4 Unique Credit Card Benefits and Restrictions
There is an immense variety of credit cards, but once you zoom in on a specific category, things start to look similar. For example, the top 2% cash-back credit cards vary only slightly in their offerings, whether it’s an insurance benefit or redemption option.
The benefit of this is that if you understand one card in a category, it’s not too difficult to decipher the value provided by the rest. However, every once in a while, there’s a card that stands out with a uniquely valuable perk or confusing restriction.
If you’re looking to extract value from a niche benefit or avoid an unusual limitation, pay attention to these credit cards.
Unique credit card benefits and restrictions
Unique savings perk: Sales tax refunds
When Benjamin Franklin wrote about the certainty of death and taxes, he couldn’t have predicted the benefits available with The B&H Payboo® Credit Card. This store card offers your choice of:
- Special financing for six or 12 months
or
- Effectively no sales tax on B&H purchases
If you select the sales tax perk, you’ll pay for the purchase (including tax) with your B&H Payboo card, then instantly receive a credit. Although you can only use the B&H Payboo Credit Card at B&H, the no-sales-tax perk makes the card worth it in the right situation. Depending on where you live, state and local sales tax can top 8%. Very few rewards credit cards earn uncapped 8% back, even in a niche category, much less for expensive items such as video and audio equipment.
The B&H Payboo Credit Card is a niche store credit card that offers surprisingly valuable savings for anyone who lives in a state with a high sales tax.
- You can choose to instantly avoid state sales tax
- Limited-time offers for savings on select purchases
- Special financing deals are deferred-interest offers
- Unusually high APR
- Fee can apply for receiving paper statements
The special financing deals are deferred interest offers, which means if you don’t pay off the entire balance within the allotted time, you’ll pay the full interest. If you’re interested in this store card for financing, then you’ll be better off with a 0% intro APR credit card with much more generous terms.
With an intro APR credit card, you don’t pay interest until the intro APR expires, and you only pay interest based on your card balance at that time. You’re never responsible for back interest, which makes cards like the Wells Fargo Reflect® Card and U.S. Bank Shield™ Visa® Card better financing options.
The Wells Fargo Reflect® Card can help you save on interest charges thanks to its extra generous intro-APR offer on purchases and qualifying balance transfers.
- Best-in-class intro-APR for purchases and qualifying balance transfers
- No annual fee
- Cell phone insurance: up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible
- No rewards
- No welcome bonus
- High balance transfer fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.49%, 23.99%, or 28.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It’s an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Balance transfer fee
Foreign transaction fee
Unique insurance perk: Pet protections
One of the most unsung benefits of credit cards is insurance. I’ve saved hundreds of dollars every year by relying on my credit card’s rental car insurance and other travel insurance perks.
While there are plenty of cards that offer shopping and travel protections, the Nibbles Pet Rewards Card helps out with something you may love even more — your pet. It offers coverage for one dog or cat with a discount for additional dogs or cats.
If you pay for pet insurance, it’s worth comparing what the Nibbles Pet Rewards Card offers. It has no annual fee, a $20,000 annual coverage limit (with a $950 deductible) and 70% coinsurance. You can pay extra for customized coverage, including a lower deductible or higher coinsurance rate.
The Nibbles Rewards Credit Card is a great option for pet owners looking to save some money on insurance costs, plus you can earn elevated rewards on vet visits and pet store trips.
- Free pet insurance for one pet
- 3x rewards at pet stores, and pet services at any licensed vet
- Exclusive offers, discounts, and access to additional services
- No welcome bonus
- Rewards can only be used for statement credits
Want pet insurance without a credit card? Consider these providers
Unique authorized user limitation: Welcome bonus earning
Waiting to apply for a credit card until there is an increased, limited-time welcome bonus is a good strategy for maximizing your rewards. The second part of that equation is being sure you meet all the requirements for earning that big bonus, which typically means you’ll need to spend a certain amount on the card within the allotted time.
While that part of the intro bonus is straightforward, there are caveats to be aware of. The annual fee doesn’t count toward the spending requirement, and the time you have to hit the spending threshold starts when you’re approved for the card — not when you receive the card in the mail seven to 10 days later.
If you have a new U.S. Bank business card, you have one additional restriction to pay attention to. Typically, any purchases made with an authorized user or employee card help you qualify for the welcome offer. But that’s not the case with U.S. Bank business cards.
If you want to earn the welcome bonus for cards like the U.S. Bank Triple Cash Rewards Visa® Business Card or U.S. Bank Business Leverage® Visa Signature® Card, know that only the purchases you make with the primary account holder’s card qualify for the welcome offer.
The U.S. Bank Triple Cash Rewards Visa® Business Card is a no-annual-fee business card that earns cash back rewards on a variety of business and everyday categories.
- Annual $100 software statement credit
- Valuable welcome bonus
- Has a foreign transaction fee
- Not very rewarding for purchases you make outside of the bonus categories
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Earn $750 in cash back. Just spend $6,000 on the Account Owner’s card in the first 180 days of opening your account.
- Earn 3% cash back on eligible purchases at gas and EV charging stations (transactions of $200 or less)*, office supply stores, cell phone service providers and restaurants (*excludes discount stores/supercenters and wholesale clubs).
- 1% cash back on all other eligible purchases.
- Earn 5% cash back on prepaid hotels and car rentals booked directly in the Travel Center when using your card.
- Take control of your card spend with U.S. Bank Spend Management—a game-changing platform for monitoring and managing business expenses.
- No limit on total cash back earned.
- Redeem Cash Rewards right away or save them for later. Cash Rewards do not expire as long as the account remains active.
- Earn an annual $100 statement credit for recurring software subscription expenses such as FreshBooks or QuickBooks.
- Terms and conditions apply.
Balance transfer fee
Either 5% of the amount of each transfer or $5 minimum, whichever is greater.
Unique rewards restriction: Annual redemptions
The flip side of the most valuable travel rewards is the complexity involved in redeeming them for maximum value. So, rather than spending a weekend learning about airline partner award rules, many people opt for a cash-back credit card.
With a cash-back card, you know the exact value of your rewards, and it’s easy to redeem them — unless you have the Costco Anywhere Visa® Card by Citi. Though it’s a solid rewards credit card with strong returns on gas and EV charging, restaurants and travel, the problem is you can’t redeem your rewards online.
Instead, every year after your February credit card statement closes, you’re issued a reward certificate for all of the cash back you accumulated throughout the year. You can redeem this certificate for cash or merchandise at any U.S. Costco (including Puerto Rico).
It also has a strict expiration date, and you must use the certificate by Dec. 31 of the year it was issued. And while the Costco Anywhere Visa has no annual fee and earns rewards anywhere Visa cards are accepted, you must have an active Costco membership ($65 to $130 a year) or you’ll forfeit unredeemed rewards.
The Costco Anywhere Visa® Card by Citi is a valuable card to pair with a Costco membership, but the rewards program is more restrictive than what you get with a typical cash-back card.
- High rewards rates for gas/EV charging and travel
- No foreign transaction fees
- Restrictive rewards that you can only cash out once per year
- Requires a paid Costco membership
- No welcome bonus
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Discover one of Citi’s best cash back rewards cards designed exclusively for Costco members
- Earn 5% cash back rewards on gas at Costco and earn 4% cash back on other eligible gas and electric vehicle (EV) charging purchases for the first $7,000 combined spend per year, and then 1% thereafter.
- 3% cash back on restaurants and eligible travel purchases and eligible travel, including Costco Travel.
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
- No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
- Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
Balance transfer fee
5% of each balance transfer; $5 minimum
Foreign transaction fee
While most cash-back cards offer straightforward online redemptions, several go a step further with automated payouts. If you love the idea of simple rewards with automatic redemptions, The American Express Blue Business Cash™ Card earns cash back that’s automatically redeemed as a statement credit to your account. Many consumer cards allow you to set automatic redemptions once you’ve earned a certain amount of rewards, including Wells Fargo cards like the Wells Fargo Active Cash® Card, which allows automatic redemptions in $25 increments.
The Wells Fargo Active Cash® Card is great if you want simplicity thanks to its flat-rate 2% unlimited cash rewards on purchases and $0 annual fee.
- High flat-rate return on purchases
- Intro-APR for purchases and qualifying balance transfers for a year
- No annual fee
- Cell phone protection
- Has a foreign transaction fee
- Limited redemption options unless you pair it with a Wells Fargo card that allows point transfers
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 18.49%, 24.49%, or 28.49% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Balance Transfer Fee
3% intro for 120 days from account opening, then up to 5%, min: $5
Foreign Transaction Fee
The American Express Blue Business Cash™ Card is an ideal fit for a growing business because it offers an intro APR for purchases and a generous cash-back rate.
- Valuable intro-APR offer for purchases for 12 months
- No annual fee
- Additional cash back is capped
- It has a foreign transaction fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 16.74% – 26.74%, based on your creditworthiness and other factors as determined at the time of account opening. APRs will not exceed 29.99%
- Earn 2% cash back on all eligible purchases on the first $50,000 of purchases each calendar year, 1% thereafter. Cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- The amount you can spend above your credit limit is flexible, so it adapts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors. Just remember, the amount you can spend with Expanded Buying Power is not unlimited.
- No Annual Fee
- Terms Apply
- See Rates & Fees
Balance transfer fee
Foreign transaction fee
2.7% of each transaction after conversion to US dollars.
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For rates and fees of the American Express Blue Business Cash Card, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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