The Preferred card is instituting a $6,000 annual cap on the 6% grocery purchases. The cap starts after your anniversary date in 2013. While this is disappointing, I'm sure there was a ton of gift card abuse going on, some of it caused by me. Even with the cap, I haven't found a card that can beat 4.75% back on groceries (after subtracting the annual fee from the cash back). $6,000 is plenty to feed my family and still buy a few gift cards.