Neon Money Club Cream American Express® Card is a new fintech card that is launching soon. Details of the card are as follows:
- Card earns 1.5% cash back on all purchases, this is doubled to 3% if rewards into stocks
- Annual fee of $128
- No sign up bonus
There are no details regarding investing into stocks works. The annual fee will kill the deal for most people anyway and I suspect that shutdowns will occur for those pushing a huge amount of volume anyway.
Hat tip to VFTW
Applied for pre approval, approved. Looks like they soft pulled EQ. There’s also a sign up bonus for S&P ETF
No foreign transaction fee is a good bonus.
Evolve Bank & Trust is the issuer of credit for this card. Evolve self-identifies with fintech. Evolve is the issuer of credit for many of those 1.5% cash back cards with an annual fee and a cute name. All thing being equal, just stick with your Amex Plum Card.
The real competition to the Founder’s card lol.
Honestly, this looks even worse than the average AF card, which takes your money and then tells you what you have to do in order to get it back.
With this one, even if you invest your 3% cash back the way they want, you’re still guaranteed to lose vs. the many 3 to 5% cash back cards out there carrying no fee.
wut
Most random AF. $128???? Even costs than some mainstream banks cards but with no benefits
Not really that random. 128 = 2^7. Also https://en.wikipedia.org/wiki/128_(number)
$127 wasn’t quite enough, but $129 would be WAY too high.
“If we increase this memory register by one bit, the whole thing topples!”
“$128 it is. This can’t go wrong!”
Ahh, so they are using Intel 8080 processors. That clears up a lot
Or someone could sign-up for the Discover Miles card, which is unlimited 3x for the first year. No AF and potentially more than 3% back via gift card redemptions. Or Altitude Reserve for 4.5% back on most things for a net $75 AF. Etc. Lots of options out there to get 2-3% back these days.
$128 AF for a 1.5x card is silly.
Don’t think DoC readers are the target audience for this card.
Is Altitude reserve 4.5% including Preferred rewards?
And take the 3 percent cash back and buy stock.
Wow, got rejected on the soft pull.
Maybe they do know how to run a credit card. I know me and I wouldn’t let me have one either.
How were they able to tell that you MS a lot from a soft pull?
The only thing I think that looks like MS on a soft pull would be that I slipped earlier this year and went from 0% to 95% to 0% on a 20k+ card.
Otherwise – they cited poor Equifax credit score. I had a Equifax 744 on 10/30 with one hard pull and 3 soft pulls (that I know of) since than. I have a couple maxed out lines for the 0%, but they are low limit so I still have low total utilization.
Maybe that combo with a couple maxed out lines with a huge overall credit line got them scared for bust-out fraud? I dunno.
“low total utilization”
Red flag. You’re not dumb enough to be profitable.
Guessing the AF will not be waived for military since it’s not a main-line Amex card?
It’s not Amex card at all, it just runs on Amex network, but backed by Evolve Bank