Saturday, 15 January 2022

Starbucks Credit Card Review

Starbucks Credit Card Review
28 Aug

Hey I'm Adam Jusko from ProudMoneycom and in this video I am looking at the Starbucks Visa card, which gives you the opportunity to earn extra rewards in the Starbucks rewards program

This is a credit card that is issued by Chase And the first thing to know is that it comes with a $49 annual fee, which is somewhat surprising So they obviously are targeting Starbucks customers that they feel are really into Starbucks and really want to earn some greater rewards, because there are many no annual fee credit cards out on the market and this one does not necessarily, you know, suggest a card that would require an annual fee based on the rewards you get So unless you are a very dedicated Starbucks customer, this may not be the card for you But we'll go over some of what you get here and you can make that decision for yourself

So, again, it's a forty nine dollar annual fee Now there is already a Starbucks card, which you may know if you are a Starbucks customer, that gives you two "stars", or points, per dollar Now within that program there's a Green level and a Gold level And when you're at the gold level, for every 125 stars you've accumulated, you can get yourself a free drink or food item from Starbucks So the Starbucks Visa actually builds off of this program, it gives you additional points on top of what you're already getting with that Starbucks card

So the way it works is you will get one extra point for every dollar you spend on Starbucks items — or one extra "star" for every dollar you spend on Starbucks items — but you have to use the Visa to digitally put the money on to your Starbucks card via the Starbucks app So it's not just using the card to, you know, straightaway purchase from Starbucks It's actually putting the money onto the app and then using that to make your purchase that's how you actually get that extra "star" per dollar Which maybe it's not a big deal if you're using that app and the card all the time, but it seems like a little bit of a hurdle to us The second way that you can earn extra stars is for every dollar that you charge to this Visa Card outside of Starbucks, or every four dollars that you charge to this card outside of Starbucks, you will get one Star So those are the two ways that you can earn stars on an ongoing basis that are on top of the existing Starbucks program Now there are other perks with this card as well

And one that may be attractive to some people is the fact that you will get to the Gold status immediately by having this card which may not seem like a big deal except otherwise you would be in the Green level where you essentially have to hit three hundred stars before you can get to the Gold level and get this free drink for every 125 stars you have accumulated So this gets you right into the gold level immediately, which is what you want

Another perk: there are eight Barista Picks per year and what that means is you have the opportunity to get eight free drinks or food chosen by Starbucks throughout the year if you are a cardholder So you don't get to choose them but, you know, if they have new things or they just want to highlight something that they might want you to try out, you'll have the opportunity to get those free throughout the year Now the kind of a big thing here, I think, is this upfront bonus opportunity — If you spend $500 with the card in the first three months of having it, you're going to get 2,500 bonus stars, which equals 20 free drinks in the Starbucks Rewards program So doing a calculation here that essentially equals about a hundred dollars worth of free drinks So that obviously is a lot and for somebody that is into Starbucks on a regular basis that makes sense and you can also maybe look at that as something that wipes away a little bit of that annual fee and it's not a very big hurdle in order to reach that that level So essentially by doing those calculations you know, looking at what the drinks cost one star is generally going to equal about four cents in purchasing power at Starbucks

So you can kind of use that in the equation of, you know, what you're getting every time you do these things So when you look overall at the card, the know kind of hardcore Starbucks user, it can make some some sense for you You've got that big bonus opportunity upfront and you have the opportunity to get some extra stars in the program But if you are a hardcore user you're probably already in that Gold level so getting to the Gold level is probably not that big a deal for you You're really only going to get a little bit extra here and you're paying a $49 annual fee to do it

Now in the first year if you get that bonus, that's made up for, but you don't get that bonus every year That is a one-time thing So we're not real high on the new Starbucks Visa If you're a hardcore Starbucks person maybe it makes sense but in general we think there are a lot of other cards on the market that make a lot more sense for the rewards credit card user So that's it

Thanks for watching Please go to ProudMoneycom for other credit card reviews and other personal finance info Thanks

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