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The Chase Ultimate Cash Award Card was last reviewed on : 17th April 2005
Summary - The Chase Ultimate Cash Award Card is on our Editor's Choice List and recommended to those looking for a cash rebate card because
You can earn up to 5% rebates on "everyday purchases"You can earn up to 2% rebates on "other purchases"There is no annual feeYou can earn unlimited rebates
Let's find out more about this card.
Rebate Formula - The Chase Ultimate Cash Award Card is a tiered cash back credit card. This is how the rebate formula works. You to earn up to 5% for purchases at standalone supermarkets, drugstores, gas stations and home improvement stores. You start to earn 5% rebates once your annual expenditure exceeds $6,000. You can earn up to 2% rebates on other purchases. The 2% rebate starts kicking in once annual expenditure exceeds $6,000. You do not need to carry a huge balance to earn the full rebate (just $0.01 or more). You can redeem your cash rebates when you have earned $25.00. You can earn unlimited cash rebates.
| Purchases at standalone supermarkets, gas stations and drugstores |
| Annual Spending |
Rebate % |
If you carry a monthly balance ($0.01 or more) |
Maximum rebate % |
| $0-$2000 |
0.50% |
Add 2.00% |
2.50% |
| $2000.01-$6000 |
1.00% |
Add 2.00% |
3.00% |
| more than $6,000 |
3.00% |
Add 2.00% |
5.00% |
| Other Purchases |
Annual Spending |
Rebate % |
If you carry a monthly balance ($0.01 or more) |
Maximum rebate % |
| $0-$2000 |
0.25% |
Add 0.50% |
0.75% |
| $2000.01-$6000 |
0.50% |
Add 0.50% |
1.00% |
| more than $6,000 |
1.50% |
Add 0.50% |
2.00% |
Fees and Rates - The Chase Ultimate Cash Award Card has no annual fee. There APR is either Prime Rate plus 7.99%, 12.99% or 15.99% depending on your credit profile. You get a 0% APR on balance transfers for the first 9 months. This credit card uses the two-cycle average daily balance method (including new purchases) of calculating balances.
Verdict - We recommend the Chase Ultimate Cash Award Card to those looking for a cash rebate card. Though the rebate formula is tiered, you can earn 5% rebates on everyday purchases and more importantly, 2% rebates on "other purchases".
Update - The Chase Ultimate Cash Award Card has been discontinued. In its place, we would recommend the Blue Cash® from American Express, which has nearly identical rebate formula as the Ultimate Cash Card. For spending above $6,500, yoiu earn 5% rebates on purchases at supermarkets, gas stations and drugstores and 1.5% rebates on "other purchases".
Positives
High rebate payout on everyday purchaseHigh rebate payout on for "other" purchases as wellNo annual fee
Negatives
Have to spend more than $6,000 and carry a balance to earn full rebate
| Chase Ultimate Cash Award Card |
| Reward Benefits |
| Rebate Percentages |
Tiered level Cash Back reward
Earn up to 5% cash rewards on everyday purchases if you carry a balance and if annual expenditure exceeds$6,000
Earn up to 2% cash reward on other purchases if you carry a balance and if annual expenditure exceeds $6000 |
| Cost/Fees/Interest rates |
| Introductory rate |
0% introductory APR on balance transfers for first 9 months |
| Annual Fee |
No annual fee |
| Purchase APR |
Prime Rate plus 7.99% for Elite Pricing
Prime Rate plus 12.99% for Premium Pricing
Prime Rate plus 15.99% for Standard Pricing |
| Balance Transfer APR |
Prime Rate plus 7.99% for Elite Pricing
Prime Rate plus 12.99% for Premium Pricing
Prime Rate plus 15.99% for Standard Pricing |
| Cash Advance APR |
Prime Rate plus 15.99%
min is 19.99% for Elite and Premium Pricing
min is 23.99% for Standard Pricing |
| Penalty/Default Rate APR |
Prime Rate plus 23.99% |
| Min Finance Charge |
$1.00 |
| Grace Period |
20 days |
| Balance Calculation Method |
Two Cycle Average Daily Balance (including new purchases)
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| Balance Transfer Fee |
3%, min $5.00, max $75.00 per transaction |
| Cash Advance fee |
3% min $10.00 |
| Foreign Currency Conversion fee |
3% of the converted transaction amount. |
| Over-the-credit-limit fee |
$35.00 |
| Late Payment fee |
$15.00 - up to but not including $250
$39.00 - $250 or greater |
Read our cardholders review of the Chase Ultimate Cash Award Card
As this card is no longer offered by Chase, we suggest that you consider the Blue Cash® from American Express , which has the almost the same rebate payout as the Ultimate Cash Award card.
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