Is it me or have many of the 5% cash back credit cards begun to scale back their promotional offers? First, AT&T Universal Cash Rewards gets shut down  (many of their customers never received the letter). Then, Citi Dividend Platinum Select decides to end the 5% promotion (I never got that letter) and scaling it down. Now the Discover Open Road Card, which offers 5% on gas and automobile related purchases, will be reducing their rewards as well. Now, the Discover Gas Card will only return 5% for the first $1,200 in gas and automobile purchases and 1% thereafter.
So, it’s not as drastic as the AT&T Universal Cash Rewards (card terminated) or the Citi Dividend Platinum Select (card offers completely revamped), but you now are limited in how much of a reward you’ll be able to get.
So what options do you have now if you want to get 5% cash back on gasoline? Well the Discover Gas Card is still a good option but you might want to get the Citi Driver’s Edge Card which will get you 6% at supermarkets, drugstores, and gas stations for a year (3% after) plus other automobile related perks (like $1 per 100 miles driven).
Revised Terms and Conditions (from the application):
REWARDS: Earn unlimited cash rewards on all purchases. Earn a full 5% Cashback Bonus on your first $1,200 in annual gas and auto maintenance purchases. In addition, earn a full 1% on all other purchases after your total annual purchases (including gas and auto maintenance) exceed $3,000; other purchases that are part of your first $1,500 earn .25% and other purchases that are part of your second $1,500 earn .50%. Combined gas and auto maintenance purchases in excess of $1,200 earn Cashback Bonus at the same rate as other purchases.