Sports Credit Cards Interview with KXNT Radio Las Vegas
CreditCards.com Senior Industry Analyst Matt Schulz spoke on Monday, July 6, 2015, withCarlos Diaz and Dayna Roselli of KXNT Radio Las Vegas about pro sports leagues credit cards. The interview and transcript are below.
Carlos Diaz: On the KXNT Hotline we have Matt Schulz from CreditCards.com and – Matt, I’m a big sports fan so I’m happy to hear that credit cards from the NFL, MLB, NBA, and NHL actually are a good thing! Tell us how.
Matt Schulz: We went into our survey thinking we would find cards that didn’t really match up well with the competition, but that wasn’t the case. In terms of rewards that you can get and even in terms of interest rates, these cards match up pretty well with other cash back cards that are out there.
Dayna Roselli: So what kind of things are people getting? Are they tickets to games, NBA and sports-affiliated merchandise, what?
Schulz: It used to be that it was all about merchandise and ticket discounts, but it’s clear that these card issuers have realized that people would rather just have cold hard cash than a discount on a Steph Curry or Lebron James jersey. So a lot of these will offer you cash back on gas purchases or groceries, that sort of thing, like you would get with any other cash back card out there.
Diaz: Athletes are always talking about signing bonuses when they sign their big contracts, but apparently if you get a sports credit card, you get a signing bonus as well.
Schulz: Yeah, this was a pleasant surprise when we looked at it as well. The NFL, Major League Baseball, and NBA cards all over $100 sign-up bonuses if you spend $500 in the first 90 days. And the NHL card does it a little differently where they say that they will double your cash back at the end of your first year so that’s a pretty good deal, too.
Roselli: How about as far as comparing this to – because I remember in the past we had talked about airline credit cards, it wasn’t worth it – how about when you compare it to something like that where people are just really having a difficult time trying to actually use any of the benefits they’re supposed to accumulate? How about the ease of using it?
Schulz: These are pretty straightforward for the most part. It’s typically cash back in the form of a statement credit on your cards so you don’t have to jump through a whole lot of hoops to be able to use it. The important thing to know, though, is that the interest rates on these cards can vary in a big way, sometimes by as much as twenty percentage points. So it’s important to do your homework, know yourself, know kind of the how good of credit you have so you can know what you’re getting into.
Diaz: So all of these leagues are pulling in billions of dollars a year. If I have to pay an annual fee, I’m not doing this.
Schulz: Well, the good news is that all of these have no annual fee except the NBA card which has a $50 annual fee, but it’s waived for the first year. And that’s fairly typical with credit cards.
Roselli: It’s weird because you can always find a way out of a fee or around a fee so to get something with a fee seems like it would be really rare these days, but I guess if people love the NBA, it’s worth it!
Diaz: Alright so Matt Schulz let me ask you, if you were going to pick a team to have on your credit card, what team would it be?
Schulz: I would probably pick the San Antonio Spurs because I’ve been a fan of them for about 30 years back before they start winning championships all the time. So that’d probably be my choice.
Diaz: You just want to have the black card? You know, the San Antonio Spurs Black Card because with the Spurs they’re all black cards because that’s the team colors.
Schulz: It is a pretty sharp logo.
Roselli: Thanks Matt.
Schulz: Thank you very much.
Roselli: Again that’s Matt Schulz from CreditCards.com.