02-25-2010 06:04 PM
Hi all! I've been reading these forums a lot lately and have been asking friends the above question... but figured I'd make this my 1st post.
I've been with AMEX for a long time, using the Platinum card. When I first got it I was able to take advantage of the travel perks, which made the AF worth it. For the past year or 2 I haven't used any of the perks at all; except when I broke my cell phone, which I paid for with the card, they credited the full purchase price! So I think it's time to same myself $450/yr and switch to a cash rebate card.
Currently I have the following:
AMEX Blue Cash (Just recently PCd from a Starwood Preferred to avoid the $45/yr AF)
The only one that is completely worthless is the Slate. Besides a high CL I don't get rewards or anything with it. It's a no AF card so I just keep it in a drawer. I've seen a lot of chatter about the Penfed card but I don't know anything about it. Is the Blue Cash one of the top rebate cards? The Discover?
Thanks for any input!
02-25-2010 06:34 PM
Not Discover. Read about the rewards carefully. My understanding is that it is 0.25% until you charge $3,000. Then it's 1%. They have revolving 5% categories, but they are severely capped. Their 5% cash back for March is on groceries...a maximum of $200 in purchases. That's $10 maximum reward. Discover was one of the first true cash rewards card. They made a lot of mileage from being the first. They are now staying afloat on that reputation...but the rewards are not great.
PenFed is nice. It has 5% on gas at the pump and 2% on groceries. It also has 1% on everything else. Also, the credit is on your next statement, so it's an immediate return.
02-25-2010 09:42 PM
Discover does have a pretty nice online selection though. You should check out Shopdiscover.com
5-25% off major retailers and its not capped. You can also get some nice returns on gift cards.
02-25-2010 09:57 PM
Amex Blue Cash and PenFed are both great (I have both), but it really depens on how much you will be spending and what you will be spending on.
Last year, my charges pointed to using the Amex predominantly and it very much paid off. This year, my charges are significantly lower, and PenFed will net me more back, so it will be my main card.
Check the thresholds and what/how you project to spend and one of those two will serve you quite well.
02-26-2010 11:01 AM
"PenFed is nice. It has 5% on gas at the pump and 2% on groceries. It also has 1% on everything else. Also, the credit is on your next statement, so it's an immediate return."
Capital One's No Hassle Cash Rewards is rather comparable, except for the Gas. But it would be easier for a lot of people to qualify for than PenFed.
It's 2% for Gas and Groceries, 1% for everything else. You can redeem your cash rewards online any time (no minimum) or set them to auto redeem at a certain threshold.
Fort Knox Federal Credit Union is 5% on Gas, 1.25% on everything else. Don't have it and have no experience with the CU, just noticed it.
02-26-2010 11:06 AM
My Chase BP Visa has 5% cash back on purchases at BP stations (I have one, one block up the street) 2% on groceries & other things & 1% on dining out.
It's the gas % that hooked me. I drive 500 miles for work every week, so it's adding up quick!
02-28-2010 08:57 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.