Chase Cash Plus Rewards Visa Review
Review of the Chase Cash Plus Rewards Visa Card
Update - Chase is no longer offering this card. Presently, the Chase Freedom® Visa - $150 Bonus Cash Back is the main cash back credit card from Chase. Despite the fact that this card is no longer around, we still want to keep this review as an archive and also for those who are interesting in researching past credit cards.
Update - Back in it's days (during 2006), the Chase Cash Plus Rewards was one of the best cash back credit card. The card resembled the old Citi Dividend Card and paid the best cash rebates. In fact, if this card was still around today, it would be the best in class.
Rebate Formula - The Chase Cash Plus Rewards Visa is an "everyday purchase" cash rebate credit card. You can earn 5% cash rebate from purchases at gas stations, groceries and drugstores. You get 1% rebate for "other purchase". In addition to being a cash rebate card, you can actually choose to exchange your cash rebates for gift certificates instead. Though it is not mentioned on their website or terms and conditions, a quick call to Chase revealed that you can earn up to $300 in cash rebates annually or 30,000 points.
Fees - The Chase Cash Plus Rewards Visa has no annual fee.
Chase Cash Plus Peer Comparison
Ultimate Cash Award vs Blue Cash - During it's era, the Blue Cash was one of the Cash Plus rivals. Unlike the Chase Cash Plus, the Blue Cash has a tiered rebates system. Basically, you could earn 5% on groceries, gasoline and drugstore and 1.5% on other regular purchases once your annual expenses exceeded $6,500. Prior to that, you earn 1.5% and 0.5% respectively. So in terms of the rebates, the Chase Cash Plus comes out ahead because they impose no tiers. However, you can only earn up to $300 in rebates a year wherea the Blue Cash allows you to earn unlimited rebates. Update - The Blue Cash has changed it's rebate formula to to a non tier structure. You can read our Blue Cash EveryDay review here.
Chase Cash Plus vs Citi Dividend Platinum Select Card - The Citi Dividend Platinum Select Card has been through several changes. Back in 2005 and 2006, the card paid 5% rebates on supermarket, gasoline and drugstore expenses and 1% on everything else. Essentially, the Chase Cash Plus is an exact replica of the Citi Dividend Card and reflects the rivalry between Chase and Citi in the cash back credit card space.
Chase Cash Plus vs Costco Credit Card - Another card that is worth comparing with is the TrueEarnings Costco credit card. With the Costco Card, you get to earn 3% rebates on gasoline, 2% on dining and travel. The gasoline rebate for Costco is lower (3% vs 5%) and Costco also does not have supermarket and drugstore in their "mroe than 1%" category. However, the Costco card has the travel and dining category that the Chase Cash Plus does not have.
Chase Cash Plus Rewards Card - Best in Class?
Pros - Earn 5% rebates on gasoline, supermarket and drugstore. These were the highest rebates for these categories during their time.
Cons - Limited to earning only $300 in annual rebates.
Verdict - The Chase Cash Plus (during it's days) was the best cash back credit card in the market together with the Citi Dividend Card (the old one). No other card came close to rivaling these two cards in terms of the rebates they paid on gasoline, supermarkets and drugstores.
Update - At the end of July 2006, Chase discontinued the Cash Plus Rewards. If you are looking for a credit card that earns cash rebate, please check out our cash back credit cards section. Also check out the Chase Freedom® Visa - $150 Bonus Cash Back.