Logix Federal Credit Union has the Platinum Rewards let’s take a look in a little more detail.
Card Basics
- Sign up bonus of 10,000 points after $1,000 in spend within the first 90 days
- Card earns up to 3x points per $1 spent on all purchases
- 3x on all purchases for platinum members (requires 100k in combined checking, deposit and loan balances with Logix)
- 2x on all purchases for gold members
- 1.5x on all purchases for regular members
- Free membership available in AZ, CA, MA, MD, ME, NH, NV, or VA
How Much Are Points Worth?
Points are worth 1¢ each according to this.
Our Verdict
Main issue with this is the fact you need to have $100,000 on deposit with Logix (although this includes loan balances so holding a mortgage would count). The money market account earns 0.6% APY with this amount, that isn’t awful but it’s not good compared to other high yield accounts either. There is also a $150 checking promotion for those in CA.
Hat tip to Econ0mist
This card does not get 3% on all purchases, it is only on net “retail purchases.” It doesn’t work for taxes, utilities, recurring bill payments, insurance, etc.
https://www.logixbanking.com/about-us/privacy-and-disclosures/rewards-program-disclosure
“Purchases, minus returns, credits, and adjustments. ATM transactions, balance transfers, credit card convenience checks, cash advances, including purchases of traveler’s checks or other cash equivalents, credits for returned merchandise, gaming related transactions, payments or adjustments, bill payments, fraudulent or unauthorized transactions, purchases made by or for a business or for a business purpose, and any finance charges and fees, are excluded from and do not qualify for Logix Rewards Points earnings. Logix may establish additional exclusions at any time. All Rewards Card purchases, credits and adjustments are subject to verification. If a transaction is the subject of a billing or other dispute, the related earned Rewards Points may be deducted from the Rewards Points total during the dispute period. If the transaction is reinstated, the corresponding Rewards Points will be reinstated.”
I don’t know if it worth it to do all that manipulation to get your kashback!
I learned the hard way that the credit card rewards points will not apply to any charges that code as a Bill Payment. So, if you live at an apartment community that takes credit cards for rent, don’t expect to get the 3% cash back. The same applies if you’re paying your utility or tax bills (both my cell phone and Internet Service Provider payments charged to the Logix MasterCard coded as Bill Payment and do not qualify for the rewards points). The 10,000 bonus points (equal to $100) if one charges $1,000 to the MasterCard in the first 90 days also has the same restrictions I just mentioned. No bill payments charged to the MasterCard will count.
So, with the fact you have to have $100K minimum deposited to even get the 3% and that charges for bill payments do not qualify, it makes this Logix Rewards MasterCard less attractive.
I’d call customer service, I just chatted with a rep online and they said only Cash Advances are excluded. The standard points are 1.5/$ and you receive the extra points for your status.
Hi Jeremy, I called, and called. It is sad that one rep can say one thing, and another rep can say another. I was initially told, as you were told, that rewards are granted for every charge except cash advances. Sadly, this is inaccurate info. You can read it yourself at the Logix Rewards-Program-Disclosure PDF page. It clearly states Retail Purchases, and clearly states “ATM transactions, balance transfers, credit card convenience checks, cash advances, including purchases of traveler’s checks or other cash equivalents, credits for returned merchandise, gaming related transactions, payments or adjustments, bill payments, fraudulent or unauthorized transactions, purchases made by or for a business or for a business purpose, and any finance charges and fees, are excluded from and do not qualify for Logix Rewards Points earnings.” You will see the words “bill Payments” above. Rent and taxes and utilities are coded as Bill Payments on the MasterCard charge, and those do not qualify for rewards. It is right there on my credit card online account, and I got confirmation from a higher-up that these charges do not qualify for rewards. No cash back for me regarding those. If you search the words Logix Rewards Program Disclosures at the number one search engine, you’ll easily pull up the PDF file.
Thanks for the update and explanation. Really sucks since this card has so much promise. I had opened a checking and MMA with hopes of getting this card too, I may not now waste a 5/24 slot. It could be interesting to use overseas if you really get 3% everywhere. I thought I read in the T&C about MC charges for foreign conversion fees of 0.2% somewhere though.
Logix FCU dropped the money market rate from 0.95% to 0.80% for balances between $100,000 to $249,999.
This a good credit union, even just for the phone support. You do not have to press any buttons on your phone to get a live person during call center business hours.
I read that someone expressed concern that if too many people get the 3% cash back, this CU will have to eventually lower that rate, and then one might be sorry they got the wasted hard pull, especially if they also lower the 0.95% APY paid for the $100K+ balance. It’s always a risk, as we all know.
@PartsUnknown had referred to other cards at 3%, though AOD has pretty strict requirements to join. For someone sitting on cash (maybe they are saving up for something or they want to move out of the market), this is a pretty great option. A no annual fee, no FTF, 3% card is pretty great!
While this option isn’t open to everyone, it’s open to far more people than AOD.
You’re assuming that the rate for balances of $100K will stay at 0.95%, of course. I called and was told that every week the money market rate comes up for possible change, either up or down.
Oh, and for anyone wondering what credit reporting agency they use for the hard pull they are going to do if you apply for the credit card, the rep told me it is Experian.
I think it’s fair to assume most banks/credit unions change rates around the same time as Fed rate change announcements. There is obviously variation, but competition usually forces similar rates/directions.
The portion of your balance below $100k earns interest at lower rates.
Actually, I called and this is not true…if you deposit $100k, the whole balance earns 0.95%
Hello, thank you for the post! I wanted to add one bit of information: You don’t have to have $100k on deposit. You have to have $100k in combined checking, deposit and loan balances. So, for example, virtually everyone with a mortgage has sufficient balances.
Members who have a Logix checking or MMA account and combined balances of $100k or more will get 3 points with every Logix Platinum Rewards Mastercard purchase along with many other great benefits.
Full details here: https://www.logixbanking.com/banking/account-management/relationship-rewards
Added to post
@Brad Blue, Is the above commenter correct? Are the rates tiered per band or do you earn the rate on your entire balance? ie. On 100k do you earn 0.95% on the whole amount, or is does each tier earn that amount of interest? Thanks for clarifying.
@Jeremy, it doesn’t say anywhere on their rates page or their rates disclosure PDF that it is tiered. It does say this: “Dividends are earned daily and credited and compounded monthly at the rate which corresponds to your account balance.” I take that to mean if your balance is $100,000 to $249,999 you will get 0.95% APY on the entire balance, unless they lower that rate, of course. If I am wrong, I will apologize in advance for being wrong. Perhaps @Matthew above called them and found out it is tiered.
I haven’t called. If the account does pay 0.95% on the entire $100k then this is a pretty attractive deal.
@Matthew, I verified via phone. It’s 0.95% APY for the entire $100K balance. This CU examines the MM rates and considers possible changes every Friday, once per week. Yes, it’s an attractive deal as long as the interest rate along with the 3% credit card cash back rate does not eventually drop.
It looks like you can join through the American consumer council like with service credit union.
Is this no annual fee too? This could be a legit contender with the BoA PR/TR
There are other 3% back cards with no AF, you have to go looking for them though
What card has 3% back uncapped?
I mean here’s one on DoC you can search for: AOD Credit Union 3% Cashback.
There’s others if you go looking
Thanks. However, the DoC post on AOD’s card says: “only available to select employment groups within the Alabama area” so it seems like it’s only available to 0.001% of the population or something?
And you need to have $100k with Logix for the one in this post… There are different requirements for different products. Personally, I don’t find 3% back all that exciting as I don’t do a lot of unbonused spend & I have a 2.5% CB Visa already. If your situation is different then I would suggest combing through bank and credit union websites until you find products you like & that you’re eligible for, that’s what I do.
However:
1) The point of DoC posts, & the comments, is to share helpful info – even though I already have a 2.625% card. If you know of others…
2) A lot more of the US population has 100k (or a 100k mortgage) – and I would expect that those who visit Doctor of Credit are more financially savvy than the average – than work for select Alabama employment groups.
If my information wasn’t helpful to you then you should disregard & move on. I wouldn’t suppose anyone’s financial situation from the comments on a website. If you have $100k to park with Logix then it seems like you’ve found a useful product.
Not really
What are a few examples?
When the $100k can’t be invested, it’s not a contender IMO.
Loans count too apparently.
Yes, no annual fee.