"This rewards program is the highest U.S. credit card cash back only rebate program because it offers a 1.25% cash back rebate on all net retail purchases. As of January 19, 2006, other issuers may offer higher percentage rebates but require minimum spending thresholds before higher rebates are applicable and/or limit the higher percentages rebates to certain types of purchases. The 1.25% cash back is contingent upon maintaining a $10,000 average daily balance in the American Dream Savings Account for the preceding six months. Other restrictions apply. See Terms and Conditions for more information."And if you maintain less than $10,000 the rate is America's Lowest Cash Back of 0.50% AND from the fine print it seems they only "review" your account every six months. Oh...and they only make two reward deposits a year, yaddy yaddy yaddy. Even when I do get to $10k in savings, I doubt I will keep ALL of it at one of these online savings banks.
The APR for purchases for folks with the best credit is prime plus 5.99% (currently 13.24%) which seems high to me. If you don't carry a balance, it won't matter...but if you do carry a balance do yourself a favor and find a lower rate and forget about the rewards.
I think this is a crappy deal that will truly benefit very few people. If you have had, or soon intend to have more than $10,000 in cash at a place like Emigrant long-term and are already maxing out the limits on your other credit cards that give you 5% on some purchases then have at it.
Personally, they'd have to pay me to sign up for this card. $100 seems fair.