This is not even a particularly competitive cashback card in the UK. But perhaps you don't consider that a "more regulated country."
Huh? Cashback cards on VISA/Mastercard have all but disappeared, I think Lloyds still do one but it has a promo of 1% for the first year then drops to 0.25% after. American Express will give you 0.75% on first 10k spend then 1.25%. 2% is unheard of (unless it's promo or heavily capped).