topic Re: Need a new everyday spend Visa in Credit Cards

Need a new everyday spend Visa

ReturnOfTheCredi — Sat, 03 Dec 2022 15:23:02 GMT

With our area finally getting a Costco, I'm now having to split our monthly spending between our Amex BC Everyday and a CapOne Quicksilver due to Costco's Visa-only relationship. I'm considering app'ing the US Bank Shopper Cash Rewards card or the Citi Anywhere Costco card so we can consolidate, but can't decide. I am leaning toward the Costco card due to the annual fee on the Shopper Cash Rewards card and the poor experiences I've seen for applicants with US Bank who don't have an existing relationship (and we do not).

Any input or counterpoints to help with making the decision are appreciated.

Re: Need a new everyday spend Visa

Lou-natic — Sat, 03 Dec 2022 15:34:15 GMT

Just remember with a Costco card;

"Cash back will be provided as an annual credit card reward certificate once your February billing statement closes, and is redeemable for cash or merchandise at U.S. Costco Warehouses, including Puerto Rico."

Personally a once per year reward isn't my thing but if you are okay with that then go for it. Otherwise I think I would try for a 2% cash back Visa card and use that.

Re: Need a new everyday spend Visa

cws-21 — Sat, 03 Dec 2022 15:42:19 GMT

@Lou-natic wrote:
Just remember with a Costco card;

"Cash back will be provided as an annual credit card reward certificate once your February billing statement closes, and is redeemable for cash or merchandise at U.S. Costco Warehouses, including Puerto Rico."

Personally a once per year reward isn't my thing but if you are okay with that then go for it. Otherwise I think I would try for a 2% cash back Visa card and use that.

I also don't love the redemption process for the Costco Anywhere so I probably would just use something like the Wells Fargo Active Cash.

Re: Need a new everyday spend Visa

ReturnOfTheCredi — Sat, 03 Dec 2022 16:04:47 GMT

@cws-21 wrote:
@Lou-natic wrote:
Just remember with a Costco card;

"Cash back will be provided as an annual credit card reward certificate once your February billing statement closes, and is redeemable for cash or merchandise at U.S. Costco Warehouses, including Puerto Rico."

Personally a once per year reward isn't my thing but if you are okay with that then go for it. Otherwise I think I would try for a 2% cash back Visa card and use that.
I also don't love the redemption process for the Costco Anywhere so I probably would just use something like the Wells Fargo Active Cash.

Yeah, the redemption thing really doesn't bother me. In a way, I kinda like the idea of them making me not touch it....LOL. I do sorta wish they'd send the reward in November, though, so it could be used for Christmas shopping.

What are some others you'd suggest? Wells Fargo is a non-starter for me. I've had their Propel for going on four years and they started me at $3,000 and have only upped it once (based on my request for $10,000) to a whopping $3,800. Don't care for their website, nor their app interface, either. They can kick rocks.

Re: Need a new everyday spend Visa

ReturnOfTheCredi — Sat, 03 Dec 2022 16:07:23 GMT

Mind you, my issues with Wells Fargo are some I suspect I'd have with US Bank, too. I've already seen on these forums where one user got a paltry $500 SL presumably because of no previous relationship. That's just absolutely absurd for a card with a $95 AF.

Re: Need a new everyday spend Visa

cws-21 — Sat, 03 Dec 2022 16:26:48 GMT

@ReturnOfTheCredi wrote:
Yeah, the redemption thing really doesn't bother me. In a way, I kinda like the idea of them making me not touch it....LOL. I do sorta wish they'd send the reward in November, though, so it could be used for Christmas shopping.

What are some others you'd suggest? Wells Fargo is a non-starter for me. I've had their Propel for going on four years and they started me at $3,000 and have only upped it once (based on my request for $10,000) to a whopping $3,800. Don't care for their website, nor their app interface, either. They can kick rocks.

The Costco Anywhere is probably your best option if you don't mind the redemptions, but there are other options as well. If you don't mind joining a credit union, the Alliant CU Visa Signature or State Department FCU Premium Cash Back+ are good choices. If you would rather not join a credit union, I would consider the BoA Customized Cash Rewards or Venmo Credit Card.

Re: Need a new everyday spend Visa

ReturnOfTheCredi — Sat, 03 Dec 2022 16:39:48 GMT

Tell me this. With WF being so stingy the only time I asked for a CLI, do you think maybe if I apply for the Active Cash, they look at the existing relationship and finally offer a reasonable SL? I would consider them if they weren't so conservative.

Re: Need a new everyday spend Visa

Remedios — Sat, 03 Dec 2022 16:48:07 GMT

I'm not sure why you're talking in absolutes about WF and existing relationship.

I had none when I applied for Propel, they started me with $12,000.00

I got active cash about 19 months later, $18,000. Propel was used but nothing extraordinary, I would consider it low use.

It may or may not work for you, but just like any other lender, profile specific.

Also, not sure how much attention you've been paying to WF denials, there are plenty of those because WF wasn't happy with how little money was in checking account, or if person already had a card, denials over the low use of existing credit line.

Re: Need a new everyday spend Visa

cws-21 — Sat, 03 Dec 2022 16:51:52 GMT

@ReturnOfTheCredi wrote:
Tell me this. With WF being so stingy the only time I asked for a CLI, do you think maybe if I apply for the Active Cash, they look at the existing relationship and finally offer a reasonable SL? I would consider them if they weren't so conservative.

Unfortunately, I cannot answer your question. For me, Wells Fargo has not been stingy with credit limits or increases. I cannot remember what my Propel started at, but I was able to grow it to $25k in a reasonable amount of time. I now have the Autograph and was given a $25k starting limit. I transferred the $25k from the Propel to the Autograph, closed the Propel, and now have a $50k Autograph.

Re: Need a new everyday spend Visa

DakotaM — Sat, 03 Dec 2022 16:52:53 GMT

Another option is the AAA Daily Advantage Visa by Comenity. It gets 5% back on groceries and 3% back on gas and wholesale clubs, which should include Costco, until and if you reach $500 cash back for the year. That works out to $10k purchases on groceries or $16,666 at wholesale clubs per year if you were to use it exclusively at Costco, all for no annual fee!

Comenity is known to issue a bunch of store cards and seems to be rather generous with their starting limits, in my experience at least.

Re: Need a new everyday spend Visa

ReturnOfTheCredi — Sat, 03 Dec 2022 16:59:21 GMT

Talking in (near) absolutes about WF because they have handled me pretty conservatively despite having an exceptional credit history, low utilization (9-12% across all accounts), over six-figure income, and no cards with SLs below $8,000 (Apple card, which is good) in the last 10 years besides my Target card, for which a $3,500 SL was considered high according to these forums. I don't like wasting HPs and given WF's history with me thus far, I think they'd be a waste. I could be wrong.

For example, Cap1 hasn't started me below $15k in 10 years. Wells Fargo kinda sucks for me in practice.

Re: Need a new everyday spend Visa

ReturnOfTheCredi — Sat, 03 Dec 2022 16:58:18 GMT

@DakotaM wrote:
Another option is the AAA Daily Advantage Visa by Comenity. It gets 5% back on groceries and 3% back on gas and wholesale clubs, which should include Costco, until and if you reach $500 cash back for the year. That works out to $10k purchases on groceries or $16,666 at wholesale clubs per year if you were to use it exclusively at Costco, all for no annual fee!

Comenity is known to issue a bunch of store cards and seems to be rather generous with their starting limits, in my experience at least.

Okay, I'll take a look at that one. That sounds good off the top. What happens after $500 in rewards is reached? Is that a hard yearly cap?

Thanks!

Re: Need a new everyday spend Visa

DakotaM — Sat, 03 Dec 2022 17:00:33 GMT

@ReturnOfTheCredi wrote:
@DakotaM wrote:
Another option is the AAA Daily Advantage Visa by Comenity. It gets 5% back on groceries and 3% back on gas and wholesale clubs, which should include Costco, until and if you reach $500 cash back for the year. That works out to $10k purchases on groceries or $16,666 at wholesale clubs per year if you were to use it exclusively at Costco, all for no annual fee!

Comenity is known to issue a bunch of store cards and seems to be rather generous with their starting limits, in my experience at least.
Okay, I'll take a look at that one. That sounds good off the top. What happens after $500 in rewards is reached? Is that a hard yearly cap?

Thanks!

After you reach the cap, everything earns 1% for the rest of the year.

Re: Need a new everyday spend Visa

SouthJamaica — Sat, 03 Dec 2022 18:25:04 GMT

@ReturnOfTheCredi wrote:
@cws-21 wrote:
@Lou-natic wrote:
Just remember with a Costco card;

"Cash back will be provided as an annual credit card reward certificate once your February billing statement closes, and is redeemable for cash or merchandise at U.S. Costco Warehouses, including Puerto Rico."

Personally a once per year reward isn't my thing but if you are okay with that then go for it. Otherwise I think I would try for a 2% cash back Visa card and use that.
I also don't love the redemption process for the Costco Anywhere so I probably would just use something like the Wells Fargo Active Cash.
Yeah, the redemption thing really doesn't bother me. In a way, I kinda like the idea of them making me not touch it....LOL. I do sorta wish they'd send the reward in November, though, so it could be used for Christmas shopping.

What are some others you'd suggest? Wells Fargo is a non-starter for me. I've had their Propel for going on four years and they started me at $3,000 and have only upped it once (based on my request for $10,000) to a whopping $3,800. Don't care for their website, nor their app interface, either. They can kick rocks.

PenFed Power Cash Rewards Visa and Chase Amazon Prime Visa are good.

Re: Need a new everyday spend Visa

phantasm — Sat, 03 Dec 2022 18:47:51 GMT

As previously suggested, I would recommend looking at the US Alliance Signature Visa. It will give you 6% back on groceries and 3% back on everything else with no AF. I have the AOD 3% CB Visa, otherwise I would be getting this card.

Re: Need a new everyday spend Visa

Aim_High — Sat, 03 Dec 2022 19:17:22 GMT

@phantasm wrote:
As previously suggested, I would recommend looking at the US Alliance Signature Visa. It will give you 6% back on groceries and 3% back on everything else with no AF. I have the AOD 3% CB Visa, otherwise I would be getting this card.

Mmmm ... I would proceed with caution on US Alliance. They've never made their 3% permanent like AOD FCU, although they have extended or reoffered it. But they maintain that the base level earnings of the card is 1 point (1%.) Currently, the fine print on their website regarding that 6% and 3% says:

Effective 04/01/2021, USALLIANCE Visa Signature Cards earn an additional two (2) bonus points per eligible transaction (for a total of three (3) points per transaction) until 12/31/2022.
Every dollar(s) in qualifying purchase transactions, net of returns, made on their credit card account eligible in this Rewards Program earns Point(s). Point accrual rate is subject to change at the discretion of the Credit Union. Base points accrue at one (1) point per dollar. Bonus points are available on a promotional basis. As of 09/01/2022, all eligible grocery store or supermarket transactions on USALLIANCE Visa Signature Cards will earn five (5) points per dollar above the standard base point until 12/31/2023. Maximum points earned per eligible grocery transaction is six (6). Eligible grocery store or supermarket transactions are defined at the sole discretion of USALLIANCE Financial.

So right now, the 3% only runs through the end of the month (unless they extend it) and the 6% grocery only runs through 12/23 unless extended.

Re: Need a new everyday spend Visa

Aim_High — Sat, 03 Dec 2022 19:52:09 GMT

@ReturnOfTheCredi wrote:

With our area finally getting a Costco, I'm now having to split our monthly spending between our Amex BC Everyday and a CapOne Quicksilver due to Costco's Visa-only relationship. I'm considering app'ing the US Bank Shopper Cash Rewards card or the Citi Anywhere Costco card so we can consolidate, but can't decide. I am leaning toward the Costco card due to the annual fee on the Shopper Cash Rewards card and the poor experiences I've seen for applicants with US Bank who don't have an existing relationship (and we do not). Any input or counterpoints to help with making the decision are appreciated.

I like my Citi Costco Visa, @ReturnOfTheCredi, but I am not sure if that is the best card in your situation. I'll make the following observations:

You appear to appreciate a more minimalist lineup and eschew hard pulls / new accounts.
Your best flat-rate uncategorized and uncapped cash back card right now is your Quicksilver earning 1.5% with the exception of where your Apple card earns 2% with Apple Pay.
The Costco card still earns very well on gas (4% up to $7K at Costco or anywhere else.) It earns competitively on dining - travel (uncapped 3%.) The 2% at Costco or Costco.com and the 1% everywhere else is simply not as competitive as it was when Citi took over the Costco account in 2016. In particular, the 1% baseline earnings is very lackluster compared to other cards. There are many opportunities to earn better, both in-Costco and elsewhere. I used my Costco card heavily in the dining - travel categories and the 2% at Costco before I added better cards in the past few years.
With your lineup of Savor (4% dining), Venture (2% travel), Propel (3% gas - dining - travel, all uncapped), the Costco card offers only incremental improvements on your overall rewards earnings, if any at all.
Given the above, if I were adding just (one) card to your lineup to use at Costco while also increasing overall rewards, I would probably choose a card that earns at least 2% anywhere, uncapped and uncategorized. Here are links to two recent threads that outline some of the possibilities:

2%-3% Cash Back Card List

Credit Union 2% General Spend Card List

I've been a Costco fan for many years and I think you'll enjoy shopping there. They have some great products, bargains, and customer service. However, with the Costco card, there is another disadvantage besides the annual rebate check and lack of redemption flexibility. If for some reason you decide to close your Costco membership, Citi will close your Costco card. (Rebate checks must be cashed at Costco anyway.) And data points have indicated that Citibank will not allow a product change to another Citi card from the Costco card or transfer of that credit limit. This is similar to how Apple card is linked heavily to commitment to Apple products/iPhone and Verizon card is linked to having use for "Verizon Dollars."

I do like how the Costco card doubles as my membership card for Costco, I can do one "swipe" at the Costco gas pumps to key-in my membership and credit card info, and they offer good extended warranties on purchases with the card. I've found that working with Citi's website and mobile app has been reliable and pleasant overall.

Still, I think in your situation, you might consider a flat 2% or higher alternative.

Re: Need a new everyday spend Visa

cws-21 — Sat, 03 Dec 2022 19:55:19 GMT

@Aim_High wrote:

I do like how the Costco card doubles as my membership card for Costco, I can do one "swipe" at the Costco gas pumps to key-in my membership and credit card info, and they offer good extended warranties on purchases with the card. I've found that working with Citi's website and mobile app has been reliable and pleasant overall.

I think I have read that the extended warranty on the Costco Anywhere has ended or is going to end. Am I right or am I making things up?

Re: Need a new everyday spend Visa

FinStar — Sat, 03 Dec 2022 20:04:03 GMT

@cws-21 wrote:
@Aim_High wrote:

I do like how the Costco card doubles as my membership card for Costco, I can do one "swipe" at the Costco gas pumps to key-in my membership and credit card info, and they offer good extended warranties on purchases with the card. I've found that working with Citi's website and mobile app has been reliable and pleasant overall.
I think I have read that the extended warranty on the Costco Anywhere has ended or is going to end. Am I right or am I making things up?

There was a thread posted recently on this particular topic (i.e. Costco extended warranty) for folks who are interested in learning more about that development:

https://ficoforums.myfico.com/t5/Credit-Cards/Citi-Costco-ending-extended-warranty-after-Jan-22/m-p/6612830

However, let's keep the OP's thread on topic.

Re: Need a new everyday spend Visa

Aim_High — Sat, 03 Dec 2022 20:13:49 GMT

@ReturnOfTheCredi wrote:
Talking in (near) absolutes about WF because they have handled me pretty conservatively despite having an exceptional credit history, low utilization (9-12% across all accounts), over six-figure income, and no cards with SLs below $8,000 (Apple card, which is good) in the last 10 years besides my Target card, for which a $3,500 SL was considered high according to these forums. I don't like wasting HPs and given WF's history with me thus far, I think they'd be a waste. I could be wrong.

For example, Cap1 hasn't started me below $15k in 10 years. Wells Fargo kinda sucks for me in practice.

Everything can be profile-specific, @ReturnOfTheCredi, but I think you may be wrong. Since Wells Fargo started revamping their cards in the last 18 months, data points seem to indicate they've loosened up. IMO, overall SLs are higher and we've even seen some very high SLs of $30K to $50K, something almost unthinkable a few years ago. While Active Cash is not my favorite 2% card, I wouldn't rule it out based on underwriting alone.

There are cards that earn over 2% cash back, sometimes with a few strings attached. With Bank of America, with deposits and/or investments meeting certain thresholds, you can qualify for Preferred Rewards status which enchances card rewards. The levels are Gold ($20K+ = 1.25%), Platinum ($50K+ = 1.50%) and Platinum Rewards ($100K+ = 1.75%). So for example, the BofA Unlimited Rewards card that normally earns 1.50% earns Platinum (0.0150 x 0.0150 = 0.0225 or 2.25%); with Platinum Honors (0.0150 x 0.0175 = 0.02625 or 2.625%.) That is uncapped and uncategorized earnings. The same is true of the BofA Premium Rewards card except its' 2% base earnings on travel-dining are enhanced to 3.5% with Platinum Honors. Similarly, the Bank of America Customized Cash Rewards card that earns 2% at grocery or warehouse clubs earns 3.5% at Costco for Platinum Honors members, up to $2500 quarterly cap combined grocery-warehouse and selected higher category. If you also sign up to the "Executive" membership that earns an additional 2% on warehouse purchases (excluding certain categories like gasoline), you'd be earning 5.5% back at Costco after recouping the additional $60 AF. It's worth it if you'll be spending enough at Costco.

Since the AOD FCU Visa paying 3% rewards is not available to new applicants, the US Alliance 3% is not guaranteed a permanent rate, and the USAA Limitless Cash Back card that earned 2.5% rewards was nerfed, the next-best option for high cash rewards is the Alliant Credit Union Visa Signature card. It earns 2.5% on up to $10K monthly spending with no AF and a few minimal hoops to jump through. (Must open a high yield checking account, currently earning 0.25% interest which is a good rate; must maintain $1K minimum balance; must agree to electronic statements.)