Just got my card (CountryWide First USA), I didn't realize the 1st 12 billing cycles are interest free. Awesome.

Default APR is currently 32.24%. Be late on one monthly payment and say goodbye to any earnings.

(Added the word "Default" above)

Like many of you, I always pay my credit card in full

I will never pay them interest

For those of us who always pay in full and accrue alot of rewards points/money back, would they cancel our card?

Has anyone ever had that done to them (getting your card cancelled because they are losing money on you)?

Exact wording from the back of the Cardmember Agreement form (Page 6 of 6):

Purchase APR after the Introductory Period
The Prime Rate plus $14.99, currently 23.24% (0.06368% daily periodic rate)

From FirstUSA Website

"Default APR: Up to 32.24% variable." "Your APRs may increase if you default under any Cardmember Agreement you have with us for any of the following reasons: We do not receive, for any payment that is owed on this Account or any other account or loan with us, at least the minimum payment due by the date and time due;...."

If you miss a payment your interest rate goes to 32.24%.

I stand by my word of caution and clearly they liked me enough to give me a Platinum card.

Just wanted to report back that I was able to redeem 5000 points this month for $100 principle without incident - very nice program. I simply had to fill out what loan number I wanted the money applied to and the name on the loan. This makes me wonder if a secondary market could grow out of this akin to the Ebaying of Home Depot gift cards and such for cash. For example, one can redeem 2500 points for only $25 cash, or opt for $50 principle credit on any designated CW loan. I'd pay $40 cash for a $50 mortgage principle payment all day long. Note: nothing for sale on eBay yet

Hope they allow to pay mortgage with this card, so reward comes fast, just like American Express.

I have fidelity which give me cash at 1.5%, not sure to change for 0.5%

gexi said:This card is great, I've already cashed in $150 towards mortgage payment and working on another $50. Now I'm torn since I can let the charges float on the card for the next 11 months at 0% or pay some of it down and charge it up again.

Pay some down and charge up again since you are earning 2% right away (well, in a month or so)

I am looking to get this card later in the year, thanks for the updates guys.

I just cashed in 15000 points for $300 in mortgage payments showed up in a few days pretty fast.

i was told 15k is the max credit they would give to anyone. anyone have greater than 15k?

Maybe it matters if you have payments going into an escrow account or not?