Cash Back Credit Card Reviews

THE TRUEEARNINGS CARD FROM COSTCO AND AMERICAN EXPRESS REVIEW:Apply Now | Back to Chart

The TrueEarnings Card from Costco and American Express is exclusively available to Costco members and richly rewards cardholders with up to 3% cash back on purchases. There is no annual fee with your paid Costco membership. If you are not currently a Costco member, you can sign up and apply for your TrueEarnings Card at the same time, and your TrueEarnings Card will also serve as your Costco membership card. A standard Costco membership is $50 per year. You'll earn 3% cash back on gasoline purchases, 3% cash back at restaurants, 2% cash back on travel purchases and 1% cash back on all other purchases including at Costco. Unlike some other cards, there is no spending tier you must hit to start earning these generous cash back percentages. One key point here is that just about every other cash back card pays a lower cash back rate than they list for purchases at 'warehouse stores.' With the TrueEarnings Card, you will really get your 1% cash back for those Costco purchases. Your cash rebate will be issued annually as a statement credit. There is no limit on how much cash back you can earn. You'll also receive a $25 statement credit after making your first purchase with your TrueEarnings Card.

There is a 0% introductory purchase APR for the first 3 months and a 13.24% purchase APR thereafter. Balance transfers requested within the first 30 days are subject to a 1.99% introductory APR for the first 6 months. Unlike most other cards, there is no transfer fee for balance transfers.

With no annual fee, a generous cash rewards program and a bonus $25 statement credit, the TrueEarnings Card is an excellent option for anyone who already has a Costco membership. In fact, the benefits of this card are so good that it would even make sense for certain people to purchase the Costco membership for the sole purpose of getting the card.

DISCOVER MORE CARD REVIEW:Apply Now | Back to Chart

The Discover More Card offers a potentially lucrative, but also complicated cash back program as well as 0% introductory APRs on balance transfers and purchases. Cardholders earn 5% cash back on up to $800 in purchases within select categories including travel, home improvement stores, department stores, gas stations, restaurants, pet stores and many more. The individual categories that you can earn 5% on rotate every 3 months. For example, from October-December 2008 they are grocery stores, restaurants and movies and from January to March 2009 they are airlines, hotels, car rentals and cruises. Cardholders also earn .25% cash back on all other purchases until they spend $1,500 annually with the card, and then earn .5% cash back until spending exceeds $3,000 annually. Once cardholders reach the $3,000 threshold, they begin earning 1% cash back for all other purchases the rest of the year. Total cash back is unlimited, and cash is redeemable in $20.00 increments.

The Discover More Card offers a 12 month, 0% intro APR for balance transfers made in the first 3 months of getting your card to all approved cardholders. The introductory APR for purchases is 0% for the first 6 months, and the ongoing APR ranges from 11.99% to 18.99%. The balance transfer APR is 0% for the first year, after which it will be the same as the purchase APR. There is also a 3% fee for balance transfers.

For consumers who have excellent credit, frequently shop in the rotating 5% cash back categories and are looking for a 0% intro APR for both purchases and balance transfers, the Discover More Card is a good option.

DISCOVER MOTIVA REVIEW:Apply Now | Back to Chart

Discover Motiva gives cardholders a Pay-On-Time bonus when the minimum payment due is paid by the due date for six months in a row. This bonus is equal to the periodic finance charges shown on the upcoming statement. So you essentially get 1 month interest paid back to you when you bay your bill on time for 6 months straight. If you are carrying a decent-sized balance, this is actually a very good deal. Cardholders also earn .25% cash back on all purchases until they have spent $1,500 annually with their Discover Motiva card, then .5% cash back until spending $3,000. After reaching the $3,000 threshold in a year, cardholders earn 1% back on all purchases for the rest of the year.

The interest rate for purchases is 3.99% for the first 6 months and anywhere from 11.99% to 18.99% thereafter, and the interest rate for balance transfers is 3.99% for the first 12 months and the same as the purchase APR thereafter. There is also a 3% transfer fee. There is no annual fee for the Discover Motiva card.

These terms are a bit more complicated than those of most credit cards. Since there are no limits on how much cash back you can earn, the rewards program could be quite strong, assuming that you are likely to spend $3,000 within a relatively brief length of time. The Pay-On-Time bonus could also be a nice feature, depending on whether you carry a balance or need extra incentive to pay your bill on time. If you are likely to reach the $3,000 threshold, do carry a balance, and would like an incentive to pay your bill on time, the Discover Motiva card may be the most lucrative cash back card you will find. If you don't carry a balance or know you will have some late payments, other options are probably better.

DISCOVER OPEN ROAD REVIEW:Apply Now | Back to Chart

The Discover Open Road Card rewards you generously for all your gas and auto maintenance purchases. You will earn 5% cash back on your first $100 in combined gas and auto maintenance purchases each month. Initially, you will also earn .25% cash back on all other purchases. Once you have spent $1,500 with your card annually, you will begin earning .5% cash back on all other purchases, and once you spend $3,000 you will earn 1% cash back on all other purchases, including any gas and auto maintenance purchases that exceed the $100 monthly limit. These cash back tiers are based on your annual spending whereas the $100 gas and auto maintenance limit is based on monthly spending. There is no limit to the total amount of cash back you can earn. Rewards are redeemable in $20 increments.

The purchase APR is 0% for the first 6 months, and the balance transfer APR is 0% for the first 12 months. After the introductory periods end, both interest rates will be between 11.99% and 18.99%, depending on your credit. There is a transfer fee of 3%.

This card is actually best for people who will quickly reach the $3,000 threshold and who spend around $100 on gas each month. If you have excellent credit and find yourself spending too much money buying gas and maintaining your car, why not earn some of it back with the Discover Open Road Card?