It’s okay. You can admit that you were sucked in by that 0% introductory interest rate. It happens to the best of us. But what happens when the introductory rate expires, and you’re stuck with rate that skyrockets to 15, 20, or 25%— or (gulp) even higher? Credit card interest rates drain you of your hard earned money. A $20...
|Signing Promotion||$100 bonus after spending $500 within first 3 months|
|Reward Rate||1% cash back, 5% cash back on rotating categories; see card issuers website for more details|
|APR, Variable||13.99%-22.99% (Variable)|
|Intro APR Promotions||0% Intro APR for 15 months on purchases and balance transfers|
Rewards will be earned as points, which can be redeemed for cash. 1% cash back equals 1 point. If you choose to redeem for cash back, 1 point equals $0.01 cash back. For example, 2,000 points can be redeemed for a $20 check.
Good Credit Needed
- Excellent 5% cash-back on broad bonus categories that change every 3 months
- No annual fee
- 0% intro APR for 15 months on purchases and cash balances
- $100 signup bonus for spending $500 in the first 3 months
- 5% cash-back purchase categories need to be signed up for manually, and might not always be relevant for you
The Simple Dollar’s Review
This rewards credit card belongs to the rotating category shopping breed, meaning you’ll earn the most points by planning your shopping according to categories that change every three months. For example, from July through September 2013, cardholders earned 5% cash-back on purchases at theme parks, gas stations, and Kohl’s. All other purchases always earn 1% cash-back. If you plan accordingly, 5% cash-back is just about the best discount you can get through a rewards credit card — but you do need to plan. You must sign up manually for each bonus category, and not every category will be relevant to your daily life. Essentially, this is a shopper’s card. If you love to shop and can plan accordingly, you stand to make some excellent cash-back.
The 5% cash-back rate is capped at $1,500 for purchases in each category, so assuming you spend that much in the bonus categories every three month, you’ll get $75 dollars back four times a year – not bad if you can manage to spend that much. Plus, for signing up and spending $500 in the first three months, you automatically get a $100 bonus and 15 months of 0% APR.
Make sure to always pay your bills on time, and never overshoot your credit limit. This card carries a heavy 29.99% penalty APR for bad behavior, and the rate applies indefinitely. However, the best part is, unlike many other cash-back cards, there is no annual fee for this credit card. Few other cards offer such a high percentage cash-back without an annual fee. The only catch is that you have to plan in advance and always pay on time.
What's the interest rate on your credit card? If you're carrying a credit card balance that's going to take months, or even years, to pay off, the answer to that question could cost you thousands of dollars. If you're carrying a $5,000 balance on a card with a 25% interest rate, you'll pay $1,250 in interest this year. Think of...