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If you could have any 3 credits with an Annual Fee of lower than 100 dollars. What would they be?
Assuming you had the criteria to meet them of course. Also explain how you would use them in each situation.
Eg. this card on gas this on groceries etc.
Discover More: For general everyday purchases.. replacement for my Amex Blue perhaps (which I wouldn't close)
PenFed Platinum Cashback Rewards: For gas and automatic-pay items
Chase Amazon: For all Amazon purchases (I shop there a lot) as well as various online transactions
These three are the only cards I occasionally daydream about. But I have no intention on app'ing for any of them until next year. By then, the rewards might not be so appealing.
PenFed Cash Rewards Visa - all purchases except two per month, in wallet
Credit Union Visa - one purchase per month to keep active, backup card in wallet
Simmons First National Bank or First Command - one purchase per month, backup card at home, emergency low interest if needed
I would not pay an AF for a CC because that defeats the reason for having a card.
My three favorite cards which I have and use daily.
1. Schwab Visa---2% cash to my brokerage account. Most purchases go here.I love free $$
2. Discover More---5% categories I never use it unless I am spending in one of those categories. There are limits on the amount of rewards you can collect. You have to watch them closely.
3. Citi Shell MC---5% rebate on all Shell gas. Right now that is about 13 cents per gallon. I only use Shell gas in my car. I believe it runs better but I do not really know.
The Exxon MC from Citi is another good card for gas. The rebate is currently 15 cents per gallon. These rebates do add up fast. I get a free tank of gas each month.
I have other cards but these are the ones I am using extensively. These are the best rewards and hence the best cards I could find.
PenFed Platinum Visa
REI Visa
Amazon Visa
I think I meet the requirements for these cards and am even a member of PenFed with my $5 deposited in my share savings account. I just don't need any more accounts right now and have a brand spankin new mortgage!
Ohh and Gomer reminded me I really do need a gas card thrown into the mix. I used to buy only Shell gas. Now I'll buy Shell, Chevron with Techron or BP if I'm in a strange place, because they're everwhere and their quality isn't as low as a lot of places. I think I'd like a BP or Shell card. But these are in the future for me.
Discover Open Road: 5% cash back on gas purchases, no annual fee
American Express True Earnings: 3% cash back on restaurants, 3% back at Costco, no annual fee
Charles Schwab Invest First Signature Visa: 2% on everything else, no annual fee
***Bonus***
American Express Centurion: Compensates for any and all of my inadequacies
Well, the only cards I want and cannot get are the extreme high end ones like Amex Centurion and its direct competitors, which do have annual fees well over 100 bucks, but to the folks who run over $100K through their Amex account every year those annual fees are pocket change.
@MattH wrote:Well, the only cards I want and cannot get are the extreme high end ones like Amex Centurion and its direct competitors, which do have annual fees well over 100 bucks, but to the folks who run over $100K through their Amex account every year those annual fees are pocket change.
Well, you can have the Centurion card to show around if I get the more than $100k per year to spend. Deal ?
I guess my favorite cards have already been mentioned. I have the Costco TE and the Discover More, and the last spot would be taken up by either the Schwab 2% or the Penfed Platinum Rewards (which I both don't have). Those rewards cards that need heavy spending are, unfortunately, uninteresting for me.
Penfed Platinum Cash Rewards Visa - get 5% cashback on gas and airfare (temporarily), 2% supermarket
Discover More - 5% categories
Schwab Invest First Signature Visa - 2% on everything else AND all foreign purchases because of 0% FETF, redeemed monthly into a great investment account