Has anyone taken a moment to do the math on the new Washington Mutual promotion, where they promise 3 cents cash back for every debit card purchase?
Let me help… lets say I use my debit card an average of three times every day, that totals to about 90 cents a month, and $11.95 per year. Quite the incentive, huh?
But lets say you want to go debit crazy and milk WaMu for all its worth… unfortunately there are limitations in place:
Washington Mutual will give a reward (currently $0.03) for each Debit MasterCard purchase transaction (pin or signature) during the prior year up to a $250 reward if the account is open and in good standing on the anniversary date.
To meet that $250 limit you’d need to use your ATM card at least 8,333 times in one year, thats an average of 23 times per day… yeah, about once per hour of every day of the year.
Commenters at MousePrint suggest that Washington Mutual may be hoping customers believe they’re getting 3% back on purchases, not just 3 cents. I can’t help but believe them – would anyone even begin to be suckered in by such a weak deal?
And to think I’m bitter at Bank of America for only extending me 1 airmile for every $2 spent on my USAir/BofA debit card.