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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. 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?
I want to know, too. I've heard that the CCC don't like certain types of charges.
I live 2 miles from Costco,
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,
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.
Why pay it off every week? Once a month on due date is fine.
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. Thanks for the input~! Glad to know this plan of mine should work out fine.
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%?
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. Thanks for the input~! Glad to know this plan of mine should work out fine.
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.
@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!!!!!!