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It happened quietly, but it’s a big deal: In early February, a credit union launched a no-annual-fee credit card that earns an unlimited three points per dollar spent on all purchases — effectively 3% back, since points can be redeemed for 1 cent each. In the world of credit card rewards, that offer is head-and-shoulders above other ongoing rates.
It comes from Tropical Financial Credit Union, which serves South Florida. One major downside: The Mastercard Elite 3X Rewards Card is an option only for those who are eligible to become members of the credit union — generally, people who live or work in certain Florida counties or are related to members.