Planning for Optimal Rewards

[brainysmurf]

Since I discovered that I can get paid for using CCs, as long as I PIF, I've developed a minor obsession with maximizing.

Currently my main rewards card is my NFCU cashRewards, which I easily passed the 10k mark to get 1.5% by buying broken iPhones on ebay, fixing them and reselling locally for cash. (between Mr. Rebates, cashRewards Visa, ebay Bucks, and local resale profit that actually worked out very well)

My Current CCs:

8k        NFCU cashRewards

1.2k     Barclay's Apple Financing

.3k       Orchard =(

NPSL  AMEX Zync (Restaurant, ECO)

Ideas for Maximum Rewards with my spending:

Citi Forward - 5 points for $1 @ bookstores (incl Amazon), Restaurants, Movies

*1 ThankYou Point is ~ .63 cents; Therefore 5 TYP/1$ ~ 3.15% for cash.

Many gift card options have 1 cent per TYP redemption though, if you conisder them cash equivalent.

Military Star Rewards MC -  2 points / $ on base (the little mini mart stuff adds up); 1 point / $ off base

*10,000 points = $100 check or $110 Exchange gift card.

Other bonus - Save 10% on base for first day (New house = Appliances :: 10% = Win)

2 Points per $ on off base purchases for 60 days.

Amex Blue Cash - I think Preferred

$75 AF is made up with $50 weekly on Groceries

Fidelity Amex - 2% Everywhere into fidelity account

With these my spending plan will be:

Citi Forward - 5% Amazon, Restaurants, Movies (Drop the $25 zync rest. pack)

Blue Cash Preferred - 6% Groceries & 3% Gas 

Fidelity Amex - 2% anything not covered that takes AMEX

Military Star Rewards MC - Initial 10% at least; then SD in favor of fidelity?

Apple Financing - SD until I "need" an Apple product and they offer 0%

Even then, for higher rewards if I know I can PIF I'll use Fidelity or Mil Star on base for no tax.

NFCU - The backup "everywhere else" card? Citi Forward could do this though.

Orchard = Closed

Zync = Shrug...

In my mind this looks like a fairly simple rewards strategy. I've intentionally left out 5% rotating cards to keep it easy.

What do you guys think?  Am I over the top?

[Anonymous]

Nah, if you spend quite a bit, this is a great strategy and the small amounts add up overtime.

Just be careful on overspending. Such as, if you are in a resturaunt, don't offer to pick up the bill for the rewards if you really can't afford to or anything.

And while you have enough credit right now, have a look at Discover/Chase. I know you want to keep it simple, but setting up a reminder on your phone/computer every end of the quarter to register for the new 5% options isn't that big of a deal and can net you even more savings. Plus, cashback is always the best way to go.

[brainysmurf]

Great point on not overspending! I've already caught myself considering it, but nipped that in the bud.

It's very tempting to pick up the bill with office lunches, overpaying in order to get rewards.

On my planned future cards I'll definitely take it slow on getting them. At least my Amex will backdate... I'll get that in Jan.