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Review of the Chase Ultimate Cash Award Card

The Chase Ultimate Cash Award Card was last reviewed on : 17th April 2005

chase ultimate cash award card
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 fee
  • You 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 purchase
  • High rebate payout on for "other" purchases as well
  • No 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)
    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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