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Capital One recently upsized the rewards program on one of its now outdated cards. 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.
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.