topic Re: BCP in Credit Cards

BCP

Anonymous — Thu, 06 Aug 2015 22:35:27 GMT

For those who have this card, (it's a future goal card of mine) I see that the cashback is only issued as a statement credit? Can anyone tell me what exactly you do with your 6%? I spend about $700/month on groceries and I'd hit the $6000 cap easily and then only be earning 1%, but I'd be getting back $384 minus the annual fee. Still coming out on top.

Re: BCP

TiggerDat — Thu, 06 Aug 2015 22:39:45 GMT

You could pair it with the SM card and/or the US Bank Cash+ card. It would take a little work tracking the spending, but it would maximize the rewards.

Re: BCP

kdm31091 — Thu, 06 Aug 2015 22:42:20 GMT

@Anonymous wrote:
For those who have this card, (it's a future goal card of mine) I see that the cashback is only issued as a statement credit? Can anyone tell me what exactly you do with your 6%? I spend about $700/month on groceries and I'd hit the $6000 cap easily and then only be earning 1%, but I'd be getting back $384 minus the annual fee. Still coming out on top.

Statement credit or gift cards. Can also get merchandise but not a good value. There's no actual "cash back" as far as a check or direct deposit.

Re: BCP

PNW_Hunter — Thu, 06 Aug 2015 22:43:05 GMT

I absolutely love my BCP. I do wish they let you redeem any amount of cash for statement credits, not just $25 increments.

I'd pair it was a SM MC for sure! That is my plan once I am exceeding the spending cap

If you exceed that cap, too, then another option would be to go the ED/EDP route if you make the swipe requirement.

Re: BCP

Anonymous — Thu, 06 Aug 2015 22:45:47 GMT

Switch spend on grocery to more lucrative card once you hit your mark at approximately 8 months in. I didn't use my BCP all that much for the year I had it except to max out the groceries category and meet it's spend.

Re: BCP

Anonymous — Fri, 07 Aug 2015 00:59:10 GMT

I just use the statement credit.

Pairing BCP with SM is a good idea. Put the first $500 per month of spend onto the BCP, put the rest on SM. You have to do it that way, rather than putting it all on BCP until you hit the $6k, because SM resets monthly, rather than yearly like the BCP.

Re: BCP

Anonymous — Fri, 07 Aug 2015 01:05:13 GMT

@Anonymous wrote:
I just use the statement credit.

Pairing BCP with SM is a good idea. Put the first $500 per month of spend onto the BCP, put the rest on SM. You have to do it that way, rather than putting it all on BCP until you hit the $6k, because SM resets monthly, rather than yearly like the BCP.

Well, for that spend yes, but if spending nearer 9K "Put the first $250 per month on SM and the rest on BCP" That makes sure you are using up both caps.

Re: BCP

Anonymous — Fri, 07 Aug 2015 01:12:42 GMT

And if you have a Freedom...see if they're having Groceries for a quarter again and factor that in. I was thinking I'd max it sooner than I will, but I use SM at Target that accounts for a chunk of my grocery spend. I try to throw a bit onto SM each month as insurance in case I hit cap near the end.

Re: BCP

NRB525 — Fri, 07 Aug 2015 03:31:00 GMT

@Anonymous wrote:
And if you have a Freedom...see if they're having Groceries for a quarter again and factor that in. I was thinking I'd max it sooner than I will, but I use SM at Target that accounts for a chunk of my grocery spend. I try to throw a bit onto SM each month as insurance in case I hit cap near the end.

Would not the Target card get 5% back at Target every day?

Re: BCP

takeshi74 — Fri, 07 Aug 2015 12:35:40 GMT

@Anonymous wrote:
For those who have this card, (it's a future goal card of mine) I see that the cashback is only issued as a statement credit?

You can redeem for merchandise, gift cards, etc but they didn't seem to be all that great a value last I checked.

@Anonymous wrote:
I spend about $700/month on groceries and I'd hit the $6000 cap easily and then only be earning 1%, but I'd be getting back $384 minus the annual fee.

We spend a bit more and use a pair of BCP's.

Re: BCP

Anonymous — Sat, 08 Aug 2015 07:51:24 GMT

Thank you to everyone. Trying to figure out if it's a good fit. I have the Amex ED and I did use my Freedowhen it was the quarter for groceries. We actually spend closer to $800/month on groceries when you factor in going back for more milk and fresh fruits/vegetables. Wish more ccc's would give actual cash back instead of credits and gift cards, but that's just my preference.

Re: BCP

Anonymous — Sat, 08 Aug 2015 08:22:07 GMT

I always choose statement credit. I wish they'd offered the cash back option as a check or direct deposit, though.

Re: BCP

kdm31091 — Sat, 08 Aug 2015 12:44:47 GMT

@Anonymous wrote:
Thank you to everyone. Trying to figure out if it's a good fit. I have the Amex ED and I did use my Freedowhen it was the quarter for groceries. We actually spend closer to $800/month on groceries when you factor in going back for more milk and fresh fruits/vegetables. Wish more ccc's would give actual cash back instead of credits and gift cards, but that's just my preference.

I find it kind of annoying they advertise it as "cash back" when you are unable to get a check, direct deposit, etc. While technically yes, crediting my account is giving me the money back, sometimes you'd rather have the actual cash to use for something.

Re: BCP

Anonymous — Sat, 08 Aug 2015 16:02:00 GMT

Amex gift card promotion, few bucks in pocket for 200. Again using a points structure Amex helps here too

I don't see internal cash back as a hinderance. Its all my funds

Get a serve card and fund with amex the amounts of your cashbacks?