4.4
51 reviews
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Rewards Credit Cards
World Financial Capital Bank - MyPoints Rewards Visa Card

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World Financial Capital Bank - MyPoints Rewards Visa Card
 
4.4

(based on 51 reviews)

Ratings Distribution

  • 5 Stars

     

    (30)

  • 4 Stars

     

    (16)

  • 3 Stars

     

    (1)

  • 2 Stars

     

    (2)

  • 1 Stars

     

    (2)

92%

of respondents would recommend this to a friend.

Pros

No Pros

Cons

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Best Uses

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Most Liked Positive Review

 

I get paid to use this card! I love it.

I'm a member of mypoints.com.  (If you're not a member, you really need to look into this site.  It's an easy way to make money.  But that's a...Read complete review

I'm a member of mypoints.com.  (If you're not a member, you really need to look into this site.  It's an easy way to make money.  But that's a different review)  So, I applied for their credit card to receive points.  I think I received 1,000 points just for using the credit card for the first time. 

But the benefits don't stop there!  With other credit cards you can earn points, or frequent flier miles, or sometimes even earn a few cents on the dollar.  But the bottom line is that I don't fly, and those few cents on the dollar don't amount to anything!  But with this credit card, I earn two points per dollar I spend.  And I don't have to accumulate a ton of points to make them worth anything!  I have received THREE gift cards in the last month.  On average I use about 1,600 points at a time to redeem my points, and I receive the gift cards in a matter of days.  YES, I said days!

Now, I find myself putting things on the credit card all the time.  Then I instantly go online and pay it off.  But the points still add up because I purchased it WITH the card!  I'm not spending anymore, I'm not letting my balance accumulate, I'm just paying it to the credit card company instead of the merchant.  And I'm being rewarded!  Now, if I let the balance carry forward, I'd be paying a higher interest rate than I would with other cards, but I don't do that so it's not a con for me.

YES, I would recommend this credit card!  It's one of the smartest things I've done.  However, if you're looking for a high credit limit, you may not be able to get it.  It seems they don't give out much of a credit line at a time.

VS

Most Liked Negative Review

 

MyPoints Rewards Visa is a Poor Payback on Your Dollar

Well there are a lot of people on ViewPoints who seem to be enamored with MyPoints Rewards Visa, but I am here to offer the contrarian view. Basically the Mypoints card at best gives...Read complete review

Well there are a lot of people on ViewPoints who seem to be enamored with MyPoints Rewards Visa, but I am here to offer the contrarian view. Basically the Mypoints card at best gives you about half a cent cashback for every dollar you spend. Read on and I'll explain why this is not a very lucrative deal for the consumer. First you should know that I do not carry any credit card if it charges an annual fee, or if it does not offer rewards. I pay balances in full each month, and never let a balance "roll" to the next month unless the interest rate is 6% or less. Even at the low teaser rates I am usually loathe to pay interest. So in other words, I demand a lot of value from a credit card before I'll use it.

Conventional wisdon says you should get at least 1% back from any decent rewards card (whether in the form of points, airline miles, or cash) and that assumes no annual fee. I set the bar a little higher at 1.5%, the cards I find myself using the most all pay 1.5% to 3% in cashback rewards. But 1% is the minimally acceptable reward payout to get me to even pull out the card and use it.

When evaluating credit card rewards, you have to look at the total cost of carrying the card. If you are paying any type of regular monthly interest (not a teaser rate), you are almost virtually assured that you will lose the net value of your rewards just from what you pay in interest. The same goes for annual fees. If you are paying even a modest $25 annual fee, that means you have to spend at least $2500 on the card just to break even (assuming a 1% reward rate). Hence I always pay in full every month and I never accept any card with an annual fee.

The other part about a rewards card that you have to ask yourself is, am I spending this money just to get the rewards? That's a dangerous mentality, and likely to keep you in the poorhouse for many years. I only charge everyday (compulsory) purchases, food, gas, cell phone, etc, money that I would spend regardless of the method. If I really need a $2000 purchase, then I'll buy it, but I never rationalize a $2000 purchase by saying "Oh, I'll get 2000 miles for this". Sounds simple, but you would be surprised at the number of people who justify the "means to the end". For their sake, I hope they have good financial advisors!

So now my value proposition is: What is more valuable in a credit card, "points" or cashback? Points don't necessarily equate to pennies in equal value, so you have to come up with what I call a "rewards ratio" or reward payout, which I like to express as a percentage or "pennies per dollar" spent. Cashback cards are easy, a 1% card gives you 1 penny per dollar spent, a 2% card gives you 2 cents per dollar, etc. Airline miles get a little tricky, a 25,000 award ticket from New York to Miami is worth less dollar-wise than the same 25,000 award ticket from New York to San Diego. Either way, you have to assume the scenario that you personally are most likely to use, then divide that value by the miles required to come up with a "reward ratio". Example: I earn 1 mile per dollar spent on my FastJet Visa card. FastJet requires 25,000 miles to get a free ticket from New York to San Diego, a ticket that otherwise would cost a normal person at least $500 at its lowest fare. So after I spent $25,000 on the card to get 25,000 miles, I now have the equivalent of a $500 reward (obviously this is only true if you really needed to fly this trip and would have otherwise bought the ticket anyway without the reward). My "reward ratio" is thus 2%, or 2 cents per every dollar I spent on my credit card. Not bad as long as I never pay interest or fees on the card. The only thing better would be a card that pays more than 2% cashback.

You have to evaluate "points" from MyPoints just like miles. You earn a minimum of 1 point per dollar spent. There are some specific MyPoints merchants on their website where you get more than 1 point per dollar, but I'm assuming average Joe American here paying average joe grocery and gas bills. As a real-world example: A $50 Target gift certificate from MyPoints requires 7500 points. When you do the math (50/7500) that works out a .66% "reward ratio", or in other words you are getting 66/100 of a cent back for every dollar you spend. That's a lot worse payback than even a 1% cashback card.

I saw a lot of positive reviews for MyPoints bragging about how people get more than 1 point per dollar for using MyPoints merchants. That's true, but I have been a member of MyPoints since 2002 and my experience is that most of their merchants offer products of dubious value. Their merchants tend to sell everyting at full list price. Example, need a fax machine? Office Depot (a MyPoints merchant) will sell you a Brother Intellifax 2820 for $259, but go to Amazon or TigerDirect (neither of whom are affiliated with MyPoints) and the same machine will run you $189. Now if you don't care that you are overpaying for merchandise, then MyPoints is fine for you. They are a convenient web portal to search for many different products, just don't expect to find the best prices for your item.

So hopefully now you see why I don't really advocate the MyPoints Rewards card. Its definitely better then a card with no rewards, but its far from the best rewards card out there. As for all the people who complained about a low credit limit, I did not have that issue. They initially approved me for $5500 (2 years ago), along with 0% for 9 months. They keep automatically raising the limit, its at $9,000 now, which is more than I'll likely ever spend in a month. As it is, I use this card for small incidental purchases from time to time, just enough to keep it active but its not my primary (or even 2nd choice) card. The one thing I do really like about this card is the FICO score estimate they give you every month, along with number of inquiries and delinquent items on your credit report. Although not very detailed, theoretically there's no need to pay for credit monitoring when you can see a snapshot for free every month. That little benefit is reason enough for me to keep the account active. I've only had to call card customer service a couple of times, but they were very friendly and helpful, no complaints there.

Reviewed by 51 customers

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5.0

Good (If you are a member of mypoints.com).

By 

from Undisclosed

Comments about World Financial Capital Bank - MyPoints Rewards Visa Card:

This credit card is great if you are a member of mypoints.com. The site itself is excellent, basically allowing you to earn money for different tasks and spending on different things. With this credit card, you simply pile on the points, rather than earning them at the basic rate. I earn 2 points for each dollar that is spent using the card. What this accumulates to is free points, allowing me to redeem gift cards from a number of retailers. I shop online often, and I like to shop for free; since I am making purchases using the credit card, and was already a member of the site, I figured it would be a great investment move to use the card towards making purchases.


If you shop online regularly, if you like rewards, and if you like bonus points being provided regularly based on your purchases, this card, paired with the mypoints.com site is a no brainer for you to choose. Points accumulate quickly, and as an added bonus, the rates on the credit card are a bit lower than traditional credit cards ( I currently pay 15%).

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5.0

Great and perfect

By 

from Minneapolis, MN

Comments about World Financial Capital Bank - MyPoints Rewards Visa Card:

The World Financial Capital Bank-My Points Rewards Visa Card is a perfect way to rack up points on your MyPoints account. This card is accepted everywhere since its Visa and you can use it for everyday purchases or large ones to get great rewards back from MyPoints. It is simple, easy and quick to use and more convenient than carrying around cash. I have been really happy with all the points we have received from purchases and then been able to redeem for rewards from all different types of categories. This is a must for everyones wallet.

Customer Service
I have not yet had to contact customer service because I have not had any problems with the credit card or usage. I have not had it that long, so who knows in the future.

Available Rates
Available rates are good and vary greatly, I assume on our your credit rating and reviews from other companies. I have had a good interest rate on mine so far.

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(1 of 1 customers found this review helpful)

 
5.0

A great card to earn additional benefits

By 

from Wesley Chapel, FL

Comments about World Financial Capital Bank - MyPoints Rewards Visa Card:

My friend told me about this card because we are both members of My Points, which is an excellent site to earn reward money. I applied for the card because I wanted the additional 1,000 my points that was offered. I did not realize all of the other benefits that this card had until I received it in the mail. I am able to use this card for normal everyday items, pay it off at the end of the month, and still earn tons of reward points to cash in for gift cards. I love this card. I get two my points for every dollar I spend and it does not take long to accumulate enough points to redeem a gift card. The gift card arrives in your mailbox within a couple of days. I was really impressed with how fast the gift cards arrived. I cashed out 4 gift cards last month and really didn't purchase different than I would normally do on my debit card.
This card is great for earning points and I would highly recommend using it.

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4.0

Not a Very Rewarding Experience.

By 

from Blackwell, OK

Comments about World Financial Capital Bank - MyPoints Rewards Visa Card:

I love mypoints.com, as it's a nice way to earn a little extra spending money. However, I agree with a few others people who have reviewed this card. The rewards aren't very appealing. I really don't see why so many people love this credit card. Most of the merchant that offer the highest points are really pricey, so there really isn't anywhere I would use this card for higher points. I mean, why should I pay more for something just to get a few extra points, that's illogical. It's great that they offer rewards with this card, but the rewards aren't very good when compared to other credit cards out there. Soif you are using this to gain higher points, it doesn't make very much sense.

Available Rates
This card didn't offer me as good of a credit line as other cards. Also the interest rate seemed a little high for someone like me that has excellent credit. I just don't see the same benefits with this card compared to the other credit cards I own.

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5.0

Extra Cash, Trips, Payments for Bills

By 

from Thousand Oaks, CA

Comments about World Financial Capital Bank - MyPoints Rewards Visa Card:

When I was offered the opportunity to use Thank you points I jumped at it. I travel a lot so using my debit card was a must. I was able to acquire many points very quickly because of this. I received points for every purchase, though I did receive more for credit card transactions than for transactions where the pin was needed but not using the pin was easy to get around.

Customer Service
To get cash back and or to make small and steady payments to my student loans was nice. The challenge arose when they would take two weeks to process the payment and then if I wanted the money they would mail a check so that could take another 5-14 working days to receive the money via mail.

Available Rates
The rates were acceptable but it did take a lot of points to acquire the items that were desired. They were open to making any dream work with points you just have to have the patience to sit there and present exactly what you want, where, and how you want to go about the dream situation.

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5.0

Mypoints Visa Offers Many Rewards

Comments about World Financial Capital Bank - MyPoints Rewards Visa Card:

This is one of those credit cards I came across after finding the website. When you sign up for www.mypoints.com they send you emails with surveys, click thru ads, promotional items to purchase for points. Once you begin accumulating points you can use those points for Gift Cards. I love this program because the points add up quickly and 90% of the time all I do is click thru an email and I automatically get 5 points.

Signing up for the credit card just allows you to gain points with every purchase you make. When you make purchases on the website you earn more points. It's a standard credit card with a standard APR. Customer service is good. Never had a problem when I have called in. Website is easy to use to check your monthly statement and pay your bill.

This is a great card to have if you like Gift Cards. I love earning my points and saving them up til I have a birthday or Holidays come around and I need gifts. I receive my Gift Cards very quickly. Usually states 2 weeks but I don't think I have ever waited that long to receive anything. I also like that they have a large selection of Gift Cards to choose from.

One of my favorite cards to have in my wallet.

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4.0

MyPoints Rewards Visa Card

By 

from The Colony, TX

Comments about World Financial Capital Bank - MyPoints Rewards Visa Card:

MyPoints Rewards Visa Card is a wonderful card to have in your wallet. You will earn points for every dollar that you spend on this credit card. It is accepted at all stores and web sites. The interest rate is very reasonable and if you pay the entire balance on your card each month, no interest will accrue!

Customer Service
The Customer Service department at MyPoints Rewards Visa is very good. Their department is very helpful and can answer your questions promptly. I have never been transferred or had to talk to a department supervisor to resolve problems that I may have had!

Available Rates
Available rates on the MyPoints Rewards are a little high compared to other credit cards out on the market today. Be careful when you use this credit card and if you charge a high balance on this card, be sure that you can pay more than the minimum payment required to lower the interest rate charge.

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3.0

good for some

By 

from Hawkins, TX

Comments about World Financial Capital Bank - MyPoints Rewards Visa Card:

It's a good card as long as your a member of mypoints. However if you have problems with your mypoints account you can't convert the points for other programs. They also won't let you switch to another rewards program. You have to cancel the card and reapply for a new card.

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4.0

VERY Good! Careful of the interest rates.

By 

from USA

Comments about World Financial Capital Bank - MyPoints Rewards Visa Card:

So be sure to pay it off when the bill comes. I recently called and asked if they could lower my rate as a loyal 4 year customer who pays the full balance every month and they did, but not much lower.
Great for MP rewards esp if you shop grocery stores and get gas on a regular basis.

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4.0

My Points Visa Helps You Accumulate Points More Quickly

By 

from Houston, TX

Comments about World Financial Capital Bank - MyPoints Rewards Visa Card:

Reward credit cards are popular and for good reason. They allow consumers a way to get something back when they make ordinary charges and the rewards, while not necessarily huge, are still better than nothing and they do add up. A good example of a credit card that gives you a little something for your efforts is the My Points Reward Visa Card.

Credit Card Facts and Commentary:

My Points Reward Visa Card is a credit card designed for My Points members who want to accumulate points more quickly. With this credit card, ordinary purchases turn into My Points and as members know, My Points turn into gift cards. A credit card like this helps members accumulate points faster than before.

I have been a My Points member for years and I still click on the daily e-mail offers to receive points. The points do add up slowly, however, and it takes more points today to get free gift cards than in the past. A little boost to the point earnings can make a difference and the My Points Reward Visa Card provides exactly that. All purchases to the card earn points and there are sometimes special deals to accumulate points even more quickly.

The My Points Reward Visa Card does have one drawback. If payment is received late, the interest rate will increase and a fine will be charged. This is par for the course with many credit cards, but it is still something to consider. You need to be very vigilant and pay attention to your credit card debt each month to make sure it is managaed properly.

Bottom Line Viewpoint:

My Points Reward Visa Card is a good Visa card that helps My Points members earn points more quickly. It does have a good number of penalties for not following the rules, but as long as you can keep your account in good standing and payoff the balance quickly, the pros will outweigh the cons.

Available Rates
Rates on this credit card are not bad, but they are not the best around, either.

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