How Long Is a Year When It Comes to Credit Card Benefits?

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How Long Is a Year When It Comes to Credit Card Benefits?

Million Mile SecretsHow Long Is a Year When It Comes to Credit Card Benefits?Million Mile Secrets Team

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Million Mile Secrets reader, Adam, commented:

When does the year reset for the $25,000 cap on the AMEX SimplyCash bonus categories?

With the AMEX SimplyCash card, you’ll earn 5% and 3% cash back in select categories.  But this is limited to a maximum of $25,000 in spending in each 5% and 3% category every rebate year.

How Long Is A Year When It Comes To Credit Card Benefits
If You’ve Already Spent $25,000 in Each of the 5% or 3% Cash Back Categories With the AMEX SimplyCash Card, When Can You Start Earning Bonus Cash Back Again?

The spending limit will reset after 12 billing cycles starting with your bill that includes February 1.

I’ll explain the meaning of a “rebate year.”  And I’ve created an organized list to help you track the spending limits on popular credit cards!

What’s the AMEX SimplyCash?

Link:   SimplyCash® Business Card from American Express

Link:   My Review of the AMEX SimplyCash Card

When you sign-up for the AMEX SimplyCash card and spend $5,000 on purchases within the 1st 6 months of opening your account, you’ll earn $250 cash back.

You’ll get other perks such as:

  • 5% cash back at US office supply stores & US cell phone service on purchases up to $25,000 per rebate year
  • 3% cash back on your choice of 1 of 7 categories on purchases up to $25,000 per rebate year
  • 1% cash back on other purchases
  • Terms & limitations apply

What’s great about this card is you can earn 5% cash back at office supply stores which carry many everyday products like paper towels, cleaning supplies, and more!  And there’s no annual fee!

However, I wouldn’t use the AMEX SimplyCash card when you’re overseas because it charges 2.7% in foreign transaction fees.

This is a small business card, so many folks don’t think they qualify when they actually do!

What’s a Rebate Year?

If Adam’s already spent $25,000 at US office supply stores and on US cell phone service with his AMEX SimplyCash card, when will the spending rebate reset so he can start earn 5% cash back again?

The terms say:

A rebate year is 12 billing periods, starting with the one that includes February 1st

How Long Is A Year When It Comes To Credit Card Benefits
The $25,000 Limit on 3% and 5% Cash Back Categories Resets After 12 Billing Cycles Starting With the Statement That Includes February 1st

How Long Is a Year With Other Cards?

Credit cards tend to use 1 of 3 definitions of a year:

  • Calendar Year – Resets January 1
  • Cardholder or Anniversary Year – Resets on your card anniversary
  • Rebate Year – 12 billing periods, from a specified date

Here’s a look at other popular “yearly” benefits and when the spending resets:

  • Chase Ink Business Cash Credit Card – 5X Chase Ultimate Rewards points (5% cash back) at office supply stores and on phone, cable, and internet bills on up to $25,000 in spending per anniversary year.  And 2X Chase Ultimate Rewards points (2% cash back) at gas stations and restaurants on $25,000 in spending per anniversary year.
  • Chase Ink Plus – 5X Chase Ultimate Rewards points at office supply stores and on phone, cable, and internet bills on up to $50,000 in spending per card anniversary year.  And 2X Chase Ultimate Rewards points at gas stations at hotels on up to $50,000 in spending per anniversary year.
  • Citi Prestige® Card – $250 statement credit for airfare and baggage fees calendar year (resets each December)
  • American Express Delta Platinum – 10,000 elite qualifying miles each calendar year when you spend $25,000+ on your card.  Plus, another 10,000 Delta elite qualifying miles each calendar year, when you spend a total of $50,000+ on your card.

Bottom Line

You can earn 5% and 3% cash back in select categories with the AMEX SimplyCash.  You’ll get the bonus cash back on up to $25,000 in spending in each category per rebate year.

Rebate year in this case means 12 billing cycles starting with the statement that includes February 1.

Other cards with popular yearly spending benefits reset each calendar year (January 1) or cardholder year (on your card anniversary).

Thanks for your question, Adam!

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What’s the policy for the $300 annual airline credit on the Chase Rutz Carlton card?