(UPDATE: The Capital One Cash Rewards credit card is no longer available.)

The cash back credit card market has a new contender. Capital One has just announced it’s very own cash back credit card, putting the bank in the spotlight.  

Capital One (NYSE: COF) launched the Capital One Cash credit card, a cash back credit card that yields the equivalent of 1.5% cash back.

With the Capital One Cash card, cardmembers earn 1% cash back on all purchases. On the cardmember’s anniversary, 50% of the cash back earned on purchases in the previous year will be awarded. Essentially, that’s 1.5% cash back. Furthermore, get a one-time $100 bonus after spending $500 in the first three months.

“This new card from Capital One offers terrific value to customers that are looking to earn more cash back in a simple way and without the complexities and restrictions commonly found in other cash reward cards,” said Mike Wassmer, executive vice president of U.S. Cards at Capital One, in a press release.

Other popular cash back credit cards, such as Chase Freedom®, Discover More, and Citi Dividend Platinum Select, offer 1% cash back on all purchases and 5% cash back on quarterly rotating categories. Some consumers don’t always shop in these particular categories at those particular times.

To some, the 1.5% cash back is a major game changer, which is what makes the Capital One Cash card so attractive. And like all Capital One credit cards, there is no foreign transaction fee.

“We’re confident that once customers experience the rich rewards, the simplicity of earning 50% more cash back every year along with flexible redemption options and great customer service, Capital One Cash will become their cash back card of choice,” Wassmer added.

Currently, the Capital One Cash card has no annual fee and offers a 0% introductory APR on purchases and balance transfers for 12 months; 12.9% – 20.9% APR thereafter, based on credit worthiness. Click here for more information.

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