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A lot of readers send me email regarding the “Best Cash Back Credit Card”. Most credit cards offer 1% cash back but only a few credit cards are still offering 2% cash back without any restrictions. But the Fidelity Rewards American Express Cards are the only credit card that I will recommend to you. (Yes, I know that Orchard Bank credit card or Household Bank credit card are offering 2% cash back but their credit limits are too low!) There are three versions of this credit card. Most people will go to the Fidelity^® Investment Rewards American Express^® Card. If you are a college student, then you can also consider the Fidelity Investments 529 College Rewards^® American Express^® Card. Others might want the Fidelity^® Retirement Rewards American Express^® Card.

Main features of this credit card:

Different versions of this credit card need to be linked to different Fidelity accounts to be eligible to get the 2% cash back.

Customers earn 2 points for each $1 in net retail purchases. Once you reach 5,000 points, they can be redeemed automatically or on demand for cash at a 1% exchange rate into an eligible Fidelity account (i.e. 5,000 points = $50 deposit). The ability to contribute to an IRA or 529 college savings plan account is subject to IRS rules and specific program policies, including those on eligibility and annual and maximum contribution limits.

Recently, there is essentially no news for credit card sing-up bonus. Most credit card issuers retract their offers and it is very rare to see huge sign-up bonus. Remember that it is not uncommon to get $250 bonus for getting a new credit card two years ago. Right now, Chase is offering $250 bonus gift cards for applying and getting approved for the new Chase Sapphire Preferred Card.

The link to this promotion can be found at the Chase Sapphire Preferred Card website: http://www.chasesapphire.com/chase-sapphire-preferred/. This is a new credit card that Chase launched very recently. Here is another similar credit card named Chase Sapphire Card which only offer $100 bonus.

The rule for this promotion:

25,000 points after first purchase

You will receive 25,000 bonus points with this bonus offer, which can be redeemed for a round trip ticket on most major airlines up to a $312.50 value. Ticket value exceeding $312.50 can be charged to your new card. A service fee of up to $20 per ticket may be charged for the use of our toll-free number to book or change airline itineraries. Redemptions made online do not have a service fee. Cardmember is responsible for any airline or government-imposed fees. You will qualify for and receive your bonus after your first purchase/first use of the card. First purchase/first use includes purchases, balance transfers, or any checks that are used to access your account, and excludes cash advances. After qualifying, please allow 6 to 8 weeks for bonus points to post to your account. This one-time bonus offer is valid only for first-time cardmembers with new accounts. Existing cardmembers/accounts are not eligible for this bonus offer.

Rewards program of this card:

You will earn 1 point for each $1 of net purchases. You will earn an additional 1 point for each $1 of eligible airfare net purchases made online through the program booking tool. As a one-time bonus Annually, once you exceed $50,000 in net purchases you will receive 10,000 bonus points.

And you can get up to 10 bonus points when you shop the Ultimate Rewards Mall.

There is not pre-set spending limit of this card. The first year annual fee is waived after that there is a $95 annual fee.

You can also switch to the Chase Sapphire Card from other Chase Credit Cards (not partner cards, call1-800-493-3319). But upgrade accounts are not eligible for 25,000 bonus points after first purchase offer.

What you get after first purchase is 25,000 bonus points which can be redeemed for a $250 gift card.

I want to briefly introduce the AFT+ MasterCard which seems to be a new credit card product from HSBC Bank. Citi just launched a new credit card by partnership with MySpace.com-the new Citi Forward Card. The Citi Forward Card is an upgraded version of the Citi mtvU Card. They both offer the similar rewards thankyou points by the new Citi Forward Card offers 11,000 bonus thankyou points.

This AFT+ MasterCard seems to be different from other popular HSBC issued credit cards. We know that the Household Bank and Orchard Bank MasterCard are offering 2% cash back for everything. This AFT+ MasterCard seems to be a different version of the Blue Cash from American Express Card. Let’s see the cash rewards of the AFT+ MasterCard.

Cash Rewards are earned in tiers and the earnings period is reset annually.

• 0.5% on the first $5,000
• 1.0% on the second $5,000
• 2.0% in excess of $10,000

The cash rewards amounts will be doubled (Double Cash Rewards) on all merchants classified as the following: wholesale clubs, grocery stores, supermarkets, dairy products stores, bakeries, druge stores, pahrmacies, service stations, and automated fuel dispensers. Cash rewards may only be redeemed for the full amount available, and only in $20 increments.

But for this rewards, I would prefer the Blue Cash from American Express which only has one threshold $6,500 for each year.

This credit card claims to have Triple Plus Features: Triple Plus Value, Triple Plus Protection and Triple Plus Service which I think all other credit cards also have. The only good thing is the rates are much lower than other credit cards. There is no annual fee associated with this credit card. You can skip up to 2 regular payments a year with no harm or damage to your credit rating. This skip payment option seems cool to me.

This credit card also  offers 1.99% introductory APR on purchase for the first 6 months. You can also get 5.99% fixed APR on balance transfer for the life of the balance.

More details about this AFT+ MasterCard can be found here.

Today I received a mail from Discover Card. It seems that Discover Card is going to launch a new card-Current by Discover Card. This Current by Discover Card is actually a debit card. It is not a credit card. According to the introduction, this card is designed for parents to teach teens to manage money. This card is a new debit card which allows parents to set daily spending limit.

What is Current by Discover Card?

Unofficially, this Current by Discover Card is a new kind of debit card which allows parents and their teens to control and introduce smart spending habits. With this new debit card, children can learn how to manage their money and develop spending habits. This card can be used at everywhere that Discover Card is accepted. You can even get cash from ATMs.

What’s new with Current by Discover Card?

The only feature that catchs my eyes is it allows parents to set daily/weekly/monthly spending caps and also the ability to block certain kinds of merchant categories like liquor stores, tobacco stores, bars and ATM withdrawals. This Current by Discover Card also features e-mail, tet message and online statement to let parents monitor and track their chilren’s useage of money.

It’s easy to load money to this Current by Discover Card. Parents can set up their account to automatically add money to the Current by Discover Card from their Discover Card or another major credit card or debit card, from a bank account or by direct deposit. Teens can also set up free direct deposit and have their paycheck deposited into the account. There is a $2,500 per card limit on this card.

Parents can customerize daily, weekly or monthly spending limit for each Current by Discover Card. The limit can be adjusted easily. Since this is a debit card, this card will not affect parents or teens’ credit report.

AS I mentioned at the very beginning, this card allows parents restrict certain merchant categories. This can be done easily in the account center by clicking “Manage This Card” tab.

There are different card designs to choose from. The only downside of this card is there is a $5 membership fee for each month. So the annual fee would be $60. More details can be found at CurrentbyDiscover.com or 1-866-99-CURRENT (1-866-992-8773).

Discover just launched a new credit card-the Escape by Discover Card which is offering 25,000 bonus miles for new customers. This is an upgraded version of the Miles by Discover Card which is offering 12,000 bonus miles without annual fee. But this Escape by Discover Card has a $60 annual fee. This new travel rewards card is designed for those don’t travel a lot but want to accumulate miles for future use.

About the 25,000 bonus miles:

Escape by Discover Card offers 1,000 miles for each month you make a purchase with this card for the first 25 months. The total bonus miles you can get are 25,000 miles.

About the rewards program:

With this new upgraded miles credit card, you can earn 2 miles for every dollar you spend on this card. You will earn 2 additional miles for each $1 you spend through ShopDiscover, Discover’s exclusive online shopping network. To make the rewards even sweeter, there’s no limit on how many miles you can earn and the miles you accumulated never expire. The most attractive part is the miles can be redeemed for unrestricted travel credits to your credit card or even gift card or cash rewards.

For every 10,000 miles you can get $100 travel credit to your credit card account. For every 5,000 miles you can get $25 deposited to your bank account. Personally I like the travel credit method.  Of course, it’s up to you on how to redeem the bonus miles. There is no restrict on how to redeem the miles.

There is a $60 annual fee associated with this credit card. It can not be waived. The information about the Escape by Discover Card can be found at http://www.discovercard.com/escape/. However, the official Discovercard website only offers 12,000 bonus miles. If you want to take advantage of the 25,000 bonus miles, you have to follow this link.

If you really like to accumulate miles, you should consider the Escape by Discover Card which is an upgraded version of the Miles by Discover Card.

There are many great rewards credit card offers out there. If you ask me which credit cards are great for daily use, I would pick the American Express Blue Cash Card, Discover More Card and the new Pentagon Federal Credit Union Visa Platinum Rewards Card. Actually, this Pentagon Federal Credit Union Visa Platinum Credit Card is a great rewards credit card for most people with low interest rate.

There are two different types of rewards credit card to choose from: Visa Platinum Gas Cash Reward and Visa Platinum for Travel and Merchandise Rewards.

The Visa Platinum Gas Cash Rewards Card features (strongly suggested):

• Earn 2% cash back on supermarket purchases
• Earn 5.00% cash back from gas purchases paid at the pump
• Earn 1.25% cash back from all purchases you make with the card during each billing cycle
• Up to $50,000 limit
• No Annual Fee
• Cash Rewards credited each month
• No special restrictions to earn your cash rewards
• 5.99% fixed APR for the life of the transferred balance!

Visa Platinum for Travel and Merchandise Rewards features:

• No Annual Fee
• Up to $50,000 limit
• Earn one point for every dollar in purchases you make with the card
• Redeem points for travel and premium merchandise
• 1,000 free points just for opening the Visa Platinum Travel Rewards card.
• 5.99% fixed APR for the life of the transferred balance!

For both credit cards, you can get a low 13.00% APR for standard purchases.

There is also a student card available for college students with a pre-determined $500 limit. This student card features:

• Low 13.99% APR — compare this low rate to the higher, variable rates offered at other institutions
• Earn 5.00% cash back from gas purchases paid at the pump
• Earn 1.25% cash back from all purchases* you make with the card during each billing cycle
• Credit card in student’s name — student actually builds credit in his or her name while in school

Of course, if you want to apply for one of above mentioned credit cards, you have to be the member of the Pentagon Federal Credit Union first. Pentagon Federal is a financial services company which specializes in serving the military. It defines who can be a member of the credit union.

• Active or Retired from the U.S. Army,Air Force, Coast Guard, Reserves, National Guard, ROTC (Advanced Cadets)
• Members of the Veterans of Foreign Wars of the United States (VFW)
• Civilians employed by, or retired, Department of Defense, Homeland Security, Army, Air Force
• Pentagon Building employees
• Employees of the Transpotomac Plaza or Canal Center in Alexandria, VA
• Individuals who are assigned to, work at, or receive benefits from, any defense or military-based institution
• Family members of those in the Field of Membership, including: grandparents, parents, spouse, siblings, children (including adopted, foster and stepchildren), grandchildren, and household members.
• Family members and employees of Pentagon Federal Credit Union itself
• National Military Family Association members

There are many co-branded credit card products from Citi and other organizations or banks. I introduced the Associated Bank Platinum Credit Card which offers 0% APR on balance transfer for 12 months with no fees. This is a great credit card if you are in need of money and want to do balance transfer to cover your need. There is another Citi co-branded credit card—ADA World MasterCard which offers similar balance transfer offer to everyone.

The ADA world mastercard has two versions: travel rewards and platinum. The travel rewards has 10,000 bonus points which can be redeemed for a $100 gift card. Therefore I suggest you apply for the travel rewards version instead of the platinum card. Although this is a co-branded credit card, you don’t have to be an ADA member to be eligible to apply for this credit card.

The balance transfer fee is 3% with $5 minimum and $75 maximum. The $75 maximum is pretty good nowadays. For the 0% APR balance transfer fee, as long as first balance transfer is completed within 12 months from date of account opening, 0.00% for 12 months from date of first balance transfer. You can request a balance transfer check online after registering your credit card. Or you can wait for the mail package. There is no annual fee associated with this credit card.

Terms and conditions can be found here.

You can take $100 gift card bonus with 0% APR balance transfer offer with this Citi ADA world mastercard. I think this is a great opportunity!

ADA is the American Dental Association but as I mentioned at the first beginning of this post, you don’t have to be an ADA member to apply for this credit card.

I just reviewed the New Sony PlayStation Visa Credit Card which is a great credit card for PlayStation players to show their own loyalty. World of Warcraft is another popular game with millions of players. I was luckily found out that there is a special World of Warcraft Visa Credit Card for the World of Warcraft players.

When I saw this credit card, I was shocked by the astonishing card design. As a matter of fact, there are 13 difficult card designs that the cardholders can choose from. Each card design has an actual character on it, thus everyone can choose the favorite one easily.

Another great feature of this credit card is the rewards program that it offers. In fact, the first purchase on the credit card yields a month of free World of Warcraft subscription time. This is the only credit card that lets cardholders earn playing time with every qualifying purchase. Every dollar in qualifying purchases earns the user one reward point. Points can be redeemed for World of Warcraft game time. Points earned post to your account each monthly billing cycle. Plus This credit card offers introductory 0% APR which is good on all purchases and balance transfers for the first 6 billing cycles after your account is opened.

There is no annual fee associated with this World of Warcraft Visa Credit Card. You can complete a quick and easy online application. Applications for the World of Warcraft Visa are processed and supported by the First National Bank of Omaha.