I saw this online bank somewhere on reddit a few months back that's offering 1% cash back on all purchases. I read the FAQ's and I still can't figure out if it's a bank or a credit card? I currently have an online bank I love but it doesn't offer some of the features this place is going to have, yet, this place says you have to apply and they look at your credit report? It seems like it reports on your credit report as well (good or bad?).
Also, what's stopping you from buying things on your credit card, getting 2% cash back then paying it off with this card and getting another 1% off? I was thinking they would probably limit that but then again, maybe it makes more sense for the bank to have you pay with your credit card, keeping your money in their bank longer?
What is this? It feels like a glorified secured credit card with some debit card features? I feel like I'm missing something or don't really understand what's happening. I joined the wait list but don't want to bail on my current online bank until I understand this one.
December 30, 2016 at 04:19PM
