It's $60 with a cashback cap of $300/yr (i.e. only the first $30,000 spend is co...

It's $60 with a cashback cap of $300/yr (i.e. only the first $30,000 spend is counted), or $125 for unlimited cash back.

Still not great, but it's only $6000 spend to break even on the lower-tier card. Buying groceries each week will be close to covering it.

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Edit: Oops, it's more complicated as it's not always 1% cash back:

  <$5000: 0% cash back.
  <$10,000: 0.5% cash back.
  $10,000+: 1% cash back.

It's not a marginal rate like taxes, so break even point is at exactly $10,000 when your payout jumps from $50 to $100.