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Established Member
Posts: 12
Registered: ‎04-21-2008
0

AMEX - Making the Card Work for YOU...?

All,

 

I was recently approved for an AMEX TruRewards Card.  I went for this one because I am a Costco member, and I can avoid any AF that way.  In addition, I wanted the "rewards"/cash back at the end of the year.  My credit scores are very good (low 800's).  I carry no balances currently on my other credit lines...just have my mortgage.

 

I decided it was time for the credit card issuers to pay me for a change. :smileyhappy:  I basically plan to use the card for all of my everyday expenses that I would normally pay out of my checking account, including gas, groceries, etc...as well as any monthly bills that take AMEX as a payment option....then, paying the balance off the card at the end of each week with the checking account money I normally would have used.

 

I'm guessing I will end up charging anywhere from $1K - $2K a month on the card, paying it off weekly and carrying no balance....but reaping the cash rewards at the end of the year.

 

Has anyone ever done this with their CC's.  Does it work?  Do the CC companies catch on and get pissed...or are they just fine with it as long as you're using the card?

 

good idea...or bad idea?

Contributor
Posts: 99
Registered: ‎02-12-2010
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Re: AMEX - Making the Card Work for YOU...?

I want to know, too. I've heard that the CCC don't like certain types of charges.

 

I live 2 miles from Costco, :smileyhappy:

New Contributor
Posts: 65
Registered: ‎03-24-2007
0

Re: AMEX - Making the Card Work for YOU...?

I've used cashback cards for years without any difficulty. TrueRewards isn't particularly noteworthy, though I realize that you want an AMEX for Costco. Look at the 2% Schwab card which will DOUBLE your annual return on miscellaneous charges. I also use an Associated Bank card for 5% on groceries, gas, and drugstores.

 

Good Luck,

-------------------------------------------------

EQ FICO...816
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: AMEX - Making the Card Work for YOU...?

People do it all the time. 

 

For AMEX $1K to 2K is small potatoes.

 

Why pay it off every week?   Once a month on due date is fine.  

Established Member
Posts: 12
Registered: ‎04-21-2008
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Re: AMEX - Making the Card Work for YOU...?

Why pay it off every week?   Once a month on due date is fine.

 

  • Because hubby and I spent a lot of time building our credit, paying off all of our CC's, etc.  We are in a really good place right now and don't want our spending / CC use to get out of control.  for us, that means using the card to build the rewards, but paying it off imeediately so we're not tempted to spend the money elsewhere and end up carrying a balance.  It's our own stop-gap measure.  :smileyhappy:
Regular Contributor
Posts: 201
Registered: ‎11-26-2007
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Re: AMEX - Making the Card Work for YOU...?

Tyggress, I'm assuming you are a Costco member.  Do you know that they charge your Costo membership to the card every year?  So yes there is no AF with the card but your Costco membership is charged to card.  And yes I have done this with my CCs for the past 3+ years with no problems.  I like the Costco card since I dine out a lot.  At your anniversary date, you will receive a coupon for your cashback.  You take the coupon to Costco for either 1) cashback or 2) store credit. 
Established Member
Posts: 12
Registered: ‎04-21-2008
0

Re: AMEX - Making the Card Work for YOU...?

Hi Romeo..

 

Yes, I know that my Costco membership is charged to the card in lieu of an annual fee.  Which is fine...I pay the membership fee each year for Costco anyways, so in effect, I have no AF.  Works for me.  :smileyhappy:  Thanks for the input~!  Glad to know this plan of mine should work out fine.  :smileyhappy:

Regular Contributor
Posts: 130
Registered: ‎06-23-2008
0

Re: AMEX - Making the Card Work for YOU...?

Lust - I was just looking at the Schwab card (been lusting after it myself for awhile, lol) and it looks like they're no longer offering the 2% rewards? Is that right? Are you grandfathered in to the 2%?

 

 

Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
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Re: AMEX - Making the Card Work for YOU...?


Tyggress wrote:

Hi Romeo..

 

Yes, I know that my Costco membership is charged to the card in lieu of an annual fee.  Which is fine...I pay the membership fee each year for Costco anyways, so in effect, I have no AF.  Works for me.  :smileyhappy:  Thanks for the input~!  Glad to know this plan of mine should work out fine.  :smileyhappy:


I think your plan looks great. Obviously, you understand the CCC game and you play it well. There's not a thing wrong with what you're doing. You'll never pay late and you earn a lot of rewards, so kudos to you.

Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
New Contributor
Posts: 65
Registered: ‎03-24-2007
0

Re: AMEX - Making the Card Work for YOU...?


OonaMission wrote:

Lust - I was just looking at the Schwab card (been lusting after it myself for awhile, lol) and it looks like they're no longer offering the 2% rewards? Is that right? Are you grandfathered in to the 2%?

 

 


 

It's still available. GO FOR IT!!!!!!

 

https://wwwa.applyonlinenow.com/USCCapp/Ctl/entry?sc=UAAS3S

-------------------------------------------------

EQ FICO...816
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