In November, US banks sparked a stir with the launch of a new product called the Smartly Visa Signature Card. On that basis, it's simply a 2% cashback card, but if you have at least $100,000 in a US bank, you'll get the magic happening and you'll get it 4% is the main focus of cashback anywhere.
The $100K deposit requirement includes an investment account and an IRA, making it a more easily achieved hurdle than it appears to have originally been. But as people started to board, we started hearing about small credit restrictions and issues with large purchases, but many others were able to move the full steam ahead.
For a few weeks, no one was very sure of what caused these letters, or the specific activity it mentioned, but it seems likely to be related to the total purchase amount.
Now we're listening reddit, Credit Doctor and Danny The Deal Guru New smart visa applications are not accepted at US bank branches Product changes are no longer permitted. There's more than that One report Bankers say they think changes are coming. This includes cards that will no longer count your retirement accounts in the deposit requirements, or have an annual cap on 4% revenue, or have been suspended completely.
A simple idea
I called my local US bank branch and it was said by the banker that the only way to get a card from the banker is to apply online, but it should be noted that these have been rumors so far. So it looks like the in-branch application is interrupted, which is a bit strange to me. You'll think they're pausing the online application first and continuing within the branch.
Since the card was first launched, Greg feels it's only a matter of time before the limit is placed at a 4% return rate, as it becomes a huge amount of money for US banks. Based on Greg's rights and the smoke we see, it appears that there is a fire here.
The report we saw is combined with the in-branch application outage and a warning letter sent earlier this month, and it appears to be moving quickly to stop it seeing more “abuse” than expected. Who knew it might be expensive to offer 4% cashback anywhere?
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