CashBack Rewards Mastercard® from Randolph-Brooks Federal Credit Union Review

As a financial expert, I’m often asked to review various credit cards to help consumers make informed decisions. Today, I’ll be diving deep into the CashBack Rewards Mastercard® from Randolph-Brooks Federal Credit Union (RBFCU). This card is designed to offer simplicity and value, with a straightforward 2% cash back on all purchases, no annual fee, and a host of other benefits. Let’s delve into the specifics, breaking down the key features, benefits, and any potential drawbacks of this credit card.

CashBack Rewards Mastercard® Key Takeaways

Before we get into the details, let’s highlight some of the key takeaways of the CashBack Rewards Mastercard®:
– Cash Back: Earn a flat 2% cash back on all purchases.
– Annual Fee: $0 annual fee.
– Intro APR for Balance Transfers and Cash Advances: 2.9% for the first 90 days.
– Standard APR: 18.00% Variable.
– Travel Insurance: Up to $1,000,000 in travel accident insurance.
– No Foreign Transaction Fees: Great for international use.
– Penalty Fees: Minimal, with late payment fees up to $25 and return payment fees up to $24.

CashBack Rewards Mastercard® Pros and Cons

Pros:

1. No Annual Fee:
– The card has no annual fee, making it cost-effective to hold, even if you don’t use it extensively.
2. Flat 2% Cash Back:
– Simplicity is key here. You earn 2% cash back on all purchases without worrying about rotating categories or spending caps.
3. No Foreign Transaction Fees:
– Ideal for travelers, this feature saves you money on international purchases.
4. Introductory APR for Balance Transfers and Cash Advances:
– The 2.9% introductory APR for the first 90 days can be beneficial if you need to transfer a balance or take a cash advance.
5. Travel Accident Insurance:
– The card offers up to $1,000,000 in travel accident insurance, adding peace of mind for frequent travelers.
6. Minimal Penalty Fees:
– The penalty fees are relatively low compared to many other cards, with late payments up to $25 and return payments up to $24.

Cons:

1. No Intro APR on Purchases:
– While the card offers an introductory APR for balance transfers and cash advances, there is no introductory APR for purchases. This might be a drawback if you plan to make significant purchases upfront.
2. Relatively High Standard APR:
– The 18.00% variable APR can be considered high, especially for those who may carry a balance.

CashBack Rewards Mastercard® Benefits

The benefits of the CashBack Rewards Mastercard® go beyond just the 2% cash back on all purchases. Let’s explore these benefits in more detail:

Cash Back Rewards

One of the standout features of this card is the unlimited 2% cash back on every purchase. This straightforward rewards structure makes it easy to understand and maximizes your earning potential without the hassle of tracking rotating categories or spending limits.

No Annual Fee

The absence of an annual fee is a significant advantage. Many cash back cards with similar rewards structures charge an annual fee, which can eat into your rewards. With this card, you get to keep all the cash back you earn.

Travel Benefits

The CashBack Rewards Mastercard® offers substantial travel benefits, making it an excellent choice for frequent travelers:
– Travel Accident Insurance: Coverage up to $1,000,000 provides peace of mind when traveling, knowing that you and your loved ones are protected in case of an accident.
– No Foreign Transaction Fees: This feature is particularly beneficial for international travelers, as it eliminates the additional costs associated with foreign transactions, which typically range from 1% to 3% on most other cards.

Introductory APR for Balance Transfers and Cash Advances

For the first 90 days from the date of account opening, you can take advantage of a 2.9% introductory APR for balance transfers and cash advances. This can be a valuable feature if you need to consolidate debt from higher-interest cards or if you require a cash advance at a lower rate.

Fraud Protection

RBFCU offers robust fraud protection measures. This includes monitoring your account for unusual activity and providing zero liability for unauthorized transactions, ensuring your peace of mind.

Flexible Payment Options

The card’s flexible payment options include the ability to manage your account and pay your bill online through RBFCU’s portal or by calling customer service. This flexibility ensures that you can manage your finances conveniently.

Minimal Penalty Fees

The penalty fees associated with this card are relatively low. Late payments are charged up to $25, and return payments are charged up to $24. These fees are lower than many competitors, which can charge upwards of $35 or more.

How to Avoid Paying Interest

The CashBack Rewards Mastercard® offers a grace period of at least 25 days after the close of each billing cycle. To avoid paying interest on your purchases, you must pay your entire balance, including balance transfers and cash advances, by the due date each month. If the entire balance is not paid, interest will be charged on any purchases, but not on the balance transfers and/or cash advances made during the first 90 days of the account opening.

Conclusion

In conclusion, the CashBack Rewards Mastercard® from Randolph-Brooks Federal Credit Union is a solid choice for those looking for a straightforward cash back card with no annual fee. Its flat 2% cash back on all purchases makes it easy to maximize your rewards without the hassle of tracking rotating categories or spending limits. Additionally, the card’s travel benefits, including up to $1,000,000 in travel accident insurance and no foreign transaction fees, make it an excellent option for frequent travelers.
However, it’s important to note that the card does not offer an introductory APR period on purchases, and the standard APR of 18.00% variable is relatively high. Therefore, it’s best suited for those who plan to pay off their balance in full each month to avoid interest charges.
Overall, the CashBack Rewards Mastercard® offers a compelling combination of simplicity, value, and travel benefits, making it a strong contender in the cash back credit card market. If you’re looking for a no-frills card that rewards you consistently and offers valuable travel protections, this card is worth considering.
Whether you’re a frequent traveler, a savvy shopper, or someone looking to consolidate debt with a low introductory balance transfer rate, the CashBack Rewards Mastercard® has something to offer. Evaluate your spending habits and financial goals to determine if this card aligns with your needs.
Remember, the key to maximizing any credit card is to use it responsibly. Pay your balance in full each month, take advantage of the rewards and benefits, and enjoy the financial freedom that comes with a well-chosen credit card.