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The fall credit card frenzy has started! Many cash back credit cards are now offering large sign up bonuses in an effort to attract new customers. Right now there are three credit cards on the market that are offering a combined $750 in cash back. Below we have outlined these offers, and how to maximize the amount of cash back you can earn with each.
Chase Freedom Visa – $200 Cash Back
This is by far the most popular cash back offer on the market today.
With the Chase Freedom Card, customers will receive $200 cash back after the first $500 of qualified transactions (must be within 3 months).
Qualified transactions include purchases, balance transfers and the use of checks to access the account.
Customers who receive the $200 cash back will effectively receive a 40 percent bonus on their first $500 in purchases. Looking at it another way, a $500 balance transfer from a different credit card will be nearly half paid off (there are fees), as you’ll get $200 back that can be used to pay part of the bill (or whatever else you’d like to do with it).
In addition to the cash back bonus, customers will also receive 5 percent back on rotating categories throughout the year. Check with Chase for the latest categories. Airfare purchases earn 2 percent cash back when they are made through Chase. All other purchases receive 1 percent cash back.
This card also has no annual fee.
If you’re looking to take advantage of the $200 cash back offer and intend to tally at least $500 in the first 3 months, this card may work for you.
The fact that it does not have an annual fee is also a key feature. Additionally, those who are willing to keep up with the rotating categories can take advantage of the 5 percent cash back feature. If you’re willing to do your homework and remain alert for rotating categories, this card could be very beneficial.
Citi Dividend World MasterCard – $300 Cash Back
This card also offers an average of 5 percent cash back on purchases that are made in the over 400 stores that are available through the Citi Bonus Cash Center. Five percent cash back is also given back for rotating categories (currently airfare, hotels and auto rentals) and 1 percent cash back is given for all other purchases – subject to a combined $300 annual limit.
The lack of an annual fee, the 0 percent introductory APR and the $300 cash back make Citi Dividend World MasterCard an attractive card. However, the $300 cash back limit on purchases that are made outside of the Citi Bonus Cash Center can be drawbacks if you do not wish to be bound with limited shopping options.
Chase Ink Cash Business Card – $250 Cash Back
New cardholders will receive $150 after their first purchase and $100 after $5,000 is spent within the first 3 months. This is the largest amount ever offered in association with a cash back business card. It also has no annual fee, no expiration date for cash back rewards and various business-related benefits.
This card is currently one of our top business credit card choices for 2011.