Review of the Chase PerfectCard^TM MasterCard®

Summary - The Chase Perfect card is a gas credit card from Chase that pays their cardholder 3% rebates on any gasoline purchase. But is this enough? How does this compare with other similar cards? Well, join me for a thorough investigation.

Gas Rebate Formula - The Chase Perfect Card pays 3% rebates on gasoline purchases. These purchases can be made at any gas stations. To encourage more sign ups for this card, they are offering new cardholders 6% rebates on gas for the first 90 days of card membership. After the 90 day period is over, it will revert to 3%.

Caps on Rebates - Even you get 3% rebates on gasoline, you can only earn rebates for up to $400 in gasoline spending a month. For other regular purchases that you put on the card, there are no limits on the rebates that you can earn.

Fees - There is no annual fee for this card.

Chase Perfect Card Peer Comparison

So how good is this card? Well, we have to do some comparison. Let's first compare it with other cards that give gas rebates on any gas station like this card.

Chase Perfect Card vs Discover Open Road - One of Chase's closest gas credit card rival is the Discover OPEN Road Card. However, it is not a rivalry that Chase has to worry about. Discover pays 2% on gasoline and restaurant expenses for up to 2% in monthly spend. The Chase Perfect pays a higher rebate at 3% and has a higher cap at 4%. So in terms of gas rebates, Chase beats Discover. But Discover has their online shopping portal where you can earn between 5% and 20% rebates when you spend with their online merchant partners. Hence, it offers an alternative to earn more rebates.

Chase Perfect vs Blue Cash Everyday - Amex main cash back card is the Blue Cash EveryDay. The card pays 2% on gasoline expense which is less than the Chase Perfect Card and it also has no cap (unless Chase which caps monthly gas expense at $400). The Blue Cash Everyday however, offers 3% cash back at groceries and 2% at department stores, categories which the Chase Perfect Card does not have.

Chase Perfect vs Costco Card - Compared to the TrueEarnings Costco credit card, the Chase Perfect matches it in gas rebates but loses out in other areas. Firstly, both cards allow you to earn 3% rebates. But with the Costco card, you can earn 3% at any gas station (including their own Costco gas stations which is known for their relatively lower gas prices) just like Chase. Secondly, Costco pays 2% rebates for travel and dining expense, which this Chase card does not have. You do have to be a costco member to get this card, so if you are not, then this card does not apply to you. But if you are a costco member and are looking at the Chase Perfect Card, then the Costco card is definitely better.

Chase Perfect vs PenFed Visa Gas/Cash Rewards - Compared to the PenFed VISA Platinum Gas / Cash Rewards Card, the Chase Perfect Cards seems to be from the middle ages. The PenFed pays 5% rebates on gasoline, handily beating the Chase Perfect Card. In addition, you get 2% rebates for grocery purchases which Chase does not have.

Chase Perfect vs station specific cards - While it is not really an apples to apples comparison if we compare this card with station specific cards, I think it still makes sense to see where does 3% rebates stand. It turns out that 3% rebates is just average if we talk about gas station cards. For example, Hess and Gulf cards pay 3% rebates. For the better ones like Shell, BP and Marathon pay 5% rebates.

Chase Perfect Card - Is It Perfect For You

Before we reach a verdict, let's look at the pros and cons of this card.

Pros - Gives 3% at any gas station. While not the highest rebate you can earn on gas, it certainly beats many all station gas credit cards with the exception of the PenFed Gas/Cash Rewards Card.

Cons - The better gas cards pay 5% rebates. Also, you only get more than 1% rebates on gas and not in other categories (which many of it's competitors offer).

Verdict - The Chase Perfect Card is a pretty decent card for those who are looking to earn rebates on gas purchases and save some money on a commodity and seems to always rise in price. 3% rebates (while not the highest) on gasoline is comparable to it's peers that allow you to earn rebates at any gas station. Howver, if you are a costco member, the TrueEarnings Costco credit card would be a great alternative to this card. The PenFed VISA Platinum Gas / Cash Rewards Card is also a much better card than the Chase Perfect Card and we suggest you consider this card instead since it is the only card today that allows you to earn 5% rebates on gasoline at any station (with no tiers in the reward structure as well).

Update - Chase is no longer offering this card. In fact they have trimmed their portfolio of cards and at this moment, they do not specifically have a card that allows you to earn rebates on gas (as in more than 1%) all year round. Therefore, we suggest you consider it's peers that we have mentioned in this review.