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Do you give your credit card a workout? Are you more likely to whip out your Visa, American Express or Discover card than a $10 or $20 bill to pay for everything from groceries to books to new shoes?
Then credit cards that offer cash-back bonuses are perfect for you. These cards provide refunds (up to 5% cash back) with every dollar you spend. You’ll eventually receive your cash-back bonus, in the form of a credit to your account or a paper check mailed to your address, after you complete a specific dollar amount of purchases.
Certain cash-back cards, though, are considered better than others. Three of the top-tier cards out there are the Discover More card, Chase Freedom Visa card and Chase Ink Cash Back Business Card. Each card provides consumers with a $100 cash-back bonus for meeting certain requirements.
But while these cards are similar, they each have enough quirks to set them apart from their competitors.
1. Discover® More Card – $100 Cashback Bonus
Discover® More is a favored card among savvy consumers. And why not? It comes with a generous cash-back offer and a low interest rate, depending upon consumers’ credit scores.
Cardholders will receive $100 refunded to them after they charge a minimum of $500 during the first three months after they activate their card. That’s a nifty perk. But it’s not the only one. The card also offers cash-back bonuses of 5 percent in a rotating series of categories, ranging from charges made at gas stations and supermarkets to those made at restaurants and for travel expenses. The card provides a cash-back bonus of 1 percent for every other dollar that cardholders charge. And, until Dec. 31 of 2010, the Discover More card offers a cash-back bonus of 2 percent of every dollar that cardholders charge on Internet purchases.
This is good stuff. Also good is the 0 percent introductory interest rate on balance transfers for 12 months and the 0 percent purchase interest rate for six months. After these introductory offers end, consumers will earn an interest rate of 11.99 percent to 20.99 percent depending on their credit scores. The card comes with no annual fee.
2. Chase Freedom® Visa – $100 Bonus Cash Back
This card, issued by JPMorgan Chase, provides the same initial cash-back bonus offer that the Discover More card offers: Cardholders will receive $100 back after they charge at least $500 during the first three months after they activate their Chase Freedom card.
The card also comes with similarly low fees. It offers an introductory interest rate of 0 percent on balance transfers for 12 months and a purchase rate of 0 percent for six months. After these introductory offers expire, the purchase interest rate jumps to 12.99 percent to 22.99 depending on cardholders’ creditworthiness. This card, too, comes with no annual fee.
Cardholders receive a cash-back bonus of 1 percent on all purchases they charge with their card and 4 percent cash-back bonuses for purchases in selected bonus categories. This means that some purchases will give cardholders a cash-back bonus of 5 percent, pretty hefty.
3. Ink Cash(SM) Business – $100 Bonus Cash Back
The card also comes with a generous cash-back bonus program: Cardholders receive a cash-back bonus of 3 percent for all purchases they charge at gas stations, restaurants, office supply stores and home-improvement stores. They’ll receive 1 percent cash-back bonuses for all other charges.
This card also comes with no annual fee. It’s purchase interest rate ranges from 13.24 percent to 19.24 percent depending on the credit scores of consumers. The card offers introductory rates of 0 percent interest on balance transfers and new purchases during the first six months after consumers activate their cards.
All three of these cards are strong. The Chase Ink Cash Back Business Card makes it easier for consumers to nab their $100 cash-back bonus offer. But the card also comes with higher purchase interest rates than do the two others.
The Chase Freedom Visa and the Discover More card are extremely similar. They differ, though, in the cash-back programs slightly. Do your research to discover which card is best for you. The truth is, though, that all of these three credit cards rank in the elite class of cash-back cards.