Category Archives: Cash Back Cards

Discover Double CashBack Bonus For Internet Purchases

Discover is offering a double cashback bonus on up to $1000 in holiday purchases on any online shopping from November 15, 2010 through December 31, 2010. You must log in to your Discover Card account and click the “Sign Up Now” button or visit for full details.

Sign up to earn 2% Cashback Bonus on Internet purchases from 11/15/10 (or the date on which you sign up, whichever is later) through 12/31/10, subject to a cap of $1,000 in purchases. These purchases must post to your account by 12/31/10. If a purchase is not classified as an Internet purchase, it will not qualify. Purchases earning 2% Cashback Bonus will not count toward your total annual purchases to determine your tier level. Allow up to 5 weeks for this reward to be added to your Cashback Bonus account. Only Discover More, Open Road and Motiva Cardmembers are eligible to participate in this program. See Cashback Bonus Program Terms and Conditions for further details.

Schwab Visa to Stop Accepting New Applications?

According to a poster on CB, Schwab will stop accepting new applications for its Schwab Invest First Visa card after March 31.

Schwab has long since stopped marketing the credit card as it evaluates its profitability, so this news does not come as a great surprise. While existing cardholders are not supposed to be affected by this change, when a program stops accepting new customers, it’s not usually a good sign for its long-term viability.
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Chase Freedom(SM): Now with 5% Rotating Rewards

The Chase Freedom(SM) rewards program is about to become a lot more like Discover More‘s. Chase recently announced that its Chase Freedom(SM) rewards program will be undergoing yet another makeover, to provide a “simple, straightforward way to earn 5% cash back in popular seasonal categories.”

Effective April 1, 2010, customers will be eligible to earn 5 percent cash back on the most popular spending categories, like dining, drug stores and grocery stores, through seasonal promotions. Other purchases would continue earning a 1% rebate. Gone, however, is the $50 bonus for redeeming $200 in rewards at once. And much like Discover’s program, cardholders will have to sign up for the quarterly promotions and are limited to how much spending will earn the 5%.

Beginning March 15, 2010, Chase Freedom(SM) cardholders can enroll in second quarter promotions for a 5% rebate at home improvement stores, lawn and garden outlets, home furnishing retailers and drugstores.

BrightStar Credit Union Credit Card: 0% Balance Transfer for 6 Months, No Fees

Bright Star Credit Union offers a Cash Rewards Platinum Visa that features a 0% intro APR on balance transfers within 10 days of approval for the first 6 billing cycles of the account with no balance transfer fees or annual fees. In addition, the Cash Rewards credit card earns a 1.25% rebate on purchases, subject to a limit of $600 of rebates per calendar year.

Unfortunately, this deal is only available to those in South Florida, as you will need to visit a branch location in person. While you do not need to be a member to apply, you will need to become one to open your account. Membership is open to anyone who lives, works or goes to school in Broward or Palm Beach Counties, Florida, and relatives of anyone who is eligible.

For more information, see this page.

PenFed Visa to Start Charging Forex Fee

Per a recent email, the Pentagon Federal Credit Union Visa is due for a number of changes “in response to new federal laws and regulations, as well as market conditions” effective November 30, 2009. Among them:

  • Change from fixed to variable rate – if your card can be used for purchases or cash advances, your rate will now be variable.
  • Overlimit fee will be eliminated
  • The foreign transaction fee will be increased to 2%
  • Payments made in excess of the minimum payment will now be applied to the highest APR first
  • Payments will be credited the same day if received by 5PM local time

While it is sad to see the foreign transaction fee increased, there are still other options for no fee forex cards, the Schwab Visa being chief among them. And with its 5% gas, 2% supermarket and 1.25% rebate on everything else, the Penfed Visa is still overall an excellent card. But like many other casualties of the credit crisis, it’s not quite as great as it used to be.

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