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The Chase Cash Plus Rewards Visa Card was last reviewed on 5th August 2005.
Summary - We highly recommend the Chase Cash Plus® Rewards Visa to those looking for a cash rebate credit card because
You earn 5% cash rebate with purchases at gas stations, grocerries and drugstores.You have a choice to exchange your cash rebates for gift certificatesThere is no annual feeYou get a 0% apr for balance transfers for 12 monthsLet us explore this card in more detail.
Rebate Formula - The Chase Cash Plus Rewards Visa is an "everyday purchase" cash rebate credit card. You can earn 5% cash rebate from purchases at gas stations, groceries and drugstores. You get 1% rebate for "other purchase". In addition to being a cash rebate card, you can actually choose to exchange your cash rebates for gift certificates instead. Though it is not mentioned on their website or terms and conditions, a quick call to Chase revealed that you can earn up to $300 in cash rebates annually or 30,000 points.
Fees - The Chase Cash Plus Rewards Visa has no annual fee. You get a 0% apr on balance transfers for 12 months. You do have to pay a balance transfer fee for this introductory offer. The apr is either prime rate plus 5.99%, 9.99% or 14.99% depending on your credit profile. The Chase Cash Plus Rewards Visa uses the two-cycle average daily balance method (including new purchases) to calculate monthly balances.
Verdict - The Chase Cash Plus Rewards Visa has almost identical features as the Citi Dividend Platinum Select Card (which is on our Editor's Choice List). Like the Citibank card, you earn 5% rebates on "everyday purchases", has identical rebate limits ($300), no annual fee and a 0% apr offer for balance transfers for 12 months. However, the Chase Cash Plus Rewards Visa gives you the additional flexibility to convert your cash rewards into gift certificates. We highly recommend the Chase Cash Plus Rewards Visa as a core credit card for anyone looking to earn cash rebates from their credit cards.
Update - At the end of July 2006, Chase discontinued the Cash Plus Rewards. Soon after, the Citi Dividend Platinum Select Card (an almost identical card) was also discontinued by Citibank. In light of these developments, we now recommend the Blue Cash® from American Express to those who want to earn cash rebates. This card allows you to earn 5% rebates on "everyday purchases" and 1.5% rebates on "other purchases". You start earning these reabtes once your annual spending exceeds $6,500. Before that, you earn 1% and 0.5% respectively. Unlike the Chase Cash Plus Rewards, you can earn unlimited rebates.
Positives
Earn 5% cash rebates on gas stations, grocery stores and drugstoresNo annual fee0% apr for 12 months on balance transfersCan exchange cash rebates for gift certificates
Negatives
Uses two-cycle average daily balance method (including new purchases)Have to pay balance transfer fee even for introductory offer
| Chase Cash Plus Rewards Visa Card |
| Rebate Formula |
| Rebate Formula |
Earn 5% cash back for purchases at gas stations, grocery stores, drugstores
Earn 1% cash rebates for other purchases
Exchange cash rebates for gift certificates |
| Cost/Fees/Interest rates |
| Introductory rate |
0% fixed APR for 12 billing cycles (balance transfers) |
| Annual Fees |
No annual fee |
| Purchase APR |
Prime Rate plus 5.99%, 9.99% or 14.99% |
| Balance Transfer APR |
Prime Rate plus 5.99%, 9.99% or 14.99% |
| Cash Advance APR |
Prime Rate plus 15.99% |
| Penalty/Default Rate |
Prime Rate plu 23.99% |
| Min Finance Charge |
$1.00 |
| Grace Period |
20 days |
| Balance Calculation Method |
2-cycle average Daily Balance (including new purchases) |
| Balance Transfer Fee |
3% min $5.00 max $75.00 |
| Cash Advance fee |
3% min $10.00 |
| Foreign Currency Conversion fee |
3% |
| Over-the-credit-limit fee |
$35.00 |
| Late Payment fee |
$15.00 - up to but not including $250.00
$39.00 - more than $250.00 |
The Chase Cash Plus has been discontinued. Apply for the Blue Cash® from American Express instead.
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