American Express Cash Back vs. Discover Card Cash Back

With American Express Cash Back, you can earn an annual cash rebate of nearly up to 1%. There is no annual fee either. You get 9.9% on purchases including balance transfers for the first six months of your membership if you pay the minimum monthly payments on time. You get 18.99% regular rate on purchases and fund advances as well as a $25,000 credit limit. However, you need a $15000 minimum personal income to apply. Also, you need to pay non-interest charges such as a funds advance fee of $2.75, a dishonored cheque fee of $25.00 etc. Some of the benefits of card members are:

• Low interest rate on balance transfers-For the first six months of your membership, if you make your monthly payments on time, you get to enjoy a 9.90% rate on purchases which include balance transfers.
• The option to transfer a balance-One of the easy means of saving money is by transferring balances from a higher interest bank or retail cards to your American Express Credit Card account.
• Online account access at my account-You can have an exact idea of how much you are spending with the help of the online services. The online services are open 24 hours a day, seven days a week.

With Discover Card Cash back bonus, you can avail of the following benefits:

• 5% Cash back Bonus all through the year on Get More purchases in popular categories. These change four times a year like travel, clothing, restaurants, movies and much more. These include Lowe's, Linens ‘n Things, Bed Bath and Beyond, Ace Hardware, etc.
• 5% Cash back Bonus at top online retailers through ShopDiscover. These include Barnes and Noble, Target, FTD etc.
• Up to 1% Cash back Bonus on all other purchases automatically
• Unlimited cash rewards that never expire
• You can even almost double your rewards when you redeem for gift cards from the nearly 80 Cash back Bonus Partners.

Another feature of the card is that the more you use it, the more Cash back Bonus you get. With the Discover Card, you get the most redemption choices among all cash rewards program. You can get this in the form of cash, credit your Cash back Bonus to your Discover Card Account and make a deposit to your bank account.

Asha Prakash

Hi-Tech Editorial Division