IBD note: The following info was posted by SD member ultraman sfo on SD back in January 2008. I am not sure if the 5% cashback offer is still valid.
The best deal I could find is an unadvertised Associated Bank Cash Rebate Card. It is not advertised on their site and is offered in conjunction with Citi. The cash back rebate on gas is NOT a teaser rate but a permanent feature of the card. Here are the details:
- 5% cash rebate on supermarkets, gas stations, drug stores (drug stores = 5% back on prescriptions, another out-of-control expense).
- 1% on everything else.
- Max $300 Rebate Dollars every calendar year (equal to $500 in qualifying purchases/month)
- 0% BT for 9 months.
- No annual fee.
IMO this offer, so far in my search, has been the best "offer" that balances a non-teaser rate with a relatively high rebate limit.
To apply you have to call 1-877-577-9485 (the application process is automated so be prepared to spend around 10 minutes on the phone). To begin I simply pressed the button to say that I found out about the offer via some flyer.
As with all rebate cards the interest rate on purchases is high - prime + 7.99% for this one. It's important to try and pay off your balance each month.
Hope this helps someone - gas prices are horrible.
UPDATE: I just got off the phone with customer service and confirmed that the 5% cash back is NOT an introductory rate, it's good for the life of the card (that's the point, no more opening/closing accounts to take advantage of teaser rates).