Closer Inspection of Some of the "Cash Back" Credit Card Reward Programs
Contributed by Alix Mcmurray
Closer Inspection of Some of the "Cash Back" Credit Card Reward Programs
If you are interested in applying for a credit card with a "cash back" reward program, take care you're not blinded by the bright lights of advertising. Look a bit closer at the terms and conditions to determine if your spending habits have the potential of yielding you the rewards advertised.
"Blue Cash" as an Example of a Credit Card Reward Program
With American Express's Blue Card Blue Cash program, the headline boasts "up to 5 percent cash back." This promise can be fulfilled -- by the cardholder -- within some very specific parameters. If the account carries a balance between $6,000 and $50,000, a 3 percent cash back on "everyday purchases" applies. The card holder at this balance level is already entitled to a 2 percent rebate because of the presence of a balance. Thus, the rebate of 2 percent and the cash back of 3 percent do indeed add up to 5 percent.
Blue Cash seems to be a good cash back reward credit card for down-to-Earth working people. This is because the purchases rewarded are those made at stand-alone supermarkets, gas stations, drug stores, and home improvement stores. (Still, the deal's off when in-store departmental rebates are previously applied.) Even the annual spending ceiling of $50,000 is consistent with the notion that Blue Cash is the blue collar rewards credit card.
Some Credit Card Reward Programs Are More of a Potpourri
One example of a "mixed bag" cash back reward credit card is the Chase Ultimate Rewards Platinum MasterCard. When obtained through an online keyword search of "cash back," the advertising headline for this card actually boasts the ease of making balances transfers to it. The rewards program itself is not as explicitly presented (at least online)as some other cash back cards.
