So you’ve been tempted by those slick MyCash credit card commercials and their promises of rewards, bonuses and cash back. Before you rush off to apply, though, there are a few things you should know that MyCash’s advertising isn’t telling you.
The truth is, while their rewards and perks sound great, this card may end up costing you way more than it’s worth if you’re not extremely careful.
Trust us, we’ve read through hundreds of MyCash credit card reviews to uncover the dirt on this card that cardholders themselves won’t admit.
In this article we’re going to give it to you straight so you can decide if the MyCash card is really right for you or if you’re better off avoiding it altogether. The choice is yours, but at least now you’ll be making it with your eyes wide open.
MyCash Credit Card Overview: Benefits and Drawbacks
The MyCash credit card aims to reward frequent shoppers, but it does come with some significant drawbacks to consider before applying.
Benefits
- Earn 5% cash back at over 5,000 stores and websites including popular brands like Target, Walmart, and Amazon.
- No annual fee.
- Redeem your cash back for gift cards, travel, or cash.
Drawbacks
- High APR. The card has a hefty APR that currently ranges from 25.24% to 29.99% variable. If you carry a balance, interest charges can quickly cancel out your rewards.
- Limited bonus categories. Outside of the bonus categories, you only earn 1% cash back on other purchases. Some competing cards offer higher base rates and more bonus categories.
- Strict redemption policy. You must redeem a minimum of $25 cash back at a time, and it can take up to 2 billing cycles for your rewards to become available.
Overall, the MyCash card can be rewarding for those who pay their balance in full each month and do most of their shopping at the bonus retailers.
But if you’re looking for a more well-rounded cash back card or tend to carry balances, there are better options available with lower APRs and more generous rewards. The choice is yours – weigh the pros and cons and go with what works best for your needs.
MyCash Cardholder Reviews: The Good, the Bad, and the Ugly
MyCash cardholders generally give the card mixed reviews. Here’s what people really think about using this credit card:
The good:
- Generous cash back rewards. Cardholders get 1% cash back on all purchases and up to 5% on rotating bonus categories like gas, groceries, and dining. The rewards add up fast and can be redeemed for statement credits, gift cards, or bank account deposits.
- No annual fee. This card is free to use, so the cash back rewards are truly free money.
- Easy online access. You can quickly check your balance, pay your bill, redeem rewards and more on the user-friendly website or mobile app.
The bad:
- Interest charges accrue quickly. The APR on this card is higher than average, so if you carry a balance from month to month, the interest fees can outweigh the value of the cash back.
- Limited benefits. Aside from the cash back, this barebones card offers no additional perks like travel insurance, purchase protection or airport lounge access.
The ugly:
- Strict penalties. MyCash charges steep fees for things like late payments, returned payments and going over your credit limit. These penalties can damage your credit and cost you a lot of money, so you have to be extremely diligent in managing this account.
As with any credit card, do your research to make sure the MyCash card meets your needs. If used responsibly, the generous cash back program can be rewarding. But the lack of perks and high fees mean this probably isn’t the best card for everyone.
MyCash Credit Card Alternatives: Better Options for Your Wallet
If the MyCash credit card isn’t right for you, don’t worry—there are plenty of good alternatives. Here are some better options for your wallet:
Chase Freedom Unlimited
This card offers a $200 bonus after spending $500 in the first 3 months. You’ll earn unlimited 1.5% cash back on all purchases with no annual fee. The signup bonus and ongoing rewards rate beat the MyCash card.
Citi Double Cash Card
This Citi card has no annual fee and provides unlimited 2% cash back on all purchases (1% when you buy plus 1% as you pay your bill). The higher flat-rate rewards and lack of an annual fee make this a superior choice to the MyCash card for most people.
Blue Cash Everyday® from American Express
This popular Amex card has no annual fee and offers 3% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%), 2% at U.S. gas stations and select U.S. department stores, and 1% on other purchases.
You’ll earn a $150 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months. The bonus categories and signup offer surpass the MyCash card.
In summary, there are many credit cards that offer better rewards, bonuses, and benefits compared to the MyCash card. Before you apply for the MyCash card, check out these alternatives—your wallet will thank you!
Conclusion
So in the end, while the MyCash credit card might seem appealing with the promise of cash back rewards, the reality is often less rosy.
Before you sign on the dotted line, make sure you understand all the terms and conditions to avoid getting caught out by hidden fees or interest charges.
Find out what other cardholders have to say about their experiences by doing some research. Avoid being lured by alluring offers that might result in you having to pay out more in interest and penalties than you would have otherwise. You should use your credit card to benefit from it, not the other way around.
If you make the proper choice, the credit card you receive will meet your demands and leave more money in your pocket each month than it takes out.