topic Re: Costco gas VISA strategy for April, 2016 in Credit Cards

Costco gas VISA strategy for April, 2016

brother7 — Wed, 04 Mar 2015 01:00:32 GMT

In anticipation of Costco's changeover to VISA in April, 2016, I'm researching the best cashback VISA card for gas purchases.

My criteria are:

no annual fee
year-round, not rotating categories
uncapped, preferably

So far, my search has yielded two cards:

PenFed Platinum Rewards VISA Signature - earn 5 points on gas purchases at the pump
Fort Knox VISA Platinum - 5% cash back rebates on gas purchases

I just got off the phone with PenFed and learned that points must be redeemed. The closest thing to cash back is to redeem for a prepaid VISA and the redemption rate is NOT 1 point = $0.01. So the rate is NOT 5% but less than 5%

Can someone suggest any other VISA card that gives a true 5% cash back on gas purchases? If there are no better deals, I'll consider applying for the Fort Knox VISA Platinum as the time nears.

Thanks in advance.

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 01:16:01 GMT

Are PenFed and Fort Knox credit unions? If so, what is the restrictions to apply?

For me, the best card I can think of is the BoA Cash Rewards. Again, hate to keep harping on the Premier rewards thing, but I'd be earning 4.5% on gas.

3% flat

3.3% for redeeming into a BoA checking or savings account

3.75% for having $20,000 + in assets with BoA*

4.5% for having $50,000+ in assets with BoA*

5.25% for having $100,000+ in assets with BoA*

* BoA considers money in Checkings accounts, Savings accounts, Money Market accounts, and IRA accounts toward the Preferred rewards program. Joint accounts count toward both parties Premier Rewards total.

Re: Costco gas VISA strategy for April, 2016

brother7 — Wed, 04 Mar 2015 01:15:01 GMT

@Anonymous wrote:
Are PenFed and Fort Knox credit unions? If so, what is the restrictions to apply?

Yes, they are both credit unions. To see the membership requirements,

visit the PenFed website and click the "Join" link
see the Fort Knox FCU membership eligibility requirements

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 02:04:05 GMT

@Anonymous wrote:
Are PenFed and Fort Knox credit unions? If so, what is the restrictions to apply?

For me, the best card I can think of is the BoA Cash Rewards. Again, hate to keep harping on the Premier rewards thing, but I'd be earning 4.5% on gas.

3% flat
3.3% for redeeming into a BoA checking or savings account
3.75% for having $20,000 + in assets with BoA*
4.5% for having $50,000+ in assets with BoA*
5.25% for having $100,000+ in assets with BoA*

* BoA considers money in Checkings accounts, Savings accounts, Money Market accounts, and IRA accounts toward the Preferred rewards program. Joint accounts count toward both parties Premier Rewards total.

For what it is worth I believe that assets in Merril Lynch accounts also count for BofA's Preferred Rewards tiers.

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 02:06:04 GMT

@Anonymous wrote:
@Anonymous wrote:
Are PenFed and Fort Knox credit unions? If so, what is the restrictions to apply?

For me, the best card I can think of is the BoA Cash Rewards. Again, hate to keep harping on the Premier rewards thing, but I'd be earning 4.5% on gas.

3% flat
3.3% for redeeming into a BoA checking or savings account
3.75% for having $20,000 + in assets with BoA*
4.5% for having $50,000+ in assets with BoA*
5.25% for having $100,000+ in assets with BoA*

* BoA considers money in Checkings accounts, Savings accounts, Money Market accounts, and IRA accounts toward the Preferred rewards program. Joint accounts count toward both parties Premier Rewards total.
For what it is worth I believe that assets in Merril Lynch accounts also count for BofA's Preferred Rewards tiers.

I was going to add that ML/ME account balances count towards balances for Preferred Rewards.

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 02:18:09 GMT

Maybe Citi will come out with a co-branded card that is decent.

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 02:20:47 GMT

You're pretty funny.

Re: Costco gas VISA strategy for April, 2016

thelethargicage — Wed, 04 Mar 2015 02:29:57 GMT

@Anonymous wrote:
Are PenFed and Fort Knox credit unions? If so, what is the restrictions to apply?

For me, the best card I can think of is the BoA Cash Rewards. Again, hate to keep harping on the Premier rewards thing, but I'd be earning 4.5% on gas.

3% flat
3.3% for redeeming into a BoA checking or savings account
3.75% for having $20,000 + in assets with BoA*
4.5% for having $50,000+ in assets with BoA*
5.25% for having $100,000+ in assets with BoA*

* BoA considers money in Checkings accounts, Savings accounts, Money Market accounts, and IRA accounts toward the Preferred rewards program. Joint accounts count toward both parties Premier Rewards total.

Assuming Costco gas is coded as gas station rather than warehouse store.

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 02:33:37 GMT

@Anonymous wrote:
@Anonymous wrote:
Are PenFed and Fort Knox credit unions? If so, what is the restrictions to apply?

For me, the best card I can think of is the BoA Cash Rewards. Again, hate to keep harping on the Premier rewards thing, but I'd be earning 4.5% on gas.

3% flat
3.3% for redeeming into a BoA checking or savings account
3.75% for having $20,000 + in assets with BoA*
4.5% for having $50,000+ in assets with BoA*
5.25% for having $100,000+ in assets with BoA*

* BoA considers money in Checkings accounts, Savings accounts, Money Market accounts, and IRA accounts toward the Preferred rewards program. Joint accounts count toward both parties Premier Rewards total.
For what it is worth I believe that assets in Merril Lynch accounts also count for BofA's Preferred Rewards tiers.

Correct you are. As do their subsidiary Merrill Edge. With a daily balance of $25,000 you also qualify for 30 free trades per month.

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 02:35:14 GMT

Right.. If so, Citi better have gas as a 3% category..

@thelethargicage wrote:
@Anonymous wrote:
Are PenFed and Fort Knox credit unions? If so, what is the restrictions to apply?

For me, the best card I can think of is the BoA Cash Rewards. Again, hate to keep harping on the Premier rewards thing, but I'd be earning 4.5% on gas.

3% flat
3.3% for redeeming into a BoA checking or savings account
3.75% for having $20,000 + in assets with BoA*
4.5% for having $50,000+ in assets with BoA*
5.25% for having $100,000+ in assets with BoA*

* BoA considers money in Checkings accounts, Savings accounts, Money Market accounts, and IRA accounts toward the Preferred rewards program. Joint accounts count toward both parties Premier Rewards total.
Assuming Costco gas is coded as gas station rather than warehouse store.

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 02:54:48 GMT

This is a transaction from Costco gas on my Amex:

COSTCO GAS #1173 00000000N FORT WORTH103

Transaction date: 01/16/2015

Card type: American Express

Transaction type: Purchases

Merchant description: AUTOMATED FUEL DISPENSERS

Merchant information: N FORT WORTH , TX

This is a regular Costco purchase on the same Amex:

COSTCO WHSE #1173 0000000FORT WORTH 103

Transaction date: 01/31/2015
Card type: American Express
Transaction type: Purchases
Merchant description: WHOLESALE CLUBS
Merchant information: FORT WORTH , TX

So Amex does have it coded seperately.

Visa may or may not. I guess we will have to wait and see.

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 02:54:32 GMT

Fort worth, eh.

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 02:55:57 GMT

@Anonymous wrote:
Fort worth, eh.

Or, as they say: Funky Town

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 02:57:40 GMT

Lol... I love that little area just south of the Reserve base. Next to Westover Hills.

But yeah the BoA option with large savings seems like the ticket.

Re: Costco gas VISA strategy for April, 2016

Anonymous — Wed, 04 Mar 2015 03:05:17 GMT

@Anonymous wrote:
Lol... I love that little area just south of the Reserve base. Next to Westover Hills.

But yeah the BoA option with large savings seems like the ticket.

Wish Sallie Mae was Visa..........

Re: Costco gas VISA strategy for April, 2016

yfan — Wed, 04 Mar 2015 04:30:42 GMT

Even without the savings bonuses with BofA - frankly, I don't find a 25-75% bonus on rewards amounting to maybe 4.5% of purchases at best a good enough reason to open investment accounts/savings accounts - the Bank of America Cash Rewards card would seem to be the best bet that's available to the general population. Barring, of course, if the Citi cobranded card comes up with something better. I somehow get the feeling Costco's goal here is to compete with the Sam's Club cobranded card which has 5% flat gas rewards.

Re: Costco gas VISA strategy for April, 2016

celluloid17 — Wed, 04 Mar 2015 04:37:54 GMT

If gas is in fact coded as such and qualifiable for general Visa use (this remains to be seen), I would say that the Chase AARP Visa would be my card of choice as it gives both 3% back on gas and restaurants uncapped and of course, there's Freedom in the 5% gas quarter(s). I hardly get gas from Costco because I don't go often enough, so Sallie Mae is my general gas card, but Chase AARP is looking really appealing in light of the Costco/Citi/Visa partnership, especially if the Citi co-branded card has a less than stellar reward structure. I wish they would let us know sooner rather than later what the new TrueEarnings alternative will be...

Re: Costco gas VISA strategy for April, 2016

thelethargicage — Wed, 04 Mar 2015 04:42:17 GMT

Knowing Citi, it will probably be.a TYP card rather than a CB one.

Re: Costco gas VISA strategy for April, 2016

celluloid17 — Wed, 04 Mar 2015 04:47:18 GMT

@thelethargicage wrote:
Knowing Citi, it will probably be.a TYP card rather than a CB one.

That would suck!

Re: Costco gas VISA strategy for April, 2016

yfan — Wed, 04 Mar 2015 04:47:47 GMT

@thelethargicage wrote:
Knowing Citi, it will probably be.a TYP card rather than a CB one.

I don't know of a single cobranded card that earns rewards with a card-issuing bank's proprietary point system, do you? There are no cobranded Amex cards that earn MR points. There are no cobranded Chase cards that earn UR points.