Review of the National City Bank Everyday Rewards Elite Visa

Summary - The National City Bank Everyday Rewards Elite Visa is a cash rebate card that allows you to earn more than 1% rebates for a variety of purchases you make. But is this the best cash back credit card you can get? Find out more.

Rebate Formula - Here is the rebate formula for this card.

You earn 4% rebates on gasoline purchases up to $250 in monthly gasoline spending

You earn 3% rebates on cinema and video rental purchases (up to $150 in monthly spending)

You earn 2% rebates on groceries, restaurant and fast food purchases (up to $750 in monthly spending)

For spending on "other purchases", you earn 0.5% rebates when your annual spending is below $10,000. Once your annual spending is above $10,000, you can earn unlimited 1% rebates for "other purchases".

Fees and Rates - There is no annual fee for the Everyday Rewards Elite Visa. The apr is either prime rate plus 5.99%, 8.99% or 13.99%. The two-cycle average daily balance method (including new purchases) is used to calculate monthly balances.

Verdict - The Everyday Rewards Elite Visa combines many categories and pay you more than 1% rebate (though with some monthly spending limits). However, upon closer examination, the rebates given are not as high as some other cards. For example, in the area of gasoline spending, both the Discover Platinum Gas Card and the Blue Cash from American Express pay 5% rebates. The Blue Cash also pays 5% rebates on supermarket and drugstore purchases, 1.5% on "other purchases. There are some items like cinema and video rentals which other cash rebate credit cards would simply pay a 1% rebate.

The other things I do not like is that fact on "other purchases" you need to spend more than $10,000 in annual spending to earn 1% rebates. But does this card make sense for me? Well, at the moment, I used the Blue Cash from American Express. After painstakingly breaking down all my expenses, I found that I will still earn more rebates with the Blue Cash than the Everyday Rewards Elite Visa. The most important reason is that I earn 5% rebates on grocery, gasoline and drugstore purchases and 1.5% on "other purchases" once my annual spending exceeds $6,500. I hardly spend anything on cinema or video rentals (COMCAST ON DEMAND!), and my grocery spending alone would exceed the $750 limit, and I do not eat out very often.

If you are looking for a cash rebate card, I would suggest you consider the Blue Cash® from American Express as well. I have this card and based on my spending patterns, I will earn more rebates with it than the Everyday Rewards Elite Visa. You have to itemize your expenses to actually know which will be better for you.

Positives

Allows you to earn more than 1% rebates for cinemas, video rentals and fast food

Negatives

Other rebate cards pays higher rebates for gasoline and grocery purchases

Monthly spending cap on various categories

Very high tier on "other purchases" - need to exceed $10,000 in annual spending before you can earn even 1% rebates

National City Bank Everyday Rewards Elite Visa
Reward Benefits
Rebate Formula	earn 4% rebates on gasoline purchases up to $250 in monthly gasoline spending Earn 3% rebates on cinema and video rental purchases (up to $150 in monthly spending) Earn 2% rebates on groceries, restaurant and fast food purchases (up to $750 in monthly spending) For spending on "other purchases", you earn 0.5% rebates when your annual spending is below $10,000. Once your annual spending is above $10,000, you can earn unlimited 1% rebates for "other purchases"
Travel and Insurance Benefits
$250,000 travel accident insurance Auto rental insurance Travel and emergency accident Roadside dispatch
Other Benefits
Purchase security Warranty Manager Choice of payment due date
Cost/Fees/Interest rates
Introductory rate	No introductory apr)
Annual Fees	No annual fee
Purchase APR	Prime Rate plus 5.99%, 8.99% or 13.99%
Balance Transfer APR	Prime Rate plus 5.99%, 8.99% or 13.99%
Penalty/Default Rate APR	Prime Rate plus 23.9%
Min Finance Charge	$1.50
Grace Period	20 days
Balance Calculation Method	Average Daily Balance (including new purchases)
Balance Transfer Fee	3%, min $10.00 (no balance transfer fee during introductory period)
Cash Advance fee	3% of cash amount
Over-the-credit-limit fee	$36.00
Late Payment fee	$29.00 - less than $500.00 $39.00 - $500.00 and above