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Posted 3:38 PM EST January 05, 2008
Posted by: aquaswim
One thing to pay attention to is if you're limited to a specific purchase spot (BP gas station isn't likely to benefit you unless you live near one). Earning caps ($1,200/year) is another thing to consider and will mean that you will need a 2nd or 3rd card for that specific category to benefit. Preferably, you want to make sure you have a card that doesn't have an annual fee.
Posted 3:36 PM EST January 05, 2008
Posted by: aquaswim
There are several cards to consider.

Having rewards is really only beneficial if you pay off your bills on-time. There is a 1% cash back card (by Merill Lynch) that has a 9.99% Fixed Rate.

Gas cards tend to have the best cash back for gas. Chase Freedom is a unique card since it adjusts it to your spending habits. If you get a gas card and you have a Chase card, you can get a high cash back on your 4 highest purchases.

Lastly, Fidelity has a 1.5% cash back card that applies to your mutual fund. I think all rewards should be invested so you don't spend it.
Posted 1:10 AM EST January 05, 2008
Posted by: joetaxpayer
Indeed, you need to read the fine print.
'Open' from American Express is offered to small business owners and offers 5% cash back on Gas and Office supplies. No Annual fee.
Fidelity offers an Amex card that rebates 1.5% on all purchases to a Fidelity 529 College saving account. No fee, but high interest, so this is good only if you pay in full each month. For me, this was far better than airline miles that I never seem to be able to use due to blackout dates. Can't beat cash back.
JOE
www.blog.joetaxpayer.com
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