Cash Back Credit Cards: Gas Rebate Cards Can Save You Money at the Pump

Many people are only familiar with the gas credit cards offered at the gas station. These credit cards are tied to one specific gas station and often charge very high interest rates. However, individuals looking to save money on gas this summer should look no further than the wide range of low interest gas cash back credit cards currently available online. These credit cards offer the flexibility of choosing which gas station to use, as well as anywhere from 3% to 10% cash back on all gas station purchases.

Currently, the Chase Perfectcard leads the pack for gas cash back credit cards by offering a full 6% rebate on all purchases made during the first 90 days you have your card, followed by 3% thereafter and 1% cash back on all other purchases. With a gas price of $3.00 per gallon, this card would save you $0.18 per gallon. Over the course of three months, this 6% rebate can add up to substantial savings.

The Citi Dividend Platinum Select is a high cash back yielding credit card that offers a full 5% cashback on not only gas, but grocery and drug store purchases as well. Not only does the 5% reward rate have no expiration, the added savings of cash back on everyday purchases makes this cash back credit card an excellent option for consumers looking to cut down on expenses.
Now, aside from these cards, there are gas station specific cash back credit cards that offer even more savings. The Hess Visa from Chase offers a full 10% cash back on gas for the first 90 days of cardmembership, followed by a 5% refund on gas purchases thereafter. With this card’s attractive initial 10% cash back rate, consumers can save $0.30 or more per gallon on gas.

Overall, consumers may find that a cash back credit card such as the Citi Dividend Platinum Select may provide them the best overall value, as it allows them to save 5% on not only gas, but groceries as well. However, for individuals looking to save the most on gas in the short term, the Hess Visa from Chase offers very appealing savings. Lastly, those who want the flexibility of choosing which gas station they use may find the best value with the Chase Perfectcard.

The Citi PremierPass Credit Card: More than your average Airline Miles Card

Citi’s new PremierPass credit card offers something most airline credit cards do not: choices. With the Citi PremierPass, consumers can not only choose which airline they fly on and when they fly, but also, if they want to use their rewards for flying at all. With the PremierPass, you can redeem the points you earn on Citi’s Thank You Network for everything from retail gift certificates to statement credits. In many ways, this is the most innovative rewards credit card on the market today. Here, I will examine the major features of the Citi PremierPass Elite Card and the standard Citi Premier Pass Card.

The Citi PremierPass Elite level offers 15,000 bonus points when your first purchase is made within 60 days of account opening. Then, you earn 2 Purchase Points for every dollar you spend at gas stations, supermarkets, and drugstores, plus 1 Purchase Point for every other dollar you spend. On top of that, you earn 1 Flight Point for every mile you fly on any airline — or anyone else whose ticket you buy with the card. That means a roundtrip flight from New York to Los Angeles would earn you over 6000 Flight Points, in addition to the Purchase Points earned with the ticket purchase. All of these advantages do have a price. There is an annual fee with this card (the amount varies).

How does this compare to a standard airline rewards credit card? Quite favorably. With a standard miles card, you would receive points for the cost of the airline ticket from New York to Los Angeles. That might total 350 to 700 points. With the Elite Level Citi PremierPass, you not only get the purchase points, you get 6000 Flight Points, bringing your rewards total to anywhere from 6350 to 6700 miles for just one flight.

One primary way in which the Citi PremierPass Card differs from the Elite level card is that the standard PremierPass does not charge an annual fee. Consequently, it offers 10,000 less bonus points upon first purchase, and a different rewards tier. With the standard Citi PremierPass, consumers earn1 Flight Point for every 3 miles flown on any airline—or miles for anyone else whose ticket you buy with the card. Additionally, this card offers a flat 1 Purchase Point reward for all purchases, with no double points at grocery stores and gas stations.

With this reward structure, a flight from New York to Los Angeles would net 350 to 700 purchases points, plus 2000 Flight Points. The total rewards you would earn with the regular premier pass would thus be substanstially lower than they would be with the Elite level card. However, a typical airline rewards credit card not tied to a particular airline would only offer points for your purchase, not your miles in the sky. Without the added value of Flight Points, the time it would take to accrue the 35,000 or more miles needed to obtain a free flight would be, quite literally, miles upon miles away.

As with any rewards credit card, the best option for small spenders is always one with no annual fee. However, the Citi PremierPass Elite’s expansive rewards program greatly offsets the annual fee charged for just about anyone who uses their credit card for most purchases and purchases airline tickets on a regular basis.

Small Business Credit Cards Can Make You Money

Business Credit Cards Can Make You Money

Small business owners, more than any other credit card users, are in the best position to profit from their use of credit cards. Profit from credit cards? The idea may seem foreign, if not preposterous. However, the truth of the matter is simple: if you use your business credit card wisely and open a high yield savings account, your credit card can easily make you a few hundred dollars a month.

Let's begin by discussing the types of small business credit cards on the market. The first and often easiest for new businesses to attain are charge cards. There are a wide variety of these available from American Express' OPEN, the small business network. The first benefit of a business charge card is the zero percent interest you pay. Yes, you must pay your balance in full in each month. However, you pay no interest on your purchases.

OPEN credit cards, like other American Express business credit cards, allow you to earn Amex rewards points with every purchase. In general, you earn 1 point for every dollar spent. In general, a point is worth between 1/2 to 1% of purchases, depending if you want to redeem your rewards for cash (1/2% value) or retail gift certificates and travel rewards (1%).

Now let's assume your small business spends $10,000 a month. You will earn $100 in rewards from American Express. Plus, if you place that $10,000 into a high yield savings account with an interest rate of 4% or higher, you will earn over $30 a month in interest. Thus, the net earnings you will accrue by using an American Express small business credit card can easily equal $130 a month on $10,000 spending. Over the course of a year, that can add up to over $1500.

Small business credit cards with rewards provide similar profit opportunities, and fantastic short term profit opportunities, as many offer 0% interest rates for up to 6 month on purchases. For example, if you spend $10,000 the first month you have a 0% small business card, you can earn $100 in rewards, plus a very nice $200 in interest over the course of the introductory offer. When the 0% expires, you simply pay your bill in full and avoid all interest charges. You'll find your business $300 richer.

Once the 0% APR expires on a small business credit card, you will have a "grace period" of around 25 days to pay off your new purchases before interest is charged. Thus, you simply treat your credit card like a charge card, and pay your balance in full each month, allowing you to earn rewards points on every purchase you make while earning interest on the money you already spent.

Over the course of a year, a small business that uses an American Express OPEN card and spends $10,000 per month can earn the equivalent of $1200 in Amex cash, travel, or retail rewards, plus over $400 in interest. That frees up over $1600 in capital that can be used to offset the cost of travel, purchase new equipment, or simply enhance your companies cash flow.

Using small business credit cards strategically can positively affect your company's bottom line, free up cash, and generate income through interest and rewards. With the wide range of cards on the market, it is important for each business owner to examine the interest rates, types of rewards, and fine print of small business credit cards before making a final choice. Personally, I've been a proud American Express OPEN small business cardholder for nearly two years and have nothing but praise for the company.

Miles Credit Cards: Getting the most out of a Frequent Flyer Credit Cards

Airline miles credit cards are among the most popular types of rewards credit cards. However, only a handful of frequent flyer miles credit cards provide great rewards and value. The reason for this is quite simple: most airline specific credit cards charge astronomical annual fees and high interest rates. Now, if you travel often and spend more than $10,000 a year, just about any airline credit card will earn you miles. However, if you want to get free miles, airline flexibility, and save money on interest and annual fees, there are only four miles credit cards you should consider: The Miles Card from Discover, The Value Miles Platinum Visa Card, American Express Blue Sky and the Citi PremierPass. Here, we will examine all four cards. First, however, we will examine the average airline specific credit card.

The lure of the "average" airline specific frequent flyer credit card is the bonus mile offering. Who wouldn't want 15,000 miles? In addition to the substantial free miles offered, the average airline credit card also waives the annual fee during the first year. The combination of free miles and a no fee first year draws in many consumers. However, the intial perks are generally offset by the money it will cost to maintain your credit card after the first year. First, the average annual fee charged by these credit cards is $75. Ouch. And the average interest reate? More than 17%. Sure, you get a lot of miles upfront, but is it really worth paying 5% more in interest and a substantial annual fee? Not when there are much better offers available.

The Miles Card from Discover is a no annual fee airline rewards card that offers a 0% interest rate for 1 year, a low long term interest rate, and the opportunity to earn 1 mile for every dollar spent. The miles you earn can be redeemed on any airline with no blackout dates. Plus, you get 5,000 bonus miles when you make your first purchase. The interest rate on this credit card is over 6% less than that of the "average" frequent flyer card. Plus, you pay no interest on purchases or balance transfers for up to 1 year. Although you get 10,000 less miles, you'll probably end up with a lot more money to spend on travelling with this card than you would with the "average miles card."

The Chase Value Miles credit card is a no annual fee airline rewards cards that allows you to fly on any airline with no blackout dates. They do not give away free miles, but they also don't charge an annual fee or a high interest rate. Like the Miles Card, the Value Miles card offers a 0% interest rate for up to 1 year and offers an interest rate that is 5.5% lower than than "average miles card." And, although the Value Miles Card does not offer any free miles, you can get a ticket to fly anywhere in the continental U.S. for only 24,000 miles. This is 5,000 to 10,000 miles less than the "average miles card" charges to get a free ticket. You don't get free miles, but your miles do have more value.

The Citi PremierPass offers two levels of airline rewards. The regular PremierPass Mastercard offers 5,000 free miles, charges no annual fee, and offers an interest rate that is 4.25% lower than the "average miles card." Additionally, you can earn 1 flightpoint for every three miles you fly on any airline with a ticket purchased with your card.

The Citi PremierPass also offers an elite level. Now, there is an annual fee of $75. However, you recieve 15,000 bonus miles, earn 1 flightpoint for every single mile flown, and double miles on everyday purchases. The interest rate is still 4.25% less than the "average miles card," plus, this card offers a 0% interest rate for up 1 year.

The BlueSky credit card from American Expres does not try to lure you in with free miles. Instead, they offer value. For every 7500 points earned, you recive $100 that can be used for any travel expense, including car rentals, hotels, online travel sites, and cruises. The value here is that every point you earn is worth 33% more than than the average point. Plus, you can use your rewards for all of your travel expenses, not just airline tickets. Additionally, this card offers a 0% interest rate for 6 months, charges no annual fee, and offers a low long term interest rate that is 5% lower than the "average miles card."

As you can see, airline credit cards offer a variety of perks at a variety of prices. For some, an "average miles credit card" with an annual fee of $75 and an interest rate over 17% might provide the best overall value. However, most credit card users will end up paying more money in interest and fees on their credit card than they would if they simply paid for their ticket in cash. The real value in frequent flyer credit cards can be found with the general miles credit cards that charge no fees, offer low interest rates, and offer more travel flexibility.

For more information on the airline miles credit cards discussed in this article and detailed application information, visit www.credit-card-depot.com

Bad Credit and No Credit Credit Cards: Avoid Hidden Fees & Rebuild Your Credit

Individuals with problematic credit histories often suffer unfairly from high mortgage, insurance, and car loan rates. On top of that, they have difficulty getting approved for credit cards. The whole situation can get extremely frustrating. Frequently, I get emails from consumers wondering what they can do to rebuild their credit. The first thing I tell them is to get a credit card designed for people with bad credit. The second thing I tell them is written in bold: READ THE FINE PRINT.

There are only a limited number of credit cards for individuals with bad credit. At first glance, many look the same. They all help build and rebuild your credit by reporting to the major credit bureaus on a monthly basis. They all provide you with the Visa or Mastercard you need to make many purchases. And they are all necessary evils that can save you thousands of dollars in mortgage and car loan rates in the future. However, you must read the fine print before applying for one of these credit cards, as they often charge high yearly fees, set-up fees, and even monthly fees. Here, I will examine a few examples of charges bad credit credit cards bury in the fine print. Of the three major cards I will examine, only one stands out as consumer-friendly.

Bad Credit Credit Card #1: This credit card charges a very low interest rate for an unsecured credit card. However, your first fine print glimpse reveals that there is a one time setup fee of $29. Not too bad. So far, since the next charge is a one time fee of $95. So far, we're to $124 in expenses. That's got to be it, right? No. Add in another $48 for the annual fee and $6 per month in account maintenance fees. That brings the cost of your new credit card to $244 the first year, and $120 each additional year. This is no small change, and a card such as this should be considered only if you cannot be accepted for a better unsecured credit card for bad credit.

Bad Credit Credit Card #2: This credit card charges a very high interest rate for an unsecured credit card. This can't be good. But the setup fee is only $29. Maybe this card isn't so bad. There is that pesky monthly maintenance fee of $6.50 per month which brings the cost of this unsecured credit card to $107. Maybe we've found a bargain. Not quite. The annual fee is a whopping $150. Yes, $150 every year. That not only brings the initial cost up to $257, but you will also pay $228 a year just to maintain the credit card. There has to be a better offer.

Bad Credit Credit Card #3: This credit card is available as both a secured and unsecured credit card, based on the issuer's review of your credit history. The interest rate is average, even competitive. Now, the fine print reveals that there is a one time setup fee. However, based on your credit, this fee can be as low as $0 or as high as $49. So far so good, especially if your credit is not that bad. But, there must be a huge annual fee. Not exactly. The annual fee for a secured credit card is only $35, and for an unsecured credit card, this fee can be as low as $39 or up to $79. So far, the cost of this card ranges from $35 to $128. Now its time for the monthly maintance fee. This one has to be huge. Or not. Its $0. That means the most you could possible be charged to obtain this credit card is $128, about half of what competing cards are charging.

Clearly, there are substantial difference between bad credit credit cards. Of the three offers we have examined, only one doesn't take you to the cleaners. In fact, bad credit credit card #3 provides great value. All positive changes to your credit history and credit score will translate into lower loan rates, lower credit card interest rates, lower insurance rates, and ultimately, thousands of dollars in savings. The path to rebuilding credit has its costs, but in the long term, rebuilding your credit with a bad credit credit card is the fastest and most cost-efficient way to correct the often unfortunate circumstances that have damaged your credit in the first place.

2006 Credit Card Depot Inc.

For more information and detailed bad credit credit card application information, visit www.credit-card-depot.com.

American Express Freedompass Credit Card From Open The Small Business Team: How Does It Compare?

The new American Express FreedomPass credit card from OPEN, the small business team, is a business credit card that provides users with high yield rewards. With only 7500 points, you earn a $100 American Express travel reward certificate for purchases on your Card Account at airlines, hotels, car rental companies, cruise lines, travel agencies, tour operators and on-line travel sites. For most small businesses, obtaining a few thousand dollars in travel rewards every year would be in reach with this credit card.

There are a few notable differences between the American Express FreedomPass and most travel rewards business credit cards. For example, the Citibusiness/AAdvantage Visa, which only allows for travel on American Airlines, and the Gold Delta Skymiles Credit Card charge annual fees of $85. This is also true for consumer travel and airline rewards credit cards. The American Express FreedomPass does not charge an annual fee, which makes it unique among travel rewards credit cards.

A second notable difference between FreedomPass and other business rewards credit cards is the rewards rate. Although this business credit card, like most other cards, gives 1 travel rewards point for every dollar spent, the value of 1 point is 33% higher for FreedomPass points. Why? A $100 American Express travel rewards credit to your account only takes 7500 points to earn. This detail in itself makes this business credit card a rewards standout.

Earning over $1000 in rewards with the American Express FreedomPass credit card is easier than doing so with a card that only offers a standard 1 dollar = 1 point = 1 cent business credit card. For example, if your business spends $10,000 a month with this American Express business credit card, expect to cash in $1600 in travel rewards. That's equivalent to earning 1.33 points with every purchase you make. Plus, as an added bonus, American Express will also get you started with 5,000 free FreedomPass Miles after you use the card to make your first purchase. Spend $2500 with your card and you've already earned a $100 American Express travel reward.

Now, there are some issues of fine print to examine. Let's say you spend $167.88 on a hotel room. Because American Express FreedomPass points are redeemed in increments of 7500, you would need to use 15000 FreedomPass points to pay the bill in full, or use 7500 points to cover the first $100 and pay off the remaining $67.88 in cash. While a rewards point redemption situation such as this may not be ideal, your business reaps more benefits by mixing its FreedomPass miles with Amex spending than it does by wasting $32.12 in future rewards.

Business rewards credit cards and business charge cards provide a great way to make spending profitable. When you spend cash, you get nothing in return. When you spend with a business rewards credit card such as the American Express FreedomPass, you earn a small percentage of your business’ spending back. This American Express small business credit card may not be right for everyone, as some may enjoy the option to earn giftcards and other non-travel rewards. However, in terms of travel rewards business cards, the American Express FreedomPass is worth giving a second look.

American Express Blue Credit Cards: One Color, Three Very Different Credit Cards

American Express Blue, Blue Cash, and Blue Sky may look like the same credit card, but each one offers very different benefits. While these credit cards may seem similar on the surface, it is important to understand the specific details of each card when determining which American Express Blue Card is the right one for your lifestyle.

Overall, most consumers will find that American Express Blue provides the greatest overall value. For starters, this card offers a 0% APR for 15 months on purchases. Additionally, the card also offers a fixed APR balance transfer rate of 3.9% for the life of the balance. A unique feature of this offer is that there are no balance transfer fees involved.

Lastly, any discussion of an American Express card must deal with rewards. American Express Blue offers 1 reward point for every dollar spent. Rewards can be redeemed for all types of travel, shopping, and entertainment rewards. There is no fee to participate in Blue’s rewards.

Now, the American Blue Cash credit card is probably the most popular amongst the Blue credit cards. However, Amex Blue Cash is a card best suited to heavy spending consumers; that is, those who use their card for everything and spend in excess of $10,000-15,000 a year. Why? Cashback rewards are only earned at .05% and 1% until annual spending reaches $6500, at which point cashback is awarded at 5% for everyday purchases and 1% for all other purchases.

Financially, American Express Blue Cash offers a 0% introductory rate on purchases for 6 months, and a fixed 4.99% APR for balance transfers with no balance transfer fees. Ultimately, the difference between Blue and Blue Cash lay in the 1% balance transfer percentage and in rewards. With Amex Blue Cash, big spenders can cash in on rewards. With Amex Blue, rewards are more accessible to average credit card users.

The newest American Express Blue offering is the Blue Sky Credit Card. Like Blue Cash, Blue Sky offers a 0% interest rate for 6 months and a 4.99% fixed APR balance transfers. Unlike Blue Cash, Blue Sky offers very accessible rewards. While most credit card rewards points are worth 1% of spending, the Blue Sky Credit Card essentially offers 1.33% travel rewards, as it only takes 7500 points to redeem a $100 travel reward.

Clearly, the 3 American Express Blue Credit Cards currently on the market provide very different features, some of which only benefit big spenders. 0% APR lovers will most likely find happiness with American Express Blue. Big spenders will see the biggest dividends with American Express Blue Cash. And small spenders and travel rewards credit card lovers will reap the most rewards from the Blue Sky Credit Card.

Copyright 2006 Credit Card Depot Inc. This article may be reprinted with a live link back to credit-card-depot.com.

0% Balance Transfer Credit Cards: How to Avoid Costly Mistakes & Take Advantage of a 0% APR

You've seen the offers: 0% balance transfer, pay no interest for one year. Currently, the Chase Platinum Card even offers a 0% interest rate for up 15 months. For those carrying balances on high interest credit cards, the savings that can be reaped with these balance transfer offers is tremendous. However, one false move and you'll not only lose the 0% rate, you might also end up paying a higher rate than the one you previously paid. Credit card issuers call it the default rate, and it can range up to 29.99% or more, a far cry from 0%.

How can a 0% balance transfer dream turn into a 29.99% nightmare? Its not as uncommon as we'd like to think. In fact, it could happen with only one late payment. Yes, missing a payment constitutes default in most contracts, bringing with it the horrific default rates attached to most, if not all credit cards. Luckily, many credit cards won't throw the book at you if you simply miss one payment by a few days. If your credit is questionable, however, one late payment could be enough to trigger the default rate.

Fortunately, there are easy ways to prevent this. One very effective, time-saving method available is automatic payment. You can schedule a monthly payment directly from your bank account to your credit card, ensuring payment is received on time. The next easy way to maintain your 0% interest rate is to simply pay your bill when it arrives. E-mail bill notifications are also a great way to keep you up to speed with payments.

The money a 0% APR can save you over the course of 12-15 months greatly outweighs the burden of paying a bill on time. Besides, defaulting on a high interest credit card will also cause your rate to hit the ceiling, and probably much quicker than it would with a new 0% balance transfer credit card. It is never a good idea to miss a credit card payment for this reason alone, and many people seek 0% balance transfers because they have been unfairly hit with a default rate by their current credit card issuer.

Credit card companies give you the opportunity to save with 0% interest rates for up to 15 months because they want you to use their card. Not only do they make money every time your card is swiped for a purchase, they also expect to make money on your balance once the 0% APR expires. The 0% offer works for credit card companies because it brings in new customers. More importantly, however, the 0% offer works for you because it can save you a substantial amount of money on interest during the introductory term.

Just how much you can save will vary. For example, transferring a $2,000 balance from a 13.99% credit card to a 0% balance transfer credit card offers you the opportunity to save over $200 in interest (assuming no additional usage during the year). Not too bad, but small change compared to the $1200 or more you can save by transferring $10,000 to a 0% rate.

Everyone with decent credit and a revolving balance should take advantage of 0% interest balance transfers to help reduce the burden of paying off credit card debt. Why pay to borrow money when someone will lend it to you for free? It simply doesn't make sense. With credit card issuers like Citibank, American Express, Chase, Discover, MBNA, HSBC, and others fighting to gain you as a customer by offering a 0% rate, there has never been a better time to cash in on the hundreds to thousands of dollars these companies will allow you to save just for transferring a balance to one of their credit cards.

Copyright 2006 Credit Card Depot Inc. Article may be reprinted as long as an active link to www.credit-card-depot.com is in place.

Credit Card Rewards Explained II: Chase Cash Plus, Citi Dividend Platinum Select & Blue Cash

I've written previously on the subject of cash back credit cards. However, the differences between the various cash back credit cards on the market are substantial enough that some cards deserve a closer look. Here, I will examine the differences between the Chase Cash Plus, the Citi Dividend Platinum Select & the Blue Cash from American Express cash back credit cards.

The Chase Cash Plus Rewards Visa offers a full 5% cashback on everyday purchases from grocery stores, drugstores and gas stations, plus 1% cashback on all other purchases. You can begin redeeming rewards at 5000 points, which will earn you $50 cash or a $50 gift certificate from one of many major retailers. Taking full advantage of this cashback is not a difficult task.
Lets say you spend $100 a week on groceries. That's $5,200 a year. With 5% back, youll earn 26,000 points, or more than $250 in cash or retail gift certificates just by paying your groceries with your Chase Cash Plus card. Because this Chase credit card has a grace period where you are not charged interest, plus a 0% interest rate for the first year, you can earn that $250 back without paying any interest fees on your purchases. Unfortunately, the rewards do have their limits. This cashback credit card has a maximum annual cashback award of 30,000 points, or $300.

The Citi Dividend Platinum Select Card, like the Chase Cash Plus, offers a full 5% cashback on everyday purchases from grocery stores, drug stores and gas stations, and 1% on all other purchases. In addition to these cashback opportunities, the Citi Dividend Platinum Select Card also offers special cashback offers from a bevy of merchants. For example, a number of cruise companies earn you 4% cashback when you purchase your cruise through the Citi Dividend Merchant Network. Other sites, like Gap.com and target.com, also offer 4% cashback when you use your Citi Dividend Platinum Select Card. That's a lot of ways to earn cashback. You can begin redeeming rewards at 5000 points, which will earn you $50 cash.

Now, taking full advantage of the Citi Dividend Platinum Select Card cashback rewards program is fairly simple. First, earn 26,000 points or $250 with your groceries. Now, do something you don’t want to do: think about how much you spend on gas. Hopefully this expense will go down, but currently, lets assume you spend $2000 a year. That's another 10000 points, bringing our cashback total to $360.

If you don't plan on booking a cruise or shopping through the Citi Dividend Merchant Network, your everyday spending or drugstore expenses combined could easily earn you another 14000 cashback points, bringing your total yearly cashback rewards to 50,000 or $500, the yearly limit for cashback with the Citi Dividend Platinum Select Card. Unlike the Chase Cash Plus, the Citi Dividend Platinum Select Card's introductory interest rate applies only to balance transfers. However, you can still take advantage of the cards interest free grace period and earn your $500 in cashback rewards without paying interest.

The American Express Blue Cash credit card offers a vastly different rewards program. Like the other cashback credit cards, Blue Cash offers a full 5% cashback on everyday purchases from grocery stores. Additionally, Blue Cash also offers up to 1.5% cashback on all other purchases. However, there are two very significant matters of fine print with this cashback card. First, cashback is only earned at a rate of 1% for everyday purchases and 0.5% for all other purchases for the first $6500 spent during a year as a card member. Once $6500 is spent, you then begin to earn 5% on everyday purchases and 1.5% on all other purchases. Two months after your card member anniversary date, the cashback you earned with your American Express Blue Cash card is credit to your statement.

Unlike the Citi Dividend Platinum Select Card and the Chase Cash Plus programs, the American Express Blue Cash cashback rewards program allows you to earn cashback on up to $50,000 in annual spending, which can easily add up to more than $500. However, most credit card users wont spend enough to take advantage of this card's full reward potential.

I may be wrong, but I believe cashback credit cards are the best credit cards on the market. Why? Because they pay you money. Call me crazy, but I stand by my opinion. However, when choosing a cashback credit card, it's very important to get the card that best fits your needs. For most, the Citi Dividend Platinum Select Card and the Chase Cash Plus Rewards Visa offer the most accessible cashback rewards. If you use both cards, your yearly rewards on everyday purchases could total $800. Not too bad a return on money you'd be spending anyhow.