Good morning!
Following my 5-card spree on Sunday, I decided to roll the dice on the OnePay CashRewards card.
A little background: I had applied for the Mastercard version of this card once previously as I am a Walmart+ member, and the idea of 5% back with no annual fee was intriguing. However, I was only approved at that time for the "spend" version, which does not offer the 5% cash back.
I currently hold the US Bank Shopper Cash Rewards card, which offers 6% back at Walmart. HOWEVER, this comes with a few caveats:
- The card has a $95 annual fee, so that eats into my cashback directly
- There is a quarterly limit of $1500 at the 6% cash back rate
Crunching the numbers, you'll find that even if you max out the $6000/year in spend, your true return after subtracting the annual fee is only ~4.4% cash back. I rarely (if ever) reach the maximum spend at Walmart (or any of the retailers listed), so my personal return would be much lower.
I applied for this card expecting a denial but thought "what's there to lose?" To my surpise, I was instantly approved for $7000 SL!
Additional note: I ALWAYS appreciate instant access to a new card virutally as waiting for the physical card to arrive in the mail can be BRUTAL. Not only did Synchrony provide a virtual card number that was immediately available for use, but they also automatically added the card into my Walmart account wallet and set it as the default card! Very nice touch! 😊
This was the final hurdle to saying goodbye to the US Bank Shopper Cash Rewards card. The AF has already been paid for the year, unfortunately, so I'll do my best to maximize the return over the next several months prior to closure.
Congrats. I did the same thing last October/November. Got 4 new cards (Fidelity Visa, AAA Travel Advantage, More Rewards, and REI) and a week later got roped into the OnePay Rewards card. I have to say, even though it's a Synch card, the OnePay app is pretty decent. I have gotten several Boost offers that have been nice and put a little extra in my pocket. They offered a 5% Boost on dining for a month in January and then some other 5% Boost in mid-February. Their rewards post quickly and are easy to redeem. I just bought tires and a new front brake kit from Wally World too, so I was able to save 5% on over $800 of auto repairs.
