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Author: cjl4fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308232  
Subject: Giant Ends Rebates on Credit Card Date: 8/31/1999 5:21 PM
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Interesting article in the Washington Post.

Giant Foods is cancelling it's rebate credit card after mounting losses from people getting the rebates, but not holding up their part of the bargain to rack up lots of finance charges because they pay off balances in full each month.

Does the paragraph below sound like anyone you know or would like to be?

http://www.washingtonpost.com/wp-srv/feed/articles/a61083-1999aug31.htm

Far from attracting lucrative customers who carry large balances on their
cards and pay handsome interest charges, as banks expected, rebate
programs turned out to appeal instead to cost-conscious bargain hunters who
make the most of the rebate and pay off their balances each month.


This next part seems particularly encouraging with a change from 71% carrying balances eight years ago to only 58% today. Foolishness seems to be catching.

<sarcastic tone>It almost makes makes you feel sorry for the banks.</sarcastic tone>

"Many of these rewards programs have not worked very well" for the banks,
said Robert B. McKinley, chief executive of CardWeb.com Inc., a Frederick
firm that tracks the credit-card industry. But, he said, "they have worked
very, very well for consumers--in fact, too well."

The problems of overly generous rebate programs have been compounded by
changes in the credit-card market. "Convenience" use--by consumers who
pay off their accounts each month--has risen from 29 percent of the market
eight years ago to 42 percent now, "and it's rising each day," McKinley said.
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Author: hotfool Big red star, 1000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 15043 of 308232
Subject: Re: Giant Ends Rebates on Credit Card Date: 8/31/1999 5:26 PM
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<VERY SARCASTIC TONE>


I can truly feel for FirstUSA --- NOT!!!!!

Jeff
back in nice mode, now!

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Author: Princes One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 15044 of 308232
Subject: Re: Giant Ends Rebates on Credit Card Date: 8/31/1999 5:51 PM
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WOOOOOOOOOOOOOOO-HOOOOOOOOOOOOOO

For once some of "them" are taking it in the you kniw where!

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Author: zgriner Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 15051 of 308232
Subject: Re: Giant Ends Rebates on Credit Card Date: 8/31/1999 9:00 PM
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FWIW, I was one of those proud 'convenience' users of the Giant Food card. They started with a 3% rebate of all grocery purchases, and 1% on everything else. They went through 3 companies M&T, Chevy Chase, & now First Card.

Giant Food has always presented itself as a more upscale store. It's possible that its customers are wealthy enough to just use the card at Giant and pay off each month.

Zev

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Author: gwagle Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 15055 of 308232
Subject: Re: Giant Ends Rebates on Credit Card Date: 8/31/1999 9:16 PM
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<<FWIW, I was one of those proud 'convenience' users of the Giant Food card. They started with a 3% rebate of all grocery purchases, and 1% on everything else. They went through 3 companies M&T, Chevy Chase, & now First Card.

Giant Food has always presented itself as a more upscale store. It's possible that its customers are wealthy enough to just use the card at Giant and pay off each month.>>

Zev,

The same thing happened with the card offered by ShopRite. I don't know if the card is still available because when they reduced the rebate to 1% on groceries and 0.5% on other purchases and didn't kick in with any rebate until after the first $2000, I cancelled my account.

I don't know Giant Food, but ShopRite is not what I would call "upscale" Maybe there's just something about grocery rebates, like grocery coupons, that brings out the bargain hunters.

Greta

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Author: gwagle Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 15057 of 308232
Subject: Re: Giant Ends Rebates on Credit Card Date: 8/31/1999 9:33 PM
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<<FWIW, I was one of those proud 'convenience' users of the Giant Food card. They started with a 3% rebate of all grocery purchases, and 1% on everything else. They went through 3 companies M&T, Chevy Chase, & now First Card.

Giant Food has always presented itself as a more upscale store. It's possible that its customers are wealthy enough to just use the card at Giant and pay off each month.>>

Zev,

The same thing happened with the card offered by ShopRite. I don't know if the card is still available because when they reduced the rebate to 1% on groceries and 0.5% on other purchases and didn't kick in with any rebate until after the first $2000, I cancelled my account.

I don't know Giant Food, but ShopRite is not what I would call "upscale" Maybe there's just something about grocery rebates, like grocery coupons, that brings out the bargain hunters.

Greta

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Author: CherryCAS Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 15079 of 308232
Subject: Re: Giant Ends Rebates on Credit Card Date: 9/1/1999 9:13 AM
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<<It's possible that its customers are wealthy enough to just use the card at Giant and pay off each month.>>

That's probably how they got wealthy in the first place. ;-)

Cherry

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Author: xu4054 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 15634 of 308232
Subject: Re: Giant Ends Rebates on Credit Card Date: 9/12/1999 11:05 PM
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I saw this article too, I am a Giant visa holder, there used to be a Metro cc that offers the same but now the rebate program is also discontinued.

I have previously asked this board for some advice to get another rebate cc, Tony(TMF2Aruba) recommended this site: http://www.bankrate.com, in which I found and selected an Amoco visa which offers 2%(instead of 3% on the website) at Amoco station and 1% elsewhere.

There are also some other similar cards out there. Citgo offers 5% rebate on gas but nothing elsewhere, Exxon offers 3% off gas, Shell 5%(its gas is the most expensive), so why not get some free gas?

dan

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Author: obrodkin Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 20691 of 308232
Subject: Re: Giant Ends Rebates on Credit Card Date: 11/26/1999 2:30 PM
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xu4054

Ive just received "PRE-Approved..." offer for CITGO Preferred card. Apparently they offer 1% cash back on everything. Nothing mentioned about rebate on gas purchase.

AMEX offer 1.5 % cash back after passing 5K charges line. TD Waterhouse has 1% cash back MC/Visa for their investors.


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