[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]
Amex has a cool 5% cash back credit card for consumers. Its named "Blue Cash." In Nov 2007, Kiplinger had rated this card as the "Best Cash Rebate Card." It comes with no annual fee, gives us the ability to earn unlimited rewards along with some other goodies.
- Cash Back: We can earn cash back for everyday purchases at places like supermarkets, drugstores and gas stations and by paying our monthly bills with this card. Rebate is awarded annually for each Rebate Year (12 consecutive billing periods). For YTD purchases:
- Upto $6500: 1% cash back on everyday purchases and 0.5% cash back on all other purchases.
- Above $6500: 5% cash back on everyday purchases and 1.5% cash back on all other purchases.
- No Annual Fee.
- 0.00% Introductory APR for 6 months on purchases.
- Additional Cards can also earn you up to 5% cash back.
- We can pay in full or over time. Grace period for purchases is up to 20 days, if the previous balance shown on each billing statement is paid in full by each respective due date.
If our planned annual everyday purchases is expected to be above $6500 then this is the card to shoot for. The best part is that in that case Blue Cash offers 1.5% cash back on all other purchases. Similar 5% cash back cards offer 1% cash back on all other purchases.
All other things being equal, based on the above observation we do acquiesce with Kiplinger about this card being the best cash rebate card. It definitely makes sense to go Amex!