Tag: cash back credit cards

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Comparing the Capital One Quicksilver and Chase Freedom Rewards Cards

Credit cards that offer rewards programs for card members are a smart way to earn extra cash toward purchases for savvy users. In recent years, the number of credit card rewards programs made available to qualified applicants has grown substantially, making it difficult to weed through the good, the bad and the ugly. For example the Chase Sapphire Preferred & Capital One Venture compare quite differently than marketed. And both the Chase Freedom and the Capital One Quicksilver credit cards are strong contenders for cash back rewards, but they differ greatly in terms of their rewards programs, additional card member benefits and total costs associated with owning the card. Here’s the skinny on each.

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Rewards Program Breakdown

The Chase Freedom credit card offers a rotating bonus cash back schedule, on top of a flat rate rewards program. Under the rotating bonuses tier, card members earn 5% cash back on purchases made within each applicable category for the time frame defined within the cardholder agreement. For the 2016 calendar, Chase Freedom card members earn 5% cash back on purchases made from gas stations and local commuter transportation, not including parking, Amtrak purchases or tolls. The second quarter offers the same cash back bonus on grocery store purchases, not including Walmart or Target stores, while the third quarter includes restaurants. The fourth quarter is typically geared toward holiday shopping with specific retailers and online partners added as the season begins. Card members earn the 5% cash back bonus on up to $1,500 in purchases, each quarter. All other purchases made with the Chase Freedom credit card earn 1% cash back with no limit.

The Capital One Quicksilver card differs from the Chase Freedom option in that it does not offer bonuses on specific spending categories. Instead, the credit card is a flat rate rewards card that offers 1.5% cash back on all purchases with no limit. The idea behind the Capital One Quicksilver card is focused on simplicity as card members do not need to track spending in certain categories or time purchases to ensure they receive the most benefit from their card.

Card members with Chase Freedom have the potential to earn more on certain purchases than Quicksilver cardholders, but the cap on earnings with Chase makes it difficult to capitalize fully on cash back rewards. Additionally, card members have the activate each bonus cash back category at the beginning of each quarter to ensure they receive the additional rewards points. Capital One Quicksilver card members can redeem rewards in any amount at any time, while Chase Freedom account holders have to accrue $20 worth of rewards before redemption is an option. Both credit cards offer statement credits and cash deposits as options for redeeming rewards, and rewards do not expire. Chase Freedom offers additional ways to redeem rewards, including shopping directly through the Chase mobile app or purchasing gift cards directly through Chase from partner retailers.

Added Card Member Perks Comparison

Currently, new card members can earn $100 cash back bonus if $500 in purchases are made within the first three months after account opening. The Chase Freedom credit card has a $150 one-time bonus with the same spending and time frame parameters. Both cards also provide for authorized users to be added to the accounts, and no annual fee.

Both the Chase Freedom credit card and the Capital One Quicksilver card provide additional benefits and protection to card members through the following comparable features:

  • Purchase protection up to certain limits
  • Extended warranty protection
  • Trip interruption/cancellation insurance
  • Travel accident insurance
  • Rental card damage waiver
  • Lost luggage reimbursement

In addition to these benefits, Chase Freedom also offers price protection and return protection on purchases made with the card, as well as Roadside Assistance Dispatch services. Capital One Quicksilver card members have access to a 24/7 concierge, luxury hotel discounts, sports experiences and other shopping discounts. Capital One stands out in the additional perks category by also offering free access to Credit Tracker which allows card members to access their credit score and changes to their credit profiles any time from the mobile or desktop apps. Chase Freedom does not currently offer credit information directly to card members.

Card Member Costs

Both rewards credit cards are currently offering new card members low introductory interest rates on purchases and balance transfers, although one is a stronger offer than the other. Chase Freedom has a 0% purchase APR for the first 15 months after account opening, after which time the interest rate reverts to a variable rate ranging from 14.24% up to 19.24%. Chase is also offering a balance transfer promotion for new card members that includes a 0% interest rate for the first 15 months after the balance is transferred. The balance transfer rate reverts to the same as the purchases APR after the promotional period expires. Card members should note the balance transfer fee of 5% is applied.

Capital One Quicksilver card members have access to a 0% purchase APR for the first nine months after account opening, after which time the rate reverts to a variable APR that ranges from 13.24% up to 23.24%. Balance transfers are also available through Capital One with a 0% APR for the first nine months. After the promotional period ends for balance transfer made through the Quicksilver card, card members receive a variable rate that is the same as the purchase APR assigned at the time the account was opened. The balance transfer fee for Capital One is 3%.

Neither the Chase Freedom Card nor the Capital One Quicksilver card carries an annual fee. However, Capital One does not impose foreign transaction fees on its card members, while Chase does at a clip of 3% per transaction. The late fee assessed for both cards can be as high as $35, while the fees for returned payments vary.

Final Thoughts

Both the Capital One Quicksilver and the Chase Freedom cards offer strong rewards programs to card members, but the variations may suit some spenders more so than others. For those who spend heavily in bonus categories each quarter, the Chase Freedom credit card is a no brainer. But for account holders who prefer simplicity and a flat rate rewards program, the Capital One Quicksilver card definitely takes the cake. The one-time bonus cash back offers are similar for each card, but those who want to take advantage of a 0% purchase or balance transfer APR may be drawn more toward the Chase option. Without an annual fee and no expiration on earned rewards, both the Chase Freedom and Capital One Quicksilver cards provide cost effective benefits to card members.

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Reviewing the New Ally CashBack Card

The rise of online banks – those without brick and mortar branch locations or in-person representatives – has been undeniable since the economic downturn of 2008/2009. Banking customers wanted a shift away from big banks with, at times, excessive fees, low to no interest accumulation, and in some cases poor customer service. Ally Bank has lead the charge in the impressive world of online banking, allowing customers the ability to earn as much as 1% on a conventional savings account with a minimal initial deposit and no ongoing fees.

In April 2016, savvy savers received exciting news direct from Ally; a new cash back credit card made available directly through the bank that offers perks specifically designed for loyal online savers with the bank. Enter the shiny, new Ally Cash Back credit card.

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Ally Card Basics

The new Ally Cash Back credit card is similar to other credit cards offering rewards programs in that it provides the opportunity to earn points in different purchase categories. First, card members earn two points for each dollar spent on purchases made at gas stations as well as grocery stores. These categories make it a great choice for card members who utilize their credit card for everyday spending. It is important to note that purchases made on gas or grocery items through warehouse clubs or superstores may not qualify for the enhanced 2% cash back.

In addition to the 2% categories, card members also earn a flat rate 1% on all other purchases made with the card. Rewards accumulated through the Ally Cash Back credit card do not come with pesky spending caps, nor do they expire as long as the card account remains in good standing with the bank. Ally Bank does not require a minimum rewards balance in order to redeem rewards at this time.

The cash back feature that makes the Ally credit card so attractive to current Ally banking customers is the bonus offered on redemption. A 10% Ally deposit bonus is automatically applied when cash back is redeemed as a deposit into an eligible Ally bank account. Money market accounts, non-IRA online savings accounts and interest checking accounts all qualify as eligible for the deposit bonus. The ramp up in rewards value for Ally bank deposits makes this card an incredibly valuable tool in earning rewards for current Ally Bank customers.

In addition to the rewards categories, Ally Bank is offering a $100 bonus for new card members who spend no less than $500 in the first three statement cycles. Card members should note that certain purchases or transactions do not qualify for rewards accumulation, including the following:

  • Balance transfers
  • Cash advances
  • Business purchases
  • Traveler’s checks
  • Money order
  • Lottery tickets or gambling chips
  • Wire transfers
  • Foreign currency
  • Prepaid cards
  • Interest charges

Ally Bank Perks

Ally Bank does not offer as many additional card member perks as other major credit card issuers. However, card members of the new Ally Cash Back credit card have the ability to utilize the card for purchases anywhere Visa is accepted. The Ally Cash Back credit card can be added to Apple Pay or Samsung Pay for card members who wish to make purchases via those outlets. Additionally, the Ally Cash Back credit card comes in either the Signature or Platinum card, with the former offering complimentary access to a 24/7 concierge, access to exclusive entertainment events, and special shopping benefits not afforded to Platinum card members.

Ally Cash Back Card Expenses

Card members who hold the Ally Cash Back credit card are not charged an annual fee; however, other expenses inherent to credit cards do apply. For qualified applicants, the interest rate for purchases is either 13.24%, 18.24% or 23.24%, based on credit history and score. The APR is variable, meaning it may fluctuate over time in line with broad interest rate market movement. Balance transfer fees also apply, but a current promotion offers a 0% APR on balance transfers for the first 12 billing cycles after the account is opened. After the introductory period ends, balance transfer APRs revert to the same rate applied to purchases based on the card member’s creditworthiness. Cash advances incur an interest rate of 23.49% regardless of credit qualifications.

In addition to the interest rate assessed on balance transfers after the promotional period ends, card members are charged $10 or 4% of the amount of each transfer, whichever is greater. Additionally, cash advances come with a $10 or 5% fee for each transaction, whichever is greater. Card members who make purchases outside the United States on a consistent basis may want to avoid the Ally Cash Back credit card as it comes with a 3% transaction fee for each purchase overseas.

Card members who make late payments are assessed a $35 per occurrence, although there is no fee assessed for utilizing the card above and beyond the stated credit limit.

Final Thoughts

When compared to other cash back credit cards available to well qualified applicants, the Ally Cash Back credit card is highly competitive in certain areas. While some other credit card issuers offer up to 5% cash back on select purchases in certain categories, earnings are limited based on total spending, and in some cases, categories must be activated and tracked on a quarterly basis to reap the full benefits. Ally Cash Back credit card takes away that headache for card members, and offers substantial bonus potential for current Ally Bank customers who utilize the cash back earned as a deposit into an already established Ally account.

Credit card users looking for a variety of additional card member perks may not be all that impressed with what Ally Bank has to offer. A concierge service and exclusive access to events are the end of the line for specialized benefits. Also, card members who spend heavily on foreign transactions are better off with a cash back card that does not impose a fee for each overseas purchase. The new Ally Cash Back credit card is best suited for individuals who already bank with Ally, those who prefer a simplistic cash back rewards program, and those who spend consistently on every day purchases with their credit card.

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Barclaycard Rewards Mastercard Review

Using credit cards as a way to save through cash back or other rewards programs may seem like a pipe dream for those with less than perfect credit. That’s because most credit card issuers have strict policies on who is eligible in terms of credit history and credit score, leaving some out in the cold. Fortunately, individuals with fair to good credit have an option in the Barclaycard Rewards Mastercard – a cash back credit card built specifically for middle of the road borrowers. So if you’ve had a black mark on your credit recently, or are fighting to get back into the good graces of the lending powers that be, it is worth checking out the Barclaycard Rewards Mastercard as your cash back credit card for every day use.

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The Card Basics

The Barclaycard Rewards Mastercard falls under a flat-rate cash back category, meaning there are no bonuses to sign up for each quarter or rotating categories to keep track of. Instead, the Barclaycard offers a flat 2% cash back on gas station, utilities and grocery store purchases (not including Target and Walmart). All other purchases earn a flat rate of 1% on each dollar spent. One of the perks of the Barclaycard Rewards Mastercard is the fact that card members do not have to be concerned with purchase limits in either category. On top of that, rewards points never expire, as long as the card remains in good standing with the issuer.

Once rewards points have accumulated to at least 1,000 – the equivalent of $10 – card members have the option to redeem them in the following ways:

  • A statement credit toward the outstanding balance due
  • A direct deposit into a U.S. checking or savings account
  • Gift card purchases through the issuer’s rewards site

Added Card Member Benefits

While the rewards program is somewhat attractive in that is provides a simply way to earn cash back with no restrictions, the Barclaycard Rewards Mastercard comes with an impressive list of added card member benefits. First, all card members have access to their FICO credit score through the website and the mobile application. The FICO score is updated periodically through the site, and alerts are sent directly to the card member when changes are reported. This no-cost perk can be a lifesaver to those concerned about increasing their credit score over time who may not have easy access to their credit score elsewhere.

Another added benefit with the Barclaycard Rewards Mastercard is the ability to request a credit line increase after maintaining a strong payment record on the card. Barclaycard automatically reviews credit card holder accounts after five payments are made on time, and the issuer will increase the credit limit based on the card member’s repayment history. Credit line increases can be requested outside the automatic reviews but are subject to credit evaluation.

Barclaycard Rewards Mastercard also provides card members a safeguard in terms of over borrowing by not imposing an over the limit fee. Additionally, all Barclaycard Rewards Mastercard holders are credit cards with chip technology, which provides a wider acceptance around the world. Barclaycard also provides card members with $0 fraud liability on any charges that are unauthorized by the card member, meaning a lost or stolen card is less of a concern.

The Cost

Although the Barclaycard Rewards Mastercard is a smart choice for individuals with imperfect credit history, or someone interested in a simple cash back rewards program, the downside to the card comes by way of its total cost. Fortunately, the Barclaycard Rewards Mastercard does not impose an annual fee on card members, nor does it charge any amount for redeeming rewards. The expense with the card comes into play with its purchase and balance transfer interest rates and fees.

Currently, the Barclaycard Rewards Mastercard does not offer a promotional interest rate for new card members, on purchases or balancer transfers. Instead, the standard APR for both is a rather high 25.24%. The APR for purchases, balance transfers and cash advances is the same across the board and is a variable rate, meaning it could fluctuate over time based on the Prime Rate and its movements. Part of the reason the standard APR is higher than most comparable credit cards is due to the fact that Barclaycard accepts a greater risk when taking on lower credit score individuals. To help offset that risk, the issuer charges more to all borrowers.

In addition to the APR for purchases, balance transfers, and cash advances, card members are assessed other fees for certain transactions. Anyone who opts to complete a balance transfer through the Barclaycard Rewards Mastercard pays a 3% or $5 fee for each transactions, whichever is greater. Card members who take out a cash advance against the card pay a 5% or $10 fee per advance, whichever is greater. Finally, card members are assessed a 3% foreign transaction fee for all purchases made outside the U.S.

Final Thoughts

The Barclaycard Rewards Mastercard is an excellent choice for credit card users who have struggled with managing their credit in the past that resulted in a less than excellent credit score. The card may also be a preferred choice for individuals who appreciate the simplicity of the rewards program, or individuals who spend heavily on the categories that offer 2% cash back. The added perks the card provides – fraud liability coverage, free access to FICO credit score, chip card technology and credit line increases – make the Barclaycard Rewards Mastercard even more attractive when compared to similar cash back credit cards.

However, individuals who have exemplary credit may want to search elsewhere for their go-to cash back credit card. The fees associated with the Barclaycard Rewards Mastercard, specifically in terms of the purchase and balance transfer APR, are high, making carrying a balance from month to month expensive for the card member. The added foreign transaction fees should deter borrowers who utilize their credit card overseas, especially because there are other cash back credit cards that do not impose a fee for these transactions. All in, the Barclaycard Rewards Mastercard can be a great cash back credit card to assist in building credit or in earning simple rewards on certain purchases.

 

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Fidelity Rewards Visa Signature Credit Card Review

In recent years, cash back rewards credit cards have not been as lucrative as in the recent past.  Very few cash back credit cards offer a rewards rate above 1% for most purchases.  The Fidelity Rewards Visa Signature credit card defies that trend by offering 2% cash back on all purchases that can be credited to any Fidelity brokerage, college savings, or checking account.  This can be an excellent option for Fidelity investors that want a solid cash back rewards rate.

Fidelity Rewards Credit Card

In 2016, Fidelity partnered with Elan Financial Services (part of U.S. Bank) and switched credit card issuers (Visa instead of American Express).  This should be a plus for existing Fidelity cardholders due to several negative comments regarding Fidelity AmEx’s customer service.  In addition to the fact that Visa is more widely accepted than American Express across the globe.

While 2% cash back might not be the most exciting reward in the land of credit card rewards, it still isn’t anything to scoff at.  For a flat-rate cash back credit, only the Citi Double Cash can rival the Fidelity Visa for a 2% everyday rate.  Most flat-rate cards have a rewards rate of 1.5% or less.  Other cash back cards will offer a higher payout in a revolving category (example: 5% on gas purchases in the summer then 5% on home improvement purchases in the fall) and pay a 1% rate on all other categories.  With the Fidelity credit card, you know you will be getting an industry leading flat-rate reward for every purchase without the hassle of trying to time when a category will offer an increased reward rate.

No Sign-Up Bonus?

One downside of the Fidelity Rewards Visa Signature is the lack of a sign-up bonus.  Chances are any credit card offer you receive by e-mail or snail mail has a sign-up bonus when you meet a spending minimum within the first couple months of opening the account.  While a sign-up bonus might be considered a “cherry on top” for some applicants who are loyal to a specific airline or hotel brand and would sign-up for the card regardless, some might view it differently with a cash-back credit card.

Fidelity offers a higher reward rate and allows cardholders to put the savings directly into a savings or investment account, but other cash back cards will offer a small welcome bonus.  If the Fidelity credit card is going to be a secondary credit card, it might make more long-term financial sense to choose a cash back card, like the Chase Freedom Unlimited, with a lower everyday payout but offers the welcome bonus.  How much more would you have to spend with Fidelity at 2% with no sign-up bonus to offset the credit card with a 1.5% cash back rate and a $150 sign-up bonus?  Just some food for thought.

2% Cash Back Rewards

Although the Fidelity Rewards Visa Signature is lumped into the flat-rate cash back rewards category, cardholders accumulate reward points instead of receiving a monthly statement credit or cash distribution once a certain award amount is received.  Fidelity awards two points for every $1 purchased.  The points can be redeemed for cash at a 1:1 ratio that is deposited into a Fidelity brokerage, college savings, retirement, or checking account.  The points can also be redeemed for other rewards like travel options, merchandise, statement credit, or gift cards. Albeit, the exchange rates probably will not be as advantageous as the cash redemption value.

As the cash rewards are the biggest highlight of this credit card, here is some more information.  The cash rewards can only be deposited into a linked Fidelity brokerage, Fidelity Cash Management (checking) account, Fidelity-managed 529 college savings plan, or a Fidelity retirement account.  The rewards can also be deposited into the account of a friend or family member if desired.  Although this policy might seem restrictive, Fidelity is quite flexible in payout options compared to the Charles Schwab credit card that will only deposit rewards into the cardholder’s brokerage account.  Plus, Schwab only has a cash back rate of 1% on all purchases.  Fidelity investors have the better credit card offering than Schwab loyalists.

One catch to the rewards point system is the redemption minimums.  Cash rewards cannot be redeemed until you have spent $2,500 and 5,000 points have been accumulated.  Cardholders wanting to redeem points for non-cash rewards after earning 2,500 rewards points.

One final note regarding Fidelity rewards points, they never expire and no annual earnings cap exists.

Digital Wallet-Ready

Beyond the 2% cash back rate, the Fidelity Rewards Visa is also ready for future in 21st-century personal finance.  Cardholders can link their card to any of the “big three” digital wallets: Apple Pay, Samsung Pay, and Android Pay.   Digital Wallets are still very new to digital cash scene, but they are gaining traction every year.  It’s not uncommon for a credit card to have the ability to link to one of the wallets listed above, however, it is unique to have the option to connect to all three.

Fees & Other “Nitty Gritty” Details

The Fidelity Visa does not charge an annual fee, allowing the cardholder to keep every penny earned through the rewards program. International travelers will have to pay a 1% foreign transaction fee, which is still acceptable as other non-travel rewards credit cards charge a fee up to 3%.  Current interest rates on purchases and balance transfers is 14.24% and cash advances command an interest rate of 24.24%.

There are a few “fine print” details that need to be reviewed regarding the Fidelity rewards program.  Anybody can have the Fidelity Visa credit card, but only cardholders with an eligible Fidelity account can accumulate reward points.  Reward points cannot be used to open a Fidelity account, so it’s best to create an account before applying for this credit card.  As Fidelity is more flexible than Charles Schwab regarding types of eligible accounts, this can be a great way to finally create a retirement account or college savings plan for your child.

In addition to the ability to earn 2% cash back without an annual fee, cardholders also have access to Visa Signature perks such as exclusive offers and discounts to restaurants, travel, and entertainment.

Closing Thoughts

This credit card is best for those that invest with Fidelity and want a no-hassle cash back rewards card either a primary or secondary credit card.  The 2% cash back rate is a great enticement for value seekers and this credit card is one of the best among cash back credit cards.  The lack of a sign-up bonus will deter those that do not have an affinity to become a Fidelity customer as other cash back credit cards offer similar ongoing rewards payouts plus the bonus statement credit.

Overall, the Fidelity Rewards Visa Signature credit card is a great primary or secondary cash back credit card for existing Fidelity customers, but, the rewards might not be enough to entice prospective cardholders that are not loyal to Fidelity.

 

 

 

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Comparing the Benefits of the Discover it and Discover it Chrome

Discover is one of the largest issuers of cash back credit cards, and there is an option under the Discover brand for just about every type of spender. Cash back rewards through Discover are simple to understand and each card provides additional card member benefits at no cost. The Discover it and the Discover it Chrome are two of the most popular additions to the Discover line of cash back rewards cards. Each card option has its advantages and disadvantages, and each is best suited for a specific type of card holder. Let’s review the difference in card basics first.

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Discover it Basics

The Discover it credit card is a combination bonus cash back and flat rate cash back credit card that provides card members the ability to earn points in various ways. First, card members can ramp up cash back earnings by spending in certain categories throughout the year, up to a maximum earning limit. Discover it card members earn 5% cash back on quarterly bonus categories, such as gas, entertainment, and online shopping, up to $1,500 in purchases. Every other purchase made with the Discover it credit card earns 1% flat rate cash back which is unlimited. Regardless of the category in which cash back points are earned, rewards do not expire and they can be redeemed in any amount at any time.

 

Discover it Chrome Basics

Discover it Chrome was designed with students in mind, specifically for the card member who does not want to activate or track quarterly bonus categories to maximize cash back earnings. Instead, card members earn a flat rate of 2% cash back on purchases made at gas stations and restaurants; all other purchases earn the standard 1% rate. The enhanced cash back on gas stations and restaurants are capped at $1,000 in purchases, combined, but all other cash back earnings are unlimited. Similar to the Discover it credit card, Chrome card members can redeem rewards at any time and in any amount.

Card Member Benefits

Both the Discover it and the Discover it Chrome cards offer a variety of ways to cash in on rewards points. Card members can redeem rewards for cash, either as a statement credit or as a direct deposit into a bank account, or to check out at Amazon.com. Additionally, gift cards may be purchased with accumulated cash rewards through Discover’s rewards site. Card members may also donate cash back rewards to charity – a unique feature not found with many rewards card issuers.

In addition to flexibility in rewards redemption, card members of both the Discover it and the Discover it Chrome credit cards have a variety of other benefits that come with membership. One of the current promotions automatically built in to both card options is the cash back matching where Discover matches any cash back earned within the first year of membership, dollar for dollar. Additionally, Discover offers a free credit FICO credit score on each monthly statement for all card members, making it a breeze to track credit changes over time. Account holders also have the benefit of being able to temporarily freeze a Discover credit card through the Freeze It feature. This is incredibly helpful in preventing new purchases, cash advances or balance transfer if a card is misplaced.

Both the Discover it and the Discover it Chrome cards come with free purchase monitoring as well, which provides a text, e-mail or phone call when suspicious activity takes place on a card member’s account. Discover does not hold card members responsible for fraudulent or unauthorized purchases creating an additional level of protection. Finally, all Discover card members have the ability to reach the U.S.-based customer service line at any time, day or night.

Card Differences

While the aforementioned benefits are inherent to each Discover card member, the two cards differ slightly in promotional offers. As a card designed specifically for students, The Discover it Chrome credit card also offers an additional $20 cash back reward for card members with a GPA of 3.0 or higher throughout the school year. This additional benefit can be earned for a maximum of five consecutive years from the time the account is opened. The Discover it credit card does not currently make available additional cash back promotions aside from the matching program referenced earlier.

The Discover it credit card currently offers a 12-month zero interest promotional period for purchases and balance transfers, which is a significant bonus for card members who plan to carry a balance for the first year of ownership. The standard APR after the promotional period ends ranges from 11.24 up to 23.24% depending on the applicant’s credit score and history. For card members who select the balance transfer option, a fee of 3% for each transfer is assessed.

The Discover it Chrome credit card also offers a promotional 0% APR on purchases, but only for the first six months after an account is opened. Currently, no balance transfer offers are available for Discover it Chrome card members. The purchase APR reverts to the standard 13.24 to 22.24% after the promotional period ends. Both the Discover it and the Discover it Chrome credit cards have no annual fee and no foreign transaction fees, making both smart choices for the cost-conscious card member. Cash advances rates for both the Discover it and Discover it Chrome cards are a variable 25.24%, and the greater of a $10 or 5% fee is assessed for each cash advance transaction.

Which Card is Right for You?

The Discover it credit card is a strong option for individuals who spend heavily in the bonus categories each quarter and those who don’t mind activating each bonus category when the time comes. With no annual fee, an introductory 0% APR on balance transfers and purchases, and the additional card member benefits, the Discover it card can be a great addition to your wallet.

For students, the Discover it Chrome credit card is a sound alternative. The additional 1% flat rate cash back rewards earned for gas station and restaurant purchases is an attractive feature which eliminates the need to track categories every few months. The high GPA cash back bonus is also beneficial to card members who perform well in school. However, with a shorter time frame for the 0% purchase APR offer and no balance transfer availability, the Discover it Chrome card is not the best choice for card members who are not students.

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Citi Double Cash Rewards Card Review

For savvy spenders, finding the right rewards credit card can be a big task. There is a seemingly endless number of credit cards available to credit worthy borrowers these days, each with different perks, rewards programs and of course, costs. One of the most notable rewards cards to enter the market in the last two years is the Citi Double Cash Rewards credit card, as it is the first of its kind to reward card holders on both the front (spending) and back (repaying) ends. Here’s how it works.

 

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Card Basics

The Citi Double Cash Rewards credit card is considered a flat rate rewards card in that it provides a steady 1% cash back on all purchases made. No maximums are placed on the amount of rewards that can be earned as long as the card remains in good standing with the issuer. What makes the rewards program different is that card holders also earn points when making timely payments. An additional 1% cash back is earned when at least the minimum payment is made, regardless of the size or the remaining balance held over from month to month. The Citi Double Cash Rewards credit card is truly the first of its kind.

Rewards points earned with purchases or payment through the Citi Double Cash Rewards credit card work similarly to other rewards programs, meaning that a single point equals $0.01. So, a card holder who accumulates a balance of 5,000 points has effectively earned $50 to use toward statement credits, cash back in the form of a check or a multitude of gift cards offered through Citi’s rewards program site. Rewards points do not expire, as long as the card remains open and active, and there is no cap on cash back earnings for either purchases or payments.

Additional Card Benefits

Currently, new applicants have the potential to consolidate higher interest rate credit card balance or other debts on the Citi Double Cash Rewards credit card through a promotional balance transfer offer. For well-qualified borrowers, the balance transfer offer allows for up to 18 months of zero interest repayment. It is important to understand that there are fees associated with a balance transfer, and that no rewards are earned on the transaction.

In addition to the attractive balance transfer promotion, the Citi Double Cash Rewards credit card offers additional perks to card members. First and foremost, the nature of the flat rate card means that there are no pesky categories to track and no need to complete activation each month or quarter. Instead, all purchases and payments earn cash back effortlessly. Card holders also have the benefit of waiving the late fee on the first payment that is made past the due date. That added peace of mind is a nice feature not offered by all rewards credit cards.

Card members of the Citi Double Cash Rewards credit card also enjoy a unique benefit known as the Citi Price Rewind. Under this program, card holders receive a refund on eligible purchases when a lower price is found. The Price Rewind feature must be used within 60 days of the initial purchase. On top of price matching, Citi Double Cash Rewards card holders have the peace of mind that comes with damage and theft protection, as well as extended warranty coverage on some eligible purchases. Card members also have protection for common travel mishaps, including worldwide car rental insurance and trip cancellation coverage. These additional perks do not cost card holders any extra, and can add up to substantial savings over the course of the card’s lifetime.

The Fees

One might expect that a rewards credit card that earns cash back on both purchases and repayment would charge a fee for this unique feature. Fortunately, no annual fee is assessed for carrying the Citi Double Cash Rewards credit card. There are, however, fees associated with certain transactions. First, card members are assessed a 3% fee for all purchases made outside the United States, making it a less than ideal choice for card users with heavy or consistently spending overseas.

In addition to the foreign transaction fee, card members who take advantage of the balance transfer offer currently available through Citi pay a greater of $5 or 3% of the total amount transferred, and no cash back is earned on these transactions to help offset the fee. Cash advances also tack on charges, at a rate of either $10 or 5%, whichever is greater. Card member utilizing the Citi Double Cash Rewards credit card should be aware of and fully understand how these additional charges may increase the cost of carrying the card over time.

For well qualified applicants, the Citi Double Cash Rewards credit card has a standard purchase APR starting at 13.24%. However, for less qualified applicants, the purchase APR may be as high as 23.24%. After the promotional period ends, balance transfers receive the same APR as purchases. Cash advances have a standard APR of 25.49%, and a penalty APR of 29.99% may apply if payments are consistently late or charges over the credit limit are placed. All interest rates with the Citi Double Cash Rewards credit card are variable and may fluctuate based on prevailing interest rates.

The Verdict

The Citi Double Cash Rewards credit card is truly a unique player in the rewards credit card market in that it offers cash back on purchases as well as payments. Card members may appreciate the simplicity of the card, as no categories need to be tracked for bonus cash back earnings, and no additional activation is necessary to earn rewards. The ability to earn unlimited rewards is also attractive, as is the balance transfer offer currently available to credit worthy borrowers.

While the Citi Double Cash Rewards credit card is by and far the best choice for some card holders, it may not be the most appropriate for those who travel outside the U.S. on a consistent basis. Also, card members who utilize cash advances regularly, or those who carry a high balance from month to month may find a better fit with other rewards cards that come with lower interest rates. All in all, the Citi Double Cash Rewards credit card is a smart choice for individuals who like earning on both sides of the credit card coin.

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Discover it vs. Chase Freedom Card

In the universe of rewards credit cards, both Discover it and Chase Freedom stand out as top card options. Account holders not only have seemingly endless benefits with each card, the cash-back rewards are some of the best in the business. However, for newcomers to the credit card rewards playground, there are some nuances that make determining which card is the best a difficult task. Let’s take a closer look at both the Discover it and the Chase Freedom credit cards in terms of rewards potential, introductory bonuses and fees.

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Rewards Showdown

Both the Discover it and Chase Freedom credit cards offer robust rewards programs, but slight differences exist. First, the Discover it credit card offers 1% cash back on every dollar spent on purchases outside bonus categories that rotate on a quarterly basis. Purchases made within the bonus categories earn cardholders 5% cash back, up to a limit of $1,500 in total spending each quarter. Card members must sign up for the bonus categories as they rotate to ensure points are earned on applicable purchases, but the process is simply and free. Discover it bonus categories for cash back earnings are as follows for 2016:

  • January through March: Gas stations and ground transportation
  • April through June: Restaurants and movies
  • July through September: Home improvement stores and Amazon.com
  • October through December: Amazon.com (and others to be determined)

The Chase Freedom credit card also earns card members 1% on all purchases, with similar quarterly cash back bonuses of 5%. The bonus cash back categories do not require activation each quarter, but like the Discover it card, earnings are capped at $1,500 worth of spending. The cash back categories through Chase Freedom rotate each quarter, and for 2016 include:

  • January through March: Gas stations and local commuter transportation (not including Amtrak, tools or parking)
  • April through June: Grocery stores (not including warehouse clubs, Walmart or Target)
  • July through September: Restaurants
  • October through December: Holiday shopping with partner retailers to be determined

The fact that no additional step is needed to activate the bonus cash back rewards each quarter for the Chase Freedom card is certainly a bonus, but the category restrictions make the program slightly less attractive than Discover it. However, Discover it does not require a minimum number of points to accumulate prior to redemption; Chase Freedom card members must have earned at least $20 in cash back rewards prior to redeeming.

Upfront Bonuses

Only Chase Freedom offers an upfront cash back bonus for new card members within the first few months. Cardholders have the potential to earn $150 in cash after a minimum of $500 is spent on purchases within the first three months of account opening. The Discover it credit card offers a matching program for cash back earned, up to $200 additional cash, but the bonus is not immediate. Card members receive the matching cash back credit at the end of the first year after account opening, opposed to the first three months for Chase Freedom.

Comparison of Card Member Fees

For applicants seeking out low-cost rewards credit cards, both the Discover it and the Chase Freedom cards fit the bill. Both credit card options come with no annual fee, and no redemption fees for cash back earned. However, differences come into play as it relates to other costs associated with each credit card.

Discover it has an introductory interest rate of 0%, not just for purchases but for balance transfers as well. The promotional APR is honored for the first 12 months after account opening, after which time the standard rate and balance transfer ranges from 11.24% up to 23.24%. These interest rates are based on each applicant’s creditworthiness at the time of account opening, and rates may fluctuate over time based on broad market movements.

The Chase Freedom credit card also offers an attractive introductory interest rate for well-qualified borrowers. A 0% APR is in place for the first 15 months after account opening for both purchases and balance transfers. After the promotional period ends, card members are assessed interest on remaining balances as low as 14.24% up to 23.24%. All rates for purchases and balance transfers after the introductory rates expire are variable. Account holders looking for potentially lower interest after the promotional rate may find the Discover it card more attractive, while those looking for extended terms for 0% APR purchases or transfers may lean more toward the Chase Freedom card.

One of the other aspects that differentiates the Discover it card from the Chase Freedom card is the foreign transaction fee. Chase Freedom card members are assessed a 3% transaction fee for all purchases made outside the U.S., while Discover it cardholders are not assessed an additional fee for foreign transactions.

Additional Perks

One of the more helpful perks associated with the Discover it credit card is the free access to individualized credit scores through FICO reporting tools. Card members can view their FICO score for free through the Discover portal online, at any time. Additionally, Discover it card members have the benefit of a waived late payment fee for the first occurrence, and a single late payment does not mean a higher APR. These extra benefits are attractive to credit card users concerned about their credit health and status.

The Chase Freedom credit card does not currently provide access to credit monitoring or scores, but does protect card members who make a payment late. No penalty APR is imposed upon the first occurrence of a late payment, although a late payment fee will be assessed. Chase Freedom also offers superb protection against lost or damaged purchases liability protection against identity theft or fraud.

Final Thoughts

Both the Discover it and Chase Freedom credit cards offer smart, low-cost options for individuals looking for rewards programs. The Discover it card is a stronger choice for cardholders who purchase items or utilize their card overseas, or those who do not want to mess with accumulating a substantial number of points prior to redeeming for cash back. The Chase Freedom card is a great choice for individuals who do not want to activate the bonus cash back categories each quarter, or those who are seeking an extended 0% promotional period for purchase or balance transfers.

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Simply Cash Business Card Review

Finding the right business credit card is a strategic step in shoring up cash-flow for a large number of small companies. A revolving credit account with a relatively high limit, comparably low interest rate and a solid rewards program can be a lifesaver for entrepreneurs when revenue does not perfectly align with cash outlay over a given time frame. The Simply Cash Plus Business credit card offered by American Express has the potential to be the saving grace for certain business owners who need or otherwise want access to credit for their business spending needs.

 

American Express has a consistent reputation among business owners for providing credit accounts that are not only simple to manage, but also offer a wide range of perks that can be used in a myriad of ways. The Simply Cash Plus Business card is a strong contender among business credit cards because of its cost effective maintenance, cashback rewards program, and a slew of added benefits not found with similar business credit cards. Let’s first take a look at the basics of the Simply Cash Plus Business credit card.

Card Basics

The best feature of the Simply Cash Plus Business credit card by American Express is there is no annual fee assessed for cardholders. For the cost-conscious business owner, not needing to pay for use of your credit card each year is a helpful perk. In addition, the Simply Cash Plus Business credit card currently offers up to a $500 cash back bonus for purchases made within the first six months after account opening. This equates to a 2% cash back bonus, paid via statement credits, on up to $25,000 in purchases made with the credit card. Cardholders qualify as long as the account is opened on or before August 3, 2016.

The upfront benefits of the Simply Cash Plus credit card are attractive to business owners who utilize credit for the majority of their spending, but the ongoing rewards are what make the credit card shine. Cardholders earn 5% cash back on wireless telephone services purchased directly from service providers (within the United States), as well as any office supply store purchases. Cash back of 3% is also earned on a category of the cardholder’s choice, including the following options:

  • Airfare
  • Hotel stays
  • Car rentals
  • Gas station purchases
  • Advertising
  • Shipping
  • Restaurant meals
  • Computer hardware or software

If a category is not selected, gas station purchases are the default option for earning the 3% cash back. For both the 5% and 3% cash back categories, cardholders receive a statement credit for accrued rewards at the end of each monthly billing statement, and earnings are limited to $50,000 of purchases annually. All other purchases that do not fall into the higher percentage categories will earn 1% cash back with no spending limit.

Added Perks

Simply Cash Plus Business credit cardholders have a number of additional perks on top of no annual fee and high cash-back potential. For a limited time, American Express is offering a 0% introductory interest rate on all purchases for a period of nine months after account opening, saving account holders who spend heavily on the card a great deal in interest charges. Additionally, the Simply Cash Plus Business credit card allows cardholders the ability to repay over time, instead of requiring the full charged amount to be paid in full at the end of each billing cycle. This flexibility is an important feature for business owners with substantial spending in certain months, and smaller charges in others.

Cardholders also gain access to helpful business management tools when utilizing the Simply Cash Plus Business credit card. American Express offers a tool called ReceiptMatch, which helps business owners keep track of transactions in a clear, concise way. Also, employee cards are available at no additional cost, and account alerts can be easily added to control spending for all authorized users. American Express also offers account manager access through the Simply Cash Plus Business credit card, which allows either a trusted employee or an outside business partner full access to previous statements, payments, and charge dispute processes. Finally, cardholders also receive a year-end overview of all charges, making accounting for spending a breeze.

The Fine Print

For business owners considering the Simply Cash Plus Business credit card offered by American Express, it is necessary to understand the fine print. First, American Express requires excellent credit to qualify for the credit card, so business owners with lackluster credit scores or personal credit history may not be best suited for the card. For those who qualify, the regular purchase APR ranges from 12.49% up to 19.49% after the nine-month introductory rate expires. A rate of 25.49% applies to any cash advances taken against the credit card, and the penalty APR is 29.49%. American Express does not offer a balance transfer feature with the Simply Cash Plus Business credit card, so business owners seeking that benefit should look elsewhere.

While there is no annual fee associated with the Simply Cash Plus card, there are other transactional charges of which cardholders should be aware. Any foreign transactions are assessed a 2.7% fee, regardless of the denomination in which the purchase the made. Cash advances also bear fees – the greater of $5 or 3% of the total advance amount. Any late payments or returned payments for insufficient funds result in a $38 fee.

The Verdict

The Simply Cash Plus Business credit card offered by American Express is a strong business credit card for business owners who plan to spend frequently on wireless telephone service providers or on office supply store purchases within the United States. For those who want additional flexibility in cash back earnings, the Simply Cash Plus card is a great choice given its 3% cash back categories available to cardholders. No annual fee and relatively low interest rates make the card an affordable choice – an added perk for cost-conscious business owners. However, because the cash back rewards are paid through a statement credit only, and earnings are capped at $50,000 of annual spending, this business rewards card may not be everyone’s cup of tea. Prior to applying for an utilizing the Simply Cash Plus Business credit card, business owners should weigh these options against other available cards on the market.

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Discover it Review

Discover made a very bold move in the year 2013 when it suddenly stopped offering all its existing credit card products to the new applicants and replaced them with one single card offering called ‘Discover it’, targeted at all kinds of credit card users! The company has made several feature additions to this card ever since, and has made it one of the most sought-after cards today! There’s also a new Discover it Miles product as well.

Discover it is overall an excellent, no-fee cash back rewards card that offers you an attractive 5% cash back on all your purchases on rotational categories (rotating per quarter), apart from 1% cash back all year round. It falls into the elite category when it comes to introductory offers, as you get amazing intro rates on balance transfers and purchases.

Despite it not having the kind of penetration its main competitors – MasterCard and Visa enjoy, Discover’s network is growing constantly every month and it offers a great deal of flexibility in the way you can use your rewards. Let’s go over the pros and cons of the card.

 

Discover it

 

The Good

Attractive rewards and an unmatchable sign-up bonus

With Discover it card you earn 1% cash back on all your purchases throughout the year. Apart from that, Discover selects certain bonus categories every quarter wherein your cash back rewards increase to 5% on a maximum of $1500 spent on products falling in that category. The 5% cashback categories for the year 2016 are:

January to March 2016: Gas and ground transportation
April to June 2016: Restaurants and movies
July to September 2016: Home improvement stores and Amazon.com
October to December 2016: Amazon.com and more

So, if you spend $1700 in total on restaurants and movies between April and June, 2016, your total cash back will be $75 + $2 = $77 (5% of $1500 + 1% of $200).

Discover is presently offering an unmatchable sign-up rewards bonus on its Discover it cards! It doubles up the entire cash back bonus earned in your first year with the card. So, the 5% cash back becomes 10% and the 1% cash back becomes 2% at the end of the first year! However, not everyone may like to wait that long for the sign-up bonus to arrive!

Great introductory rates

Discover it comes in two variants that differ mainly on the introductory APR offer. There’s a regular Discover it card and a Discover it – 18 month balance transfer offer card.

With the regular Discover it card, you get an introductory APR of 0% on all your purchases and balance transfers for the first 12 months. The Discover it – 18 month balance transfer offer card, on the other hand, provides you a 0% APR on your purchases for the initial 6 months and an extended 0% APR on the balance transfers for the first 18 months.

So, you can buy anything you need and pay back the dues at your own pace. You’ll be charged an APR varying between 11.24% and 23.24% after 12 or 6 months respectively. Please note, there’s a 3% fee applicable on balance transfers.

Discover Deals

Discover Deals is an online shopping mall run by Discover. You can maximize your cashback percentage by shopping on Discover Deals with your Discover it card. Discover deals has a tie-up with over 200 online retailers and currently offers an extra 5% to 20% cash back on purchases made with them. If you’ve just bought your Discover it card, the year-end cash back doubling offer can make these deals even more attractive. For instance, Papa John and Macy’s currently offer cashbacks of 25% and 10% respectively. With the year-end bonus coming into play, those rates can double-up to a whopping 50% and 20% respectively!

Solid fraud protection

Discover it provides a $0 fraud liability guarantee, ensuring that you never pay for any unauthorized charges on your credit card. All the purchases made with Discover it card are closely monitored by the company and you’re quickly alerted via text, phone call or email in case of any suspicious activity on your account. Every Discover it card has a ‘Freeze It’ feature which freezes your card in case it gets lost or stolen, thus preventing any unwanted charges on it.

U.S.-based customer service

Customer service is high on Discover’s priority list! Any time you have an issue with your Discover it card, you won’t need to wait for long to speak with a human. Discover ensures that you’re put through to a well-trained and well-informed U.S.-based customer service rep at the earliest. Please note, Discover bagged the ‘Highest in Customer Satisfaction Award’ from J.D. Power and Associates in the year 2014, outscoring many popular competitors.

Flexible due dates

You get to choose your own due date and can make the payment by phone or online. This is a huge advantage as it allows you to space out your monthly bills in accordance with your cash flow. Other credit cards have preset due dates which often coincide with your other monthly bills, making it hard for you to handle so many expenses at once.

Other perks

If all the above pros aren’t enough, Discover also provides you with free access to your FICO score online and on your monthly statements, doesn’t charge any foreign transaction fee or late payment fee (for first late payment) and has a $0 annual fee.

 

The Bad

Manual opt-ins to make the most of 5% cash back categories

Although the rotational 5% cash back categories are very popular among the ‘Discover it’ card members, it must be noted that you need to opt-in to the 5% bonus categories every quarter. Furthermore, the condition that you can avail 5% cash back on only up to $1500 spent in the pertinent category may not go down too well with the big ticket spenders.

Keeping track of categories may be difficult for many

As mentioned above, you need to activate the 5% bonus every quarter if you wish to make the most of this benefit. Once activated, you’ll need to keep track of the applicable categories for that quarter. This may not be feasible or convenient for a lot of cardholders.

Limited acceptability

Discover doesn’t enjoy the kind of acceptance that its main competitors – Visa and Mastercard do. It charges pretty hefty premiums to merchant establishments, the reason why they don’t go with Discover.

 

Final Word

If you’re looking for a card product that helps you maximize your cash-back benefits, Discover it, with its 5% and 1% cash back bonus, double-cash-back bonus at the end of the first year, Discover Deal benefits, $0 annual fee and attractive 0% intro APR is hard to overlook! On the other hand, if you want a credit card with quick cash back bonus, flat cash back rate and a wider choice of categories, you may be better off looking at other alternatives available in the marketplace.