POTENTIALLY VERY HOT: From August 1 until September 30, 2009, you’ll earn 5% cash back on eligible back to school purchases with your PenFed VISA Platinum Cash Rewards credit card. Eligible purchases include computers, computer peripherals, software, consumer electronics, office supplies and books.
I could not find mention of a cap on rebates for this promotion, which would make it very hot when you actually take a look at the list of retailers which are eligible. Every major electronics store, computer manufacturer and book store is listed, including Apple, Dell, HP, Amazon.com, Best Buy, among a host of others. More info and the list of eligible merchant category codes can be found here.
Some sweeping changes are coming to your Discover Card, and unfortunately, most of them are not good. Effective for billing periods after May 1, 2009, a number of changes to its cash back program will be made:
- Cash back redemptions, which either are transferred to a bank account or issued as statement credits, will now only start at $50, and must be made in multiples of $50.
- In addition, gift card redemptions will still start at $20 but no longer need to be in multiples of $20.
- Transactions conducted in a foreign currency will begin being charged a 2% fee.
- Perhaps most importantly, the first $3000 of annual spend only earns 0.25% cash back. Spending above $3000 continues to earn 1%.
Additionally, there are some changes to the terms for those who do not pay in full. Thanks to reader Robert for alerting us to these changes.
As it had previously promised to do, Fidelity recently unveiled a number of improvements to its credit card offerings. The Fidelity Investment Rewards American Express and the Fidelity Investments 529 College Rewards American Express now join the Fidelity Retirement Rewards American Express in earning a 2% rebate on all purchases. As before, purchases earn points. These points can then be redeemed and converted to cash that is deposited into a Fidelity account.
In addition, the Fidelity Investment Rewards Visa Signature Card has now become a tiered card. The first $15,000 of your annual spend earns a 1.5% rebate, while all spending above $15,000 earns a 2% rebate.
The rest of the features appear to remain the same. You can find full details for the Amex cards here and the Visa card here.
Following close on the heels of Schwab’s introduction of its 2% cash back card, Fidelity Investments announced the Fidelity Retirement Rewards American Express Card. The new card carries no annual fee, caps or limits on its rewards, and earns a 2% rebate on purchases when rewards are redeemed as a current year contribution into a Fidelity IRA.
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Wow. It looks like a new gold standard for cash back credit cards is being set. The Schwab Bank Invest First™ Visa Signature Credit Card offers a full 2% cash back on all purchases with no tiers, no limits to the cash back you can earn, and no annual fee. As if that wasn’t enough, the card also does not charge any foreign exchange transaction fees.
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Redstone Federal Credit Union has an intriguing cash back credit card offer. Its VISA Gold, Visa Platinum, and Gold MasterCard earn a 1% cash back reward on the first $5,000 in annual purchases and 2% cash back on all purchases above $5,000. There is no mention of a cap on rewards. This means that if you charge more than $10,000 in a year, you’ll come out ahead of a 1.5% cash back card.
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The TrueEarnings® Card from Costco and American Express is now offering a $25 statement credit after your first purchase.
As usual, the TrueEarnings card offers 3% cash back on gas, 3% on restaurants, 2% on travel and 1% everywhere else. There is no limit to the cash back that you can earn, which is credited once annually on your February billing statement. In addition, the card has an intro 0% on purchases for 3 months and an intro 1.99% APR on balance transfers for 6 months with no balance transfer fee.
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The Associated Bank Cash Rebate Card has been around for quite a while, but has not received the publicity it deserves. I thought it was worth highlighting this card again, as it is one of the best cash back credit cards currently on the market (particularly since the number of attractive new offers has been dwindling).
Its rebate structure is quite simple: a 5% cash rebate at supermarkets, drugstores and gas stations, and a 1% cash rebate everywhere else. There are no tiers, which means you’ll earn 5% on those “everyday purchases” from the first dollar. In addition, there are no special membership requirements and no annual fees. You can request your rebate in the form of a check once you’ve earned at least $50. It should also be mentioned that there is a limit of $300 in cash back that you can earn in a year.
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For a limited time, Chase is offering an intro 0% on balance transfers for 15 months on its Business Rebate Card with a balance transfer fee of 3% (min of $5 and max of $99). After that, your interest rate goes to a low 7.99% fixed on both purchases and balance transfers.
There is no annual fee, plus the card earns cash back rewards: a 3% rebate at restaurants, gas stations, office supply stores, building supply stores, hardware and home improvement stores; 1% everywhere else.
As of their June statement, Chase Freedom credit card holders will automatically earn 3% in their top 5 everyday spending categories each month if they also have a Chase Checking account. Freedom cardholders without a checking relationship will continue to earn a bonus in their top 3 everyday categories. In either case, the max amount of spending eligible for the bonus is still capped at $600 per month. (Via SD).