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Unlimited 5% credit card rewards are far and few between these days, but there are still a healthy number of cards that will give you 2% on all your purchases. Let’s have a look, shall we?
Merrill Lynch just unveiled its new invitation-only Octave card, which earns 2.5 points per dollar spent. You can actually get as much as 5 cents per dollar out of these points when redeeming for flights, though even if you can get an invitation to apply the annual fee is $950. If you want to know more, MileCards has all the details on this new product.
The Bank of America machine has other options as well, and in fact boasts more 2% options than anybody else. Best of all, none of them (aside from the Octave) have annual fees. The Fidelity Amex and its 2% cash back has long been a favorite default card for many savvy credit card users. You can also get 2% cashback on your Fidelity Visa, but that only kicks in once you’ve spent $15,000 in any given year, so you’re better off with the Amex. The Bank Americard Travel Rewards offers 1.5 points per dollar, but you can move that above 2% if you’re a member of B of A’s Preferred Rewards program.
The Citi Double Cash offers 2% cash back on all purchases plus no annual fee, and is also considered to be the most underrated credit card out there by yours truly. The Barclaycard Arrival Plus offers 2.2%, but also has an $89 annual fee. The fee is waived the first year; many folks are therefore fond of getting the 40K sign-up bonus and enjoying 2.2% for a year before cancelling. I approve of this behavior since Barclaycard takes such a hard line against humorous blog posts.
Did you know that Capital One has not one but two 2% cards? Most of you probably know about the Venture Rewards business card and its uncapped double miles ($59 fee, waived the first year), but did you know Cap One’s GM Card also offers 2% rewards with no annual fee? Of course, GM has limits as to how much you can redeem for each vehicle, plus they apparently like to top off your earnings every now and then, so it’s best not to go all out on that card.
The JCB Marukai credit card is a mystery to those of us on the east coast. Supposedly you can get 3% cash back, but only if you live on the West Coast or in Hawaii. Even more obscure than that one is the NASA Federal Credit Union Platinum Cash Rewards card, which offers 2% cash back once you hit $2,000 in purchases.
Some folks may argue for a card like the Hilton Amex Surpass, which offers 3 Hilton HHonors Ppoints on all spending. That’s a little more subjective, as the value there depends on how you redeem your points. Likewise for the Club Carlson Visa (5 points per dollar) and even the Starwood Amex (1 point per dollar).
That’s all I have… did I leave out anything?
EDIT: The Carolinas Telco Visa offers 2% cash on all purchases with the rebates being credited automatically every quarter. Blispay from First Electronic Bank of Utah also offers 2%.
There is the non-business version of the Capital One Venture card.
I would include Amex Blue for Business (1.3 MR, no AF) and Amex Everyday Preferred (1.5 MR, $95 AF) in the conversation.
Why do you consider Nasa ‘obscure.’ True it’s not well known, but it seems pretty easy to become member:
“Help me open an account another way. A complimentary membership to the National Space Society (NSS) entitles you to join NASA FCU.”
You don’t consider the Barclays Arrival+ card to be 2% cashback?
It’s on there.
Obscure = I don’t know anybody with the card and I can’t even recall having seen anybody write about their experiences with it.
Cap One Spark, not a bad option
Not many people know about the Fidelity 529 Mastercard with 2% cash back on all purchases. It’s just like the Fidelity AMEX (I converted mine to it) but without the $15K spend requirements of the Visa. Since MC is used in more places than AMEX it was a no-brainer to convert it. Also, no 529 plan is required – mine dumps the cash back into a Fidelity money market account. You get straight cash back and no access to the WorldPoints mall.
The Marukai is a JCB card, not a Mastercard or Visa. Where is it accepted? Was going to recommend it to my brother, who lives in CA, but it looks like it won’t work most places.
My understanding is that there’s some sort of JCB-Discover reciprocity, but that in can get complicated in practice. I think there’s a thread on either Fatwallet or Flyertalk where they discuss the ins and outs of where that card can be used.
You forgot to mention blispay. It is also a nice 2% cash back card.
Thank you!