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According to Wikipeida, cash back rewards dates back to the 90s. It would be interesting to read on the history of all the cash back credit cards since its arrival. Does such information exist?
I've been curious to see what types of rewards people got back in those days, haha.
"In the 1990s, major card issuers in the US raised the cash-back percentage up to 5%. The 5% cash back rate usually applies only to purchases made at grocery stores, pharmacies, and gas stations for 6 months.[citation needed] This high rate of cash back was set to grab the attention of potential applicants for them to consider applying for the card. Typically the cash back rate for all other purchases is around 1%."
I read somewhere that Discover was the original cash back card, that started the trend. Wouldn't know how accurate that is though.
Yes, I remember Discover starting it with their yearly rebate check.