Consumer Payment Card News

Mileage Maximizer

Now you can have your miles and eat them too. E*Trade Financial says rack up air miles on any credit card but automatically transfer your monthly balance to them. E*Trade has introduced a proprietary, automated credit card balance transfer system which enables customers who are loyal to their branded airline mileage rewards credit cards to enjoy mileage earning benefits without paying interest rates on the balances they carry. The new “E*TRADE Mileage Maximizer Account” program is linked to a competitively priced E*Trade credit account carrying a prime +1.9% APR. The online set-up process provides customers with the opportunity to set their payment preference — pay off the entire balance, a pre-set amount, or a percentage of the new statement balance. Once enrolled, E*Trade’s proprietary balance transfer system monitors the customer’s airline rewards card balance on a daily basis to determine the payment due date. When the system learns of a new payment due date, it schedules a transfer and sends the customer an electronic notification of the planned transfer. Customers may edit or cancel a particular transfer up until the date it is completed. Once the transfer is complete, the system sends the customer an electronic confirmation. For more information visit: “”

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