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This article is from the Credit cards and Consumer Credit FAQ, by adams@spss.com (Steve Adams) with numerous contributions by others.

209. What else should I watch out for in credit cards with rebates?

First, when will the rebate be issued, at the end of the month or at
the end of the year? (Typically, it's after the end of the year.)

Second, how is the rebate calculated? Be sure to read the fine
print. For example, Discover advertises "up to 1%" rebate. That's
true; but the fine print shows that you get back 1% of every dollar
you charge after $3000 a year; the first $3000 is rebated at rates
between a quarter and three quarters of a percent. (Confirmed by
telephone, 1991 Oct 14, and by personal experience.)

 

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