topic Re: What the Best Cash Back Credit Card? in Credit Cards

What the Best Cash Back Credit Card?

Anonymous — Sat, 10 Mar 2018 16:26:01 GMT

I'm looking for a good Cash Back card. At least 2% or higher

I currently have the PayPal MC which gives me 2%. I use it every day for everything. However, I have two things I dislike about this card.

1. It only allows me to make one payment a day. (My Capital One cards allow me to make 3 payments a day)

2. It takes about 3-5 days for my available balance to go back after the payment posts which in itself takes 2 days. If it's a large payment it takes even longer.

I was considering Blispay because of the 6 mos 0%, but I read it takes about a week to have the transactions post there. I was also considering the PenFed Power Rewards card because it's 2% if I get a checking account with them as well. I just saw that PSECU has a 2% card now, but I would probably opt for PenFed over them. I originally wanted the USAA limitless 2.5%, but I hear they don't have that anymore.

What cards with at least 2% do you like and why?

Re: What the Best Cash Back Credit Card?

Gmood1 — Sat, 10 Mar 2018 16:51:42 GMT

A week for transaction to post on Blispay? It normally doesn't take that long. I'm mildly curious of why the posting time matter?
The Blispay is a good card. Only negative I can think of is no CLIs at the moment.
Why on earth would you need to make more than one payment a day?
You guys are starting to blow my mind. 😂
I'm going to recommend you put the CC down and find yourself the highest cash back Debit card.

Re: What the Best Cash Back Credit Card?

Adkins — Sat, 10 Mar 2018 16:46:03 GMT

Loaded question. There is no "best cash back card" because it'll depend on each person's credit profile, location and goals. You've got a few small CU that offer 5% CB in categories that Discover, Chase or US Bank don't normally offer, but it can be jumping through hoops to join the CU. Plus, not everyone wants to worry about categories, some just want a straight 2% CB. My favorite credit union, RBFCU, offers a 2% CB card. Easy to pay, fast payment credits and easy to transfer earned CB, but not everyone can join so while it's the best for me it wouldn't be for someone else.

Re: What the Best Cash Back Credit Card?

Anonymous — Sat, 10 Mar 2018 16:52:12 GMT

What are your spends typically on? Are you looking for a single card or multiple cards? Do you want and “across the board” percentage, or rotating categories? What are your credit scores, inquiries, AAoA, Utilization, and income currently?

People here are AWEOME at helping with these decisions, but you must give detailed information if you’d like an actionable response.

Re: What the Best Cash Back Credit Card?

Anonymous — Sat, 10 Mar 2018 16:58:19 GMT

Why did you get a credit card if you pay it multiple times IN A DAY? You do realize don't you that you aren't being charged interest? If you want to pay like that, get a debit card. Kinda bizarre dude.

Re: What the Best Cash Back Credit Card?

Anonymous — Sat, 10 Mar 2018 16:59:28 GMT

I like my Citi DC. I pay off the balance each month so I get the 2% back.

Re: What the Best Cash Back Credit Card?

Anonymous — Sat, 10 Mar 2018 17:21:09 GMT

@ Gmood1

I make more than one payment a day if I use it more than once a day. I pay it for every transaction used. It's a checks and balances type system that my husband and I use. It's been very useful for us getting from credit scores from 500s to over 750s. If they had cash back debit cards that would report to the credit bureaus, I would be all over it.

@chrismeyers2k1

I use credit cards because I like to be paid for using it. Using the credit card and getting 2% or more to use it is like a second income to me I never pay any interest. But I use it so much they pay me about $45/month in cash back. That's an extra gas tank that I'm not paying for. I'm very frugal and like to make extra money where I can.

@ttulaw

I spend it on everything. Nothing in one category in particular. I am looking for a single card with an "across the board" percentage. I tried the multiple categories, but I don't really utilize those much. My credit scores are EX: 781 with 3 inq, EQ: 756 with 2 inq, TU: 756 with 3 inq. I have 14% utilization on one card because they offered me with 0% interest and wanted to pay off a variable interest rate student loan within a year. I should pay it off by October 2018 because I'm making aggressive payments on it without any interest on it. My income is only about $45k.

Re: What the Best Cash Back Credit Card?

Anonymous — Sat, 10 Mar 2018 17:28:28 GMT

I understand being frugal. But this is not being frugal. You are not going to get any less of your cash back if you pay once a month. You're not being charged interest, there is not a single net dollar gain from paying all the time. Infact you are losing money because the credit card is floating you money interest free for a month. You'd be better off getting the even meager interest your checking account gives you. The only reason I can see that anybody would do that is if your credit limit was so low that you had to. That doesnt sound like you.

Re: What the Best Cash Back Credit Card?

Anonymous — Sat, 10 Mar 2018 17:30:43 GMT

I don't know their policies on multiple payments, but as someone else said, Citi DC would work for you (you'd even get both 1%'s in the same month since you pay immediately). Another one to look into is Fidelity Visa.

I am in the process of getting back to some more checks and balances so I totally hear ya' on making sure you're not overspending. But I'd think, especially if you're limiting things to one card, adding up the charges at the end of the day and making a payment would be WAY less work for your "extra job" than logging in and making multiple payments. But that's me.

And a random observation because I know my brain works in weird ways like that on some things too, it almost sounds like a gaming strategy: "As soon as a charge hits, I get it in my sites and blow it away."

Re: What the Best Cash Back Credit Card?

Anonymous — Sat, 10 Mar 2018 18:05:15 GMT

Since you already have the PayPal cash back cc, I'd bite the OCD bullet, deal with paying only once per day, and get the PayPal business debit. Link the PayPal CC to it as the funding source, maintain a $0 balance in your PayPal account, and use the debit card as you would the CC. This will give you 3% back on purchases.

Re: What the Best Cash Back Credit Card?

bourgogne — Sat, 10 Mar 2018 18:51:46 GMT

alliant sig is 3% on everything for the first year and $59 af / 2.5% after. the golden one is 3% on restaurants, gas and groceries, no af but one must reside in ca to get their credit products. golden one has very personal customer service. auto approvals but they will do limit adjustments based on pay stubs. very tight knit cu imo. alliant is also good but everything is a manual review so there is that.

Re: What the Best Cash Back Credit Card?

Anonymous — Sat, 10 Mar 2018 19:41:53 GMT

OP—For Across-the-Board simplicity and 2% I would recommend either the PenFed Power Cash Visa or Citi Double Cash. Both post quickly, but neither seem to go from “pending” to “posted” same day. I’ve never tried paying more than once a day. However, I have paid multiple times a month on both for various reasons. Perhaps you could slightly modify your system to weekly or bi-weekly payments. I do agree with a previous reply that you may be missing out on a small amount of checking/savings interest by paying more often than monthly. The PayPal Debit/CC link technique could work for you, but only if they don’t catch on and eliminate the “trick.” I too loathe paying CC interest, so I always make sure to PIF (except AZEO one account) to avoid same. With your stats, even the modest income will allow you a solid SL on either of the cards I suggested.

Best of luck, and please keep us posted on your decision!

Re: What the Best Cash Back Credit Card?

MrDisco99 — Sat, 10 Mar 2018 20:22:41 GMT

Just adding my 2 cents on the “best card” question. If you’re doing cash back you’re leaving a lot of money on the table if you only use one card. I’d say you need at least 3 cards if you’re going to make the most out of earning categories.

Re: What the Best Cash Back Credit Card?

Anonymous — Sat, 10 Mar 2018 21:42:41 GMT

If being able to pay after each transaction, maybe you’d be better off with a card that has a feature such as this? My AMEX BCE allows a pay it or plan it feature, where I can pay for a single transaction from my bank account. Just a thought.

Re: What the Best Cash Back Credit Card?

Anonymous — Sat, 10 Mar 2018 22:28:51 GMT

The best cash back card (aside from limitless RIP) is the one that meets your spend best.

Since you already have a flat 2% card, it would probably be one of the 5/4/3/2 cards offered by places like Costco, Sam's,boa, penfed etc. But only if it fits existing spend.

Re: What the Best Cash Back Credit Card?

Loquat — Sun, 11 Mar 2018 03:33:22 GMT

OP, if it helps. Rather than making yourself crazy over the constant payments every day. Get an average of the amount that you and your DH charge a week or even a month. Push said amount from your bank account so that there is a credit on the account. Then you can graudally grind it down via purchases throughout the week/month...kinda like like a debit card. Doing so may help eliminate the bank holding your payments while still accomplishing what you're doing now. When you see yourself twindling down your credit, push another payment.

I see then you mention PenFed. I don't know if you're a member now or not...but keep in mind that they tend to hold payments for 10 days regardless of the amount, for the first 6 months. Something to consider when thinking about making a move to PenFed. Best of luck to you in whatever you decide to do.

Re: What the Best Cash Back Credit Card?

woodyman100 — Sun, 11 Mar 2018 04:07:17 GMT

@Gmood1wrote:
A week for transaction to post on Blispay? It normally doesn't take that long. I'm mildly curious of why the posting time matter?
The Blispay is a good card. Only negative I can think of is no CLIs at the moment.
Why on earth would you need to make more than one payment a day?
You guys are starting to blow my mind. 😂
I'm going to recommend you put the CC down and find yourself the highest cash back Debit card.

Hahaha!

Re: What the Best Cash Back Credit Card?

RicHowe — Sun, 11 Mar 2018 04:14:57 GMT

@Loquatwrote:
OP, if it helps. Rather than making yourself crazy over the constant payments every day. Get an average of the amount that you and your DH charge a week or even a month. Push said amount from your bank account so that there is a credit on the account. Then you can graudally grind it down via purchases throughout the week/month...kinda like like a debit card. Doing so may help eliminate the bank holding your payments while still accomplishing what you're doing now. When you see yourself twindling down your credit, push another payment.

I see then you mention PenFed. I don't know if you're a member now or not...but keep in mind that they tend to hold payments for 10 days regardless of the amount, for the first 6 months. Something to consider when thinking about making a move to PenFed. Best of luck to you in whatever you decide to do.

+1 This.

Re: What the Best Cash Back Credit Card?

Anonymous — Sun, 11 Mar 2018 10:43:05 GMT

@Anonymouswrote:
Why did you get a credit card if you pay it multiple times IN A DAY? You do realize don't you that you aren't being charged interest? If you want to pay like that, get a debit card. Kinda bizarre dude.

Not the OP, but I do this a couple times a month. I use my personal cards for both personal and business expenses. And I just prefer to pay when the transactions post. It's just easier for me to keep track of things that way. So, when personal and business transactions post on the same day, I'll end up paying multiple times on the same day.

As to the bolded, as far as I know, my bank doesn't offer debit cards with 2% CB or 5% rotating categories. Even if they did, I'd still prefer a CC where I can pay from different bank accounts.

To the OP, multiple payments in the same day works fine with the Citi DC. Two, I know is fine. I can't recall if I've ever tried more than that. And I know my Chase cards only allow one payment per day. Can't remember with my other cards.

Re: What the Best Cash Back Credit Card?

Anonymous — Sun, 11 Mar 2018 12:13:02 GMT

Why not “cherry pick” your cards? Use one that maximize’s groceries, I believe Amex BCE has a 6% cash back on groceries up to $6000/yr. Set up a fuel rewards loyalty card with your “every day” 2% card and you’ll double dip every time you get gas. I save between 5 and 20 cents per gallon every time I fill up, Plus I earn the cash back from using the card it’s tied to. We all use Amazon; make sure your 2% card is assigned to that account and switch to Discover for their 5% qtr, which is usually Christmas so you’ll max your returns then. Definitely use 3 cards and PIF a couple times a month, it’s easy and your not overwhelmed.