topic Re: So there's no other bank offering a flat 3% cash back card? in Credit Cards

So there's no other bank offering a flat 3% cash back card?

collics — Mon, 08 Nov 2021 13:31:02 GMT

Besides AOD? *tear*

Re: So there's no other bank offering a flat 3% cash back card?

ChargedUp — Mon, 08 Nov 2021 14:55:07 GMT

There's some temporary offers floating around like Alliance CU, but AOD is the only continuous 3% on everything card that I'm aware of.

Re: So there's no other bank offering a flat 3% cash back card?

coldfusion — Mon, 08 Nov 2021 15:07:14 GMT

There is the US Alliance Signature Visa which also offers 3% cashback, although they consider it a promotional offer and right now they have only committed to offering that rate through 12/31/22. They currently claim that after that date it will revert to a 2% cashback card.

Re: So there's no other bank offering a flat 3% cash back card?

sammydavidjr — Mon, 08 Nov 2021 15:18:03 GMT

For the foreseeable future the X1 card adds up to the points equivalent of 3% if you spend $15k/year.

Re: So there's no other bank offering a flat 3% cash back card?

4sallypat — Mon, 08 Nov 2021 15:41:39 GMT

@sammydavidjr wrote:
For the foreseeable future the X1 card adds up to the points equivalent of 3% if you spend $15k/year.

Yes, my X1 Card has 4X points till 2022 so I can effectively get 2.8% cash back as statement credit..

I use the X1 now more than ever - beats out my daily Apple Card....

Re: So there's no other bank offering a flat 3% cash back card?

Aim_High — Tue, 09 Nov 2021 05:34:22 GMT

As far as I'm aware, @collics, the best uncapped and uncategorized cash back cards available right now are:

AOD FCU Visa Signature (Permanent 3%)

*AOD FCU Visa Signature is the ONLY currently-available card that permanently pays more than 2% with no deposit account requirements.

US Alliance Financial (Credit Union) (Temporary* 3%)

*As noted above, 3% (3 points per dollar) is promotional until 12/31/2022 and permanent rate is 2 points per dollar.

Elan Fidelity Rewards earns 3% under the Fidelity Rewards + Program if you have $2 Million+ invested under professional management.

Bank of America Premium Rewards (OR) Bank of America Unlimited Cash Rewards with Preferred Rewards Platinum Honors Status (with $100K+ invested) (Permanent 2.625% on everything PLUS the Premium Rewards card earns 3.5% on all dining and travel)

Alliant Credit Union Visa Signature (with deposit account and activity requirements) (Permanent 2.5% on up to $10K monthly spend)

^ ^ ^ ^ After the AOD FCU Visa, the Alliant CU Visa is probably the next-best long term uncategorized cash back card for the average consumer since it does not require deposits of $100K or higher.

Elan Fidelity Rewards earns 2.5% under the Fidelity Rewards + Program if you have $1 Million to $2 Million invested under professional management.

Bank of America Premium Rewards (OR) Bank of America Unlimited Cash Rewards with Preferred Rewards Platinum Status ($50K+ invested) (Permanent 2.25% on everything PLUS the Premium Rewards card earns 3% on all dining and travel)

Elan Fidelity Rewards earns 2.25% under the Fidelity Rewards + Program if you have $250K to $1 Million invested under professional management.

One card you may see that some of our members still earn 2.5% on but that is not open to new applicatons is the USAA Limitless Cash Back.

If I'm not mistaken, that's the entire list of cards that pay more than 2% in uncapped and uncategorized PURE CASH back (not counting points transfer valuation such as on the Chase UR or Citi TY portals.)

Re: So there's no other bank offering a flat 3% cash back card?

creditfan — Tue, 09 Nov 2021 04:40:55 GMT

There is a business version will earn you 3% if you can spend at least 10k annually

https://www.doctorofcredit.com/fnbo-evergreen-business-card-with-2-cashback-more-100-bonus-annually/

Re: So there's no other bank offering a flat 3% cash back card?

Aim_High — Tue, 09 Nov 2021 04:51:05 GMT

@creditfan wrote:
There is a business version will earn you 3% if you can spend at least 10k annually
https://www.doctorofcredit.com/fnbo-evergreen-business-card-with-2-cashback-more-100-bonus-annually/

Interesting, thanks for that @creditfan.

I'll note, however, that it's a 3% card only at exactly $10K in spending in order to earn an additional 10K points. So if you spend $9999, you don't earn the 10K bonus to bump it up to 3% earnings. But if you spend $10,001, you aren't earning towards a second bonus so you're starting to slowly eat away at your perfect 3% with the normal 2% earnings. However, still a very worthy contender, as long as it's used appropriately!

Re: So there's no other bank offering a flat 3% cash back card?

Anonymous — Tue, 09 Nov 2021 05:12:45 GMT

@Aim_High wrote:

Elan Fidelity Rewards earns 3% under the Fidelity Rewards + Program if you have $2 Million+ invested under professional management.

I briefly looked into this when it first came out. I guess it can be good if you have your funds professionally managed by Fidelity anyway (or you are willing to move from an equivalent to Fidelity) but I currently just manage my own. Assuming their Robo option doesn't count for this, the minimum fee is 0.5%, which is $10K on a $2M portfolio. (It can be as low as 0.2% on $10M but that's a lot too). If there was no added value in the management, it would take $1M spend on the card for the 3% to be better than a 2% card, Presumably Fidelity would assure me that there is (and indeed I get frequent messages asking me if I need anything from my assigned person) but going for another option in @Aim_Highs list seems preferable!

Re: So there's no other bank offering a flat 3% cash back card?

Anonymalous — Tue, 09 Nov 2021 06:14:26 GMT

Discover It Miles is effectively 3% CB for the first year. (x1.5 miles, 1 mile = 1 cent, doubled in the first year.)

Isn't there a 2.5% invite-only Ollo Optimum? And there are a couple of reports of a General Electric Credit Union card (Cincinnati area geofence) that earns x2 points on everything, which can supposedly be redeemed for 2.35% cash back.

Re: So there's no other bank offering a flat 3% cash back card?

RehabbingANDBlabbing — Tue, 09 Nov 2021 08:33:03 GMT

Someone I watch on YouTube made a good point about this topics a while back. When looking at long term cash back rates on a card, you MUST CONSIDER the signup bonus. A card with a lower ongoing rate and a signup bonus can easily outpace the higher rate card up to a certain threshold of spending.

Take the Wells Fargo Active Cash as an example. For spending $1,000, they give you $20 cash back and a $200 signup bonus. To get that same $220 in cash back from a flat 3% card, you would have to spend about $7,333, then it would start to outpace the Active Cash. So if you collect one or more cash back cards with a signup bonus each year, you could very easily obliterate the 3% rate being paid by AOD. Also, I think it bears pointing out that you'd have to put a lot of spending on the 3% card each year to make it worthwhile versus those other opportunities. What if you took that extra $6,333 and spent it on other cards with bonuses? How many could you get for that much spending?

Re: So there's no other bank offering a flat 3% cash back card?

Anonymous — Tue, 09 Nov 2021 12:51:22 GMT

@RehabbingANDBlabbing wrote:
Someone I watch on YouTube made a good point about this topics a while back. When looking at long term cash back rates on a card, you MUST CONSIDER the signup bonus. A card with a lower ongoing rate and a signup bonus can easily outpace the higher rate card up to a certain threshold of spending.

Take the Wells Fargo Active Cash as an example. For spending $1,000, they give you $20 cash back and a $200 signup bonus. To get that same $220 in cash back from a flat 3% card, you would have to spend about $7,333, then it would start to outpace the Active Cash. So if you collect one or more cash back cards with a signup bonus each year, you could very easily obliterate the 3% rate being paid by AOD. Also, I think it bears pointing out that you'd have to put a lot of spending on the 3% card each year to make it worthwhile versus those other opportunities. What if you took that extra $6,333 and spent it on other cards with bonuses? How many could you get for that much spending?

This is all true but then we need to step back and realize that the amounts we tend to get very excited about are really relatively small. In what other aspects of life would a prospect of $200 be worth so much discussion. Even apart from similar alternatives, such as bank sign up bonuses, equivalent money can be got by shopping around, using coupons, buying stuff on sale etc. "But this is free, no effort" etc. Well, ask your friends who aren't in credit card forums about the time and effort you put into this! ("Can you stop talking about credit cards for 10 seconds. I really don't care!")

Re: So there's no other bank offering a flat 3% cash back card?

SouthJamaica — Tue, 09 Nov 2021 13:26:40 GMT

@creditfan wrote:
There is a business version will earn you 3% if you can spend at least 10k annually
https://www.doctorofcredit.com/fnbo-evergreen-business-card-with-2-cashback-more-100-bonus-annually/

Wow. I recently got that card, and didn't realize until now about the anniversary bonus. That's excellent.

Re: So there's no other bank offering a flat 3% cash back card?

Anonymous — Tue, 09 Nov 2021 14:00:06 GMT

@RehabbingANDBlabbing wrote:
Someone I watch on YouTube made a good point about this topics a while back. When looking at long term cash back rates on a card, you MUST CONSIDER the signup bonus. A card with a lower ongoing rate and a signup bonus can easily outpace the higher rate card up to a certain threshold of spending.

Take the Wells Fargo Active Cash as an example. For spending $1,000, they give you $20 cash back and a $200 signup bonus. To get that same $220 in cash back from a flat 3% card, you would have to spend about $7,333, then it would start to outpace the Active Cash. So if you collect one or more cash back cards with a signup bonus each year, you could very easily obliterate the 3% rate being paid by AOD. Also, I think it bears pointing out that you'd have to put a lot of spending on the 3% card each year to make it worthwhile versus those other opportunities. What if you took that extra $6,333 and spent it on other cards with bonuses? How many could you get for that much spending?

Excellent point. Recently did this math when comparing Alliant's 2.5% card with Fidelity's 2% + $150 sub card — you'd need to spend $30,000 before the Alliant card started netting more cash back.

Re: So there's no other bank offering a flat 3% cash back card?

collics — Tue, 09 Nov 2021 14:15:01 GMT

@RehabbingANDBlabbing wrote:
Someone I watch on YouTube made a good point about this topics a while back. When looking at long term cash back rates on a card, you MUST CONSIDER the signup bonus. A card with a lower ongoing rate and a signup bonus can easily outpace the higher rate card up to a certain threshold of spending.

Take the Wells Fargo Active Cash as an example. For spending $1,000, they give you $20 cash back and a $200 signup bonus. To get that same $220 in cash back from a flat 3% card, you would have to spend about $7,333, then it would start to outpace the Active Cash. So if you collect one or more cash back cards with a signup bonus each year, you could very easily obliterate the 3% rate being paid by AOD. Also, I think it bears pointing out that you'd have to put a lot of spending on the 3% card each year to make it worthwhile versus those other opportunities. What if you took that extra $6,333 and spent it on other cards with bonuses? How many could you get for that much spending?

Was it ProudMoney account? I think he's a member here. I watched that vid.

I guess sometimes I want flat cash back amount w/o having to do math, worry about SUBs, or roating categories

Re: So there's no other bank offering a flat 3% cash back card?

Duke_Nukem — Tue, 09 Nov 2021 16:40:50 GMT

Just to add another option, the FordPass Rewards Visa (issued through FNBO) has an annual $200 bonus after $6000 spend. That equates to a 3.33% CB in a form of statement credit. On top of that, you get the 1% for all general spend (other categories are 3% for gas, insurance, dining, others... then 5% on Ford purchases... then antoher 5% on Ford service).

So if you only spend exactly $6000 in 1 year, you can get 4.33% in general spend. Note that only 3.33% is statement credit and the rest would be in Fordpass rewards points.

Re: So there's no other bank offering a flat 3% cash back card?

MrDisco99 — Tue, 09 Nov 2021 17:07:49 GMT

@Duke_Nukem wrote:
Just to add another option, the FordPass Rewards Visa (issued through FNBO) has an annual $200 bonus after $6000 spend. That equates to a 3.33% CB in a form of statement credit. On top of that, you get the 1% for all general spend (other categories are 3% for gas, insurance, dining, others... then 5% on Ford purchases... then antoher 5% on Ford service).

So if you only spend exactly $6000 in 1 year, you can get 4.33% in general spend. Note that only 3.33% is statement credit and the rest would be in Fordpass rewards points.

I think if we start delving into cash back from signup bonuses, that would be going down an endless rabbit hole. We all know there are lots (hundreds?) of cards that offer 3% or better cash back through signup bonuses. I don't think delving into those serves the purpose of this thread.

Re: So there's no other bank offering a flat 3% cash back card?

Aim_High — Tue, 09 Nov 2021 19:39:10 GMT

@Anonymous wrote:
... equivalent money can be got by shopping around, using coupons, buying stuff on sale etc.

+1 ^ ^ Yes, we try to save an extra 1%, 2%, or whatever on purchases but in the grand scheme of things, are we wasting much more on other financial decisions or missed opportunities? Cash back rewards are just one tool but there are ways to save a lot more money in a budget than you can ever reap from cash back alone. From the "shopping around" alone, if make sure that I go to a grocery store that codes as the proper MCC for my credit card to get the higher cash back in lieu of shopping at a discount grocer, I may have ended up paying more in the final tally, even counting that credit card "savings"!

Re: So there's no other bank offering a flat 3% cash back card?

Taurus22 — Tue, 09 Nov 2021 19:44:36 GMT

@Aim_High wrote:
@Anonymous wrote:
... equivalent money can be got by shopping around, using coupons, buying stuff on sale etc.

+1 ^ ^ Yes, we try to save an extra 1%, 2%, or whatever on purchases but in the grand scheme of things, are we wasting much more on other financial decisions or missed opportunities? Cash back rewards are just one tool but there are ways to save a lot more money in a budget than you can ever reap from cash back alone. From the "shopping around" alone, if make sure that I go to a grocery store that codes as the proper MCC for my credit card to get the higher cash back in lieu of shopping at a discount grocer, I may have ended up paying more in the final tally, even counting that credit card "savings"!

Then, if you also consider other shopping rewards programs that stack with CC returns.....Rakuten for Online Shopping, Ibotta for Grocery spend, etc. (and I'm hearing about Capital One Shopping recently) then you're saving a ton on organic spending. I'm sure there are many others.....

Re: So there's no other bank offering a flat 3% cash back card?

collics — Tue, 09 Nov 2021 19:54:23 GMT

@Taurus22 wrote:
@Aim_High wrote:
@Anonymous wrote:
... equivalent money can be got by shopping around, using coupons, buying stuff on sale etc.

+1 ^ ^ Yes, we try to save an extra 1%, 2%, or whatever on purchases but in the grand scheme of things, are we wasting much more on other financial decisions or missed opportunities? Cash back rewards are just one tool but there are ways to save a lot more money in a budget than you can ever reap from cash back alone. From the "shopping around" alone, if make sure that I go to a grocery store that codes as the proper MCC for my credit card to get the higher cash back in lieu of shopping at a discount grocer, I may have ended up paying more in the final tally, even counting that credit card "savings"!
Then, if you also consider other shopping rewards programs that stack with CC returns.....Rakuten for Online Shopping, Ibotta for Grocery spend, etc. (and I'm hearing about Capital One Shopping recently) then you're saving a ton on organic spending. I'm sure there are many others.....

I had recently realized you can link your Walmart account directly to ibotta and not worry about scanning receipts. Used my Walmart cc via Walmart Pay for 5% and got $1.50 cash back on ibotta automatically

Purchased a pair of Crocs for my niece and got 2% back via Apple card/Apple Pay and Rakuten had an 8% discount.

With prices inflating everywhere I want every penny back i can get.