By : Mr Credit Card

Household Bank Rewards MasterCard - 2% Cash Back

Summary - The Household Bank® Rewards MasterCards is a card that is geared towards those with fair credit (ie not great, not but terribly shabby). Best of all, you now get to earn 2% rebates for every dollar that you spend on the card. Depending on your credit, you may either get a unsecured credit card or a secured credit card. This card is offered for a limited time only.

Cost and Fees - When you apply for this card, you will first be pre qualified for either a secured or an unsecured credit card. If you qualify for the unsecured credit card, you annual fee will range between $0 (ie nothing) to $39. The APR will be 19.90%. It will also come with a 0% APR deal on purchases for 9 months. You will get to earn 2% cash back for spending on your card.

If you get approved for the secured credit card, your annual fee will be $35. The APR is 7.90% (which is pretty low) and you also get the 0% Intro APR offer on purchases for 9 months. The secured version also allows you to earn 2% cash back.

When we compare credit cards, we would like to do a little peer comparison. Unfortunately, there is very little to go by because there are hardly any 2% cash back cards. Charles Schwab used to have a 2% cash back card that has since been discontinued. And it is geared towards folks who have great credit. Fidelity has a 2% card but only for their customers (with Fidelity accounts). Hence there really is not much to go by.
 

Verdict - Despite the lack of comparison, 2% cash back is still a great deal. Yes, this card is targeted at those with less than perfect credit (which is why you may have to cough up an annual fee). But there are really no other cards that offer 2% straight cash back. If your credit is really no good and you only get approved for the secured credit card, you still get to earn 2% cash back! This is the only secured credit card that I know that allows you to earn cash back, much less 2%. If you have fair credit or less than perfect credit, I would try my luck on the Household Bank® Rewards MasterCards