The EmigrantDirect Credit Card is a MasterCard issued by Barclays Bank of Delaware. The card does not offer the standard benefits of many other major cards, such as reward points, travel insurance , and rental car insurance. What it does offer is a special cash back incentive to card holders who also have an EmigrantDirect American Dream Savings Account.
As a MasterCard product, the EmigrantDirect card can be used anywhere MasterCard is accepted. Some standard MasterCard benefits, like worldwide ATM access, may apply to this card at any given time, but EmigrantDirect makes no personal guarantee of such benefits.
Application can be made online by filling out a one-page application at the EmigrantDirect website. Applicants must be 18 years of age and provide general, employment, and income information. The application page also provides space to include balance transfers from other credit cards. A statement on the web site indicates that a decision will be rendered in seconds.
The EmigrantDirect MasterCard is designed for the personal use of consumers with very good credit. A credit score in excess of 706 is usually required to procure the World MasterCard. Applicants with lower credit scores may be offered a lesser card instead.
EmigrantDirect Introductory APR
EmigrantDirect offers a low introductory rate of 1.9% on balance transfers, for a limited period of 9 billing cycles. Balance transfers not paid off during the introductory period will have the APR on the remaining balance raised to a minimum of 13.24%. Annual fees and an APR as high as 19.24% may be charged to consumers with a lower credit score.
EmigrantDirect and Cash Back Incentive
The credit card‘s cash back incentive program offers up to 1.4% on all transactions during a six month cycle, provided the card holder also maintains an average daily balance of $10,000 in an EmigrantDirect savings account. Cash back rewards are issued as rebates applied directly to the savings account.
Card holders whose average daily balance is less than $10,000 are eligible for a cash back award of .50%. In both cases, the average daily balance is calculated based on the combination of all EmigrantDirect savings accounts whose primary account holder is the same as the corresponding EmigrantDirect MasterCard account.
There is no limit to the amount of cash back one can earn, and purchases made with the cards of additional family members included on the account are eligible for the cash back program.