loan provider to use to pay for your tuition.
So obviously, if you’re thinking about doing that, doing coding or whatever and you want to know you want a loan issuer to fund your training, this could be for you, they caught up, I do recommend you thoroughly doing your own research though and looking into them, reading the reviews and stuff as well, because I’ve had a quick look through this.
So this isn’t definitive, this company is great, but I’m going to give it a thumbs up, next we have this from which is from HSBC, it’s a glossy envelope, so my marker didn’t work on the address, so I’ve used the credits shifu sticker to cover that up, so it’s a three hundred and fifty dollar basically like a sign-up bonus, but for a bank account not for a credit card.
Let’s open this up, so saver I wonder where they got that from Capital One, so basically it’s a three hundred and fifty dollar basically a sign-up bonus for a bank account, when you read the small print, you know upon seeing this 350 some people who you know churners who I can turn this bank account.
Your eyes might light up, but once you read the small print, basically you have to put $10,000 into an HSBC advance bank account which I believe does have a monthly fee, not quite sure, but you have to put $10,000 in and you have to keep a balance of at least ten power dollars burn for three months for 90 days.
So for me, it sounds great, you put your money and they give you $350 and you get the exact same amount of money back, but there’s a big opportunity cost with that, because if you got $10,000 in cash lying around, I mean why don’t you put that in stock market.
If you were to do day trading in a few trades, you could make that $350 back easy, if you know what you’re doing if you know what you’re doing. I’m not saying go do day trading and lots of money, but you know last year, I would use maybe $1,000 and go in and out of triple leveraged etfs.
I think in one trade, I made about two hundred and fifty dollars, one trades one day, day trading so and that’s off a thousand dollars, you could make with ten thousand dollars, if what you’re doing trading off of triple levers ETF, those are my favorite things to do last year and I can stop market fun, it also says one of my advice though, because it is quite dangerous, so never trade with money that you aren’t prepared to lose some to maybe 30 40 50 percent.
You don’t trade video life savings basically, but this one it gets a thumbs down from me, a credit card, you get a sign-up bonus for putting no money down this, you have to tie up ten thousand dollars in a bank account, the interest rates probably are.
There’s a huge opportunity cost you could use that ten thousand dollars to trade on stock market buy products and sell them, put long term in the stock market, you could get perhaps not quite as big a return as that, but maybe half, so this one gets a thumbs down from me.
Finally, we have this one which is quite exciting, American Express personal loans and you can see on the front here, look, I don’t know if you can see that, but this one’s exclusive competitive rate for eligible Platinum Card members, so we’re sent this, because Mrs. Khrushchev who is a Platinum Card member and look when you open that up, this is beautiful.
I think here was very nice thick paper, you feel like a million dollars and you get this signature from Deniz Pickett on here, so it’s a personal loan up to $40,000 APRs as low as five point nine eight percent, a fixed monthly payments and no impact to your credit score apparently when you apply.
Because I guess they’re targeting people who are already Platinum Card members, so they already have passed credit check to get into the Platinum Card, as you know, as long as you’ve got on-time payments and stuff, they’re probably happy to give you one of these Amex also gives you this and gives you some suggestions on what you can use this loan.
We have renovation for interior decorating a vacation, a wedding or moving home, so for me, I would never go on vacation using debt, because as for me, a vacation is a reward for doing well, making money, I’m already married, so I don’t need to pay for a wedding moving, that would be a good expense that you can use a loan for doing a renovation, a new kitchen or something.
If I do new house, that kind of thing would be things, I would seriously consider a loan for that, if it makes sense and they show you using a credit card to pay for these things versus using a loan typically borrowing ten thousand dollars, you could save a thousand five hundred dollars because of the lower interest rate on the loan.
So I don’t need a loan now, but this is definitely something, I will keep hold of and I am a bit of an Amex fanboy, so I do love their sort of branding and marketing and everything, so this one does definitely get a thumbs up from me, so this week, we had three thumbs up and one thumbs down.
If you see those offers come through your door, there’s a little bit of an explanation on them which ones I think are good deals and which ones I think are not.
Tell me if you like this segment, I’m calling it junk mail of the week, but we probably won’t do it every week, maybe it’ll be every month or something, let me know in the comments below, if you’re new, please subscribe, we do have the place, these the new rfid-blocking credit card cases on sale on our website now and they come with a free sticker.
There’s the case there, we also have the minimalist wallets, wonderful lab of wallets, the leather is imported from Italy, so if you are in the market for a new wallet or a credit card case, check out the link to our website in the description below, thanks, don’t forget to give this video a like and we’ll see you next time.