Saturday, June 13, 2009

Credit Card Reward Program Review

Reward Programs offered by the major credit card issuers:

Chase: Ultimate Rewards
; Freedom (rotates 3% different categories quarterly, with no earnings cap or expiration date); Chase Continental OnePass (credit card has $85 annual fee; 2 debits: $35 or 65 annual fee)

Citibank: ThankYou Network points program

Discover: Discover cashback; 5% cashback quarterly in different categories, plus sporadic monthly bonus 5% category; otherwise, purchases are tiered $1-3000 at 0.25%; >$3000 at 1.0%)

American Express: Membership Rewards; Different cards have different programs but usually 1 point/mile per dollar spent (ie. Delta SkyMiles, Starwood Preferred, HHilton Honors,; some offer 20,000 or 25,000 bonus points for first year with spend $500 or more...or higher, but have annual fees; Starwood=45;).

Capital One: The NoHassle Miles or Rewards

FIA (Bank of America): WorldPoints 1%

HSBC: Rewards Program (1%) They also have the Weekend Card that gave 2% cashback on Weekends, 1% on every other day.

* Depending on your FIA/BoA credit card, WorldPoints can be redeemed for different amounts. (For example, $100 gift card may cost 12,500 points with one FIA card, and 13,500 points with another FIA card.)
* Most reward programs that I have seen: $25 gift card for 3000-3500 points; $50 giftcard for 5000-6000 points; $100 gift card for 10,000-13,500 points.

FIA-SchwabSignatureVisa & FIA-FidelityAMEX: 2% cashback rewards; but requires a brokerage account, and you to link it. JPMChase-OptionsXpress: 1% cashback rewards, requires OptionsXpress account; has intro 12m, 0%, $75BT max.

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