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Cashback
Credit Card Articles
Credit Card
Rewards Programs Explained II: The Chase Free Cash Rewards
Platinum Visa® Card & Blue CashSM cashback credit cards.
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 the
Chase Free Cash Rewards
Platinum Visa® Card & the
Blue
Cash from American Express® credit
card.
The
Chase Free Cash Rewards
Platinum Visa® Card offers a straightforward 1%
cash back on all
purchases. You can begin redeeming your cashback rewards
with only 2500 points, which will earn you $25 cash or a $25 gift
certificate from one of many major retailers. Additionally,
the Chase Free Cash
Rewards Platinum Visa® Card actually does offer "free cash".
It comes in the form of 1,000 bonus points that are given after
you receive the card. Because of this reward, the
Chase Free Cash Visa®
stands out as the cashback credit card that makes it the easiest
to cash-in your points for actual dollars and cents. Lastly,
and perhaps most importantly, the
Chase Free Cash Visa®
offers one of the lower interest rates of all the current cashback
cards on the market. In the long run, the savings this lower
interest rate provides will generally save you more money than a
large cashback check from a higher interest card.
The
American
Express® Blue Cash credit card offers a vastly
different rewards program. Like the other cashback credit cards,
Blue CashSM 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. Then, two months after your card member anniversary
date, the cashback you earned with your
American Express® Blue Cash card is credited to your statement.
Because of the fixed payment date, you cannot simply redeem your
rewards whenever you choose as you can with other cashback cards.
Unlike the
Free Cash Rewards Platinum
Visa® Card program, the
American Express® Blue Cash
cashback rewards program allows you to earn unlimited cashback, which can easily add up to more than
$500. However, most credit card users won’t 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
Free Cash Rewards Platinum Visa® Card offers the most accessible cashback
rewards. However, larger spenders can reap significantly
more cashback with the
American Express® Blue Cash.
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