Review: Ebates Credit Card

ebates-credit-cardThe popular coupon/rebate site, in partnership with Synchrony Bank, offers a credit card that allows you to piggyback on the cash back you already receive when you use the Ebates portal to do your online shopping. Our overview / review of the card is below:

The first thing to know about the Ebates credit card is that it is a Visa card, meaning it is accepted everywhere Visa is accepted, which of course is just about everywhere. This is good — if you are going to open a new credit line, it is best to open one that can be used widely, since new credit lines temporarily lower your credit score. (Credit cards that can only be used at a single retailer cause the same temporary credit score hit but have limited usage.)

If you are already an active Ebates member, the card is really a no-brainer, because it gives you:

  • An additional 3% cash back rebate on purchases through Ebates (except most travel purchases)
  • A 1% cash back rebate on any purchase outside of Ebates

If you’re already plugged into the Ebates system and make it a habit to shop through its portal, using the credit card simply gives you a greater rebate on shopping you were already going to do anyway.

That said, there is one potential sticking point: the interest rate. Your Ebates credit card will have an interest rate of either 21.74% or 26.74% depending on your credit history. Either of those rates is very high in today’s card market, so only get this card if you know you’ll pay off your full balance every month. Otherwise, the extra cash back you receive will essentially be canceled out by the interest you pay.

You can apply for the Ebates credit card online via this application.