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New Capital One card 1.5% unlimited cashback on everything + $100 bonus
Capital One just launched this card - in my book the best in class cashback card.
From the website:
- 1% cash back on all purchases
- 50% bonus on the cash back you earn every year
- One-time bonus of $100 once you spend $500 in first 3 months (new account holders)
- Earn unlimited cash rewards that don't expire
- Get your cash back anytime as an account credit or check, even set up automatic redemption
- No annual fee
- No foreign transaction fee (as with all of Capital One's cards)
Note that this is for folks with "excellent credit".
You will earn 1% cash back on all net purchases (purchases minus any credits or returns) that you make. You will also earn an additional 4% cash back (for a total of 5% cash back) on net purchases in categories which rotate throughout the year. Below are the rotating categories where you can earn these additional rewards in 2011 and 2012. We will notify you of future rotating categories.
2011-2012 Rotation Schedule
Jan – Mar Dining, Utilities, Gym Memberships and Drug Stores
Apr – Jun Home Improvement, Hardware Stores, Home Furnishings and Lawn & Garden Stores
Jul – Sept Lodging, Gas and Amusement Parks
Oct – Dec Clothing Stores, Department Stores, Electronics and Toy Stores
How does my redemption bonus work?
You will be awarded a bonus equal to 20% of the redemption amount. We will apply your bonus cash back within two billing cycles following your redemption. Please note: Transferring rewards to another account does not qualify as a redemption.
Is there a limit to the amount of rewards I can earn?
There is no cap to the amount of rewards you can earn on purchases.
Will my rewards ever expire?
Your rewards are yours for the life of the account — they will not expire. But if your account is closed, you will lose any rewards you have not redeemed.
Wow. I'd never expect Capital One to be in on something like this... might have to look into it. (And I just opened an AmEx Blue CB; darn!)
"Excellent" meaning 750+ or 800+?
From their site:
I have not been more than 60 days late on any credit card, medical bill, or loan in the last year
- AND -
I have never declared bankruptcy or defaulted on a loan
- AND -
I have had a loan or credit card for 3 years or more with a credit limit above $5,000
Doesn't give a number, but I'm guessing that due to the third criteria there that they're looking for 700 minimum. It's always worth a call.
We've got a BoA Visa with 1.25% cash back which nets us $500-$700 per year between the regular cash back and the rotating categories.....this offer is tempting, but probably not enough to get me to switch.
"You mean to say that we sell every unit at a loss?!"
Never-mind the fact that you don't get any of the savings from that fidelity amex card immediately. They are deposited into your fidelity IRA account or a "college savings" account. So I first have to open an account with Fidelity, then apply for the card, then wait 30 some odd years to get the rewards.
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