Sports Credit Cards Interview with Compass Media Networks
CreditCards.com Senior Industry Analyst Matt Schulz spoke on Tuesday, July 7, 2015, with Gordon Deal of Compass Media Networks about pro sports leagues credit cards. The interview and transcript are below.
Gordon Deal: You ever wonder if there are any benefits to getting one of those credit cards with your favorite sports team on it? A new analysis by CreditCards.com finds that sports-themed credit cards can be surprisingly good for consumers thanks to recent improvements. More from Matt Schulz, Senior Industry Analyst at CreditCards.com. Matt, things have changed for these cards?
Matt Schulz: Well, it used to be that it was mostly about saving money on tickets and getting interesting experiences or discounts of merchandise, but now these cards are a little more practical and it’s clear that these card issuers have realized that people would rather have cold hard cash than a discount on a Steph Curry or Lebron James jersey. Although, the issuers didn’t always see it that way.
Deal: So when they match up against other cards, for example, you might use your sports-related credit card for what reason?
Schulz: They actually stack up pretty well against the competition. We kind of went into this thinking that they wouldn’t necessarily, but they do. For example, the NHL card offers cash back on rotating categories including things like grocery stores and home improvement stores. And the NBA card offers 2% cash back at gas stations and grocery stories. So it’s not just for sports specific purposes. A lot of these cards can save you money and get you money back with any purchase you make.
Deal: We’re speaking with Matt Schulz, Senior Industry Analyst with CreditCards.com. We’re talking about their report entitled “Sports Credit Cards – A Surprisingly Good Deal.” So what else is worthy of note here for thinking of maybe going after one of these cards?
Schulz: Really the most important thing to know is that the interest rates on these cards can vary really significantly. So it’s important that you have a feel for whether you have really good credit or average credit or not good credit at all because – for example, the NBA card, people with the best credit can get a 9.24% interest rate, which is really good, but on the high end of their range is 29.24% – that’s a really big difference.
Deal: So what if your team is really awful, do you tend to get large discounts? Like my NY Jets for example?
Schulz: No, no discounts for crummy teams.
Deal: Matt Schulz, Senior Industry Analyst at CreditCards.com.