Personal finance
GE Capital Purchasing MetLife Bank

Washington DC Might Divest from Bank of America, Wells Fargo

Miles By Discover Offers Relief to Noncommittal Travelers

Collection Agencies Resurrecting Old Debts Through Credit Card Offers

Treasury Doubles Purchase Limits on Electronic Savings Bonds

Cordray’s First Move as CFPB Head: Regulate Nonbanks

Weekly Wrap: Bank of America’s Worst Week Ever?

Dear U.S. Banks, Your Business Model Stinks

Shadow Banking Due for Some Time in the Spotlight

Weekly Wrap: Banking Slowly Dissolves?

Under the Roofs of Coffee Shops You’ll Find Your Online Bank

Brokerage Checking Still a Competitive Choice

Beware the Mirthful FOMC Meeting

Did ING Direct Customers Overreact to the Capital One Purchase?

No Balance Transfer Fee Offers Reappear But Hard to Exploit

Russell Simmons’ RushCard Lowers Fees, Is Still Bad

The Reason Why Freddie Mac Doesn’t Want to You to Refinance

New Bank Perks Cater to Tech-Savvy Customers

St. Louis Fed President: Raise Interest Rates

Whitney Warns: Banks to Banish Middle Class

Dime Savings Cites Regulations in Switch to State Charter

FDIC to Banks: Start Lending Again!

Weekly Wrap: Grey Days and a Sideshow

Weekly Wrap: Banking’s Spring Is Still Far, Far Away

American Express and Gen Y: BFF?

Miles By Discover Offers Relief to Noncommittal Travelers
One of the most popular perks offered by credit cards has to be miles. But if you’re anything like me, deciding on one airline to use may be difficult. As more and more customers seek tailored programs to fit their travel needs, credit card issuers are rising up to the occasion.

Most travel credit cards offer their bonus miles in packaged flights, i.e a roundtrip to insert-far-away-location-here. But if you are looking to cash in your miles on shorter trips, the Miles Card by Discover allows the flexibility of using lower mileage levels at available airlines.
Miles Card Features

Although this is mainly a travel rewards card, there are features that allow you to exchange your points for cash or other goodies.

* 12,000 Bonus Miles: Bonus miles are always a good thing, but they shouldn’t be your single deciding factor for signing up for a credit card. For the Miles credit card, you’ll get 1,000 bonus miles every month that you make a purchase on your card for the first 12 months after account opening. Not too difficult.

* No Annual Fee: This is usually the first place to look when considering a credit card. Do you want to pay a yearly fee? Luckily for this card, there is no fee so you can continue down your card criteria checklist.

* Double Miles for every $1 at Restaurants and on Travel: If you are constantly traveling and eating out, this is a great way to rack up points on, well, traveling and eating out! There is a catch though – this is only applicable to the first $3,000 spent each year. Once you hit the $3,000 mark you are no longer eligible to earn the double miles.

* Mile Per Dollar rewards: This one is pretty self explanatory. When you spend money on anything other than restaurants or travel you will earn one mile per dollar spent.

* Flexible Rewards: On top of getting to choose which airline you fly with, your miles do not expire as long as the card is used at least once in a 36-month period. There is also no limit to the amount of miles you can earn, so start spending!

* 0% Introductory APRs: This is another example of a nice perk that shouldn’t be the make-or-break part of the credit decision process. For the first 6 months, you will get a 0% APR on balance transfers and purchases. After 6 months, these APRs will range from 10.99-16.99% depending on your credit score – relatively low for a travel rewards card. The card still charges a 3% balance transfer fee.

* Redeem Points for Cash: If you don’t want to use your points on miles, you can redeem them for gift cards, merchandise and cash. Every cent is equivalent to 2 miles, so if you have 10,000 miles, you shall receive $50 cash back.

Our Two Cents

This card has gotten some pretty good reviews across the board. As with most things there are positives and negatives; the flexibility, bonuses and $0 annual fee makes this card very attractive. But on the other hand, the point-to-cash redemption ratio is not that good. Also, although the double points are nice, if you are a frequent traveler you may meet this $3,000 cap very quickly.

An attractive trait of the Miles by Discover card is the low regular APR, which isn’t common for credit cards that pay out rewards. You should also consider the fact that it is a Discover card and may not be accepted in as many places as cards sporting the Visa or MasterCard logos.

Overall, if you are considering a new travel rewards card this is a great one to start out with. Since there isn’t a yearly charge, you can’t get locked into something you don’t want to pay for.

Äë˙ ďĺ÷ŕňč

Weekly Wrap: Astrology is Bunk

Refinancing Your Mortgage Lines the Pockets of the Biggest Banks

Experian Unveils New Credit Score for the Underbanked

New Upromise Credit Card Gives 10% Cash Back at Major Online Retailers

The Best Experiences Your Credit Card Can Buy This Summer

Citi Offers New Way to Spend Rewards

Fed Study: CD Rates Are Less Attractive

Wells Fargo Raised Checking-Account Fee, Slashed Bill-Pay Fee

Weekly Wrap: Get Bullied, Get Rich

Taibbi: No Difference Between Banks and the Mafia

Why You Should Probably Raise Your Credit Limit, Especially When You Don’t Want the Money

Accounts Push Relationship Banking

Weekly Wrap: LIBOR Aside, You’re Still in Control

Fed Report Shows Mobile Banking Empowers the Underbanked

Top Gas Credit Cards to ‘Refill’ Your Wallet

Prepaid Cards for Payroll Purposes: Fair to Workers?

Weekly Wrap: Mobile Banking’s Onward March

Banks Close Revenue Gap from Overdraft Fee Losses

Banks Lack Social Media Efforts… Oh Really?

SpringCoin: Out to Automate Credit Counseling

Could Student Loan Forgiveness Help the Economy?

Chase United MileagePlus Club Card Takes Flight

Caviar and Champagne With Your Checking Account?

Weekly Wrap: Cash Rules Everything Around You? Not For Long

SmarterBank’s Checking Account Helps Pay Off Student Loans

Chinese Furious Over Banking Fees

Banks Should Use Prepaid Cards to Hook ‘Em While They’re Young

Prepaid Travel Debit Card Provider Eyes U.S.

Sallie Mae Credit Card Helps Pay Back Student Loans

Post-CARD Act, Banks Shift to Prepaid on Campus

Weekly Wrap: Things Are Not as They Seem

Gen Y Eyes Retirement with Rose Tinted Glasses

Low Interest Rates: A Ticking Time Bomb?

Are Discover Partner Gift Cards Worth the Rewards Points?

Kony Solutions’ Branding Problem: Bank Software Firm Has Killer’s Name

Weekly Wrap: Fancy Gadgetry, No Money

Weekly Wrap: Millenials’ Big Day at the Races

UFB Direct Adds Money Market Account With 1.15% APY