Why Chase 5% cashback can save you way more than Discover
I try to stay abreast of the best credit cards for getting the most cashback and the least fees/problems. For many years Discover card was my primary card, but recently the Chase Freedom cards have begun to offer WAY more perks and benefits than Discover.
Here are a couple prime examples of why Chase Freedom can save you more than Discover:
Get 5% back on MORE purchases with Chase Freedom…
The Chase Freedom card gives you 5% back on up to $1,500 in purchases in select categories
= up to $75 in cashback ($1,500 * .05) at the %5 rate…
The Discover card gives you 5% on up to $300 in purchases in select categories
= only up to $15 in cashback ($300 * .05) at the %5 rate…
Get 1% on everything else (Freedom) vs. only some purchases (Discover)
For all other purchases, Chase Freedom gives you a full 1% cashback
For other purchases, Discover gives you up to 1% cashback
I believe if you read the fine print you’ll see that a lot of transactions only get 0.25% I was pretty shocked when I found this out!
More info from the credit card companies themselves:
Chase 5% Cashback
If you have Chase Freedom® already, you can Register for 5% Cash Back on the new categories starting June 15, 2011.
You’ll earn 5% cash back on up to $1,500 spent between July 1st and September 30, 2011, on Gas, Hotels, and Airlines.
Once you signup (for free) for the 5% cashback you see the following info:
You now automatically earn 5% cash back on up to $1,500 spent between July 1st and September 30th, 2011 on: * GAS * HOTELS * AIRLINES
Get 1% Cash Back on all other purchases without limits on what you can earn. No matter where you shop or what you buy, you always get a full 1% cash back.
Earn 5% Cashback Bonus* on up to $300 in purchases July through September at: Gas Stations, Hotels, Movies, Theme Parks