New York Community Bank (under a variety of brands) offers a Discover Card with up to 5% cash back. That's awesome, right? "Up to" are the operative words.
When you read the fine print (and then get out Excel and some ibuprofen), here's what you really get:
It's not a bad 2% card if you only spend a little over a thousand a month, which is where the benefit is maximized. But it is NO 5% back card, nor anywhere close.
Card offer: https://www.firstbankcard.com/nycb/site/personal/products/discover/discover_card.fhtml
Fine print (rebate structure is in the second half, of course): https://www.firstbankcard.com/dynapp/DynamicApp?goterms=Y&Promotion_Code=84530