Tuesday, February 19, 2008

2% Cash Back Credit Card

Most of the credit cards offer the maximum 1% cash back for the purchased made. The highest one I have seen and got is the American Express Gold Credit Card. It was by invitation only before and has just began to accept the application from general public recently. Here is the details:

American Express Gold with 2% Cash Rebate (tiered)

Cash Rebates paid in January (once per year):
$0 - $2,500 = 0.5%
$2,500 - $5,000 = 1.0%
> $5,000 = 2.0% (no need to carry balance to get the 2%)
Added Bonus of 0.5% if you carry balance (so you could get upto 2.5% cash rebates)

Sign up through: 1-800-268-2639.

Credit Card information is not available on the AMEX website

- MINIMUM $30,000 annual income required to apply for this card
- Just remembered, there is also no maximum rebate… the sky’s the limit. i.e. If you spend $200,000, you’ll get $3937.50 back :P

Cash rewards calculator/comparison:
http://www3.telus.net/CalgaryBen/

Note that since this card is tiered, basically you have to spend more than $6250 per year to get better cash back than the Citi Enrich Card.

I applied for this card a month ago and now just wish more places will accept American Express.

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