Are You Carrying the Right Rewards Cards?
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David Rogowski, AOL
CR on Rewards Cards
Our key rings, wallets, and purses are so crammed with rewards cards these days that making even the simplest purchase can involve a frantic shuffle at checkout time. But carrying the right rewards program cards and ignoring the rest can save you a little money on your purchases as well as some time at the checkout.
Click through our gallery as Consumer Reports names the best cash-back and gasoline rewards cards and shares seven ways to reap the most rewards.
First Up: Best Cash-Back CardsMore From Consumer Reports:
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American Express
Best Cash-Back Cards
The Card: AmEx Blue Cash
Reward Basics:
5% cash back at supermarkets, gas stations and drugstores; 1.5% elsewhere
Drawbacks:
You have to spend $6,500 annually to get 5% and 1.5% back; if you spend less, it's 1% and 0.5%
Recent APR: 9.99% to 14.99%
Next: Best Cash-Back Card No. 2More From Consumer Reports:
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Chase
Best Cash-Back Cards
The Card: Chase Freedom Visa
Reward Basics:
3% for every dollar you spend in three categories where you spend the most, 1% of every dollar you spend in other categories
Drawbacks:
Categories based on your spending each month, but 3% rewards are limited to $600 in purchases a month
Recent APR: 14.99%
Next: Best Cash-Back Card No. 3More From Consumer Reports:
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Discover Cards
Best Cash-Back Cards
The Card: Discover More
Reward Basics:
5% cash back in four spending categories on up to $400 of quarterly purchases, 0.25 to 1% on other purchases
Drawbacks:
The categories change four times a year, so you have to pay attention
Recent APR: 10.99% to 18.99%
Next: Best Gasoline CardsMore From Consumer Reports:
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Best Gasoline Cards
The Card: Chase PerfectCard MasterCard
Reward Basics:
6% on gas purchases for the first 90 days, 3% on gas thereafter, 1% on all other purchases
Drawbacks:
Maximum 3% monthly rebate is $15
Recent APR: 10.99% to 19.99%
Next: Best Gasoline Card No. 2More From Consumer Reports:
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Discover Cards
Best Gasoline Cards
The Card: Discover Open Road
Reward Basics:
5% on gas and auto maintenance, up to 1% on other purchases
Drawbacks:
5% rebate applies to first $100 in purchases per month and you must spend $3,000 on other purchases annually to earn 1%; otherwise, 0.25 to 0.5% back
Recent APR: 10.74% to 18.74%
Next: Best Gasoline Card No. 3More From Consumer Reports:
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Best Gasoline Cards
The Card: Shell Platinum Select MasterCard
Reward Basics:
5% back on Shell gas, 1% back elsewhere given as Shell credit
Drawbacks:
$20 annual fee after the first year, waived if you made nine or more Shell purchases in the previous year
Recent APR: 12.99%
Next: Sample Supermarket CardsMore From Consumer Reports:
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Sample Supermarket Cards
In addition to traditional frequent-shopper cards, which provide points or other rewards, many supermarket chains now sponsor credit cards that pay cash back on purchases.
The following three slides show sample deals offered by the three largest chains in the country. Use these examples to compare with stores in your area.
Next: Sample Supermarket CardsMore From Consumer Reports:
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Sample Supermarket Cards
The Card: Kroger 1-2-3 Rewards MasterCard
Reward Basics:
3 points per dollar spent on Kroger brand merchandise, 2 points per dollar spent on other items, 1 point per dollar spent elsewhere; quarterly certificates
Drawbacks:
1,000 points (representing about $333 to $1,000 in spending) earns only a $5 certificate; certificate must be spent at Kroger or its affiliates
Recent APR: 9.74% to 18.74%
Next: Supermarket Card No. 2More From Consumer Reports:
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Sample Supermarket Cards
The Card: True Earnings From Costco AmEx
Reward Basics:
3% cash back per dollar spent on gas and at restaurants; 2% for travel; 1% elsewhere, including Costco; no limits on cash back
Drawbacks:
$50 annual fee to join the club; rewards are doled out only once a year
Recent APR: 14.99%
Next: Supermarket Card No. 3More From Consumer Reports:
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Sample Supermarket Cards
The Card: Wal-Mart Discover Card
Reward Basics:
Cash rebate of 0.25% on spending up to $1,500, 0.5% for next $1,500, and 1% on amount over $3,000; earnings can come from all items in the store, not just groceries
Drawbacks:
Card offers savings of $.03 per gal., but only at some Wal-Mart gas stations
Recent APR: 9.87% to 18.87%
Next: Rewards Cards Tip No. 1More From Consumer Reports:
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Adam Gault
Rewards Cards Tip No. 1
Consider where you shop.
Save your key ring or wallet space for cards that will earn rewards at the stores you use most.
Next: Rewards Cards Tip No. 2More From Consumer Reports:
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Rewards Cards Tip No. 2
Project your spending.
Translate the amount you're likely to spend into cash back or points, depending on the program. If it's points, find out how many you need to get something you might want. If you're using a credit card, subtract the annual fee, if any. If that calculation shows you'd have to spend a fortune to earn a pittance in rewards, you might want to forget that card.
Next: Rewards Cards Tip No. 3More From Consumer Reports:
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Rewards Cards Tip No. 3
Favor cash back.
You might never redeem your points, so at least you will get something. Plus cash-back cards tend to be more generous in their rewards, our research has found.
Next: Rewards Cards Tip No. 4More From Consumer Reports:
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Rewards Cards Tip No. 4
Skip credit if you carry a balance.
Rewards credit cards often charge relatively high interest rates, which will eat up your reward (and then some) if you carry a revolving balance. The issuer can also hold your points hostage or stop adding to them if you pay late.
Next: Rewards Cards Tip No. 5More From Consumer Reports:
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Rewards Cards Tip No. 5
Do the math on do-good programs.
Cards that give your reward to a charity usually pay about 25 to 50 cents for every $100 you spend. And you can't write off the donation on your taxes. Both you and the charity might do better if you use a more generous rewards card, keep the money, and write the charity a check.
Next: Rewards Cards Tip No. 6More From Consumer Reports:
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Rewards Cards Tip No. 6
Use airline miles fast.
Cashing in frequent-flyer rewards has become more difficult because airlines have cut flights and now have fewer seats available. So rack them up and use them up as quickly as possible. Airlines also change their rules frequently, and several big carriers have recently gone bankrupt.
Next: Rewards Cards Tip No. 7More From Consumer Reports:
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Rewards Cards Tip No. 7
Avoid temptation.
Research has shown that people who use rewards cards charge more. It's easy to overspend just to earn a new digital camera or set of golf clubs. Beware.
CR's Full Report: Points Mania
Next: Best Supermarket ProductsMore From Consumer Reports:
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More From CR:
Best Supermarket ProductsWhether you seek flavorful coffee beans for your morning eye-opener or picnic plates that can stand up to mounds of fried chicken, you'll find them in Consumer Reports' roundup of top-performing supermarket products.
From food to snacks to household needs, click through our gallery to see which products CR names as supermarket standouts -- and deserve a place in your shopping cart.
Next Gallery: Supermarket Stars
Next Slide: More From CRMore From Consumer Reports:
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More at ConsumerReports.org
Get full ratings and reviews of products ranging from electronics, to appliances, to cars and more from ConsumerReports.org now.
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Who's Flunking Debt?
MensHealth.com takes a look at foreclosure rates, housing costs, bankruptcy filings, credit scores, levels of credit debt and credit usage in 100 American cities to see where debt is dominating residential households the most -- and the least.
Click through our gallery as we count down from No. 10 to No. 1 in two overall categories: cities where the residents have the most and least personal debt.
Next Gallery: 10 Cities With Most DebtMore in Money & Finance:
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Recent Comments
LESMATHWIZ 05:39:52 AM Jul 16 2008
it makes me want to puke.. these youngsters today talking about "liberalism.. ".. and yet they dont seem to realize that the conservatives have been in power for the last 30 years.. with the exception of clinton.. but they would like us to believe that the liberals are the problem.. weak minds indeed.. i as did many people.. in fact about 75% or 3 our of 4 people liked Clinton as president, but honestley i didnt consider him a liberal.. he was more middle of the road.. i hope these folks will wake up before its too late and gop has privatized social security.. they live life a day at a time.. and if they are not at retirement age..then its not a problem.. but wait till they are retired and the gop has a privatized ss system.. and they get 400 dollars a month .. to live on .. mark my words .. they will squeal like stuck pigs.. when they are at retirement age.. perhaps then they will understand the failings of the gop conservatives.. when its too late.. and i will have no sympathy for th
LESMATHWIZ 05:28:46 AM Jul 16 2008
Credit cards have become almost a necessity in our world today, even if not used to make purchases, they are at times required for other purposes. However, i agee with "Iravmoore".. they should never be used if you cant pay the off the balance at the end of the month.. now more than ever..with 25%, finances charges common place, a fee for being late, a fee for talking to a human being, a fee for fraudulet charges ... come on.. why should the user of a card have to pay for fraud charges to his or her card.. thats insane.. "CREDIT CARDS ARE A MODERN DAY RIP OFF.." , and my opinion is dont use one if it isnt absolutley neccessary.. that means .. for basic nessesities.. that you cant live without not cable tv.. thats not a neccesity.. in my opinion.. thanks
POKEY1ONE 05:19:09 AM Jul 16 2008
Whenever I need a new credit card or want to get one with a lower APR than my current cards, I use http://www.CreditDepot.com or http://www.ShopCreditCards.info to find one. They both have a wide variety of credit cards and I always get approved and have my new card within days.
Iravmoore 02:05:23 AM Jul 16 2008
Credit cards are wonderful if you pay your balance in full every month.Just limit your spending so that you can do that. Be careful so that you don't slip up.
GDargert 11:18:15 PM Jul 15 2008
easygoinAnother mis-informed lib. If you don't think that the oil companies given the go ahead couldn't have that oil in our tanks in two yrs give or take a few months your nutz. Those companies make less than the government but use their resources much better. Why you ask, because they are in the business of making money not stealing it like the democratic congress or osama-bama will do. This can be done and should be done now. We have more oil in the USA than all of the middle east combined. --- Save America tell the enviromentlist to shut TFUP. Techonology today its damn near impossible to harm our lands and oceans. Accident do happen but the biggest accident is letting a bunch of whining snob, tree huggin, libs ruin us a country. Get the oil now and work on alternate fuels later. I won't be caught dead in a fagety blue toyota prieus.
William C Mason 11:13:39 PM Jul 15 2008
In the 50's it was termed: "Buy now and Save now". The previous generation prior to that time - Worked most of their lives saving up to buy that house they always wanted. After world WWW2, troops went home and the baby boomers wanted immediate gratification, and the housing market became a trend. So, buy now, and pay as you go, meant getting loans was easier than ever. Then came along the so called "Convenience Card", which guaranteed "immediate gratification" . You didn't have to have the money, you only had to prove you had the means to pay the loans off with interest charges. Well, you know the rest of the story. What is practiced at home, became what the government started to do. So, look at where we are today, and you can see some of our past. Well that Convenience card evolved into the Credit card boom as we know it today.A Time Traveler
Willyd3310 10:06:26 PM Jul 15 2008
Easygoen1 08:30:36 PM Jul 15 2008 Report This! Mexicos oil prices are lower because their people cant pay more and they are a MAJOR oil producer. The answer is alternatives. If we drill today, we will see nothing for many many years. Stop believing Bush and his crime family. The oil we produce is being sold to Japan. Drilling will do NOTHING!!!!!!-----------------------------------------------------------------------------------------------------------According to top oil officials, if allowed to drill on the continental shelf they could send oil to refineries in less than two years. The biggest oil pollution is from seepage from cracks in the ocean floor caused by earthquakes. Drilling spiilage is less than 1% of toatal pollution. All of those years for oil to get to market is from anwar because of a pipeline. Is there any quick fix with alternative energy. No we don't know how long or what methods will be used. Some say 2030. Why not drill and get our own oil instead of paying billio
Willyd3310 09:52:26 PM Jul 15 2008
PM Jul 15 2008 Report This! Don't have a credit card, they are a big scam!Not if you take advantage of specials. I have not paid any intrest in 2 1/2 years. You get a new card with no intrest on balance trarnsfers or purchases for one year. When the year is almost up i get another with the same offer. I am on my third one in a row and get offers for like offers ateast bi-weekly. The same card will keep offering until you take it, and I never take one with any fee at all. I could pay it off in that year as I don't carry a high balance , but I make above minimum payments, and with my car and mortgage I keep a high credit rating for any future needs.
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