Defunct 5% cashback credit cards
I used to a few credit card that gives me 5% cash back on everyday purchase (gas, drug and grocery). I researched on a few of them and found that some of the policies had changed. I would suggest to find out for all your credit cards to validate if reward policies had changed.
These are the cards that used to provide 5% cash back which has been discontinued.
- Discover Platinum Restaurant
- Discover Platinum Home Improvement
- Citi Cash Rewards Card
- Mastercard version of Chase Rewards Plus (Visa still offered)
The Citi bank rewards cards decreased rewards from 5% to 2% but adding convenience stores and/or cable/utilities. This card will be out of my wallet from now on as I have cards that gives me around 2% for non everyday purchases. After the journey of seeking for my next 5% cash reward cards, I found two cards that I will be getting
1. HSBC Direct Rewards Platinum MC
•Bonus: None •Reward Limit: $500/yr •Redeem For: Cash •Increment: Paid annually
You can spend up to $10,000 on Everyday Purchases before maxing out the rewards. You only earn .05% on your first $3,000 in non-Everyday Purchases. So if you only use one credit-card, this is not a good card for you. On the otherhand, if you use this only where you earn 5%, it is a pretty good card, just be aware that your reward comes only once a year.
2) Chase REWARDS PLUS Visa
•Bonus: None active •Reward Limit: $750/yr •Redeem For: Cash, GC, Travel, Merchandise •Increment: $100
The high annual reward limit means you can spend up to $15,000 on Everyday Purchases per year while earning 5%. Chase has removed it’s 5% cashback mastercard and I have a feeling that visa card might be gone anytime.
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