Rewards Cards: What’s Hiding in the Fine Print?

SimplyCash® Business Credit Card from American Express OPEN

I like this card for everyday business expenses. But the true value to you depends on how much you spend per year on wireless services, gas and other purchases.

Advertised: Get 5 percent on wireless service and office supplies, 3 percent on gas and 1 percent on everything else.

Fine print: I’d like to give American Express credit for at least footnoting this, but they didn’t make it a live link. So I had to go search for the text that went with the footnote.

I found the footnotes below the Schumer Box (so technically, this is the fine print below the fine print) that says the 5 percent is limited to $12,000 of eligible purchases from wireless service providers and office supply specialty retailers. And this is offered during a 12-month period that begins on the anniversary of your card account opening. After you reach the cap, you get 1 percent.

The $12,000 limit also applies to the 3 percent gas rebate. You get 1 percent after that. And just in case you’re planning to save tons on gas at warehouse stores, you don’t ever get 3 percent there, just 1 percent.

Citi® Platinum Select® MasterCard®

It’s not just rewards cards that have hidden nuggets. This card is known for its 18-month balance transfer introductory period. But if you don’t read the fine print, you might not be aware that it’s possible you’ll only qualify to transfer a small amount or that there’s a time limit on the offer.

Advertised: 0% Intro APR on balance transfers for 18 months.

Fine print: Some credit limits may be as low as $500. You may transfer any amount, but the total amount including any balance transfer fee (4 percent for this card) must be less than your available credit. This makes sense, but I know many consumers hope they can transfer large amounts and get relief.

More fine print: You get the 0 percent introductory APR for 18 months only if you make the transfer within four months from the date you opened the account. If you qualify and you get a credit limit high enough to accommodate the balance you want to transfer, don’t put it off.