Today, Capital One is introducing a new cash-back credit card that ultimately yields 1.5 percent in refunds on each purchase, as long as you’re patient.
The Capital One Cash MasterCard works like so: You get 1 percent of your purchases back in the form of a cash refund. Then, on the anniversary of the date that you first activated your card, you get a 50 percent bonus on whatever you’ve already earned during the past year.
For example, if you activate a new card on Oct. 1, 2011, and use it for $30,000 in purchases between then and Oct. 1, 2012, you’ll earn $300 during that year. Then, on Oct. 1, 2012, you’ll get another $150 added to your refund. You continue receiving the annual bonus on each anniversary.