I just purchased a 5 pack of lunch boxes but only got a "rare or better" item in 2 of them. Shouldn't there be a " rare or better" item in all 5?

The 4th card is always a rare or better.

500 caps is considered a "rare".

Well that is rather disappointing, especially since I have reached my cap limit. I guess I won't buy any more lunch boxes then.

Well said. I got 15 due to sale, got 3 legendaries and 2 rare "not useless" weapons. It's so frustrating...but ut really teaches a lesson.