Update: 6/11/2010 Disregard this post, Capital One has changed the program back to 2% on gas and groceries. We’d argue that the PenFed Platinum Cash Back is better than this card in every way, with 5% on gas, 2% on groceries, and 1% elsewhere.
Capital One recently upsized the rewards program on the No Hassle Cash Credit Card for Excellent Credit. The card previously paid out 2% on gas and groceries and 1% on everything else, which is still the case for all the other No Hassle Cash cards. But now, the new and improved card for people with excellent credit pays 3% on gas and groceries after you’ve spent $6,000 in a year, and you still get the 1% on everything else.
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The new No Hassle Cash is better than the old, but only if you spend more than $1,000 per month
The old version paid 2% on gas and groceries all year long, while the new version pays 1% at first, and then 3% once you’ve spent $6,000. So if you spend more than $12,000 per year, your annual rewards will be the same on average between the two cards. This means that if you spend less than $1,000 per month, this new rewards program is worse for you, but if you spend more you’ll be much better off.
Regardless, the American Express Blue Cash is probably your best bet
If you spend more than $1,000 per month, you’ll probably get a better deal from the Amex Blue Cash than any of the No Hassle Cash cards. The Blue Cash pays 5% back on gas and groceries if you spend more than $6,500 per year, and then 1.25% on everything else. So it’s hard to envision a scenario where the No Hassle Cash would pay you higher rewards. You can easily compare the two on our credit card comparison page.
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