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Old 04-10-2012, 07:36 AM   #14
lakershaker
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Default Card Rewards

Two suggestions for you:
As previously mentioned, the GM Card (issued through HSBC Bank) gives you a 5% credit towards a new GM. 5% is great, as most other rewards are generally about a 1% benefit. But the downside is there is a limit on how much you can redeem per car. I have used points on 4 cars/trucks now between what I have bought myself and then putting family members' names on for them to redeem. This is by far the biggest bang for the buck in the cards.

If you are not looking for a new car, I'd recommend the Bank of America Cash Rewards card. For general purchases, you get 1% cash back, for grocery store purchases you get 2% cash back, and for gasoline purchases you get 3% cash back, and there are no limits.

All of the other cards rewards are usually about 1%, so both of these are a little sweeter. Obviously, if you don't pay the balance in grace period, any interest you pay will more than wipe out the benefit of the rewards, so stay disciplined!
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