Pick a card, any card - well, at least pick one offering your kind of benefit

By EDMUND SANDERS \ The Orange County Register

So what's the best rebate card out there? The answer depends on what types of benefits you're looking for and how much you run up in charges in a year. That generous 5 percent rebate from GM is worthless if you disdain U.S.-made cars. And you could walk to New York faster than it would take to build up enough airline miles if you charge only $100 a month. Below are a few of The Orange County Register's picks:

FOR BIG CHARGERS

($1,000 a month)

Private Issue; Discover; (800) 474-2273

Reward value: $157

Among the cash reward cards, Discover's Private Issue is the current king. The card promises to deliver a yearly cash-back reward of up to 2 percent of your total purchases. But like most cash-back cards, Private Issue's 2 percent rebate kicks in gradually. You only start getting 2 percent on purchases after you charge $5,000 on the card. Still, that's better than other cards, which don't give you the 2 percent until after $6,000 to $8,000 in purchases.

Another advantage for big chargers: There's no annual cap on how much you can earn in rebates with Private Issue. Other cash-back cards, such as U.S. West and the G.E. Rewards, limit rebates to about $125 and $140 a year, respectively.

Private Issue does charge an $18 annual fee, but you'll still probably earn more than with the other cards, assuming $1,000 or more a month in charges.

(Note: Interestingly, because of the way reward points accrue on the various cards, U.S. West comes out on top if you charge $500 a month. At that rate, U.S. West gives back about $55 a year compared with Private Issue's $37.)

Another Private Issue perk: The cards look cool. The most recent Private Issue option was designed by Tina Turner.

GM Mastercard; Household Bank; (800) 947-1000

Reward value: $500

Ford Visa or Mastercard; Citibank; (800) 374-7777

Reward value: $600

The GM card is the standard-bearer when it comes to reward offerings in the credit-card industry. The 5 percent rebate on purchases up to $10,000 a year gives holders a hefty discount when they go to buy their next GM car (not including Saturn). The card has taken away some benefits recently, capping how much Gold Card holders can accrue in rebates and eliminating special 5 percent rebates for purchases made at Marriott Hotels, MCI and Mobil gas stations.

Ford has a similar offering, but gives rewards on charges up to $14,000 a year, so you can accumulate rebates faster. Like GM, the maximum rebate is $3,500. Neither has an annual fee. But the points on both cards expire if you don't use them. GM's limit is seven years; Ford's points expire after five years.

Prime Plus Gold Visa; Huntington Banks; (800) 480-2265

Reward value: $167 (1)

All the airline cards out there start to blur. This one stands out because of its low annual fee and low interest rate, which is currently about 13.4 percent. (There's even a teaser rate of 9.5 percent for six months.) To participate in the airline-miles program, you pay just $25 a year. After $25,000 in charges, you get a free domestic round-trip ticket on any U.S. airline. For those who carry a balance, the interest savings on this low-rate card will be substantial, compared with other airline cards, where the average interest is 18 percent to 20 percent. On a $10,000 balance, you'd save $475 in interest charges during the first year by paying 13.4 percent rather than 18 percent.

AAA Member Select Rewards Visa; PNC National Bank; (888) AAA-5502

Reward value: $175 (2)

This card stands out among airline-miles cards because you can earn a free ticket on United or Continental to 48 states with just 16,000 points, compared with 25,000 points for most other airline cards. It also provides some flexibility, allowing you to redeem points sooner (starting at just 1,250) to collect other travel benefits, such as free gas, airfare discounts or weekend car rentals. Or you can go for the big prize, accumulating 100,000 points for a seven-day cruise for two. But because of the $50 annual fee, you'll need to be a heavy charger to make this card pay off. And balance transfers don't earn reward points.

FOR MODERATE CHARGERS

($500 a month)

Shell Mastercard; Chase Manhattan Bank; (800) FREE-GAS

Reward value: $76

Motorists should have little problem building up an annual rebate worth about $70 on this card. You get a 2 percent rebate on purchases and 3 percent when you fill up at Shell. The catch is that the rebate drops once you accumulate $70 worth of free gas. After that, you'll get only 1 percent on purchases from Shell. But by charging $500 a month (including about $100 on gas), you can hit $70 in about six months. You can hit the cap sooner by simply charging a few big-ticket items, such as a computer. After $3,500 in charges, you'll earn the $70 in free gas. After that, it's wise to shift your spending to another card and take advantage of a better rebate offer. Just be sure to fill up at Shell stations at least nine times in a year, to avoid the $20 annual fee.

Southwest Rapid Rewards Visa; First USA; (800) 445-5764

Reward value: $75 (3)

This is one of the few airline-miles cards that make sense for moderate chargers. You need 16 credits for a free flight (one credit equals $1,000 in charges.) You get two credits just for signing up and one credit for every one-way ticket you buy on Southwest. So assuming you buy at least one round-trip ticket a year, you could earn a free flight in as little as 22 months, or about half the time it would take on most other airline cards.

If you charge $1,000 a month, you'd get a free ticket at the end of the first year. One drawback is that Southwest has limited routes and no-frills service. Also there is a $29 annual fee, which is waived for the first year.

America Online Visa; First USA; (800) 265-6524

Reward value: $60

Online addicts can earn three months of free AOL connection time (assuming you don't get a busy signal and can connect). It's a down-and-dirty benefit that you won't have to wait years to cash in. Interest is nearly 18 percent, so don't carry a balance.

FOR LIGHT CHARGERS

($100 a month)

True Value Mastercard; Associates National Bank; (800) 803-0209

Reward value: $168 (4)

If this is the summer you're finally going to finish that basement or build the deck, you'll enjoy this card's 2 percent rebate on purchases at True Value hardware stores, 1 percent on other charges and lack of an annual fee. But what's really intriguing about this card is a 5 percent rebate on balance transfers. If you move $3,000 from one of your other accounts, you automatically get $150 that can be used for a new drill or other True Value purchase. The reward points can also be applied to your credit-card balance. This card is a good choice for someone who doesn't currently do a lot of charging but still has a hefty credit-card balance. There's a limit of four balance transfers. Also, interest starts at 17 percent, so you won't want to keep a balance on the card for very long. Hint: After the first year, benefits fall way off. Consider ditching the card, unless you're a budding Bob Villa.

Blockbuster Visa; NationsBank; (800) 201-6872

Reward value: $48 (5)

Club Tower Mastercard; MBNA America Bank; (800) 847-7378

Reward value: $51 (5)

With these offers, movie and music buffs can earn 5 percent on all videos, video rentals, CDs and other items purchased at Blockbuster or Tower. You get 1 percent for all other charges. It's a good card for light chargers because the reward points are distributed monthly as soon as they reach at least $5. Cardholders receive $5 coupons attached to their monthly statement, which they redeem at Blockbuster or Tower. Under the current offer, you'll also get coupons for six free movie rentals or video purchases as an application bonus from Blockbuster, or a $15 coupon from Tower. Neither has an annual fee.

EXPLANATION OF FOOTNOTES

Equals estimated dollar value of reward points after first year, minus annual fee.

1. Miles figured at 1.6 cents, based on $400 ticket.

2. Miles figured at 1.875 cents, based on $300 ticket.

3. Miles figured at 0.94 cent, based on $150 ticket.

4. Assumes $50 a month spent at True Value and $3,000 balance transfer.

5. Assumes $50 a month spent at Blockbuster/Tower; plus $12 value or six Blockbuster rentals or $15 Tower coupon.

Here's where you can find out more about rebate credit cards:

Credit Card Goodies - Launched by a 32-year-old research engineer who was frustrated by the lack of free information on the Internet about reward programs, this chatty Web site includes a collection of tips and first-person stories from other credit-card junkies. The page focuses on cash-back reward programs, but includes links to many other major rewards programs. All info is free. At www.ece.gatech.edu/users/flur/cards.html

RAM Research - The leading credit-card consulting firm offers a free peek at a partial list of about 30 rebate programs on its Web site at www.ramresearch.com. For $12, you can get a list of about 60 programs, including terms, phone numbers and income requirements. Contact CardTrak's Rebate Card Report, P.O. Box 1700 (College Estates), Frederick, Md. 21702.

Bankcard Holders of America - This consumer group offers a booklet with summaries of about 45 rebate offers, including terms and a cost vs. reward analysis. The booklet costs $5 for nonmembers, and is free to members. Contact the group at 524 Branch Drive, Salem, Va. 24153 or call (540) 389-5445.

Bank Rate Monitor - The group offers a nifty search engine on its Web page that allows consumers to find cards suited to their needs, such as a low interest rate, long grace period or special rebate. It's free to use, but you'll need to call the credit-card company for details about the program. To check out the site, go to www.bankrate.com