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Added June 24, 2011 from: Joe Taylor Jr.
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Answered By Joe Taylor Jr.: Frugal Americans flock to the TrueEarnings Card from Costco and American Express, because it's not difficult to save a pile of money, as long as you can abide by a few simple lifestyle rules:

  • You already have a Costco membership, and you shop there often.
  • You're committed to paying off most (if not all) of your balance every month.
  • You don't mind waiting up to a year for your cash back reward coupon.

Here's the deal, especially if you've never shopped at Costco. Your TrueEarnings Card from Costco and American Express doubles as your Costco membership card, so you're not paying an extra annual fee to American Express as long as you have a paid membership with Costco.

American Express tallies up your cash back (see category rebate percentages here) on your card each year. Then, they'll send you a reward coupon on your billing statement, redeemable for merchandise or cash at any U.S. Costco Warehouse. Most folks treat it almost like a tax refund, and use it to splurge on a high-end item like an HDTV or a mattress. But, if you prefer cash, they'll convert that for you at the member services desk.

The only downside to the card is a relatively high APR, compared to other cash back credit cards. Letting a balance roll over for more than a month or two could negate your rebate. Spend cap and other restrictions apply. However, TrueEarnings® Card from Costco and American Express simply makes it one of the best rewards credit cards on the market.

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