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Building Credit, Credit Cards, Earning Cashback, Reviews

QuicksilverOne Review: Unlimited 1.5% Cash Back for Average Credit

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

For people with “Average/Fair/Limited” credit, Capital One offers the Capital One® QuicksilverOne® Cash Rewards Credit Card. Every credit card issuer has a different definition of what “Average/Fair/Limited” credit means. Generally speaking, it means a FICO score between 580 and 669.

The Capital One® QuicksilverOne® Cash Rewards Credit Card gives you an unlimited 1.5% Cash Back on every purchase, every day, which is a pretty sweet opportunity for consumers with less-than-perfect credit.

Just beware of the two catches: There’s a $39 annual fee and a high purchase APR – 24.99% (Variable).

Capital One® QuicksilverOne® Cash Rewards Credit Card

APPLY NOW Secured

on Capital One’s secure website

Capital One® QuicksilverOne® Cash Rewards Credit Card

Annual fee
$39
Cashback Rate
Earn unlimited 1.5% cash back on every purchase, every day
Regular Purchase APR
24.99%

Variable

Credit required
fair-credit
Average

Capital One® QuicksilverOne® Cash Rewards Credit Card Card Overview

The Capital One® QuicksilverOne® Cash Rewards Credit Card program is low maintenance.

Unlike other programs with revolving categories and spending caps, this card doesn’t hold you to either. You will earn 1.5% Cash Back on every purchase, every day.

You can redeem cash back at any time for a check, account credit, or gift card. Cash back you earn never expires for the life of the account.

What We Like About This Card

No fuss.

We like that the cash back program terms are uncomplicated. There are no preset bonus categories that you have to adapt your spending to each month. You can also redeem cash back at any time without having to wait for the balance to reach a certain threshold.

Low credit score requirement.

The Capital One® QuicksilverOne® Cash Rewards Credit Card is one of the only cash back rewards cards around town for average credit. If you’re having trouble getting approved elsewhere, this is a card you need to seriously consider.

What We Don’t Like About This Card

The annual fee.

Since this card costs $39 per year, you need to spend at least $2,600 per year (or $217 per month) for the cash back to break even with the fee. Ideally, you’ll want to spend more than just the bare minimum for the rewards card to be worthwhile.

High APR.

This is a high APR – 24.99% (Variable). Avoid carrying a balance at all costs if you choose this card.

Who This Card Is Best For

Again, the Capital One® QuicksilverOne® Cash Rewards Credit Card is our top unlimited cash back pick for consumers who have trouble getting approved for other cash back cards.

According to Capital One, you may qualify for this card if:

  • You have defaulted on a loan in the past five years
  • You have limited credit history
  • You have had your own credit card or other credit for less than three years (this may include students, people new to the U.S., or authorized users on someone else’s credit card)

Keep in mind, these are just guidelines to give you a general sense of whether you’ll qualify. Your income, debt, and other credit limits are also factors used to make a decision.

Capital One has a nice feature where you can get preapproved online for offers without a hard credit inquiry. See if you prequalify for the Capital One® QuicksilverOne® Cash Rewards Credit Card here.

Keep an eye out for the Capital One® Quicksilver® Cash Rewards Credit Card alternative while checking offers as well.

The Capital One® Quicksilver® Cash Rewards Credit Card is the “big brother” of the Capital One® QuicksilverOne® Cash Rewards Credit Card. It has a $0 annual fee, and it’s for people with Excellent/Good credit. There’s no harm in checking to see if you prequalify for the Capital One® Quicksilver® Cash Rewards Credit Card.

Is the Capital One® QuicksilverOne® Cash Rewards Credit Card good for rebuilding credit?

Despite the lenient qualifying criteria, the Capital One® QuicksilverOne® Cash Rewards Credit Card is not our top recommendation if you’re rebuilding credit, because of the annual fee – $39.

Your focus should be keeping your credit utilization very low when rebuilding credit. You shouldn’t worry about having to earn enough cash back each month to cover a card’s annual fee.

Try a no-fee secured card like the Capital One® Secured Mastercard® or the Discover it® Secured Card - No Annual Fee instead.

Capital One® QuicksilverOne® Cash Rewards Credit Card Benefits

The Capital One® QuicksilverOne® Cash Rewards Credit Card offers:

  • Travel accident insurance and 24/7 roadside assistance. Travel insurance for death or loss of limbs. You can call in for help if your car breaks down.
  • Auto rental insurance. Insurance covers rental damage from collision or theft.
  • Extended warranty. Purchases made on your card will get an extended warranty.
  • Price protection. You can get reimbursed the difference if you find items you purchased on sale within 60 days.
  • Fraud coverage. Covered by $0 fraud liability if your card is lost or stolen.

Alternatives to the Capital One® QuicksilverOne® Cash Rewards Credit Card

The Capital One® QuicksilverOne® Cash Rewards Credit Card doesn’t have much competition since it’s the best card for consumers with Average/Fair/Limited credit. The following no-fee cash back cards officially require good to excellent credit but allow you to prequalify without a hard inquiry.

1.5% cash back, no fee

Chase Freedom Unlimited<sup>®</sup>

Annual fee

$0

Cashback Rate

Unlimited 1.5% cash back on every purchase

Regular Purchase APR

16.49% - 25.24% Variable

The Chase Freedom Unlimited® card gives you an Unlimited 1.5% cash back on every purchase without category restrictions or caps. What’s great about Chase is it’s another credit card issuer that lets you prequalify for offers without a hard pull. Check out offers you may prequalify for here.

You can redeem cash back from your Chase Freedom Unlimited® card at any time, and cash back never expires as long as you keep your account open. At times there is an intro APR deal or cash back bonus offer that add benefits to this card, and ongoing rates are sometimes lower than what you’d see on the Capital One® QuicksilverOne® Cash Rewards Credit Card.

Double cash back, no fee

Citi<sup>®</sup> Double Cash Card – 18 month BT offer

Annual fee

$0*

Cashback Rate

1% cash back when you buy and 1% cash back as you pay for those purchases

Regular Purchase APR

14.99% - 24.99%* (Variable)

The Citi® Double Cash Card – 18 month BT offer is another good choice for low-maintenance cash back rewards. It gives double cash back on all purchases. You earn 1% cash back when you buy and 1% cash back as you pay for those purchases.

This is a card that members report qualifying for with a credit score in the high 600s. Citi lets you shop for prequalified offers on the website as well. If you’re interested in this card, see if you can get prequalified here. In addition, there are changing intro APR deals for this card that allow you to save interest early on, and ongoing interest rates are sometimes lower than with the Capital One® QuicksilverOne® Cash Rewards Credit Card.

Bottom Line

The Capital One® QuicksilverOne® Cash Rewards Credit Card is a good rewards card for those with Average/Fair/Limited credit. If you have had difficulty being approved for other higher cash back rewards cards, you may be approved for the Capital One® QuicksilverOne® Cash Rewards Credit Card, which offers unlimited 1.5% Cash Back on every purchase, every day. Be aware that this card comes with an annual fee of $39 and high APR of 24.99% (Variable), so make sure to do your research and see if this card is right for you.

FAQ

You should not keep a balance on this credit card to benefit from the cash back. The high APR is a large amount of interest to be paying on purchases. If the interest charges you experience on this card coupled with the annual fee surpass the cash back you earn, this card is pointless.

No. You’re free and clear to spend money on anything, and it’ll earn 1.5% Cash Back on every purchase, every day. This is the beauty of an unlimited cash back card. However, cash advances and balance transfers will not qualify for cash back.

No, cash back does not expire as long as your account remains open.

You can, but not with Average/Fair/Limited credit. The Capital One® QuicksilverOne® Cash Rewards Credit Card is the best unlimited cash back card there is specifically targeting people with fair credit. Another option you have is working to improve your credit first before applying for a credit card to qualify for a card that gives you more cash back.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Credit Cards, Earning Cashback, Reviews

Ally CashBack Credit Card Review: Is it Worthwhile if You Don’t Bank with Ally?

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

Last year, Ally Bank rolled out the Ally CashBack Credit Card with a rewards program that offers 2% cash back on gas and groceries with no cap.In addition to the cash back you earn from spending, Ally gives you a special 10% Ally Deposit Bonus when you deposit cash back earned into an eligible Ally Bank account.

Ally CashBack Credit Card

APPLY NOW Secured

on Ally Bank’s secure website

Ally CashBack Credit Card

Annual fee
$0 For First Year
$0 Ongoing
Cashback Rate
2% on certain categories, 1% on everything else
Regular Purchase APR
14.49%-24.49%

Variable

Credit required
excellent-credit

Excellent

The Ally CashBack Credit Card Offer

1. Earn up to 2.2% cash back at gas stations and grocery stores.

Factoring in the 10% Ally Deposit Bonus, you have the potential to earn a total of 2.2% cash back in the gas and groceries category.

You have to deposit cash back earned into a qualifying account to get the 10% bonus. Qualifying accounts include:

  • Ally Money Market accounts
  • Non-IRA Online Savings accounts
  • Interest Checking accounts

Fine print alert: Discount stores, superstores, and warehouses are not included in the groceries category. Stores like Target, Walmart, BJ’s, and Sam’s Club specifically may be off limits for 2% cash back.

Ally Bank qualifies your purchases for cash back using merchant codes. You can call up a store directly to see if it has a merchant code within one of these eligible 2% cash back categories:

  • Grocery
  • Bakery
  • Dairy
  • Service stations
  • Automated fuel dispensers
  • Fuel dealers

2. Earn up to 1.1% cash back on all other purchases.

Purchases outside of groceries and gas earn 1% cash back. You can earn a total of 1.1% if you add in the 10% Ally Deposit Bonus.

3. Earn an introductory incentive.

There’s an introductory bonus of $100 if you spend $500 within the first three months of having this card.

How to Redeem Cash Back

You can redeem cash back in two ways. As mentioned, you get the extra 10% bonus if you deposit cash back into an eligible Ally Bank account.

The second option is redeeming cash back for statement credit. You need to build a balance of at least $25 before you can redeem cash back.

What We Like About the Ally CashBack Credit Card

You guessed it — we think the most attractive feature of the Ally CashBack Credit Card is the 10% Ally Deposit Bonus. We also like that this card has no spending cap for the 2% categories.

Other benefits are that there’s no annual fee and the interest rate range is reasonable.

The card even has a 0% APR introductory deal on balance transfers, although the 4% balance transfer fee is something to consider before moving your money.

The Ally CashBack Credit Card Fine Print

One of the major drawbacks of this card is the merchant code restrictions.

Don’t get us wrong — the Ally CashBack Credit Card isn’t the only cash back rewards program that uses merchant codes to qualify purchases. Pretty much every niche category card has some fine print related to what you will and will not earn bonus cash back on.

Before shopping at a warehouse or specialty food store with this card (or any category card for that matter), double-check the merchant code to see if the purchase will be eligible for 2%.

One more spot where the Ally CashBack Credit Card has fine print is the program termination policy. If your account is canceled for any reason, by you or Ally Bank, you forfeit the cash back balance. Ally Bank also reserves the right to change terms or cancel the cash back program. If this occurs, you may give up your balance.

To avoid losing out on money, keep the card in good standing and cash out whenever you hit the $25 mark just in case Ally Bank should change terms in the future.

Who the Ally CashBack Credit Card Is For

This card is best suited for current Ally Bank customers, but even people who bank with Ally should explore other options.

For non-Ally Bank customers, the 2.2% on gas and groceries is not worth opening two new accounts (the credit card account and a qualifying savings or checking account) to earn maximum cash back.

There are too many other category cards to consider ahead of this one that can give you more than 2.2% on gas and groceries.

There are even a few cards that offer you 2%+ cash back on all spending with no pesky category restrictions to keep up with.

We’ll share two alternatives with you in the next section.

But first, here’s an example to give you an idea of how much you can earn with the Ally CashBack Credit Card:

Say you spend $4,000 per year on groceries and $2,000 on gas. You can earn up to $132 in cash back for the year. (This includes the 10% Ally Deposit Bonus.)

Keep this scenario in mind because we’ll reference it next when reviewing a competitor.

For eligibility criteria, Ally Bank doesn’t get specific about the type of credit history or score you need to get approved.

However, some applicants have reported getting declined because of too many recent inquiries or new accounts. These are factors to be mindful of that could hurt your chances of getting approved.

Cash Back Alternatives

We have a list of the top cash back cards for all categories in this post. Here are two alternative cards from that roundup to take a look at:

Blue Cash Preferred® Card from American Express

The Blue Cash Preferred® Card from American Express is one of our top picks for gas and grocery shopping rewards. This card gives you a huge 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases. The Blue Cash Preferred® Card from American Express has a $95 annual fee.

Back to our example scenario from above:

If you spend $4,000 annually at U.S. supermarkets and $2,000 annually on gas, you earn $300 in total cash back from the Blue Cash Preferred® Card from American Express. Subtract the $95 annual fee, and you still net $205 in cash back. Remember — the Ally CashBack Credit Card only gives you up to $132 in this same spending scenario. The moral of the story is, rewards cards that have an annual fee can still outperform cards with no annual fee. So don’t let a fee deter you from reviewing an offer.

Alliant Visa Signature

If you do most of your shopping at wholesale stores or you prefer a non-category card, the Alliant Visa Signature card is another option we recommend. The Alliant Visa Signature card gives you an unlimited 3% cash back for the first year with no fee. After the first year, you earn 2.5% cash back on all purchases with a $59 annual fee. If your spending is all over the map, an unlimited cash back card like the Alliant Visa Signature can give you more flexibility than the Ally CashBack Credit Card.

Rewards Cards: Frequently Asked Questions

No, Ally cash back does not expire as long as your account remains open and in good standing. There is no limit to the amount of cash back rewards that may be earned.

Anything over 1.5% cashback is a good deal. There are some cards that offer more — as much as 5 or 6% cash back on purchases. But sometimes those offers are too good to be true. Banks don’t like to lose money, and will pepper the fine print with all sorts of limitations. For example, they may offer 5% cash back on only purchases at certain types of retailers and only for certain periods of time. And those categories may change every quarter, which can make it hard to keep track.

Don’t let those cash back promises pressure you into spending more than you can afford. If you don’t pay your statement balance in full each month, you could get slapped with sky high interest charges. That would totally negate any benefit you might get from earning cash back. Cash back cards are only valuable if you can pay your bill in full and capture the entirety of your cash back rewards.

It depends on the card. Some cards allow you redeem cash back dollar for dollar as a statement credit, which can help lower your total balance. Just keep in mind that applying cash back to your card statement does not count as a monthly payment. Other cards will increase the value of your cash back if you spend on certain categories, like travel. Review your terms carefully to be sure you’re getting the most bang for your buck.

Find the card that fits your day-to-day spending needs best, beyond the flashy sign-up bonus offers and cash back promises. Pay your bill in full each month (spend only what you can afford to pay off).

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Credit Cards, Earning Cashback, Reviews

Alliant Cashback Visa Signature Review: 2.5% Unlimited Cash Back

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Few credit cards offer unlimited 2.5% cash back on all spending without caps or complicated category restrictions. Alliant Credit Union recently rolled out its Alliant Cashback Visa Signature Card11, which may very well be the “holy grail” of unlimited cash back cards.

The Alliant Cashback Visa Signature Card gives cardholders 3% cash back the first year and 2.5% back subsequent years. This card does have an annual fee, but the fee is waived for the first 12 months.

Alliant Cashback Visa<sup>®</sup> Signature Card

APPLY NOW Secured

on Alliant Credit Union’s secure website

Alliant Cashback Visa® Signature Card

Annual fee
$0 For First Year
$59 Ongoing
Cashback Rate
Unlimited 3% cash back during the first year; 2.5% cash back afterwards
Regular Purchase APR
11.74%-14.74%

Variable

Credit required
good-credit

Good

How the Alliant Cashback Visa Signature Card works

Alliant Credit Union is an online credit union that anyone can join. If you don’t meet the standard credit union qualifying criteria (being a relative of a member or working for a select organization), you can join by making a $10 donation to Foster Care to Success.

If you choose to apply for this card, be sure to swipe it as much as possible during the first year to make the most of the free 3% cash back. This is a great deal.

The annual fee after the first year is $59. Aside from the annual fee, the Alliant Cashback Visa Signature Card has extra costs within the card terms that are pretty typical of any credit card.

Most notably, there’s a 3% balance transfer fee and no foreign transaction fee.

Redeeming Your Cash Back

You can redeem cash back earned through statement credit when your cash back balance reaches $25. Cash back expires after five years. Cash back also expires if your credit card account is closed voluntarily or involuntarily.

Who This Credit Card Is Best For

We highly recommend the Alliant Cashback Visa Signature Card if you hate keeping up with revolving category cards. Category rules can be a pain. This card makes earning cash back painless.

On the other hand, if you’re someone who likes using category cards (airline, grocery, gas, etc.), this card also partners nicely with others. Keep it in your wallet to maximize rewards in areas that your category cards don’t cover.

Alliant Credit Union has very lenient member-qualifying criteria, so non-members can join today. If you already have an Alliant Credit Union card, call credit card services to request an upgrade.

Cardholders report that you can get approved with a score in the high 600s, although credit card services states qualification is based on more than just your credit score.

For example, you may qualify for this card with less-than-perfect credit if your income is high. Since this is a Visa Signature card, credit limits are higher than traditional cards, and that requires having enough income to support a good-sized limit.

What we like about the Alliant Cashback Visa Signature Card

We like this card a lot because it’s one of few credit cards that give you 2% cash back without a long list of rules on what you can and can’t buy.

Until now, the Citi® Double Cash Card – 18 month BT offer has been our top recommendation for no-fuss 2% cash back on all spending. However, the Alliant Cashback Visa Signature Card is giving the Citi® Double Cash Card – 18 month BT offer some stiff competition.

The 3% cash back without an annual fee the first year is very hard to beat. And if you spend at least $1,000 per month on the card after year one, 2.5% cash back with the annual fee still outperforms the Citi® Double Cash Card – 18 month BT offer.

We’ll discuss why the magic number for spending is $1,000 in our credit card comparison below.

What we don’t like about the Alliant Cashback Visa Signature Card

There’s not too much to discuss that’s negative about this card. The one thing to be mindful of is that it does not have an interest-free intro deal on new purchases or balance transfers.

This means you shouldn’t take out this card intending to go on a crazy shopping spree or to finance big life events like a wedding, relocating, or traveling unless there’s a repayment plan in the strategy.

You’ll get a great deal of cash back from large purchases the first 12 months, but you need to pay off the balance promptly to avoid many interest charges.

Three Alternative 2%+ Cash Back Credit Cards

We started out this post mentioning that there aren’t too many unlimited 2%+ cash back cards available, so let’s dive into the three main alternatives:

  • Citi® Double Cash Card – 18 month BT offer
  • Fidelity Rewards Visa Signature

Citi® Double Cash Card – 18 month BT offer

The Citi Double Cash card is usually our “go-to” pick for unlimited 2% cash back with no category restrictions.

The Alliant Cashback Visa Signature Card clearly has the Citi® Double Cash Card – 18 month BT offer beat in the first year. Things get a little less clear-cut when the Alliant Cashback Visa Signature Card starts costing $59 annually.

As mentioned, when taking the fee into consideration, you need to spend over $1,000 per month on the Alliant Cashback Visa Signature Card to earn more from it than the Citi® Double Cash Card – 18 month BT offer.

Here’s the calculation breakdown:

  • Citi® Double Cash Card – 18 month BT offer: $12,000 (spent) x 2% (cash back) = $240
  • Alliant Cashback Visa Signature Card: $12,000 (spent) x 2.5% = $300 – $59 (fee) = $241

The more you spend beyond $12,000 per year, the more the Alliant Cashback Visa Signature Card outperforms the Citi® Double Cash Card – 18 month BT offer.

Fidelity Rewards Visa Signature

The Fidelity Rewards Visa Signature card is another 2% cash back option with no fee, but this card comes with conditions. You can only earn 2% cash back when you direct deposit rewards into a Fidelity Investment account.

This is still a decent deal for Fidelity Investment customers. If you plan to spend less than $12,000 per year on your rewards card, consider this one or the Citi® Double Cash Card – 18 month BT offer.

Rewards Cards: Frequently Asked Questions

Yes, the Alliant cash back rewards expire after 5 years, and you also forfeit your unused rewards if you close your account. It’s important to note that cash back doesn’t expire exactly 5 years from the date you earn it. Cash back rewards expire on a rolling, annual basis; cash back earned in a calendar year will expire on the December cycle date of the fourth calendar year in which it was earned. For example, any unredeemed cash back earned in 2017 will expire on the December cycle date in 2021.

Anything over 1.5% cashback is a good deal. There are some cards that offer more — as much as 5 or 6% cash back on purchases. But sometimes those offers are too good to be true. Banks don’t like to lose money, and will pepper the fine print with all sorts of limitations. For example, they may offer 5% cash back on only purchases at certain types of retailers and only for certain periods of time. And those categories may change every quarter, which can make it hard to keep track.

Don’t let those cash back promises pressure you into spending more than you can afford. If you don’t pay your statement balance in full each month, you could get slapped with sky high interest charges. That would totally negate any benefit you might get from earning cash back. Cash back cards are only valuable if you can pay your bill in full and capture the entirety of your cash back rewards.

It depends on the card. Some cards allow you redeem cash back dollar for dollar as a statement credit, which can help lower your total balance. Just keep in mind that applying cash back to your card statement does not count as a monthly payment. Other cards will increase the value of your cash back if you spend on certain categories, like travel. Review your terms carefully to be sure you’re getting the most bang for your buck.

Find the card that fits your day-to-day spending needs best, beyond the flashy sign-up bonus offers and cash back promises. Pay your bill in full each month (spend only what you can afford to pay off).

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Earning Cashback, Reviews

Chase Freedom Review: Is 5% Easy?

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

If you’re on the hunt for a new rewards card, you’ve probably come across the Chase Freedom® card during your search. The Chase Freedom® offers 1% cash back on all purchases and the opportunity to earn additional cash back if you spend money within revolving quarterly bonus categories.

Chase Freedom<sup>®</sup>

APPLY NOW Secured

on Chase’s secure website

Chase Freedom®

Annual fee
$0
Cashback Rate
Earn 5% cash back in bonus categories
Regular Purchase APR
16.49%-25.24%

Variable

Credit required
good-credit

Excellent/Good

How to Earn Cash Back with the Chase Freedom®

You automatically earn 1% cash back on all purchases as soon as you start using the card.

Every quarter, Chase introduces bonus categories where you can earn 5% cash back. In order to earn 5%, you need to activate the bonus category every quarter. If you don’t activate, you will only earn at the 1% cash back rate. You can only earn 5% cash back on up to $1,500 of spending every quarter.

Here are the current 5% bonus categories for 2018:

How to Activate the Quarterly 5% Cash Back Categories

Now that you know the type of spending that will earn you 5% cash back, let’s touch on how it all works.

To earn 5% cash back each quarter, you must activate the quarterly bonus categories before the deadline. The activation deadline appears on the cash back calendar.

There are six easy ways to activate. Just choose the one that’s best for you.

  1. Online – Once you are a Chase Freedom® cardholder, you can activate online at the Ultimate Rewards portal.
  2. Text message – Sign up for Chase Freedom® 5% text reminders at online. You’ll get a text reminding you when it’s time to activate.
  3. Email – You can also sign up for email reminders from Chase.
  4. Phone – Call the number on the back of your card to let one of the specialists activate your 5% cash back.
  5. Chase location – Visit any Chase Bank and see a personal banker.
  6. ATM – Chase checking customers can activate their 5% cash back with one click via the ATM while making a cash withdrawal.

The base 1% cash back will always apply first to purchases on your statement. Each quarter you activate, spending that qualifies for an extra 4% cash back will appear in a separate section broken down by category.

What we like about the card

Up to 5% cash back if you are on top of things.

It’s hard to beat 5% back on spending you’re already doing, and if you pay attention and enroll in the categories every quarter, you can earn up to $300 in cash back a year compared to the base 1% cash back you earn on all purchases.

A good selection of 5% categories.

Chase comes up with fresh categories that sometimes include tie-ins with big retailers like Amazon so it’s not hard to find a way to earn 5% on your spending throughout the year.

You can pair it up with other Chase rewards.

If you have another card that earns Ultimate Rewards® points, like the Chase Sapphire Preferred® Card card, you can combine the rewards you earn from the Chase Freedom® with your other Ultimate Rewards points anytime.

What we don’t like about the card

Need to enroll manually.

There’s no automatic enrollment in the 5% categories, so you need to remember to take care of that every quarter. Chase lets you sign up for alerts so it’s not hard to get reminded, and you can enroll right from your phone. This is a card for maximizers, not people who want to set it and forget it.

A cap on 5% earning.

You only earn 5% back on up to $1,500 worth of spending in the designated categories each quarter. That’s $1,500 total across all the categories, not $1,500 for each category.

Right off the bat, you can probably tell a card with changing quarterly categories like the Chase Freedom® card isn’t for the passive cash back rewards earner. There’s a lot involved here.

You need to activate the 5% cash back bonus each quarter. The cash back categories can change each year. And you must be a mindful spender who remembers when to swipe the Chase Freedom® card to earn 5% back.

There’s a fair amount of fine print that dictates what will and won’t qualify for 5% cash back. As the new categories roll out, you’ll want to pay close attention to the type of purchases that are eligible.

How Much Are Chase Ultimate Rewards® Points Worth?

The Chase Freedom® card is part of the Chase Ultimate Rewards® program, so the Ultimate Rewards portal is where you go to manage and redeem points. Cash back earned from the Chase Freedom® card is tracked in Ultimate Rewards points – $1 in cash back equals 100 points.

When you redeem points for rewards, for the most part, 100 points also equals $1 (and 1 point equals $0.01).

The true value of points earned varies slightly. Here’s the breakdown:

Statement credit or cash deposit redemption: 100 points = $1

Gift card redemption: 100 points = $1

Travel redemption: 100 points = $1; you can use a combination of points and your credit card for bookings

Amazon product redemption: Below is a sample conversion, but it’s subject to change

If you do choose the Chase Freedom® card, make sure to redeem your points in a way that you’ll get the most value. Choosing Amazon products may not be the way to go.

Combine with a Chase Sapphire Preferred® Card

If you have a Chase Sapphire Preferred® Card or Chase Sapphire Reserve® card, you can combine your Chase Freedom® Ultimate Rewards® points with your Chase Sapphire Preferred® Card Ultimate Rewards points. That means you would have all of the redemption opportunities associated with the popular Sapphire cards, including the ability to transfer your points to frequent flier programs like United MileagePlus® and Southwest Rapid Rewards®.

The information related to the Chase Sapphire Preferred® Card and Chase Sapphire Reserve® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

How to Qualify for the Chase Freedom®

You need to have Excellent/Good credit in order to be approved for the credit card. In addition to having an Excellent/Good credit score, Chase will consider your employment status and income to ensure that you would be able to afford any new debt.

Overview of Card Benefits

For benefits and protections, the Chase Freedom® offers:

  • Zero liability protection means you won’t be held responsible for unauthorized charges made with your card or account information. This is a fairly common credit card benefit.
  • Chip-enabled card. Just one warning: this is a chip and signature card (and not a chip and pin card). While that should be fine for all of your spending in America, it might make using the card overseas a bit more difficult when only chip-and-pin is accepted.
  • Purchase protection covers your new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account.
  • Price protection provides that if a card purchase you made in the U.S. is advertised for less in print or online within 90 days, you can be reimbursed the difference up to $500 per item, $2,500 per year.
  • Auto rental collision damage waiver means you can decline the rental company’s collision insurance and charge the entire rental cost to your card. Coverage is provided for theft and collision damage for most cars in the U.S. and abroad. In the U.S., coverage is secondary to your personal insurance.

Alternatives to Chase Freedom®

How does Chase Freedom® stack up versus the competition? It really depends upon how you use your card. 5% cash back is one of the highest rates on the market, but you need to activate and spend in that category to earn rewards. Otherwise you would be earning a not very exciting 1%.

We will now compare Chase Freedom® to three other types of cash back credit cards:

  • Discover it® - Cashback Match™ – a credit card that offers rich cash back rewards
  • Flat rate cash back credit cards, where you can earn 2%
  • Bonus category cards

Discover it® - Cashback Match™

There are a lot of similarities between Discover it® - Cashback Match™ and Chase Freedom®. Both cards have no annual fee and pay a base cash back rate of 1%. Both cards offer 5% cash back in rotating categories. Both cards require you to opt in to the 5% cash back categories and cap the 5% cash back up to $1,500 of spend. But there are two areas where these cards are different.

The first big difference is the intro bonus. With Chase Freedom®, you can Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening. Discover, on the other hand, will match all of the cash back earned during your first year, automatically (new cardmembers only). There is no cap to how much you can earn. If you are a big spender (especially in the bonus categories), you would earn much more during Year 1 with Discover. Here is a comparison of first year earnings:

  • You spend $1,000 a month in 1% categories
  • You spend $500 a month in 5% categories
  • The sign-on bonus at Chase would be $150, after required spend
  • The sign-on bonus at Discover, at the end of the first year, would be $420

While you get the intro bonus much quicker at Chase – for big spenders, it pays to wait until the end of Year 1 at Discover.

The second big difference is the categories. Each quarter Discover and Chase announce their bonus categories, and they can be different. At Discover, the 5% categories from January – March 2018 are Gas Stations and Wholesale Clubs.

If you are a big spender, the Discover it® - Cashback Match™ first year bonus makes it a good choice. If you are constantly looking for good deals, having both cards in your wallet to take advantage of the bonus categories might be a good choice.

Flat Rate Cash Back Cards

If opting into bonus categories every month sounds painful, you might want to consider a card that pays a flat rate on all of your spending. Whereas Chase Freedom® offers a combination of 5% on bonus categories and 1% on everything else.

Citi® Double Cash Card – 18 month BT offer

Citi® Double Cash Card – 18 month BT offer pays 1% cash back when you buy and 1% cash back as you pay for those purchases. If you pay your statement balance in full every month and claim the cash back as a check or deposit into your checking account, you can earn double cash back.

Alliant Cashback Visa

Another new option is from Alliant, a credit union that anyone can join. With the Alliant Cashback Visa Signature card, you can earn 3% cash back during the first year (with no annual fee) and then 2.5% cash back thereafter. Just be warned: after the first year, there is a $59 annual fee. If you spend more than $1,000 a month on the card, the Alliant card will be a better deal than Citi® Double Cash Card – 18 month BT offer.

Bonus Category Cash Back Credit Cards

If you spend a lot of money in a single category every month, you might want to consider a credit card that pays a higher rate on just that category. For example, if you spend a lot of money on gas, you can find a card that pays 5% cash back on gas. If groceries are your biggest expense, you can find a card with 6% on groceries. You can find the best cash back credit cards by category here.

Who the card is best for

Cash back credit cards are great ways to put a little extra money in your pocket. Just remember to pay the statement balance in full and on time every month. Interest and late fees can quickly eat away at the cash back that you earn.

Chase Freedom® is a good choice for people who are willing to opt in to the bonus categories each quarter and actually spend a lot of money in the bonus categories. If you don’t take advantage of the generous 5% bonus categories, you will be left with a card paying only 1%, which is not very exciting.

Rewards Cards: Frequently Asked Questions

The Ultimate Rewards points you earn from the Chase Freedom® don’t expire as long as you keep the account open. If you close your account, you will forfeit your points, though if you keep another Chase card that earns Ultimate Rewards open you can transfer your points to that account before you close your Chase Freedom®, and keep them alive.

Credit card companies rely on merchant codes provided by payment networks to determine the category of a purchase. Some stores might have a merchant code that doesn’t fit what you might think the purchase will be. For example, buying groceries at a Walmart isn’t a grocery purchase because Walmart doesn’t code itself as a grocery store. There’s no way to know for sure in advance what category a merchant falls under, so be aware of that before relying on the cash back for a category from a merchant you haven’t shopped at before.

Don’t let those cash back promises pressure you into spending more than you can afford. If you don’t pay your statement balance in full each month, you could get slapped with sky-high interest charges. That would totally negate any benefit you might get from earning cash back. Cash back cards are only valuable if you can pay your bill in full and capture the entirety of your cash back rewards.

It depends on the card. Some cards allow you redeem cash back dollar for dollar as a statement credit, which can help lower your total balance. Just keep in mind that applying cash back to your card statement does not count as a monthly payment. Other cards will increase the value of your cash back if you spend on certain categories, like travel. Review your terms carefully to be sure you’re getting the most bang for your buck.

Find the card that fits your day-to-day spending needs best, beyond the flashy sign-up bonus offers and cash back promises. Pay your bill in full each month (spend only what you can afford to pay off).

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Earning Cashback

Citi Double Cash Review: Twice The Cash, No Limits

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

Citi® Double Cash Card – 18 month BT offer offers the highest no-fee flat-rate cash back credit card on the market. If you pay your balance in full and on time every month, you can earn up to double cash back on everything you spend. You earn 1% cash back when you buy and 1% cash back as you pay for those purchases. If you pay your statement balance in full and deposit the cash back into your checking account, you will have earned a nice 2%.

There is no cap on the cash back you can earn, and there are no rotating categories or requirements to opt into every quarter. If you are looking to earn a lot of cash back without a lot of work, this card could be right for you.

Citi<sup>®</sup> Double Cash Card – 18 month BT offer

APPLY NOW Secured

on Citibank’s secure website

Citi® Double Cash Card – 18 month BT offer

Annual fee
$0*
Cashback Rate
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
Regular Purchase APR
14.99%-24.99%

Variable

Credit required
good-credit
Excellent/Good

How the Citi® Double Cash Card – 18 month BT offer works

To get double cash back, you must emulate the habits of the savviest credit card holders: use your card, and pay it off in full each month. Do anything else, and you won’t get the full benefit of the double cash back reward.

With the Citi® Double Cash Card – 18 month BT offer, you receive your first 1% cash back when you buy and 1% cash back as you pay for those purchases. So you get 1% cash back for every dollar you spend, and another 1% cash back for each dollar you pay off on your balance — on time — each month.

To get the maximum double cash back quickly, you should pay off your entire balance. However, as long as you pay the minimum each month, you’ll eventually receive the double cash back, although you’ll pay a lot more than 1% in interest each month.

How to redeem cash back with Citi

When your balance reaches $25, you can choose to redeem your cash reward through a gift card, check, direct deposit, or statement credit to your Citi account. Beware: if you redeem with a statement credit, you won’t get exactly double cash back, but just shy of it depending on the size of the reward.

If you redeem via gift card, you’ll select from retail, restaurant, entertainment, and electronic gift cards in Citi’s gift card marketplace. Choosing the direct deposit option will allow you to transfer your cash back directly to your bank account whether it’s a Citi account or not. If you redeem via check, you should receive a paper check at the address you have on file in 7 to 10 business days.

You can also redeem with a statement credit, but you might notice you don’t get quite double cash back. Since a $25 credit on your statement reduces the amount you’d need to pay back by some amount, you technically get a little less than 2% cash back.

For example, if you redeem $1,000 in cash back for the year, you’ll be shorted about $10 if you redeem your rewards with a statement credit. Assuming you paid off your balance each month, your cash back is reduced to about 1.98%. If you don’t want to miss out on that gap, redeem via check or direct deposit. Also, remember Citi does not count a statement credit as a payment, so you still need to make at least your minimum monthly payment by the due date or you’ll be charged a late fee.

For more details on how to get your cash back, check out this article, where we show you step-by-step how to redeem your cash back with Citi.

Disclaimer: Your rewards will expire if you don’t use your card for 12 months, so be sure to swipe at lease once a year, or redeem your cash before it expires.

How to qualify for the Citi® Double Cash Card – 18 month BT offer

Borrowers with Excellent, Good credit scores are likely to get approved for the Citi® Double Cash Card – 18 month BT offer. That means you can still get approved with a few marks on your credit report. That’s unusual as rewards cards with a 0% introductory balance transfer offer like the Citi® Double Cash Card – 18 month BT offer are rare for those who lack excellent credit.

Overview of card benefits

The Citi® Double Cash Card – 18 month BT offer offers the following benefits and protections to cardholders:

  • No penalty for your first missed payment. Citi won’t charge you a late fee on a first missed payment. This benefit forgives those who usually pay on time, but may miss a payment by accident. Careful, you WILL be charged a fee if you miss a second payment.
  • Citi Private Pass. Citi customers get special access to purchase presale tickets and VIP packages to events such as concerts, sporting events, dining experiences, and complimentary movie screenings.
  • Citi Price Rewind. If you notice a price drop on the big-ticket item you just bought, Citi may have already refunded you the difference. Citi Price Rewind will look for a lower price on any registered items you purchase for 60 days. If the system finds a lower price, you may be refunded the difference.
  • Chip-enabled card. Just one warning: this is a chip and signature card (and not a chip and pin card). While that should be fine for all of your spending in America, it might make using the card overseas a bit more difficult when only chip-and-pin is accepted.
  • Citi Concierge. Citi Concierge sets you up with trained experts to help you plan your travel, shopping, dining, entertainment, and other parts of your next trip.
  • Protection against interrupted trips. If your travel plans are interrupted for some reason, Citi will reimburse you for part of your hassle. The bank will reimburse any nonrefundable travel expenses such as change fees if you paid for the ticket with your Citi® Double Cash Card – 18 month BT offer.
  • Car rental and collision insurance. You can skip paying extra for the rental company’s collision loss and damage insurance if you use your Citi® Double Cash Card – 18 month BT offer. Citi will cover you against any theft or damage done to the rental as long as you used your Citi card to pay for it.
  • Zero liability protection. You won’t be held responsible for unauthorized charges made with your card or account information. This is a fairly common credit card benefit.
  • Purchase protection covers repairs or refunds for your new purchases in case of damage or theft within 120 days of your making the purchase.
  • Lost wallet service. If you happen to lose your wallet and everything in it, take some comfort in knowing your Citi card, at least, will be replaced within 24 hours. Citi can also give you emergency cash up to your available cash advance limit to help out between losing your card and receiving a new one.

Why we like the Citi® Double Cash Card – 18 month BT offer

It has the highest no-fee flat rate reward in the market.

The clearest advantage of the Citi® Double Cash Card – 18 month BT offer is that it offers the highest flat rate cash rewards program without an annual fee on the market. The card’s double cash back feature can be a valuable feature for those known to make most everyday purchases on a credit card, and pay the card balance off each month.

The flat rate on all purchases keeps earning rewards simple.

If you like things simple, the card’s flat rate on everything will make keeping up with rewards a breeze. You’ll earn 1% on everything you buy, so there won’t be any need for you to fumble through a stack of credit cards for a specific cash back card at the grocery store. It also eliminates stressing over when or by how much rewards categories might change on your current go-to card each quarter.

It’s a good balance transfer card, too.

The card’s 0%* for 18 months on Balance Transfers* offer makes it a good choice for those seeking to consolidate debt, too. The cash back rewards won’t apply to your balance transfer, but you’ll get 18 billing cycles to pay off the balance interest-free before the card’s higher ongoing interest rate kicks in, currently at 14.99% - 24.99%* (Variable) APR.

It comes with other great cardholder benefits.

The Citi® Double Cash Card – 18 month BT offer’s other benefits aren’t bad either. The card also grants you free access to view your Equifax FICO® Score, and the Citi Price Rewind benefit automatically reimburses you the difference on purchases made with your card if the price changes within 60 days.

What to watch out for with the Citi® Double Cash Card – 18 month BT offer

You have to pay off your balance in full to reap the full reward.

You could pay the minimum each month and eventually see you’ve redeemed your cash back. However, the reward really only benefits you if you pay your balance in full each month. If you don’t, the full interest you’ll be charged on your purchases will eclipse the double cash back benefit.

It charges a balance transfer fee.

Although the balance transfer isn’t the main perk the card has, it’s important to note Citi charges you a balance transfer fee of 3% of each balance transfer; $5 minimum. Granted, the charge isn’t much compared to the 16% on average you’d be charged in interest on your balance each month if you don’t transfer, but there are many, no-fee balance transfer alternatives (like the Discover it® or Chase Slate® cards) you could qualify for instead.

You get charged 3% to use it overseas.

You’ll pay to use this card overseas, and the fee isn’t worth it if you can avoid doing so. The 3% foreign transaction fee you’ll be charged to swipe makes the potential double cash back you’d receive on the purchase trivial.

It doesn’t come with a sign-on bonus.

With the Citi® Double Cash Card – 18 month BT offer, you won’t get a sign-on bonus like you’d get with other competing cash back cards like Fidelity’s Rewards Visa Signature ($100) or the Capital One® Quicksilver® Cash Rewards Credit Card. It’s not a huge pitfall among the card’s best-in-class cash back offer and other perks, but it’s something to consider when weighing your options.

Your rewards will eventually expire.

Take care to redeem your cash back before you stop using the card! If you don’t earn cash back on rewards with your Citi® Double Cash Card – 18 month BT offer for 12 months, your rewards will expire. If you plan to stop using the card — maybe you accepted the offer for a specific purchase, or simply for the balance transfer offer — make sure to redeem your cash back before adding it to your credit card graveyard.

Alternatives to the Citi® Double Cash Card – 18 month BT offer

The Citi® Double Cash Card – 18 month BT offer has the highest no-fee flat rate cash back reward on the market, but it might not be the best cash back card for you, depending on your spending habits.

Cards that only earn cash back in certain categories, for example, may work better for you. You might find you spend most of your income in a category such as groceries or gas, so you’d earn a greater reward with a card that earns cash back only in specific spending categories or enjoy keeping up with rotating categories.

Next we compare how the Citi® Double Cash Card – 18 month BT offer compares to four other cash back credit cards:

  • Fidelity’s Rewards Visa Signature – the other 2% cash back credit card
  • Alliant Cashback Visa Signature – the 2.5%-3% cash back credit card with a fee
  • Chase Freedom® — the rotating category alternative
  • Blue Cash Preferred® Card from American Express — the bonus category alternative

Fidelity Rewards Visa Signature

Fidelity’s Rewards Visa Signature card earns cardholders 2% cash back on all purchases with no annual fee. The card is best for existing Fidelity customers, as the funds you earn must be deposited into a Fidelity account.

Borrowers with “good” credit need not apply for this card. Your credit score has to be above 700 to get approved for a line of credit with the Fidelity Visa. Even then, you may be disappointed if you’re not a big Fidelity customer as Fidelity bases its credit limits on the total amount of assets it’s managing on your behalf.

Alliant Cashback Visa Signature

If you don’t mind paying an annual fee, the Alliant Cashback Visa Signature card could be a viable alternative to the Citi® Double Cash Card.

Alliant’s Cashback Visa Signature card offers an unlimited 3% on all purchases in the first year and 2.5% cash back on all purchases in the years following. You’ll also forgo a foreign transaction fee if you use the card overseas. The catch is, cardholders pay a $59 annual fee to hold the card. Only those with excellent credit and high income will qualify for this rewards offer.

Chase Freedom® — the rotating category alternative

With Chase Freedom®, you’ll automatically Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. The card also lets you Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

The Chase Freedom® card rotates rewards categories each quarter, so you’ll need to look out for changes and opt in to the quarter’s categories before you can start earning rewards in them. You also enjoy 0% Intro APR on Purchases for 15 months and a 0% Intro APR on Balance Transfers for 15 months (16.49% - 25.24% Variable, thereafter). You can also earn a $25 bonus when you add an authorized user and make your first purchase within the first three months.

If you qualify for the Citi® Double Cash Card – 18 month BT offer card, you have a good chance of qualifying for Chase Freedom®, too. Borrowers with Excellent/Good credit scores have the best shot at getting approved for the Chase Freedom® card.

Blue Cash Preferred® Card from American Express— the bonus category alternative

With a card like the Blue Cash Preferred® Card from American Express, you’ll earn a larger amount of cash back in certain categories. The card awards holders 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases. So, if your household spends big on gas and groceries, the rewards you’d earn with a card like the Blue Cash Preferred® Card from American Express will likely be greater that what you could earn with the Citi® Double Cash Card – 18 month BT offer.

Try using this tool to figure out which cash back card has the best ongoing program for your needs. Fill in how much you tend to spend each month in each spending category, and the system will generate recommendations based on your spending habits.

Who benefits the most from the Citi® Double Cash Card – 18 month BT offer

Overall, cash back cards can be a great way to put some extra money in your pocket, as long as you remember to pay your statement balance in full each month. Interest and late fees can eclipse your cash back earnings pretty quickly.

The Citi® Double Cash Card – 18 month BT offer is best for borrowers with Excellent, Good credit, who make everyday purchases with a credit card and have great payment habits. The double cash back feature is great if you already have the discipline to pay your statement balances off in full each month, and it’s the only way the card’s reward offer is valuable. If you don’t think you can consistently pay off your card each month, it’s best to get the habit set in stone before trying a rewards credit card.

If you’ve never had a rewards card, the Citi® Double Cash Card – 18 month BT offer’s simple terms and flat rate cash back rewards make for a great starter rewards card and — so long as you pay your balance off each month — it can be a great way to earn extra pocket change without going into debt.

Citi® Double Cash Card – 18 month BT offer FAQs

You’ll get up to double cash back on all of your purchases, which is the logic behind advertising the card as “Double Cash” and not “2% Cash.” You’ll earn your first 1% cash back when you buy and 1% cash back as you pay for those purchases, but if you choose to redeem your cash back via statement credit on your account, you’re technically getting just shy of 2% cash back.

Yes, the cash back on the Citi® Double Cash Card – 18 month BT offer expires if you haven’t used your card for 12 months.

Anything over 1.5% cash back is a good deal. There are some cards that offer more — as much as 5% or 6% cash back on purchases. But sometimes those offers are too good to be true. Banks don’t like to lose money and will pepper the fine print with all sorts of limitations. For example, they may offer 5% cash back on only purchases at certain types of retailers and only for certain periods of time. And those categories may change every quarter, which can make it hard to keep track.

Don’t let those cash back promises pressure you into spending more than you can afford. If you don’t pay your statement balance in full each month, you could get slapped with sky-high interest charges. That would totally negate any benefit you might get from earning cash back. Cash back cards are only valuable if you can pay your bill in full and capture the entirety of your cash back rewards.

It depends on the card. Some cards allow you to redeem cash back dollar for dollar as a statement credit, which can help lower your total balance. Just keep in mind that applying cash back to your card statement does not count as a monthly payment. Other cards will increase the value of your cash back if you spend on certain categories, like travel. Review your terms carefully to be sure you’re getting the most bang for your buck.

Find the card that fits your day-to-day spending needs best, beyond the flashy sign-up bonus offers and cash back promises. Pay your bill in full each month (spend only what you can afford to pay off).

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Brittney Laryea
Brittney Laryea |

Brittney Laryea is a writer at MagnifyMoney. You can email Brittney at brittney@magnifymoney.com

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Earning Cashback

How to Earn and Receive Cashback with Discover

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

How to Earn and Receive Cashback with Discover

Discover has a wide range of credit card options, including student cards, travel cards, secured cards, and cashback cards. When it comes to its cashback card, Discover offers some special features for cardholders looking to cash in on rewards.

For starters, the Discover it® - Cashback Match™ card has a $0 annual fee, earn 5% cashback in select, rotating categories, and 1% unlimited cash back automatically on all other purchases.. Cardholders can also redeem their cashback at any time.

If you have the Discover it® - Cashback Match™ card in your wallet, the Discover website is the one-stop shop for managing your credit card and checking on your cashback and redeeming it.

In this article, we’ll touch on:

  • How to earn cashback with your Discover it® card
  • Navigating the Discovercard.com portal
  • How to redeem your cashback

How to Earn CashBack with Discover

It’s easy to earn cashback with your Discover it® - Cashback Match™, which can make it a top contender when choosing which card you’ll use to make everyday purchases.

In order to take advantage of the 5% cashback offer year-round, you’ll need to spend in certain rotating categories throughout the year.

  • January – March 2018 – Gas Stations and Wholesale Clubs
  • April – June 2018 – Grocery Stores
  • July – September 2018 – Restaurants
  • October – December 2018 – Amazon.com & Wholesale Clubs

With Discover’s 5% cashback, there’s a spending cap of $1,500 each quarter, meaning you can earn a maximum of $75 in cashback each quarter or $300 per year.

However, you can also earn 1% unlimited cash back automatically on all other purchases, and there’s no cap on how much you can spend or how much cashback you can receive, so if you want to maximize cashback rewards, you could possibly earn more than $300 per year.

Don’t Forget …

Discover cardholders have to “opt in” each quarter to start receiving 5% cashback when spending in the rotating spending categories. This is important to remember and easy to do by simply following the prompts in Discover’s reminder email or logging on to your account.

Cashback also doesn’t expire as long as your account is in good standing, so you can stack up your rewards over time if you forget.

New customers may receive special offers like cashback matching, which is when Discover it® matches all the cashback you earn dollar for dollar at the end of your first year. The double cashback will be applied to your account balance after the end of the twelfth billing cycle.

How to Access Cashback Rewards

When you start earning cashback with your Discover it® card, you can check your available Cashback Bonus right on Discover’s online portal, which is called the Account Center.

Go to Discover.com and type in your login information. Make sure the drop-down menu below the password field says “credit card” so you can access your online account for your Discover it credit card.

discover cash back 1

After you log in, you should see a screen similar to the one shown below. Below you can see the Cashback Bonus available is clearly displayed on this first page along with information about the current quarter’s spending categories and a link to the Cashback Bonus calendar, which provides more information about each 5% cashback spending category.

discover cash back 2

You can click on the button underneath your cashback rewards summary to see a more detailed page, which should look similar to the one below.

Here, you can learn more about earning cashback and redeeming your Cashback Bonus.

discover cash back 3

 

Options for Redemption

Discover it® cardholders can redeem their Cashback Bonus at any time, and you have a variety of options to choose from.

Amazon Products

You can use your cashback to pay for online purchases on Amazon.com. This can give your wallet a rest when you’re shopping online and can come in handy around the holidays.

discover cash bank 4

Gift Cards and E-Certificates

You can also redeem your Cashback Bonus for gift cards and e-certificates (digital gift cards for online shopping) at over 100 popular retailers and restaurants. Right now, Discover is offering a $25 gift card for cardholders who want to redeem $20 in cashback. You can also find other incentive offers to use gift cards or e-certificates, such as $80 of cashback for a $100 e-certificate to Banana Republic. Using gift cards or e-certificates could help your cashback stretch further.

discover cash bank 5

 

Donation, Cash, and Statement Credit

Finally, Discover it® cardholders can donate their cashback rewards, or redeem the cash by applying it to their credit card statement to partially cover existing charges or by transferring it to their bank account.

discover cash bank 6

Transferring Cashback to Your Bank

To redeem your cashback rewards for cash, you’ll have to click on the “Redeem For Cash” button after scrolling down to view your redemption options for your credit card account on Discover’s Account Center portal.

When you see a screen similar to the one shown below, enter the amount of cashback you’d like to redeem and click the option that says “Direct deposit to your bank account” if you want to receive the cash instead of applying it to your credit card balance.

Your checking account that you use to pay your credit card bill each month should already be connected to your Discover it®.

account, so you can select it from the drop-down menu below. For the time being, Discover, won’t let you add another account to transfer your Cashback Bonus to.

discover cash bank 7

When you’ve selected the amount you’d like to redeem and the account you’d like to transfer it to, click “Continue” and approve and confirm the transaction.

If you don’t want to use Discover’s online portal, you’ll have to call 1-800-DISCOVER (1-800-347-2683) to redeem your Cashback Bonus.

After you redeem your Cashback Bonus, the time it takes to receive your reward can vary based on the redemption method you chose.

  • Partner gift cards will be mailed to your billing address within 10 business days
  • Electronic deposits will appear in your bank account within 72 hours
  • Account credits will post to your account within 2 business days

Final Word

The Discover it® - Cashback Match™ card is a great option for people who like to earn cashback, thanks to its 5% cashback rewards and no annual fee, and it also provides a flexible range of redemption options.

Whether you want to apply your Cashback Bonus to your current balance, use it to shop online or at your favorite department store, or deposit the cash straight to your checking account so you can spend it however you please, you can do all of that and more.

The Account Center portal is also very user friendly and easy to navigate when trying to redeem cashback.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

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Earning Cashback, Reviews

Capital One Venture Card Review: Earn 2X Miles on Every Purchase

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Travel_lg

If you frequently travel for business or leisure, a travel rewards credit card is one you want to keep close. Using a travel card to earn and redeem rewards can lower your out-of-pocket travel costs.

The Capital One® Venture® Rewards Credit Card is a credit card that rewards cardholders in miles for everyday spending. The miles you accumulate can be used to cover the cost of flights, hotel accommodations, and more through the Capital One rewards center. In this post, we’ll dive into:

  • The credit card basics
  • How to redeem cashback
  • The fine print details
  • The pros and cons

The Basics of the Capital One® Venture® Rewards Credit Card

  1. Earn unlimited 2 Miles per dollar on every purchase, every day

There’s no cap on how many miles you can earn. 100 miles earns you $1 in travel rewards, so 1 mile equals 1 cent when you redeem miles for travel purchases.

  1. Earn a One-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel
  1. $0 intro for first year; $95 after that
Capital One® Venture® Rewards Credit Card

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on Capital One’s secure website

How to Redeem Miles Earned

You can redeem the miles you earn in two ways. You can book travel first with your Venture card and then use miles to credit the travel purchases on your statement. Or you can use miles like cash to pay for new travel bookings upfront. The redemption value on travel is 1 cent per mile either way you choose to redeem your miles.

Here’s how to do both:

Using miles to credit past travel purchases

After making a travel purchase on the card, log in to your online account or call the Capital One rewards center to use the Purchase Eraser tool. The Purchase Eraser feature will credit your account for qualifying travel purchases. You must use the Purchase Eraser tool within 90 days of making a travel purchase for it to be eligible for statement credit. It usually takes two to three days for the amount to be credited to your account. You may also be able to do partial redemptions to cover a portion of the cost of travel, but this is subject to minimum redemption amounts.

Previous travel you can get a credit for includes:

  •       Airfare
  •       Bus fares
  •       Car rentals
  •       Cruises
  •       Hotel accommodations
  •       Limo services
  •       Taxicab fares
  •       Timeshares
  •       Train fares
  •       Travel agency costs

Using miles to pay for new travel bookings

For new travel bookings, you also log in to your online account or call the Capital One rewards center. You can book flights, car rentals, and hotel accommodations with your miles.

Besides travel, you can also cash in miles earned to receive a gift card, check, or account credit (for non-travel purchases). Gift cards have the same value as travel redemption. However, the value you get for a check or account credit on non-travel spending is only 50 cents per mile.

Venture cardholders will get the most bang for their buck on gift cards and travel. For example, if you use the 40,000 bonus miles to request a check, you’ll only get $200. Using the bonus miles for travel or a gift card instead will get you 50% more value. 

The Fine Print and Fees

The Capital One® Venture® Rewards Credit Card doesn’t hit cardholders heavy with fine print or fees. There’s no limit to how many miles you can earn, and miles never expire. Participating in the rewards program will be smooth sailing as long as you pay the monthly bill on time. You forfeit miles you earn during any billing cycle when you’re charged a late fee.

We briefly mentioned the card’s annual fee, $0 intro for first year; $95 after that. You’ll need to spend at least $2,950 each year on the card to earn enough miles to cover the cost of the fee in travel rewards value.

The credit card APR is 14.49% - 24.49% (Variable). To get the most value from the Capital One® Venture® Rewards Credit Card (or any rewards card, for the matter), you need to pay off your entire balance in full each month to eliminate interest charges. Otherwise, interest charges from a revolving balance will decrease how much you’re really gaining from miles earned.

Benefits and Protections

Let’s cover the protections the Capital One® Venture® Rewards Credit Card can offer you while globetrotting since it’s a rewards card for travelers. There’s $0 fraud liability, which means you won’t be held responsible for unauthorized purchases if your card is lost or stolen.

The Capital One® Venture® Rewards Credit Card also comes with travel accident insurance and 24-hour travel assistance. The card comes with rental car insurance that can cover you for rental car collision and theft.

Pros and Cons

Pro: Waived annual fee the first year and miles bonus. New Capital One® Venture® Rewards Credit Card cardholders have a major opportunity to benefit from bonus miles and a $0 intro for first year; $95 after that annual fee. Say you already plan to take a trip or make a major purchase over $3,000 in the next few months. You can apply for the card and charge the purchase to your new account. This will automatically earn you 50,000 miles to put toward another trip.

Con: The annual fee. The $0 intro for first year; $95 after that annual fee waiver is a pro, but the fee for following years may be a deal-breaker if you don’t plan to spend enough on the card. 

Pro: No cap. Earning unlimited miles is a positive for big spenders.

Con: The redemption value for cash and statement credit. If you want to use your miles for something other than travel, such as cash or a statement credit (for non-travel purchases), you will only get 0.50 cents per point. The Capital One® Venture® Rewards Credit Card is a travel rewards card, so it’ll likely attract cardholders who want to use miles for travel bookings, and the lower redemption value on other options may not be a huge deal. Just be mindful that you will get less for your miles if you use them for something else. 

Pro: No foreign transaction fee. Many travel rewards cards besides the Capital One® Venture® Rewards Credit Card card don’t have foreign transaction fees. We’ll cover a few of them below. Not having this fee is a pro, but it’s also something that’s fairly common among travel rewards cards.

Other Travel Rewards Credit Cards to Consider

The Chase Sapphire Preferred® Card offers you 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide. . When you use Chase Ultimate Rewards® to redeem points, 1 point equals 1 cent.

There are two standout aspects of the Chase Sapphire Preferred® Card that can benefit travelers. Points are 25% more valuable when you use them to book travel through Chase Ultimate Rewards®. You can also transfer the points you earn to other rewards programs, 1:1.

You can Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®. This is equal to $625 toward travel when you redeem through Chase Ultimate Rewards®. The Chase Sapphire Preferred® Card has an introductory annual fee of $0 Intro for the First Year, then $95.

 Chase Sapphire Preferred® Card

The information related to the Chase Sapphire Preferred® Card has been collected by MagnifyMoney.com and has not been reviewed or provided by the issuer of this card.

The Bank of America® Travel Rewards Credit Card allows you to Earn 1.5 points per $1 spent on purchases and has a $0 annual and no foreign transaction fees. The card gives 20,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of account opening. This equals $200 in a statement credit or travel purchases.

Cardholders also get a 10% point bonus for having an active checking or savings account. Preferred Bank of America cardholders who have a balance of over $20,000 in a Bank of America banking or Merrill Lynch investment account can earn an extra 25% to 75% bonus on their rewards points. Ultimately, current Bank of America customers will likely get the most value from this card. 

Bank of America® Travel Rewards Credit Card

If you prefer to stick with Capital One, there is also the Capital One® VentureOne® Rewards Credit Card. This card offers unlimited 1.25 Miles per dollar on every purchase, every day and has a $0 annual fee and no foreign transaction fees. The card earns a One-time bonus of 20,000 miles once you spend $1,000 on purchases within 3 months of account opening, equal to $200 in travel.

Capital One® VentureOne® Rewards Credit Card

Comparing the Capital One® Venture® Rewards Credit Card and Capital One® VentureOne® Rewards Credit Card side by side, Capital One® VentureOne® Rewards Credit Card may be the better choice if you’re unlikely to spend $3,000 within the first three months. However, Capital One® Venture® Rewards Credit Card may be worth it if you are able to receive their 50,000 bonus miles, especially with the$0 intro for first year; $95 after that annual fee.

Who Will Benefit the Most from the Capital One® Venture® Rewards Credit Card?

The Capital One® Venture® Rewards Credit Card has no spending cap, so if you use plastic often, this could be a card that will reward you well.

You still need to make sure you’re prepared to spend enough on the Capital One® Venture® Rewards Credit Card for it to be worthwhile. Estimate what your spending activity on the card will be each year to see if you’ll spend enough to cover the fee.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Earning Cashback

How to Redeem Cashback with Capital One

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

How to Redeem Cashback with Capital One

Capital One offers a credit card option for everyone, whether you’re a student, consumer looking to earn rewards, or a business owner. If you’re looking for a flexible cashback card with no annual fee, the Capital One® Quicksilver® Cash Rewards Credit Card is an excellent choice because the card allows you to receive cashback on everything you purchase.

In this post, we’ll touch on:

  • How to earn and track cashback rewards with your Capital One® Quicksilver® Cash Rewards Credit Card
  • Navigating through the Capital One online portal to access cashback rewards
  • How to redeem cashback rewards

Since you can earn cashback on every purchase you make, it’s very easy to rack up cashback rewards with the Capital One® Quicksilver® Cash Rewards Credit Card
. Cardholders receive 1.5% Cash Back on every purchase, every day, which isn’t the highest rate on the market, but it’s unlimited and there are no quarterly, rotating categories you need to sign up for. The only way you’ll ever lose rewards is if your account is closed. 

How to Access Cashback with Capital One® Quicksilver® Cash Rewards Credit Card

To access your cashback rewards, you’ll log in to your account by going to capitalone.com/sign-in. You’ll see a screen like the one below, where you can click ‘Sign In’ in the US Credit Cards column in the Credit Cards category.

capone1

After you log in to your account, you’ll be taken to the main dashboard. If you have more than one Capital One credit card, you’ll need to look at the account that says “Quicksilver” or “QuicksilverOne,” which will display a preview of your cashback rewards amount. 

Earned rewards are usually visible online within 10 days, but may take up to two statement cycles to post to your account.

capone2

The amount you have in cashback is clickable and will take you to the My Rewards page that shows more details about earning and receiving cashback. 

How to Redeem Cashback Rewards

You can view all your options to redeem your cashback rewards on the My Rewards page. Cardholders can set up automatic redemption preferences for their cashback or request it manually.

capone3

If you use your card every day and regularly earn cashback, you might find it convenient to set up an automatic redemption option, and you can even set up your account to redeem cashback when you reach a certain threshold like a $25 or $50 in cashback.

Setting Up Automatic Redemption for Cashback Rewards

Step 1: To set up automatic redemption for your cashback, click on “Set Auto Rewards Preferences” at the bottom of the My Rewards page (as seen in the screenshot above). 

Step 2: After you click on it, a pop-up window will appear, and you’ll need to click the green “Let’s Get Started” button to set your preferences. capone4

Step 3: Next you’ll choose where you’d like your rewards to go. You can choose from a credit to your account or a check by mail.

capone5

Step 4: Now you’ll choose when you want your cashback rewards to be redeemed. Since the amount of cashback you receive depends on the amount of purchases you make and how often you use your Quicksilver credit card, it might be tricky to pinpoint when you’d like to redeem cashback rewards, but you can always change your preference later.

capone6

If you prefer to redeem your cashback when it reaches a certain amount, you can choose between the following thresholds: $25, $50, $100, and $200.

If you choose to have it redeemed by date, you can choose your month, and you’ll receive whatever cashback you earned on the fifth of every month.

Capital One® Quicksilver® Cash Rewards Credit Card cardholders who don’t want to set up automatic redemption preferences for their cashback rewards can redeem cashback easily by doing it manually from the My Rewards page after signing in to their online account.

Plus, there are more options available when you choose to redeem your rewards manually.

Redeeming Your Rewards for Cash

capone7

If you’d like to redeem your cashback for cash, you can choose between getting an account credit, receiving a check in the mail, or applying your rewards to purchases you’ve made with your Capital One® Quicksilver® Cash Rewards Credit Card.

If you are carrying a balance, the option to redeem cashback for purchases may come in handy by helping you pay down your balance and avoid some interest charges.

Gift Cards

capone8

There are more than 80 gift cards you can receive for retailers, restaurants, online stores, and more when you redeem your cashback rewards. Some gift cards are only available in certain amounts, so if you only have $10 in cashback, for example, you’ll be able to get an Amazon gift card but you won’t have enough to get an Applebee’s gift card. 

Donate

capone9

If you want to donate your cashback, you can start that process by clicking on the “Donate Now” button on the My Rewards page dashboard.

Clicking on that button will direct you to capitalone.com/give, where you can search for charities and nonprofits and redeem your cashback so you can donate it to a cause you support. 

Transfer Rewards to Another Account

capone10

You may be able to transfer your cashback rewards if you have another Capital One account. Rewards transfers are only permitted between certain Capital One accounts, so you’ll need to check eligibility by typing in the account number and your last name to see if this option is available to you.

If you are able to transfer your rewards to another Capital One account, it’s free to do, and you can transfer your rewards to friends’ or family members’ accounts so you can redeem them faster.

This is a great option if you are planning a trip with family or friends and want to use credit card rewards to supplement the travel costs.

The rewards you transfer don’t expire. 

Final Word

Earning cashback with a Capital One® Quicksilver® Cash Rewards Credit Card is as easy as making a purchase. When it comes to redeeming your rewards, the process is also simple and you have plenty of redemption options.

Cardholders who use their card regularly should set up automatic rewards redemption preferences for added convenience. The simplified process of redeeming rewards along with the various options available and the fact that rewards never expire (as long as your account is in good standing) make it easy for cardholders to enjoy the benefits of earning and redeeming cashback.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at chonce@magnifymoney.com

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Earning Cashback, Reviews

Discover it Review: What’s the Catch of 5% Cash Back?

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Discover it Review: What's the catch of 5% cash back?

Updated July 5, 2017

Are you searching for a no annual fee card that has the potential for 5% cash back rewards? Then Discover it® - Cashback Match™ may be a good fit for you, but keep in mind that the categories may not always sync up with your routine purchases.

The Discover it® - Cashback Match™ credit card actually comes with several perks, including an introductory 0% interest rate for 14 months on new purchases and balance transfers, no annual fee, and a cash back program. It also has a generous introductory offer that matches the cash back earned at the end of your first year, automatically that makes it a great choice upfront. The match is only available to new cardmembers.

But what about after the promo ends? We’ll run down how the card works.

5% Cashback Bonus

The Realities of 5% Cash Back

5% cash back does not mean on everything. Discover, similar to programs like Chase Freedom®, offers 5% cash back at different places that rotate every quarter. You will earn 5% cash back on up to the quarterly maximum, which is up to $1,500 of spend in combined purchases. To get the 5%, you have to activate every quarter. Earn 1% unlimited cash back automatically on all other purchases. Rotating places can include things like gas stations, restaurants, Amazon.com, or wholesale clubs.

  • January until March 2018 –  Gas Stations & Wholesale Clubs
  • April – June 2018 – Grocery Stores
  • July – September 2018 – Restaurants
  • October – December 2018 – Amazon.com & Wholesale Clubs

With a cap on the 5% cash back of the first $1,500 of purchases in a relevant category, you can earn a maximum of $75 per quarter in cash back rewards and $300 per year.

Discover it<sup>®</sup> - Cashback Match<sup>TM</sup>

LEARN MORE Secured

on Discover Bank’s secure website

Rates & Fees

How do I sign up?

Discover it® cardholders do have to “opt in” to the 5% cash back places each quarter. You can have Discover send you email reminders with the ability to opt in via email or you can opt in after logging into your account.

Do points expire?

Cash back rewards can be redeemed with no minimum threshold and can be redeemed as a statement credit, a credit on Amazon.com orders, a deposit into your bank account, and more. Cash back rewards never expire as long as your account is in good standing. Discover can close your account if has been inactive.

Bonus offer for new customers

Additionally, the Discover it® - Cashback Match™ card will match all the cash back you earn dollar for dollar at the end of your first year. The double cash back will be applied to your account balance after the end of the 12th billing cycle.

Cashing Out and Perks

Discover provides the option to use your cash back as either a statement credit or a direct deposit into your bank account.

You can also leverage up by purchasing a gift card or eCertificate through the redemption portal.

Through a partnership with Amazon, you can use your Discover it® cash back to pay for Amazon purchases while checking out. Other CashBack Bonus partners include iTunes and Overstock.com.

Discover it® also offers access to your FICO credit score terms for free on each monthly statement.

Some Extra Perks

In addition to the cash back, Discover has been investing in a number of perks that you might find useful. Discover introduced a feature that enables you to freeze your account in seconds.

If you lose your card, Discover offers free overnight shipping to any address in the U.S. They also promise that paying late won’t raise your APR.

And if you need to speak with someone from customers service, Discover has 100% U.S.-based customer service representatives.

Fees & Gotchas

There is a $0 annual fee for the Discover it® - Cashback Match™ card. The balance transfer fee is 3% of the amount of each transfer. There is no late fee the first time you pay late. After that, late payments are up to $37. Discover does not charge foreign currency transaction fees.

Discover it<sup>®</sup> - Cashback Match<sup>TM</sup>

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on Discover Bank’s secure website

Rates & Fees

How it Stacks Up

The Citi® Double Cash Card – 18 month BT offer might be a better option if you don’t want to opt into bonus categories every quarter. The Citi® Double Cash Card – 18 month BT offer offers up to 2% cash back (1% cash back when you buy and 1% cash back as you pay for those purchases) with no cap on the amount you earn as long as you pay on time, which makes it a good all-around card as you won’t have to track and time your spending to take advantage of extra cash back in bonus categories like the rotating 5% bonus cash back categories offered by Discover it®.

Citi<sup>®</sup> Double Cash Card – 18 month BT offer

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on Citibank’s secure website

The Capital One® Quicksilver® Cash Rewards Credit Card also offers a cash back program, however you can only earn 1.5% Cash Back on every purchase, every day with this card. One difference is that the Capital One® Quicksilver® Cash Rewards Credit Card offers a One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening, which is something you don’t get from either the Discover it® card or the Citi® Double Cash Card – 18 month BT offer. That sign-on bonus can easily be made up over the long run by the 2% cash back offer of the Citi® Double Cash Card – 18 month BT offer or the 5% bonus cash back categories offered by the Discover it® - Cashback Match™ card.

Capital One<sup>®</sup> Quicksilver<sup>®</sup> Cash Rewards Credit Card

LEARN MORE Secured

on Capital One’s secure website

The Bottom Line

If you spend a lot of money in the 5% bonus categories, this will be a great card. Just make sure you opt in every quarter.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Kayla Sloan
Kayla Sloan |

Kayla Sloan is a writer at MagnifyMoney. You can email Kayla here

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Earning Cashback

What’s the Best Costco Credit Card for Rewards on Purchases?

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

costco

Trying to figure out how to make a payment? Read this

As of June 20 2017, Costco now allows you to use any Visa credit card for purchases, and no longer accepts American Express cards.

This also marks the end for the Costco True Earnings Card from American Express, which is replaced by the new Costco Anywhere Visa® Card by Citi.

Costco Anywhere Visa<sup>®</sup> Card from Citi

You can now apply for the card even if you didn’t have a Costco Amex.

The Costco Anywhere Visa® Card by Citi is still a $0 annual fee card if you have an active Costco membership, and the rewards are much better than the old Costco True Earnings Amex.

It offers: 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter, 3% on restaurants & travel, 2% at Costco & Costco.com, 1% on all other purchases

That’s great news for Costco True Earnings cardholders who haven’t seen a change in rewards for many years.

But if those rewards aren’t good enough, you can use any Visa card you’d like at Costco. You don’t have to only use the Costco Anywhere Visa® Card by Citi, which opens up a lot of options.

Trying to make a payment?

You will need to go to Citi's online portal and log into your account in order to make a payment.

So, can you do better than the new Citibank Costco NASA Federal Credit Union Platinum Cash Rewards VisaVisa?

 

If you have a Navy Federal Credit Union Visa, you can get an extra 2% cash back on all warehouse club purchases until December 31. That’s on top of the rewards you’re already earning, and there’s no limit to the extra cash back, so this could get you up to 4% in reward value with cards like the Flagship Rewards card.

The Visa Rewards Card from InFirst Credit Union has the exact same earning as the Costco Anywhere Visa® Card by Citi, including 4% gas, 3% travel / dining, and 2% at warehouse clubs. The difference is it has no cap on 4% gas earning, and even if you aren’t a Costco member you can get this card. There’s no annual fee, but you need to join the NARFE for $40 to be eligible to be a member of the credit union unless you have another affiliation.

For the longer term, thanks to Fidelity and US Bank, earning good rewards on Costco purchases with your credit card is easy.

The Fidelity Rewards Visa Signature earns unlimited 2% cash back on every purchase, including at Costco.

Fidelity<sup>®</sup> Rewards Visa Signature<sup>®</sup> Card
You don’t have to be a Fidelity customer to get the card, though if you want the full 2% rewards you need to deposit them in a Fidelity account, which they’ll open automatically when you apply.

If that’s not appealing, we mined our card database to find no annual fee Visa cards that you’ll be able to use at Costco to earn 2% cash rewards at more places than Costco:

2% on Costco purchases: Bank of America® Cash Rewards Credit Card

Bank of America<sup>®</sup> Cash Rewards Credit Card
This card offers 2% cash back at warehouse clubs like Costco and Sam’s Club, but only up to $2,500 in spending each quarter. There’s a $0 annual fee. It also offers 3% back on gas and 2% at grocery stores, and spending in these categories counts toward the $2,500 per quarter limit.

2% on Costco purchases: NASA Federal Credit Union Platinum Cash Rewards Visa

NASA Federal Platinum Cash Rewards Card
Once you spend $2,000 on the card each year, all your purchases beyond $2,000 earn 2% cash back, unlimited, with no annual fee. Anyone can join the NASA Federal Credit Union by becoming a member of the National Space Society, which costs $20. Your first $1,000 a year in purchases earns 1% cash back, $1,001 – $2,000 earns 1.25%, and $2,001 or more earns 2%. And if you like travel rewards, remember, any Visa card you have can be used at Costco starting June 20th, so if you like those rewards better than cash back, you’re in good shape with the cards you already have.

What about Costco gas purchases?

4% on eligible gas with the Costco Anywhere Visa® Card by Citi is pretty decent, but you can do a bit better without limits.

One of the most lucrative gas rewards cards is the PenFed Platinum Rewards Visa which earns 5x points on gas purchases, which when you use the points for Visa gift cards gets you a touch over 4% cash back on gas.

The catch is PenFed requires your purchase to be for gas ‘at the pump,’ which is signaled by Visa merchant code 5542.

According to MyFICO forum readers Costco doesn’t use that merchant code for gas purchases.

The Fort Knox Credit Union's Visa Platinum lets you Earn an unlimited 5% cash back on gas and 1% cash back on all other purchases. But, doesn’t have the ‘at the pump only’ limitation, though we’ve seen no confirmation it will work for 5% cash back at Costco gas stations.

Same goes for the AARP® Credit Card from Chase* which offers 3% back on gas with no annual fee, but doesn’t specifically limit gas purchases to those made ‘at the pump.’

Here’s what Chase’s website has to say about how it classifies gas purchases:

“Merchants in the gas stations category sell automotive gasoline that can be paid for either at the pump or inside the station, and may or may not sell other goods or services at their location. Please note that some merchants that do not specialize in selling automotive gasoline are not included in this category; for example, truck stops, boat marinas, oil and propane distributors, and home heating companies.”

 

*The information related to the AARP® Credit Card from Chase has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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