Pick the Right Credit Card

The Chase PerfectCard is the one credit card that I actually carry around in my wallet. I have more, but it’s the one that gets to come along with me whenever I leave the house. Lucky card. The other cards are jealous and conspire against the PerfectCard trying to figure out ways to give it injuries so that it cannot come with me. I saw them all congregated on the kitchen counter one night carrying scissors in a very threatening fashion.

Why does the PerfectCard make the cut when others don’t? The simple answer is that this is a cash back rewards card.

Pros:

• 5% cash back from gas station purchases
• 1% cash back from all other purchases
• No annual fee
• The rebate comes in the form of a credit that is applied at the end of every billing cycle
• No waiting until you accumulate enough credit to get a check or a free flight

Cons:

• Only comes in Mastercard, not in both Mastercard and Visa
• High APR if you carry a balance–the site “brags” of an APR “as low as 14.24% APR”
• Stiff penalty pricing

All in all, this is a pretty darn good card. The value of airline miles is a fraction of a cent versus the whole cent you get back every time you make a charge, and with this one, you get cash back immediately. This scores a 8 out of 10.

Do you know of a better cash rewards card? Do you have a card that you want me to review? Tell me below!

This entry was posted on Thursday, August 9th, 2007 at 12:06 pm and is filed under Cash back rewards cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.