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@Anonymous wrote:The more spending you can funnel through reward cards, the happier you'll be. Last month was a typical month for me, spending-wise, and I earned $44 cash back on Discover. Extrapolate that throughout the year, and that's not chump change.
Not necessarily. For exampe:
Spending is $1000 per month (different categories).
Discover have 5% on gas right now if I'm not mistaken and 1% on everything else. So, the cashback will be about $10-15.
But if you spend the same $1000 through new opened AmEx PRG than you will get 51k points. Statement cash value is $306, travel value is $510 or more.
So, it not even close to each other. There are many travel sign up bonuses on the market right now.
Yep, it all depends on whether you find value in travel rewards, or where else you find value.
I put everything on my credit card, where I can use it. I always pay in full and just collect rewards on that. I just got the Citi DC for my daily driver, I will charge every utility bill on it that I can, and all my purchases.
I have a question about MINT BILLS application. I use that to track my due dates and kinda get remainders of when what is due and what my balances are for every account. I know you can pay all your utilites using that app. It is free when you pay through you bank account and I read there is a fee if you want to pay using a credit card. Does anyone know what fees they charge for using that option? Is a a flat fee or does it depend on how much you are paying?
I know some utilites/rent/mortgage/car laons/student loans don't allow you to use your credit card to make payments. Does anyone have any experiance or tricks to go around that to maximise your credit card usage? Would it be beneficial to use something like MINT BILLS and pay a lil fee when the total rewards will be a lot more?
Also with all the different credit cards out there can we have a basic list of best cards for: groceries, restaurants, gas, bills, home improvment stores, etc. to kind of get an idea of how many cards would one need to maximise the rewards, maybe the cards will overlap a lot and one card could be a good choice for most people?
@SMikulski49 wrote:
Also with all the different credit cards out there can we have a basic list of best cards for: groceries, restaurants, gas, bills, home improvment stores, etc. to kind of get an idea of how many cards would one need to maximise the rewards, maybe the cards will overlap a lot and one card could be a good choice for most people?
For groceries: AmEx BCP 6% (cap $6000/year, AF $75), Sallie Mae 5% (cap $250/month)
For gas: Sallie Mae 5% (cap $250/month), BankAmericard 3.3% (no cap, checking account required, 3% without checking account)
Just google it, there are a lot of good web sites where you can put your spending and see how much reward you can earn.
@Anonymous wrote:
@Chris679 wrote:I pay for absolutely everything with one of three credit cards and PIF twice per month.
Do you pay rent/bills/mortgage by credit card?
All of my loan are through my CU. The payments come out automatically as often as they let me directly from my checking account.
@SMikulski49 wrote:I put everything on my credit card, where I can use it. I always pay in full and just collect rewards on that. I just got the Citi DC for my daily driver, I will charge every utility bill on it that I can, and all my purchases.
I have a question about MINT BILLS application. I use that to track my due dates and kinda get remainders of when what is due and what my balances are for every account. I know you can pay all your utilites using that app. It is free when you pay through you bank account and I read there is a fee if you want to pay using a credit card. Does anyone know what fees they charge for using that option? Is a a flat fee or does it depend on how much you are paying?
I know some utilites/rent/mortgage/car laons/student loans don't allow you to use your credit card to make payments. Does anyone have any experiance or tricks to go around that to maximise your credit card usage? Would it be beneficial to use something like MINT BILLS and pay a lil fee when the total rewards will be a lot more?
Also with all the different credit cards out there can we have a basic list of best cards for: groceries, restaurants, gas, bills, home improvment stores, etc. to kind of get an idea of how many cards would one need to maximise the rewards, maybe the cards will overlap a lot and one card could be a good choice for most people?
You haven't seen my lists of cash back credit cards? http://ficoforums.myfico.com/t5/Credit-Cards/Cash-Back-credit-card-charts/m-p/4004740#M1124387
I never did finish working on this list of 5% cash back cards...
I have not seen your post yet, very usefull information and nice comparison at the reach of your finger tips. This will definately save a lot of time.
Thank you
Thank you all for your excellent advice. I want to be conservative as i venture into the world of cc rewards. Im in a favorable position compared to when i started this journey. Many thanks to all the valauble input from the very knowledgeable MyFico members! I decided to apply for a discover card. I was really expecting maybe a $1,500 starting limit. Im pleased to announce a starting CL of $4,500! A most welcome surprise indeed. So, im well on my way to starting the CC rewards game. I have every intention of playing a conservative game, and of course, pif at least twice a month. Thanks again for all the "mentoring!" :-)
Themanwhocan, thats an amazing chart! Its memebers like you, who take the time to do this type of research that makes the MyFico forums such an invaluable resource!