American Express and Costco launched the TrueEarnings Card on September 1st, 2004. This card is not new any more since most Costco shoppers have this card. (Costco only accepts American Express Cards.) The reason for this post is to briefly introduce this card. Because I know some of you are not aware that there is a very good credit card for traveling and dinning out.

This card offers:

• 3% cash back at all gas stations
• 3% cash back at all restaurants
• 2% cash back for traveling (including lodging, airline, car rental, travel agency atc.)
• 1% cash back on essentially everything else

This card is very attractive because it offer 3% for dining out. (Of course, there is another student card offering 5% cash back on dining—Citi mtvU Card.) But don’t forget the 3% cash back on gasoline! What makes me love this card more is American Express offers 2% cash back on traveling. If you want to focus on a single credit card and include all of the cash back together, this is a decent card to shot. At least this card is better for other general 1% cash back cards.

This card also features no annual fees. But you have to have a Costco membership to apply for this card. You cash back is awarded to you annually no matter how much you have accumulated on that card, i.e. there is no minimum requirement to redeem your cash back. All the cash back will be sent to you as a Costco coupon which can then be cashed out or used to buy any merchandise at any Costco warehouse.

The business version for this card is also available. The only difference here is the business version offers 5% cash back on gasoline. If you don’t actually have a business, you can refer to this post and check out how to apply for a business card without a real business.

In conclusion, the TrueEarnings Card from American Express is good for everyday purchases. And of course, it’s an ideal card for Costco members.