Advanta credit card 5% cashback on fuel, etc.

[kaborka]

I've been enjoying a 5% rebate on gas purchases for some time from Advanta on their Platinum Business Card. I got a notice with my current statement saying the rebate is now 6%, but capped at the first $500 purchased (i.e., $30 rebate). Above $500, it said, the rebate drops to 1%.

Since they had no cap before (AFAIK), I thought this was a big minus for this card, but I thought some here might be interested. I checked their website for a link to the new T&C and found this. Under "CASH BACK REWARDS PROGRAM RULES", it states:

Cash Back rewards are also earned on the Bonus categories of "gasoline and diesel fuel," "computers, computer supplies, electronics and office supplies,? "online advertising services," and "utilities and telecommunications." Cash Back rewards on Bonus category qualifying purchases are earned as follows: 5% on up to $1,200 in purchases; 1% on purchases in excess of $1,200.

This differs from the terms described in my statement insert, but if these are in fact the terms for new subscribers, it's still much better than the cashback programs on other non-fee cards such as those mentioned in the Discover thread. Note that utilities also qualify for the higher rebate -- I've been charging my ATT bill to this card, too. The $1200 is per-year, not time-limited as with some other cards.

I'm going to call and find out why the updated T&C I received differs from what's on their website. I'll update the thread to clarify.

 

[starwars7]

Tempting. But I'd like to find one that gives me more back on Groceries.

 

[STotaro]

I just got my card yesterday. Are you saying it is a good or bad card? I also have an Amex Business and Citibusiness card.

 

[kaborka]

STotaro: Check your cashback terms carefully. With the $1200 per annum cap on purchases for the 5% rebate, this card is an excellent deal. They are switching existing cardholders to a $500/yr cap, which I consider a sneaky act. I wrote to them to complain, and I got an email back saying they would switch me to the $1200 cap if I phoned in and requested it. I'll give them a call later and report back here.

Starwars7: The Citi Dividend Platinum Select is still paying 2% back on groceries with no cap. That's the best I've seen for that category.

 

[kaborka]

I phoned in to Advanta c/s at (800) 705-7255. The prior terms on my account were up to $300 in cashback per year, with no cap on bonus purchases. They confirmed my account had been switched to a $500 cap on 6% bonus category purchases, for a measly $30 annual cashback. They agreed to switch me to the 5%/$1200 plan they are offering new subscribers. This still limits the annual payback on bonus purchases to $60, which is a severe reduction from the original $300 cashback terms I had previously.

It looks like all the cc companies are gutting their cashback programs. It looks like the best strategy is to use this card till you earn the $60 back on fuel/etc. purchases, then switch to using the Citi Dividend Platinum for 2% back on the rest of your annual purchases.

 

[jdoggg12]

AAA Platinum Visa is my fav card. I got locked in at 6% interest (currently at 9.9%) and I get 5% cashback on gas

http://www.aaa-calif.com/finance/credit_card.aspx#5

 

[kaborka]

I had the AAA card when it was 5% unlimited rebates on gas, but dropped it when they added the matching requirement:

To maximize your gas rebate, use your card for all your non-gas purchases too. The gas rebate is capped at 2 percent of your total retail spending. To receive a full 5 percent rebate on gas purchases, follow this simple rule of thumb: For every $1 you spend on gas purchases at the pump, make at least $1.50 in non-gas net retail purchases anywhere Visa® credit cards are accepted.

It looks like with the caps on the other cards now, the AAA card may reclaim its title as the best gas card. You get no rebate on nonfuel purchases, which would get 1-2% on other cards, but there appears to be no limit on the gas rebate. Thanks for the post!