The Navy Federal Credit Union offers excellent benefits to its more than 3 million members. Navy Federal has been around since 1933 and as of today holds over $34 billion in assets and $23 billion in member savings.  The credit union offers a wide array of financial services and great rates on its products.

Auto loans

Refinance your auto loan and get $100.  And what makes the deal even more attractive… the interest rate on used car loans are as little as 4.75% for 36 months.  The average right now is 7.14%.  At this rate, the savings can add up quick.  Also if you are in the market for a new car, you can get a great rate through Navy Federal.  The new car loan rate is as low as 3.75%.  That is about half of the national average.

Mortgage loans

Navy Federal offers an excellent rate on home mortgage loans.  The 30 year fixed rate is 5.375% with .75 points.  The going rate everywhere else… 5.97%.  That may not seem like much of a difference, but .6% makes a huge difference on a $500,000 or even $200,000 loan. And if you use a RealtyPlus approved agent to help you search for and buy your new home, you can get a rebate of up to $5,050 (depending on the purchase price).  This rebate also works if you use a RealtyPlus approved agent to help you sell your home.

Certificates of Deposit

Navy Federal offers 4% on its one year CDs.  With the declining market, it can be comforting to know that your money is guaranteed to earn 4%.  But the best part… you only have to make a minimum deposit of $100.  Most CDs required much higher minimums of $1,000, $5,000 or even $10,000 or more.

Credit Cards

Navy Federal issues several different credit cards. But two I like the most… the Platinum Visa and the nRewards Visa.  There is no annual fee for either card. And the credit limit can range from $1,000 to up to $50,000.  The APR on the Platinum is 7.9%. The APR on the nRewards card is 8.9%. Plus you can earn 1% back on every purchase made with the nRewards card.

Free Seminars

Even with all of the great products and low rates, the thing I like most about Navy Federal is that they offer free seminars to it members.  The seminar usually last 1 to 2 hours and center around different financial topics that are very useful.  They regularly host home buying seminars.  But other seminars focus on investing, estate planning, retirement planning, and taxes.

In addition to those few that I have mentioned, Navy Federal also provides services for small business and investment and insurance services. However, the only way you can benefit from what Navy Federal has to give is to become a credit union member. Until recently, membership was limited to only those with an affiliation with certain branches of the military.  However as of May of this year, membership eligibility has been expanded to include all branches.  So to join the Navy Federal Credit Union, you must be a civilian or non-civilian employee of the Department of Defense, be a Department of Defense reservist or be enrolled in a officer candidate program.  Else you must be a family member of anyone who fits into one of these categories.

Unfortunately, I am not eligible to join.  But if you are, you should seriously consider giving Navy Federal a shot.

About the card

The Starwood Preferred Guest® Credit Card is issued by American Express.  It is a reward card that allows you to earn Starpoints that can be redeemed for stays at any participating Starwood hotel or resort.

The basics

• Variable APR of 14.99% for purchases, 2.9% introductory purchase APR for first 6 months
• 19.99% for cash advances
• When initiated within 30 days of opening the account, 2.9% APR on balances transfers for 6 months
• $45 annual fee
• 20 day grace period on purchases
• Late fee:  $19 for balances under $400, $38 for balances of $400 or more
• $35 over the limit fee
• 3% transaction fee on cash advances ($5 minimum and no maximum)

The perks

• Earn one Starpoint for every dollar worth of purchases
• Earn 10,000 bonus Starpoints on your first purchase within one year of opening the account
• Earn 15,000 additional bonus points when you spend $15,000 within the first six months of opening the account
• Transfer points to the frequent flyer program of over 30 major airlines
• Earn double points  when you use the card at participating Starwood hotels and retail locations
• Use points to get free room upgrades at participating Starwood hotels and resorts
• No blackout dates
• Annual fee waived for the first year
• Includes travel insurance of  up to $100,000 accidental death or dismemberment
• Account management tools include online account access year end summary that allows you to sort charges by merchant, category, and date.
• Comes with emergency services such are card replacement and Global Assist.  Global Assist will help with medical, legal, financial, lost luggage, and more when you travel more than 100 miles from home

You will like this card if you enjoy stays at Starwood hotels - Preferred Guest, SPG, Starpoints, Sheraton, W, Four Points, The Luxury Collection, St. Regis, Westin, and Le Meridien.

You won’t like this card if you are unable to pay the entire balance of the card at the end of each month.  At 14.99%, interest charges can add up quickly.

Credit card review

The Starwood Preferred Guest® Credit Card from American Express allows you to earn points on your everyday and not-so-every purchases.  The points can be redeemed for overnight stays at any of the 860 participating Starwood locations.

I have got to be honest.  Ever since I fell in love with the beds at the Westin hotel, I have been kind of partial to Starwood locations. So… I really like the thought of earning a free stay.

However, unless you are a big spender, it may take awhile to earn a stay.  It takes about 2,000 points to earn a free night.  And at the swankier Starwood properties, a room can run 35,000 points.  That’s a lot of points, but earning the 25,000 bonus points can get you closer to the free luxury stay.

Though I bask in the thought of a free night at the Westin, there are a few things about this card that gives me reservation.   I have this thing about interest rates that are higher than 10%… I don’t like them.  So as you can imagine, a 14.99% interest rate makes me cringe.  But if the balance is paid in full each month… then it’s not so bad.  I also don’t like annual fees.  There are too many other cards out there that don’t charge an annual fee.  Also, the rewards are limited. The points can only be used at Starwood hotels.  What if I wanted to stay at the Hilton… well then I guess I’ll just be out of luck.

Overall rating

I give it 3.5 out of 5 stars.

Apply for the Starwood Preferred Guest® Credit Card from American Express here.

About the card

The Advanta Platinum Business Card with Rewards is issued by the Advanta Bank Corporation.  It is a reward card that allows you to earn points that can be redeemed for cash, plane tickets, Visa gift cards or other items.

The basics

• Variable APR of 7.99% for purchases (prime plus 2.74%, with a minimum of 5.25%)
• Variable APR of 7.99% of 19.99% for cash advances (prime plus 2.74% or 14.74%, depending on creditworthiness)
• Fixed APR of 7.99% for balance transfers
• 3% transaction fee on balance transfers and cash advances ($5 minimum and no maximum)
• No annual fee
• No grace period on balance transfers and cash advances
• Grace period on new purchases when current and previous statements are paid in full
• Late fee:  $19 for balances under $150, $39 for balances of $150 or more
• Over the limit fee:  $15 for balances under $501, $29 for balances between $501 and $1,001, $39 for balances of  $1,001 or more

The perks

• Earn one point for every dollar in purchases
• No limit on the number of points that can be earned, but unused points expire after 36 months
• Points can be redeemed for cash with a minimum of $50 per redemption (1,000 points equals $10)
• Points can be redeemed for airline tickets (You can get a $400 round trip ticket for 25,000 points, plus a $15 redemption fee.)
• 0% introductory APR on balance transfer initiated within the first 15 months ($90 maximum transaction under this offer)

Credit card review

The Advanta Platinum Business Card with Rewards from the Advanta Bank Corporation is a reward card that allows you to accumulate points that may be redeemed for cash, plane tickets, gift certificates or other merchandise. Overall the card has reasonable terms and conditions and great introductory offers.

Under the introductory balance transfer offer, you get 0% APR for 15 months.  However, Advanta does stipulate that incoming transfers can only come from other business accounts.  So if you were planning to transfer a balance for a personal or individual account, then sorry… no can do.

The card offers a flexible reward program.  Points can be redeemed for just about anything.  But unlike most reward cards, unused points expired after 36 months.  What do you do if your points are about to expire and you do not have enough accumulated to redeem?  Well… Advanta allows you to purchase points in increment of 1,000 for $10.  That way can buy enough points to cash out before your existing points expire.

The Advanta Platinum Business Card with Rewards has a tolerable APR of 7.99%, which is relatively low for a reward card.  However, the minimum finance charge per billing period is $1, which is double the average minimum finance charge for most cards.

On the face, the Advanta Platinum Business Card with Rewards appears to be a good card… low purchase APR, tier structured late and over the limit fee, cash advance APR can be as little as 7.99% (well below the norm).  Although the terms and conditions appear favorable, I noticed that some cardholders have accused Advanta of playing bait and switch games and poor customer service.

Overall rating

I give it 4.5 out of 5 stars, but if what the cardholders say is true… then I only give it 1 star.

Apply for the Advanta Platinum Business Card with Rewards from the Advanta Bank Corporation here.

About the card

The Hilton HHonors® Platinum Credit Card is issued by American Express.  It is a reward card that allows you to earn Hilton HHonors points that can be redeemed for stays at any Hilton Family Hotel.

The basics

• Variable APR of 14.99% for purchases, 2.9% introductory purchase APR for first 6 months
• 19.99% for cash advances
• When initiated within 30 days of opening the account, 2.9% APR on balance transfers for 6 months
• No annual fee
• 20 day grace period on purchases
• Late fee:  $19 for balances under $400, $38 for balances of $400 or more
• $35 over the limit fee
• 3% fees on cash advances ($5 minimum and no maximum)

The perks

• Earn 10,000 Hilton HHonors bonus points with your first purchase
• Earn 2,500 Hilton HHonors bonus points for each of your first four stays at any Hilton Family Hotel
• Get 30,000 Hilton HHonors bonus points  when you spend $5,000 in the first 5 months of opening the account - that’s in additional to the regular points you earn
• Get 5 HHonors bonus points for every eligible dollar you charge at Hilton HHonors hotels worldwide
• Get 5 HHonors bonus points for select everyday spend categories (supermarkets, drugstores, gas stations, restaurants, the U.S. Postal Service, and wireless phone services)
• Get 3 HHonors bonus points for every dollar you spend on any other purchases
• Automatic enrollment in Hilton HHonors at the Silver VIP elite level
• 15% bonus on all HHonors points earned at participating HHonors hotels
• Includes travel insurance of up to $100,000 accidental death or dismemberment
• Account management tools include online account access year end summary that allows you to sort charges by merchant, category, and date.
• Comes with emergency services such as card replacement and Global Assist.  Global Assist will help with medical, legal, financial, lost luggage, and more when you travel more than 100 miles from home

You will like this card if like spending time at Hilton family hotels… Hilton, ConradTM, Doubletree, Embassy Suites Hotels, Hampton Inn, Hampton Inn & Suites, Hilton Garden Inn, Homewood Suites by Hilton, and Walford-Astoria Collection hotels.

You won’t like this card if you are unable to pay the entire balance of the card at the end of each month.  At 14.99%, interest charges can add up quickly.

Credit card review

The Hilton HHonors® Platinum Credit Card from American Express allows you to earn points that are redeemable for free stays at Hilton family hotels every time you make a purchase.  It takes between 7,500 and 10,000 point to earn a one night stay.  And when you take advantage of the easy to earn bonus points, you can rack up 50,000 points in no time… that is enough for at least a five night stay.

One thing that I like about this card is that you can always earn triple points.  With most point reward cards, you only earn one point per dollar spent, but with the Hilton HHonors® Platinum Credit Card by American Express you earn 3 points per dollar spent… and 5 points for most everyday purchase like gas and groceries.

Another great thing about the Hilton HHonors® Platinum Credit Card is that there is no annual fee to be a card member.  Most American Express issued cards charge an annual fee of between $50 and $100.

All in all, I think it is a good card.  Its only limitation is that you can only redeem the points for stays at Hilton family hotels.  But with more than 3,000 participating locations nationwide and beyond, there is likely to be one at your next travel destination.

Overall rating

I give it 4 out of 5 stars.

Apply for the Hilton HHonors® Platinum Credit Card from American Express here.

About the card

The Gold Delta SkyMiles® Credit Card is issued by American Express.  It is a reward card that allows you to earn Delta Sky Miles each time you swipe.

The basics

• APRs: 14.99% for purchases, 19.99% for cash advances
• When initiated within 6 months of opening the account, 9.99% APR on balances transfers for the life of the loan
• Annual fee: $95 or $40 for some qualified cardholders
• 20 day grace period on purchases
• Late fee:  $19 for balances under $400, $38 for balances of $400 or more
• $35 over the limit fee
• 3% fees on cash advances ($5 minimum and no maximum)

The perks

• Earn Double Miles on eligible supermarket, drugstore, hardware store, home improvement, gas station and US Postal Service purchases
• Also earn Double Miles when use the card to pay your cell phone bill and to make Delta purchases
• Earn one mile for every other purchase
• 20,000 bonus miles after your first purchase
• Request 2 additional cards with your application and get 5,000 bonus miles
• Annual fee is waived for the first year
• Earn bonus miles with Miles Boosts when you spend more than $15,000 a year
• No blackout dates or seat restrictions
• Includes travel insurance of up to $100,000 accidental death or dismemberment
• Account management tools include online account access year end summary that allows you to sort charges by merchant, category, and date.
• Comes with emergency services such are card replacement and Global Assist.  Global Assist will help with medical, legal, financial, lost luggage, and more when you travel more than 100 miles from home

You will like this card if you are frequent flyer who prefers Delta flights.

You won’t like this card if you are unable to pay the entire balance of the card at the end of each month.  At 14.99%, interest charges can add up quickly.

Credit card review

The Gold Delta SkyMiles® Credit Card from American Express allows you to earn free Delta Sky Miles every time you make a purchase.  However, there is a limit on the amount of miles you can earn.  Eligible spending is capped at $100,000.  I don’t know about you, but doubt I would make $100,000 in credit card purchases. So even though there is a maximum… it is liberal one.

I really like the year end summary.  That may not be important to some, but for a budget conscious person like myself…  the summary is a huge plus.  The year end summary allows you to easily track your spending.  And sorting by category can make it easy to see where you are spending too much.  I have a card that provides these year end summaries.  I was quickly able to identify the area where I needed to cut back… my vices were dining out and clothes shopping.

There are some things that I don’t like about the card.  First and foremost… the $95 annual fee!  Secondly… 14.99% interest is kind of high.  Finally… the reward options are limited to only Delta flights.  What if you want to fly to a location that Delta does not serve?  The miles you earn on this card are not transferable to another airline.  There are many other miles reward cards that don’t restrict your flight to a particular airline.

Overall rating

I give it 2.5 out of 5 stars.

Apply for the Gold Delta SkyMiles® Credit Card from American Express here.

About the card

I prefer cash reward cards best when compared to all of the other different types of rewards card programs.  Cash rebate cards offer the most flexibility.  You are not limited to miles, gift cards or points that can only be redeemed for certain items.

When friends and family ask me what I want for my birthday, Christmas, Mother’s Day, etc., my response is always the same… Show me the money!  With cash, I am allowed to decide how to spend it.  The premise remains the same with cash rebate reward cards.

The Discover® More(SM) Card - Clear is cash reward card which is issued by Discover.  This card affords me the same freedom.

The basics

• Purchase APRs between10.99% and 18.99% depending on your credit history
• 23.99% APR on Cash Advances
• No annual fee
• 25 day grace period on purchases
• Late fee:  $19 for balances of $250 or less, $39 for balances over $250
• Over the limit fee:  $15 for balances of $500 or less, $39 for balances over $500
• 3% fees on cash advances ($5 minimum and no maximum)

The perks

• Intro 0% APR on purchases for the first six months
• 0% APR for 12 months on balance transfer made in the intro period
• 3% balance transfer fee under this offer ($10 minimum and $75 maximum)
• .25% cash rebate when you spend up to $1,500 on general purchases
• .5% cash rebate when you spend between $1,500 and $3,000 on general purchases
• 1% cash rebate when you spend over $3,000 on general purchases
• Up to 5% Cashback Bonus® gas, restaurant and other qualified special purchases
• Get Cashback Bonus® when you redeem rebates for gift certificates at eligible retailers
• Earn unlimited cash rebates
• Complimentary insurance when you pay using your Discover® More(SM) Card - Clear -  $25,000 coverage in car rental insurance and $500,000 in flight accident insurance

You will like this card if you are looking for a good rebate card with a low APR and you plan to charge more than $3,000 a year.

You won’t like this card if you do not plan on charging more than $3,000 a year.

Credit card review

I like the Discover® More(SM) Card - Clear by Discover.  Well, for one, it is a cash reward card.  That means I get cash back on the items I buy everyday.  And I get even more cash back when I purchase gas or go out to the movies.

Secondly, the credit terms are liberal for a reward card. Most reward cards charge higher interest or fees for their reward cards.  But the Discover® More(SM) Card - Clear terms are comparable to that of non reward cards.  The interest is only 10.99%.  There is a 25 day grace period.  Plus, cardholders are not charged an annual fee.

The card also offers an unbelievable 12 month 0.00% APR introductory rate on balance transfers.  This is a huge plus… especially you are paying a high rate on another card balance.

However, there is one thing I am not so keen about.  In order to get the 1% cash rebate, you have to make more than $3,000 in annual purchases.  If not, then you’ll only earn as little as .5% or even .25%.

Overall rating

I give it 4.5 out of 5 stars.

Apply for your Discover® More(SM) Card - Clear here.

About the card

Whether you have excellent credit, average credit or a little less than average credit the Miles by Discover® Card can be yours.  The Miles by Discover® Card is a reward card that allows cardholders to earn free air miles. 

The basics

• Purchase APRs between10.99% and 18.99% depending on your credit history
• 23.99% APR on Cash Advances
• No annual fee
• 25 day grace period on purchases
• Late fee:  $19 for balances of $250 or less, $39 for balances over $250
• Over the limit fee:  $15 for balances of $500 or less, $39 for balances over $500
• 3% fees on cash advances ($5 minimum and no maximum)

The perks

• 0% APR for 12 months on balance transfers made in the intro period
• Intro 0% APR on purchases for the first six months
• Earn unlimited miles
• Earn 1 miles for every $1 purchase
• Earn double miles on restaurant and travel purchases (6,000 mile limit)
• Earn double miles when you shop at over 60 retailers through ShopDiscover (features popular retailers such as Lane Bryant, JoS A. Bank, Hallmark, Apple, Lands’ End and Sears)
• Miles never expire (but account will automatically be closed if inactive for 18 months)
• Miles can be used for travel booked through any airline, travel agent or online travel site
• Not flying anytime soon, then redeem miles for gift cards or even cash
• Earn 1,000 bonus each month when you make a purchase during the year
• Complimentary insurance when you pay using your Miles by Discover® Card -  $25,000 coverage in car rental insurance and $500,000 in flight accident insurance

You will like this card if you are looking for a excellent reward card with excellent perks with a reasonable APR.

You won’t like this card if you … (nah… you’ll love this card!)

Credit card review

I really like the Miles by Discover® Card.  It allows you to earn unlimited miles and the miles never expire.  And the best part about these miles is that it is not limited to one airline.  Miles can be used on any airline and can even be used at sites like Expedia or Travelocity.

But if you don’t want miles, the Miles by Discover® Card allows you the flexibility to redeem your miles for other goodies, like gift cards or cash.  So your miles card can also act like as a cash rebate card. 

On top of that, the credit terms are pretty generous for a reward card.  With most reward cards, the terms are not as favorable when compared to non reward cards.  But this is not true with the Miles by Discover® Card.  There is no annual fee.  The interest rate is as low as 10.99% and the grace period is 25 days! 

And… this is a card for everyone.  Even if your credit score needs improvement, you may be approved for this card.  The APR may by as high as 18.99%, but the Miles by Discover® Card is a heck of a deal, especially when compared to clunkers like this.

I have nothing negative to say about the Miles by Discover® Card.  It is an first rate card and everybody should have one!

Overall rating

I give it 5 out of 5 stars.

Apply for your Miles by Discover® Card here.

About the card

The Gold Delta SkyMiles® Business Credit Card is a reward card issued by American Express.  This card is tailored for small businesses whose employees frequently travel.  The card comes with online account management tools and even allows data to be easily downloaded into QuickBooks.

The basics

• APRs: 14.99% for purchases, 19.99% for cash advances
• When initiated within 6 months of opening the account, 9.99% APR on balances transfers for the life of the loan
• Annual fee: $95 or $45 for some qualified cardholders
• 20 day grace period on purchases
• Late fee:  $19 for balances under $400, $38 for balances of $400 or more
• $35 over the limit fee
• 3% fees on cash advances ($5 minimum and no maximum)

The perks

• Earn 1 Delta mile for every dollar you spend, earn double miles on certain purchases like gas and office supplies
• Earn bonus miles with Miles Boosts when you spend more than $15,000 a year
• Save 5% on Delta flights when you use this card
• 20,000 bonus miles after your first purchase
• Request 2 additional cards with your application and get 5,000 bonus miles
• Get a $99 Companion Certification every year when you renew
• For the basic card, the annual fee is waived for the first year
• Includes travel accident insurance, baggage insurance and car rental insurance when you pay for fares and rentals using the card
• OPEN Savings program allows you to save 3-25% when you use your card at participating retailers (Save 5% on Yahoo small business services, 3-5% on jetBlue Airways, 10% on Logoworks by HP and much more)
• Plus get exclusive OPEN member only savings of up to 12% on business travel
• Comes with emergency services such are card replacement, identity theft assistance, cash checking and Global Assist.  Global Assist will help with medical, legal, financial, lost luggage, and more when you travel more than 100 miles from home

You will like this card if you are a small business owner who wants to earn free travel miles.

You won’t like this card if you are unable to pay the entire balance of the card at the end of each month.  At 14.99%, interest charges can add up really fast.

Credit card review

The Gold Delta SkyMiles® Business Credit Card from American Express allows you to rack up free Delta SkyMiles every time you make a purchase.  And if you make a lot of purchases (more than $25,000 a year), American Express will throw in an extra 10,000 miles in addition to the miles you’ve already earned.  Also, every year, you’ll get a $99 companion certificate.  That can make it easier to swallow the $95 annual fee.

Although the card comes with a lot of extras, I have some qualms about the fees.  The interest rate is 14.99%.  There are many other cards that offer a lower interest rate.  So if you plan on carrying a balance from month to month, you might want to consider a card with a lower rate.  Also the 20 day grace period is short.  Although, reducing the grace period is a new trend in the credit card industry, there are still many cards that offer 25 or even 30 days.

Finally, the 9.99% APR on balance transfers is supposed to be a promotional rate.  However 9.99% coupled with a 3% transaction fee (with no cap) does not sound like much of a promotion to me.  I would not recommend taking advantage of this balance transfer offer.

If used strictly to earn miles and if you can pay the entire balance each month, then this reward card can definitely be rewarding.

Overall rating

I give it 3.5 out of 5 stars.

Apply for the Gold Delta SkyMiles® Business Credit Card from American Express here.

About the card

The Gold Card from American Express OPEN (SM) is a charge card for small businesses.  Because this is a charge card, the entire account balance must be paid in full each month.  Most charge cards function more as a short term interest free loan rather than a credit card.  But the Gold Card from American Express OPEN can also substitute as a credit card.  When large purchases are made, the cardholder is given the option to pay over time.

The Gold Card from American Express OPEN (SM) is also a reward card.  Therefore each time you swipe the card you’ll earn points which can be redeemed for goodies.

The basics

• This is a business charge card, which means the entire balance is due upon receipt of the bill
• Annual fee: $125 for the basic card and $45 for additional gold cards, no annual fee for additional green cards (The additional cards are usually distributed to trusted employees.)
• Late fee:  the greater of $35 or 2.99% of outstanding balance
• No finance charges

The perks

• Enroll in the Membership Rewards program and get up to 40,000 bonus points in the first year
• Earn 1 Membership Reward point for every dollar you spend
• Redeem points for airline tickets, hotel stays, vacation packages and more, plus you’ll never have to worry about black out dates
• No limit on the points you can earn
• Points never expire
• Annual fees waived for the first year
• No preset spending limit
• Comes with an extended payment plan option
• OPEN Savings program allows you to save 3-25% when you use your card at participating retailers (Save 5% at FedEx Kinko’s, 20% as BizFilings, 10% at Symantec and much more)
• Comes with emergency roadside assistance… flat repair, towing, lock out services, battery recharge, etc. all for free

You will like this card if you are a small business owner who likes short term interest free loans to manage your business finance expenditures. 

You won’t like this card if you are unable to pay the entire balance of the card at the end of each month.

Credit card review

I think this card is a must have for small business owners.  The Gold Card gives businesses the freedom and flexibility to manage finances, interest free, in the short term.  Basically, a business will have access to an unlimited amount of credit, and when paid by the due date, there is no interest.  The cost of having this credit available whenever it is needed is minimal… only $125 per year. 

This card also comes with an optional extended payment plan.  So in the event that a large purchase cannot be paid in the short term, the card holder can elect to pay over time.  This can be vital when cash is flowing slowly.

Business owners will also have access to online expense reports.  This is a great management tool for tracking and evaluating spending.

But the best thing, every time the card is used, points are accumulated.  The points can be redeemed for various rewards such as gift cards and plane tickets.  A business owner can use these points for himself, or he can use it to give bonuses to worthy employees.

Overall rating

I give it 5 out of 5 stars.

Apply for the Gold Card from American Express OPEN (SM) here.

I personally like cash rebate cards. I use my cash rebate credit card for everything! And I mean everything. A while back when I’d paid off all of my credit card debts, I vowed that I would never use a credit card again. And for a long time I didn’t… I was a debit card swiping mama. But I kept getting all these offers in the mail for cash reward cards. At first I was hesitant to apply, but the temptation to get 1, 3 or even 5 percent back on my purchase was too strong. I caved in and got a card.

However I do not regret it. I am using it very responsibly. Instead of swiping my debit card, I swipe my cash reward credit card. But at the end of every week, I transfer the money from my checking account to my credit card. Although, I can probably get away with transferring the funds only once a month, I prefer to do it more often. That way I won’t be tempted to spend the money that is in my checking account. And I can be sure to get the most out of a cash reward card because I never carry a balance.

Below I present one of the more popular cash rebate credit cards:

About the card

The Blue Cash Credit Card is issued by American Express.

The basics

• Variable purchase APR of 8.99%, 11.99% or 14.99%, depending on your credit rating, Cash Advance APR of 19.99%
• 3% balance transfer fee ($5 minimum, $99 maximum)
• 20 day grace period
• no annual fee
• $35 over the limit fee
• $19 late fee if the card balance is less than $400, $38 if card balance if $400 or more

The perks

• 0% APR on purchases for the first 12 months
• If initiated within the first 30 days of opening the card, 3.99% APR on balance transfers for the life of the transfer
• Earn up to 5% cash back on everyday purchases at grocery stores, drug stores and gas stations (Cash Rebates are credited to your account annually.)
• If your spend up to $6,500 annually, you get 1% cash rebate on you every day purchases, .5% back on other purchases
• If your spend more than $6,500 annually, then you get 5% cash rebate on you everyday purchases, 1.5% back on other purchases
• Car rental insurance provided free by American Express when you use this card to rent a car
• Provides free travel accident insurance up to $250,000 in the event of accidental death or dismemberment

This card may be right for you if like earning cash back rewards and if you pay your balance in full every month.

This card may not be right for you if carry a card balance from month to month. There are few other cards that can offer you a lower interest rate.

Credit card review

As far as cash rebate cards go, this is one of the elite. Overall, it is an excellent card! Most reward cards compensate for the cash rebates by charging higher interest rates. Although 8.99% isn’t the lowest interest around, it is definitely well below the norm. And what is nice about this card is that it is not only for those with superior credit. Even with an average credit rating, you’ll likely get the card if you applied. However, you’ll be paying a higher interest rate.

It is a great card, but don’t get enticed into moving to the 5% rebate tier. In order to get the highest rebates, you’ll have to make more than $6,500 in purchases annually. If you are not a big credit card spender, don’t start now. If you spend more than you can pay off at the end of the month, then the benefit of having this card diminishes.

Overall rating

I give it 5 out of 5 stars.

Apply for the Blue Cash® from American Express card here.