Via a specific banner ad, the Chase AARP Visa has a introductory promo of 5% cash back on all purchases for the first 6 months (specifically, 6 billing cycles). There appears to be no limit to their cashback awards and their reported credit limits are about the same as other Chase cards, so if you have the ability to charge a lot of money on your card within the next 6 months, this card is for you. Selected fine print:
For the first 6 billing cycles from your enrollment date in the program, you will earn 4 bonus points in addition to your 1 base point (total 5 points) for each $1 of net purchases. You do not earn points on balance transfers, cash advances, cash-like charges such as travelers checks, foreign currency, and money orders, any checks that are used to access your account, overdraft advances, interest, unauthorized or fraudulent charges, or fees of any kind, including fees for products that protect or insure the balances of your account. There is no maximum number of points that you can accumulate in the program.
Doing the math, if you can charge $2,000 total, you’ll get $100 back. Up that to $20,000, and you’ll get $1,000 back. The usual ideas include charging any medical bills, homeowners/car/life insurance, travel expenses, or large home improvement purchases. Some people even prepay their utility bills. If you haven’t already, you could also pay any income taxes owed on the card, and you’d still come out slightly ahead after their usual ~2.5% fees.
Catches? Well, you’ll have to be a member of AARP first. That costs $16 a year and is actually open to those under 50, and although you won’t get full benefits, reportedly it will let you get this card. Otherwise, just avoid doing any funny business that will close your card before you cash out your rewards.
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