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Credit card reward programs come in all shapes and sizes. At BestCashCow we scoured the Web looking for credit cards programs that provide you with above average returns on every dollar that you charge. Of course, a good reward program doesn't provide an excuse to spend more, but if you're going to spend anyway, you might as well get the benefit of a healthy BestCashCow.com-like return. Also, it goes without saying, none of these credit cards is going to save you any money if you carry a balance!
How We Chose the Participating Cards
We looked for and chose cards that provide above-market returns on your money spent. The typical credit card pays you back approximately 1% whether it be in airline miles, cash back, gift points, other incentives. The cards on the list all reward above 1%.
Updated: July 3, 2008 | Found a better card? Let everyone know.
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Credit
Card
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Reward
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Requirements
or Conditions
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APR
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Annual
Fee
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Your Questions and Thoughts
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| Emigrant Direct Platinum Mastercard | 1.4% cash back on all purchases. | Must have an Emigrant American Dream Savings Account and a balance above $10,000. Cash back for balances below $10,000 is 0.5%. | 0% APR on balance transfers in first six months. 13.74%-20.74% depending on application and credit history. Rates are variable. |
$0. |
Post/read reviews of this credit card |
| Chase Freedom Credit Card | 3% cash back for every eligible $1 spent at qualified grocery stores, gas stations and quick service restaurants. 1% cash back on every other purchase. | None | 0% Intro APR. The length of the introductory period will be either 6 months for purchases and balance transfers or 3 months for balance transfers only, depending on our review of application and credit history. After 14.24% APR. |
$0 |
Post/read reviews of this credit card. |
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Get the Discover® More Card
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5% cashback bonus in popular categories that change 4 times per year - travel, apparal, home, gas, restaurants. 1% cash back on all other purchases. | None | 0% until the last day of the billing period ending during April 2008*; then the standard APR, a rate between 10.99% and 18.99%. |
$0. |
Post/read reviews of this credit card. |
| Capital One No Hassle Miles ™ Rewards |
Earn 1.25 miles for each dollar spent on purchases.
No limit on miles you can earn and miles won't expire for the life of your account
Freedom to fly any airline you want, anytime you want, with no blackout dates or seating restrictions |
Excellent credit required. | 0% until June 2008. After that, variable, currently 13.9%. | $0 |
Post/read reviews of this credit card. |
| Fidelity Investments 529 College Rewards American Express Card | 1.5% on all purchases credited to a Fidelity 529 education account. | Must have a 529 Plan through Fidelity. Yearly contribution limit of $1,500 per year. |
16.99% on purchases.
0% Introductory APR applies to Balance Transfers through your first twelve statement Closing Dates (the Promotional Period). When the Promotional Period ends, the Standard APR for Balance Transfers is 16.99%. |
$0. |
Post/read reviews of this credit card. |
| Fidelity Investment Rewards Card | 1.5% on all purchases, credited to a Fidelity Account. Or earn 1 point per $1 spent to redeam for the WorldPoints Reward Program | Must have a Fidelity account. Eligible accounts include traditional, Roth and rollover IRAs, as well as individual and joint taxable accounts. Yearly contribution limit of $1,500. | 14.99% on purchases. 0% Introductory APR applies to Balance Transfers through your first twelve statement Closing Dates (the Promotional Period). When the Promotional Period ends, the Standard APR for Balance Transfers is 14.99% | $0 |
Post/read reviews of this credit card. |
If you have had a good or bad experience with one of these credit cards, or know of a card that should be on the list please let others know through the Bestcashcow Message Boards.
What to Look for in a Credit Card Rewards Program:
Redemption - Look for a redemption ratio that is fair and that doesn't dilute the points you have accumulated. In general, points programs are tougher to decipher than cash back or miles programs. In addition, cards that allow you to redeem your miles or points anywhere are preferred over ones that restrict your choices.
Avoiding pitfalls when opening a Credit Card:
APR - If you are planning to carry a balance on the card be aware if the card is variable or fixed. Variable rate cards will adjust their rates much more quickly. While fixed rate cards can and will adjust their rates, they do it much less frequently. If you do not intend to carry a balance this will not matter.
Introductory rates - Some credit cards will offer low or no interest introductory rates. These rates are usually not for purchases but rather for balance transfers or cash advances. If you intend to carry a balance on the card be aware of the non-promotional rate.
Annual Fee
- Some cards charge an annual fee. The fee may or may not be worth it depending on how much you plan to use the card and the generosity of the rewards program.
Late Payments - Credit cards often charge a fee and increase the rate if you have a late payment. If you have a tendency to miss payments, be aware of what the penalties are for a late payment.
In general, once you have found a card you are interested in, spend the time reading through the Terms and Conditions to make sure it is really the right card for you.
