Chase Ultimate Cash Award MasterCard

The Chase Ultimate Cash Award MasterCard, issued by Chase, is designed for those with very good credit who are looking for a cash reward credit card.

Through the rebate program, cardholders earn up to a 2% rebate on general purchases. The rebate is broken down as follows: those who spend up to $2,000 will receive a .25% rebate, those who spend over $2,000 and up to $6,000 will receive a .5% rebate, and those who spend over $6,000 will receive a 1.5% rebate. When cardholders carry a balance they are awarded with a 2% bonus rebate.

In addition, cardholders earn higher rebates for "Everyday Purchases", which include purchases made at supermarkets, gas stations, drug stores, or home improvement stores. The rebate for these purchases is broken down as follows: those who spend up to $2,000 will receive a .5% rebate, those who spend over $2,000 and up to $6,000 will receive a 1% rebate, and those who spend over $6,000 will receive a 3% rebate.

Rebates do not expire and there is no limit to the amount of rebates that can be earned. It is also important to note that the additional rebate earned when a balance is carried may not be enough to compensate for the amount of finance charges that will apply.

Aside from the rebate program, cardholders can expect access to a variety of platinum benefits, such as up to $500,000 in travel accident insurance, auto rental insurance, and purchase protection.

The credit card has no annual fee and has a reasonable interest rate for purchases and balance transfers. However, there is a minimum cap for cash advances, so no matter how low the Prime Rate falls (the APR is tied to the Prime Rate), the interest rate will not go below the minimum cap.

Therefore, those who qualify for the lowest rate offered and plan to take advantage of the various benefits it offers, will find the Chase Ultimate Cash Award MasterCard to be a suitable option.