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What is the absolute best way to maximize the Blue Cash Preferred? Buy groceries and gas gift cards?
What do you guys use it for
@xgac12x wrote:What is the absolute best way to maximize the Blue Cash Preferred? Buy groceries and gas gift cards?
What do you guys use it for
It depends on several things! But clearly, to maximize, you need to spend the $6K a year at a supermarket. If groceries don't account for it, then buy gift cards for other things that you will use. Gas is possibly NOT a good choice, as the BCP will give you 3% there anyway, so (again if you have the need) by gift cards for things that you would otherwise get less than 3% But if you don't have much other spend, than gas cards at 6% makes some sense.
Just got approved for BCP. I just plan to use it for my normal spend on gas and groceries. I logged on to my Mint account and looked up my gas and grocery spend for the last 12 months, and I calculated that without doing anything fancy, and even with the annual fee, if my spending remains the same, I'll still come out earning ~$15 more with the BCP vs if I went with BCE.
I'm not an expert on this, but trying to do super obvious manufactured spending on AmEx (gift cards) appears to be a shortcut to a financial review, where they make you let them have a look at your IRS transcript, which 1) is a big hassle and 2) may result in account closure, which is an even bigger hassle.
@Anonymous wrote:Just got approved for BCP. I just plan to use it for my normal spend on gas and groceries. I logged on to my Mint account and looked up my gas and grocery spend for the last 12 months, and I calculated that without doing anything fancy, and even with the annual fee, if my spending remains the same, I'll still come out earning ~$15 more with the BCP vs if I went with BCE.
I'm not an expert on this, but trying to do super obvious manufactured spending on AmEx (gift cards) appears to be a shortcut to a financial review, where they make you let them have a look at your IRS transcript, which 1) is a big hassle and 2) may result in account closure, which is an even bigger hassle.
I'm not an expert on this either but I believe regular gift cards (i.e. Amazon or a restaurant) are fine, and you'd only run into trouble when buying actual cash equivalents (various prepaid debit cards). I'm looking to get the BCP to replace Sallie Mae and was planning on buying at least some Amazon gift cards at the grocery store as I don't have enough Amazon spend to warrant a standalone Amazon card. My biggest Amazon spends tend to happen in the 4th quarter when it is typically included in Discover's quarterly categories.
My BCP was my daily driver for a long time. I put pretty much all my spend on it. Then I realized i was missing out and apped for a couple other cards that I use as well., Now its my "grocery" and sometimes gas card. I also will buy gift cards for things I and the SO want to do like some restaraunts. I sometimes will buy retail gift cards if I know we are planning a purchase and one of our other cards doesnt offer a points or cashback advantage.
It's my grocery card. I'm not sure as I type this if you have it already or not, but there is a sign up offer of 10% cash back on restaurants for the first 6 months too.
I recently PC'd from the BCP to the BCE because I personalyl couldn't justify the AF with the spend (I'm trying to step away from all my AF cards). I used it as my main grocery and gas card. I may PC it back again at some point, but at the current moment I'm content with what the BCE gives me.
Edit to add: I apparently didn't end my thought...sigh....