New Amex Card Will Earn 3% on EVERYTHING

New Amex Card Will Earn 3% on EVERYTHING

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3% cash back on everything is kind of The Holy Grail of credit cards there are Some 2% cards there's one or two that Offer 2.5% and 3% cards are very rare or Normally come with some serious Restrictions like a high annual fee or They are a business card not available To everyone Etc but there is a new card That is supposedly coming soon called The cream card from the neon money club Now this card caught my eye the other Day it is designed and managed by this Company the neon money Club issued by Evolve bank and runs on the American Express Network which means it won't be Accepted anywhere I'm just kidding AMX Is accepted at like 99% of places in the US at least anyway according to the most Recent press article that is listed on Their website they are the first African-american-owned company to launch An American Express card that's a cool Achievement wait did they name the card The cream card After all right they named the card After a Wu tank which I guess is better Than calling it something super Unoriginal like the platinum card or the Whatever metal card anyway no amount of Fancy marketing cool websites and rap Tune references can stop me from Actually taking a deep dive into the Actual workings of the rewards on this Card which is what we're really

Interested in so let's check it out so The card earns 1.5 points per dollar on Everything and you can double the value Of those points when you redeem them Towards stock purchases on the on money Club's investing platform you can only Redeem points after you pay your monthly Bill too now most articles I have read Are assuming that the points are worth 1 Cent per point which I think is likely And thus doubling the value of your Points purchasing stock would give you a 3% return on all of your Spending there's always going to be a Catch with a card that advertises 3% on Everything it's impossible for it to be Profitable for the company without some Kind of caveat so the fact that it is 3% In the form of stock purchases is one Caveat and another caveat would be that There is an annual fee of $128 don't Think I'm hating on them for that though But you know just be aware you would Need to spend $ 4,266 to offset the annual fee with the 3% stock rewards and when comparing it To a 2% cashback card with no annual fee Like the city double cash you would have To spend about $133,000 on the Neon money Club wuang Cream card per year before you start Making more cash back than you would on A 2% cash back card 13,000 divided by 100 then times 3 works out at $390 then

We minus the 128 for the annual fee that Gives us $262 in rewards on a 2% card $133,000 in spend divided by 100 * 2 to Get the 2% rewards that's $260 so $113,000 is the threshold where it Becomes more profitable a uh than a 2% Card so if you spend under $133,000 per Year really a 2% cash back card with no Annual fee like the city double cash Would offer you better rewards but There's always a but there are other Benefits on the neon money Club card That may make up for that and save you Additional money bringing that $113,000 Break even point with a 2% card down so Check this out it's kind of complicated So I have to read it for you exactly how It's written but here it goes members Can invite up to five friends to join Their group each individual member will Earn up to 800 bonus points plus 200 Bonus points for every member added to The group after paying their bill each Month each additional group member will Need to qualify for the card members are Limited to one group and cannot be part Of multiple groups so basically you get A for each person you recruit to a group And they also get 200 bonus points too So wait a minute if you recruit up to Five friends 200 Points each would be like 1,000 Points I'm not really sure I mean for a Credit card company math doesn't seem to

Be that strong point or maybe it's just The marketing maybe they wrote it wrong Maybe it's like you and four other People so you make a group of five and Then 800 would be for the extra four People you invited I don't know but uh Whatever the case you can get some extra Points for this so for the person who Made the group if they maxed it out they Did get $800 extra points per month that Is $8 but then it doubles in value to $16 when you redeem for stocks for a Year that's going to be $192 so that totally pays for the annual Fee and then some meaning that you are Ahead of a 2% cash back card right from The get-go but you have to be that one Friend who's always kind of creepily Trying to get you to buy into their Pyramid scheme the more people that get Involved the more people who are Investing the more money we're all going To make it's not a pyramid scheme it is A it's not even a scheme per se it's Okay maybe that's a little bit over the Top but you can see it both ways Depending on your personality either It's like yeah cool I definitely have People that I can sign up for that or It's like n man my friends will hate me For trying to get them to sign on to my Little moneymaking scheme I guess it Depends on like your personality and the People you know but the difference

Between this and a pyramid scheme or a Multi-level marketing scheme is that you All earn the same amount so it's not Like you're sitting there this big fat Cat with this group of people under you And you're like getting loads of money From them no you all get 800 points if The group is maxed out so if each person Is getting $800 that's $8 but when Redeemed for stocks uh the value is Going to be $16 and so for you know Let's say there's five people in the Group I think it's it's five okay so It's you and four friends I think okay You're one of the friends in the group So uh that is going to be $960 per year that you guys are all Collectively getting and then you're Paying $640 in Annual fees collectively so so 960 minus 640 that takes you to $320 That the card is still paying your group And then on top of that they're giving You 3% in rewards on all you're spending If you redeem for stock so how does this Card make money you know something tells Me this group thing may not be around Forever or maybe they'll decrease the Bonus in the future I don't know Although what's worth pointing out is That you don't get any points if you Don't pay your bill on time so that Could be what they're counting on if you Carry a balance you don't earn points so

Maybe you know if enough people carry a Balance they get interest from that and They don't have to pay out any of the Rewards uh that could be what they're Planning on uh to make money that could Take the average rewards they're paying Out per dollar down to like 2% or 1.5% Instead of 3% the card also has a few Other cool features there are no foreign Transaction fees you get 30% off select Hotels through booking.com you get Early Access concert tickets I mean that's Kind of a common thing there's dining Program where you can get up to a 20% Discount or a free appetizer at select Local restaurants we don't have much Details of that yet there will be AMX Offers on this card like there are with The Platinum Card Gold Card Etc oh and Lastly it's a metal card which makes it All worth it right anyway guys what do You think about this product my Conclusion is looking at it on the Surface it could be very lucrative for People willing to put in the work and Make a group of five friends but as view From the wing pointed out in their Article what are the hidden costs since You only get 3% when you invest through Their brokerage platform will your Orders be executed at the best possible Price versus other platforms I can see The possibility of the illusion of 3% But it actually isn't because your

Orders are executed at slightly higher Prices than other brokerages I doubt That would bring the rate down to 2% but Maybe it end up being like a 2.9% 2.8% Card or whatever then in the future when You sell that stock you might not get The best possible price for it at that Time either so a little more of your Rewards get skimmed off now I don't want To assume that because I don't know Right we haven't got the details of it Yet but it's just something to think About when we see the full terms and Conditions for the card and their Platform now this card is still coming Soon and apparently there is limited Supply like why would there be limited Supply don't they want to issue as many Cards as possible and make as much money As possible anyway if you're interested You can check out their website you can Join the weit list it's always good to See new startups coming out with Innovative products also if you are in The market for a load of credit card Rewards on your Christmas shopping 10% Even up to 18% cash back on some of your Favorite stores check out rakon in the Links below you can redeem it as cash Back or as AMX points and you can get $30 sl3000 AMX points bonus free money In your account when you sign up with my Link and make your first purchase at any Store on their site all your favorite

Stores are on there like with other Cashback or points portals you just have To click through rackon first and then You'll be earning extra rewards at many Famous stores link for that is down Below all right guys thank you for Watching the video we'll see you in the Next one bye-bye

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