A New Credit Card That Earns 3% Back on Gas, 2% at Grocery Stores and 1% Everywhere Else

In opening my mail yesterday, I received an interesting credit card offer for the Bank of America Rotary International credit card, one that I had never seen before, but am now intrigued.

To preface this, I’m a member of Rotary, and am on my local club’s Board of Directors. I really enjoy being apart of Rotary, and while it’s one of the things that’s encouraged (and paid for) by my job, I would strongly consider being a member outside of that, too. Essentially, Rotary is the “whose who” in the community who meet weekly perform service projects for the community, learn about each other’s careers (or, as it’s known in Rotary, a “classification”), and raise money for major projects, including its most famous goal of eradicating Polio.

I believe I was targeted for this offer as a Rotarian, but believe it may be open to all who apply. The card has no annual fee, and by spending $500 within 3 months, you’ll receive a $100 cash back bonus. Not too bad so far.

Here’s the earning structure, all in cash back. You earn…

• 1% cash back on all purchases
• 2% cash back at grocery stores
• 3% cash back on gas

Here’s the catch, though: you’re limited to earning the 2% on grocery store purchases and 3% back on gas to the first $1,500 each quarter, which is fairly low, in my opinion. Surely everyone spends at least $1,500 or more in gas and groceries each quarter, and more if you’re a larger family. If you redeem your cash back into a Bank of America checking or savings account, you’ll earn a 10% customer bonus, too, but I don’t think that’s enough to make this card any more enticing, in my opinion.

If you want to open this credit card just to feel good about yourself, you’ll sleep soundly knowing that every open account triggers a $75 donation toward Polio eradication. The card also has a royalty to Rotary International, too: “In the United States, a royalty of 0.25% is paid on all purchases made with the cards.”

While I don’t think I’ll be running to the apply button for this in the immediate future, it can be seen as a good card for some:

• If you’re in need of a quick $100 (and are okay with a credit pull)
• If you’re a member of Rotary, and want to contribute even more.

This card isn’t good for manufactured spenders:

• With a $1,500 cap each quarter on combined gas and groceries, you’ll hit this limit very quickly. I don’t know the difference in the trigger between “gas” and when purchasing inside a gas station, so even if you are able to max this out at 3% of $1,500, it’s very low in terms of worthwhile manufactured spending to generate worthwhile cashback.

Did you know about the Rotary International credit card? What are your thoughts?