topic Re: Is Venmo the best cashback cc for electric bills? in Credit Cards

Is Venmo the best cashback cc for electric bills?

GApeachy — Sun, 11 Jul 2021 14:15:39 GMT

I earn 3% on my power bill using Venmo. Any card better?

Re: Is Venmo the best cashback cc for electric bills?

JNA1 — Sun, 11 Jul 2021 14:18:44 GMT

@GApeachy wrote:
I earn 3% on my power bill using Venmo. Any card better?

I get 5% on my Max Cash Preferred card (would be the same for Cash +)

We use our my MCP for 5% utilities and cells phone bill and use DW's for cable/internet and retail stores.

Re: Is Venmo the best cashback cc for electric bills?

GatorGuy — Sun, 11 Jul 2021 14:23:40 GMT

I use MCP too for 5% but US Bank Cash+ also gives 5%.

Re: Is Venmo the best cashback cc for electric bills?

GApeachy — Sun, 11 Jul 2021 14:26:54 GMT

@JNA1 wrote:
@GApeachy wrote:
I earn 3% on my power bill using Venmo. Any card better?
I get 5% on my Max Cash Preferred card (would be the same for Cash +)

We use our my MCP for 5% utilities and cells phone bill and use DW's for cable/internet and retail stores.

Ty for responding. I am was interested in this card and hoped someone would suggest it. I looked at the cat. calendar and Is this for only July-September or do they keep the utilities cat. in the 5% all year long?

Re: Is Venmo the best cashback cc for electric bills?

JNA1 — Sun, 11 Jul 2021 14:32:16 GMT

The MCP (and Cash+) have 2 selectable 5% categories per quarter up to $2K spend, so we leave ours set to the same thing all the time.

It has a pretty cool tracker on the app for keeping up with your quarterly spend.

Re: Is Venmo the best cashback cc for electric bills?

GApeachy — Sun, 11 Jul 2021 14:40:39 GMT

~~Fantastic!~~

~~Another question: What happens if I go over the $2k spend per quarter for the electric cat.? My electrical bills are $700+/month. Would that throw me into the 2% cat.?~~

nvm....I found it in the fine print. 5% up to $8k/year then 1% after.

Re: Is Venmo the best cashback cc for electric bills?

GApeachy — Sun, 11 Jul 2021 14:36:27 GMT

@GatorGuy wrote:
I use MCP too for 5% but US Bank Cash+ also gives 5%.

Have you ever gone over you categort spend limit? If so, do you still get 5% up to the max and then the residual is at 2%?

Sorry for all these questions, I just don't want to regret an app and hp and not be able to earn at least that $2k/quarter at 5%.

Re: Is Venmo the best cashback cc for electric bills?

coldfusion — Sun, 11 Jul 2021 14:39:58 GMT

@GApeachy wrote:
Fantastic!
Another question: What happens if I go over the $2k spend per quarter for the electric cat.? My electrical bills are $700+/month. Would that throw me into the 2% cat.?

Once you reach the $2K cap you earn 1% on everything over $2K of spend of your selected 5% categories for that quarter.

In other words you would earn 5% on the first $2K and 1% on that additional $100 of your $2100 (3 x $700) spend for that quarter.

Re: Is Venmo the best cashback cc for electric bills?

JNA1 — Sun, 11 Jul 2021 14:40:29 GMT

@GApeachy wrote:
Fantastic!
Another question: What happens if I go over the $2k spend per quarter for the electric cat.? My electrical bills are $700+/month. Would that throw me into the 2% cat.?

It would pay 5% up $2000K and 1% for the remaining amount from what I understand. I've went over the amount by a little last quarter, but the last transaction topped out the 5% cap. In your cause that would only be @ $100 over, so it would still be way better than a 3% card.

Re: Is Venmo the best cashback cc for electric bills?

GApeachy — Sun, 11 Jul 2021 14:54:48 GMT

Thanks Guys!

So in a nutshell:

USB is $8k/year 5% cat. then 1%

Venmo is $10k/year 3%, then 1%

I'll try for the Cash+ when I believe they'll accept me....maybe years' end being they're sensitive.

Appreciate all the feedback!!!!

Re: Is Venmo the best cashback cc for electric bills?

Anonymous — Sun, 11 Jul 2021 15:17:14 GMT

And with the right cards there are single quarter 5% options (up to $1500) using Paypal Key with Discover (this quarter) and possibly Freedom/Freedom Flex.

Re: Is Venmo the best cashback cc for electric bills?

GatorGuy — Sun, 11 Jul 2021 15:22:20 GMT

@GApeachy wrote:
Thanks Guys!
So in a nutshell:
USB is $8k/year 5% cat. then 1%
Venmo is $10k/year 3%, then 1%

I'll try for the Cash+ when I believe they'll accept me....maybe years' end being they're sensitive.

Appreciate all the feedback!!!!

Elan is far less new account sensitive than US Bank. I was approved with 3 new accounts in the last 6 months.

Also if you can concerned about going over the cap, there are some who hold two MCPs. Definitely could be useful especially if you could make use of one of the other categories.

Re: Is Venmo the best cashback cc for electric bills?

JNA1 — Sun, 11 Jul 2021 15:33:48 GMT

@GatorGuy wrote:
@GApeachy wrote:
Thanks Guys!
So in a nutshell:
USB is $8k/year 5% cat. then 1%
Venmo is $10k/year 3%, then 1%

I'll try for the Cash+ when I believe they'll accept me....maybe years' end being they're sensitive.

Appreciate all the feedback!!!!
Elan is far less new account sensitive than US Bank. I was approved with 3 new accounts in the last 6 months.

Also if you can concerned about going over the cap, there are some who hold two MCPs. Definitely could be useful especially if you could make use of one of the other categories.

Agreed! After I learned about the Cash + right after I joined this forum, it became one of my goal cards, but I was never anywhere near 1/12 to where I felt confident getting it. When the MCP came along, DW and I were both able to get one with way more than 1/12 on either of our profiles. The SLs on the MCPs seem to be stronger than a lot of Cash+ approvals I see too.

I probably will still get a Cash+ at some point, but the MCP cards have let me get the benefit of the Cash+'s reward structure, while still being able to build our card lineup.

Re: Is Venmo the best cashback cc for electric bills?

GApeachy — Sun, 11 Jul 2021 19:05:47 GMT

@Anonymous wrote:
And with the right cards there are single quarter 5% options (up to $1500) using Paypal Key with Discover (this quarter) and possibly Freedom/Freedom Flex.

I just got another Discover cc. I'll have to look into this Paypal Key you mention, that could work for the remainder of this quarter for sure. Plus I'll get ~~another 5%~~ cb match end of year I believe. Thank you for mentioning!!!!

eta: I just set up my pp key and it's a mc. I might like this...thumbs up!

Re: Is Venmo the best cashback cc for electric bills?

GApeachy — Sun, 11 Jul 2021 18:34:38 GMT

@GatorGuy wrote:
Elan is far less new account sensitive than US Bank. I was approved with 3 new accounts in the last 6 months.

Also if you can concerned about going over the cap, there are some who hold two MCPs. Definitely could be useful especially if you could make use of one of the other categories.

Maybe one for me and one for DH would work. I'll check into Elan to see what they offer as well. Ty!

Re: Is Venmo the best cashback cc for electric bills?

JNA1 — Sun, 11 Jul 2021 22:13:13 GMT

@GApeachy wrote:
@GatorGuy wrote:
Elan is far less new account sensitive than US Bank. I was approved with 3 new accounts in the last 6 months.

Also if you can concerned about going over the cap, there are some who hold two MCPs. Definitely could be useful especially if you could make use of one of the other categories.
Maybe one for me and one for DH would work. I'll check into Elan to see what they offer as well. Ty!

If you would rather have a MC, Elan offers a MCP as a MC as well.

Here is a list we are putting together of MC versions.

Re: Is Venmo the best cashback cc for electric bills?

Anonymous — Sun, 11 Jul 2021 22:13:37 GMT

Who issues the Max Cash Preferred card?

Re: Is Venmo the best cashback cc for electric bills?

JNA1 — Sun, 11 Jul 2021 22:16:57 GMT

Elan, which is a subsidiary of US Bank.