EmigrantDirect, the online branch of New York-based Emigrant Savings Bank has beaten the records of American Express as it has announced 1.25 cash back on purchases everey six months, on its Platinum MasterCard which will be launched this Thursday. American Express used to give only one percent cash back on the purchases. The cash that the consumer will get back on its purchases will be deposited in the savings account of the customers. But this 1.25 percent of cash back can be possible only if there is $10,000 balance in the high yielding savings account of the customer.



This is a good policy taken out by EmigrantDirect as the customers will be encouraged to save more. The policy does not disappoint the cardholders with smaller balance as they are also entitled to get 0.5 percent cash back over their purchases. In a similar fashion a customer cannot yield maximum cash back with only a deposit of $10,000, the maximum they can get is 12.5 percent on purchases worth $1000, which will be deposited in their savings account every six months.Thought the critics have called it a “marketing ploy”, yet Miller from EmigrantDirect said that the company has a strong saving base and a policy to encourage them to save more does not fall out of company’s policy.