I've done quite a bit of research on this recently and this is what I've found.

For the Citibank Dividend card, it doesn't matter if it takes you ten years to reach $10K in spending. Once you reach it, you should get your $100 check.

For the AMEX, the payout is as follows:

For everyday purchases, which includes purchases at stand-alone supermarkets, drugstores, gas stations and home improvement stores:

$1-$2000 spent = 0.50% cash back
$2001-$6000 spent = 1.0 % cash back
$6001+ = 3.0% cash back

For other purchases:
$1-$2000 spent = 0.25% cash back
$2001-$6000 spent = 0.5% cash back
$6001+ = 1.5% cash back

With these figures, the conservative estimate is that you need to spend at least $13K/year on your AMEX in order to exceed the flat 1% you can get with the Citibank card. This assumes that you don't spend any money on "everyday" purchases, which means the real number should be somewhat less.

One caveat with all of this. I've noticed that a lot of the credit card companies, AMEX included, have become substantially more vague in describing the specific cash back terms on their websites. In particular, I don't think you'll find any of this info on their web site. I suspect it allows them to do quick back-pedalling should they decide they're being too generous.

I have the new Amex 5% cash rebate card.

The Card Member Agreement did not even specify what supermkts are for 3% after $6k. It just said standlone Supermarkets, and Home improvement stores.

With the Amex card, it looks like *most people* would get something like 1/2 to 3/4 percent back, paid an average of 6 months after the charge was incurred (assuming flat spending over the course of a year). Factor in the time value of money and we're talking about a small, small carrot for this card.

Unless someone can work out a moneymaking method of carrying a balance to get the bigger rebates...but I'm guessing that Amex has crafted these rebates to make sure there are no loopholes.

Honestly, it looks like Amex is targeting this card directly at builders and others in the home improvement industry. To them, this looks like a beautiful card. (For my spending, it's not worth much at all.)

If you really cared about maximizing your AMEX rebate, you could just buy $6K of savings bonds as soon as you got the card. Then you're guaranteed at least 1.5% back on everything else for the year. Factor in the initial 0% APR for the first six months and anyone could afford to do that.

If you're going to talk about the time value of money, though, for most people--I'm not talking about the typical poster here--getting a check even once a year is better than waiting until they accumulate 25000 miles on an airline affiliated card. This is because you not only have to wait until you get 25000 miles to get your ticket, but you don't realize the value of the ticket until you actually get the ticket issued.

I'll agree with that 100% For this reason, I have always stayed away from the "MilesOne" type cards that have the home-grown points. I just don't spend enough money fast enough to make them worthwhile.

Plus, the MilesOne-type cards can hit you with fees, just like the airlines, when you try to redeem. Forget it.

I recently ditched all of my annual fee cards and signed up for the Amtrak Mastercard (no annual fee, 5000 rewards points convert to 5000 Continental OnePass miles) and a couple of no annual fee Amex cards. (I have a Amex Blue and a Platinum Optima - both of which have no annual fee and good benefits and programs, and with more than one Amex card, you can pool your points into the same Membership Rewards account.)
Apparently Amex cards with annual fees earn the same Membership Rewards points as the Amex cards without annual fees. The only difference is that when you have an annual fee card, the points are redeemed at a 1 mile for 1 point ratio while when you have a no annual fee card, you will get 1 mile for 2 points. However, if (you are like me and) you redeem your points very infrequently (e.g. - every few years), you can earn all your points with a no annual fee card and pay an annual fee to upgrade your reward program only when you plan on redeeming your points (when you earn enough points for the ticket you'll need). At that point, all of your points will be redeemed at a 1/1 ratio regardless if you paid an annual fee when they were earned.

That way, you can have a great card with a good rewards program and you'll only have to pay the annual fee when you have enough points for the reward that you want."

Also, as far as I can tell, the Amtrak card is the only one which offers a $1/1point/1mile exchange and no annual fee ever. All of the other mileage cards either have annual fee after the first year or they don't have teh 1/1/1 ratio. If this is correct, it would seem to me that Amtrak has the best no annual fee card - hands down (as long as Amtrak's in business)

How long can you keep the Amtrak Awards account open without actually taking a train trip? Or do you actually ride the train? (Somebody had earlier posted that you couldn't have the rewards indefinitely without a paid Amtrak ticket in there somewhere.)

Points expire after three years unless you take a train trip duiring that time.

In that case, why wouldn't you just transfer the points over to Continental before the three year mark?

For the AmEx extra 2% - could you pay all of the balance except $50 and still be eligible for the 2% during the following month?

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Does anyone have any experience with the eBay Visa card? It appears to be very near a "pure" 1% rebate card with no annual fee. The one percent is credited monthly - no thresholds and no waiting until the end of the year. And as far as I can tell - no spending cap.

Anyone out there have this card?

Only downside: it's a First USA card.

MBNA now offers a few reward credit cards.

GM MasterCard offers 5% rebate that only be redeemed and applied to the purchase of a GM vehicle.

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Kickback King

Hasn't anyone else heard of the Fleet Cash Dividend Visa card? Cash rebate up to 2%. While the details are not given on the website, other than $500 max per year, the tiers are:

0.25% up to $1,999.00 charged
0.50% on next $2,000
0.75% next $2,000
1.0% next $2,000
2.0% on amounts over 7,999.00

The max $500 cash back will be reached at about $30,500 charged.

At the time I got this card, I did a spreadsheet vs. other cash rewards cards, including AMEX when it was only 1.5%, without the 'everyday purchases to 3%; and also according to my spreadsheet, it paid 1.5% after $4000 at that time. The cards were even at $11,000 but the Fleet card pays more after that. If the highest tier for AMEX doesn't kick in now until $6000, then the Fleet card is even more attractive.

And, I think everyone recognizes you lose more in finance charges to carry a balance than you get back in the extra 2% from AMEX.

Fleet site:
http://cards.fleet.com/

Oh, one gripe about Fleet....they started me at a very low credit limit, and only increased it by $2k after 9 months, and will max my limit at the next request, still lower than any other card I have.

On the other hand, I'm approaching the max $500 so I'm switching to another card.

Thanks for the tip, Silicon.

Do you know how Fleet pays out? Is it a year-end payout, or is it paid month-to-month as a credit on your bill?