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A company called Elan Financial Services created this product – and banks can white label the product. Customer service on the card would be handled by Elan – not your local bank.
We don’t like the way this product works.
First, there is a $50 annual fee.
You earn 1 point for every $1 you spend. At the end of every month, you receive a 50% bonus, which means you have earned 1.5 points.
There is a bonus offer of $50 after you make your first purchase.
Every 100 points is $1 of cash back. Redemption starts at 2,500 points for $25 of cash back. You can also redeem your points for travel (if you book through their travel agent). That starts at 25,000 points for $325 of value.
So – this is basically a 1.5% cash back card, with a $50 annual fee. There are likely better options out there.
They also have a balance transfer offer. It is only 6 months – and they have a 3% fee. That is terrible value (for the same fee, you can get up to 18 months at 0% on other cards).