topic Re: First post in Credit Cards

First post

Ravensfan899 — Sun, 29 Jan 2023 19:51:11 GMT

Long time lurker and decided to finally make an account. I only go for no annual fee cash back cards. I don't travel so that's not a category I need. Just looking for suggestions or looking to see if I'm pretty set with what I have.

Capital one quicksilver, Capital one savorone, Capital one Walmart, chase freedom, chase freedom unlimited, Amex blue cash everyday, discover it, citi custom cash and the US bank cash+

Re: First post

GZG — Sun, 29 Jan 2023 19:56:58 GMT

@Ravensfan899 wrote:
Long time lurker and decided to finally make an account. I only go for no annual fee cash back cards. I don't travel so that's not a category I need. Just looking for suggestions or looking to see if I'm pretty set with what I have.
Capital one quicksilver, Capital one savorone, Capital one Walmart, chase freedom, chase freedom unlimited, Amex blue cash everyday, discover it, citi custom cash and the US bank cash+

a 2% card would be superior to your 1.5% cards for non-category spend

wells fargo active cash

Paypal MC

Citi Double Cash

Fidelity Rewards visa sig 2%

https://ficoforums.myfico.com/t5/Credit-Cards/2-3-Cashback-CB-Credit-Card-CC-List/td-p/6197473

Re: First post

NoMoreDebt — Sun, 29 Jan 2023 20:01:59 GMT

You appear to have the basics covered. I use the same strategy as far as preferring cash back over points for travel at this time. Three apps I plan on making this year are for the Fidelity Visa and Amex Gold then later the Schwab platinum since it allows you to covert MRP's and deposit them into a legible brokerage account.

Re: First post

Anonymous — Sun, 29 Jan 2023 22:03:59 GMT

@Ravensfan899 wrote:
Long time lurker and decided to finally make an account. I only go for no annual fee cash back cards. I don't travel so that's not a category I need. Just looking for suggestions or looking to see if I'm pretty set with what I have.
Capital one quicksilver, Capital one savorone, Capital one Walmart, chase freedom, chase freedom unlimited, Amex blue cash everyday, discover it, citi custom cash and the US bank cash+

These sort of questions are very hard to answer accurately without knowing more about your spending, or we can make assumptions that might be wrong, or not. Two examples:

1) If you spend a lot of money on Amazon, you should get one of the Amazon cards (Chase, Sync, Amex Biz or some CU ones). If you don't obviously not! We can probably assume you don't as you didn't mention it, but....

2) I would also suggest a flat rate 2% card, sort of on general principle, but if your uncharacterized spend is very low, that might not be a very profitable use of a new account, and you would be better off applying for a high SUB card that might not attract any spend later on.

Re: First post

JNA1 — Sun, 29 Jan 2023 22:08:46 GMT

@GZG wrote:
@Ravensfan899 wrote:
Long time lurker and decided to finally make an account. I only go for no annual fee cash back cards. I don't travel so that's not a category I need. Just looking for suggestions or looking to see if I'm pretty set with what I have.
Capital one quicksilver, Capital one savorone, Capital one Walmart, chase freedom, chase freedom unlimited, Amex blue cash everyday, discover it, citi custom cash and the US bank cash+
a 2% card would be superior to your 1.5% cards for non-category spend

wells fargo active cash
Paypal MC
Citi Double Cash
Fidelity Rewards visa sig 2%

https://ficoforums.myfico.com/t5/Credit-Cards/2-3-Cashback-CB-Credit-Card-CC-List/td-p/6197473

Agreed, and if you are willing to join a credit union (anyone can join) and park $1000 in a high rate checking account, you could earn 2.5% on purchases up to $10K per month.

https://www.alliantcreditunion.org/bank/visa-signature-card

Re: First post

mgood — Sun, 29 Jan 2023 23:37:16 GMT

Looks like you have a nice setup. Like others have mentioned, you might consider getting a 2% cash back card instead of the 1.5% Quicksilver. PenFed Power Cash Rewards (aka PCR) is another good one that I don't think has been mentioned. It requires joining Pentagon Federal Credit Union, which'll cost you $5.00 you park in a savings account and forget about.

FNBO Evergreen is another popular 2% cash back card. They have a good preaproval site that'll tell you your preapproved limit before you decide to take the hard pull to apply. (I, and I think most people, got approved for the amount on the preapproval. There's not guarantee, of course.)

My limits on both of those cards have grown far, far quicker than my Cap One cards.

Re: First post

Ravensfan899 — Mon, 30 Jan 2023 00:27:29 GMT

I appreciate the suggestions. A straight 2% card makes sense for spend that isn't covered by the other cards

Re: First post

mgood — Mon, 30 Jan 2023 01:14:35 GMT

@Ravensfan899 wrote:
I appreciate the suggestions. A straight 2% card makes sense for spend that isn't covered by the other cards

The 1.5% from your Quicksilver will get the job done. But a 2% card will do it a little better. If you're looking to improve your cash-back strategy, that would be a good place to start.

Re: First post

Drifter73 — Mon, 30 Jan 2023 01:32:02 GMT

Added note: some are OK with the 2%cb option as a statement credit or gift card, but personally I like cb cards with ach to Checking or savings options.

Your Citi CC has that option, but then so does a Citi DC 2%. The FNBO Evergreen, and bread amex also has the 2% CB ach to Checking or savings options.

It's something to consider.

For me, I cash out all cb on cards with ach to a high yield retirement savings account and just keep stacking it.

To each their own.

Eventually I'll close down a few of my older builder cards and replace them with more ACH option cards to add to the 2 daily drivers I leverage now.

Re: First post

ptatohed — Mon, 30 Jan 2023 10:00:16 GMT

Members beat me to it. I too, am strictly a no AF, cash-back only guy. For you, I would definitely look into a 2% CB card as your minimum CB, forget the 1.5% QS CB, I ditched mine many moons ago (closed to inactivity - no loss). Lots to choose from, concentrate on a 2% card with an intro bonus and low (or no) redemption minimum. Maybe consider the PayPal MC for 3% PP if you make a lot of PP purchases.

Then, look at cards that could fill a 5% CB void in your current lineup. Best of luck!

Re: First post

OmarGB9 — Mon, 30 Jan 2023 14:55:32 GMT

@mgood wrote:
Looks like you have a nice setup. Like others have mentioned, you might consider getting a 2% cash back card instead of the 1.5% Quicksilver. PenFed Power Cash Rewards (aka PCR) is another good one that I don't think has been mentioned. It requires joining Pentagon Federal Credit Union, which'll cost you $5.00 you park in a savings account and forget about.
FNBO Evergreen is another popular 2% cash back card. They have a good preaproval site that'll tell you your preapproved limit before you decide to take the hard pull to apply. (I, and I think most people, got approved for the amount on the preapproval. There's not guarantee, of course.)
My limits on both of those cards have grown far, far quicker than my Cap One cards.

Well, getting 2% CB on the PCR takes a little more than just opening the savings account. You need to be an "Honors Advantage Member", which is achieved by either being in the military, or opening and maintaining a checking account. A free checking account qualifies, but to qualify as "Honors Advantage" you must maintain either a $500 minimum daily balance OR direct deposits of $500 or more every month. Note that that requirement is to get the extra 0.5% CB, and it's not required for the free checking account itself.

Re: First post

mgood — Mon, 30 Jan 2023 18:27:02 GMT

@OmarGB9 wrote:
@mgood wrote:
Looks like you have a nice setup. Like others have mentioned, you might consider getting a 2% cash back card instead of the 1.5% Quicksilver. PenFed Power Cash Rewards (aka PCR) is another good one that I don't think has been mentioned. It requires joining Pentagon Federal Credit Union, which'll cost you $5.00 you park in a savings account and forget about.
FNBO Evergreen is another popular 2% cash back card. They have a good preaproval site that'll tell you your preapproved limit before you decide to take the hard pull to apply. (I, and I think most people, got approved for the amount on the preapproval. There's not guarantee, of course.)
My limits on both of those cards have grown far, far quicker than my Cap One cards.
Well, getting 2% CB on the PCR takes a little more than just opening the savings account. You need to be an "Honors Advantage Member", which is achieved by either being in the military, or opening and maintaining a checking account. A free checking account qualifies, but to qualify as "Honors Advantage" you must maintain either a $500 minimum daily balance OR direct deposits of $500 or more every month. Note that that requirement is to get the extra 0.5% CB, and it's not required for the free checking account itself.

You are right, of course. I wasn't thinking about that when I posted. I opened it and used it for the BT deal at the time. Later when that was paid off, I opened the Access America checking account to gain Honor Advantage status for the 2% instead of 1.5%. Had my employer DD part of each paycheck there to avoid the fee on that. . . . So at the time I posted, I'm just thinking "This is a 2% card," and not thinking about any of the rest of that.

Re: First post

LADave — Mon, 30 Jan 2023 18:33:44 GMT

@Drifter73 wrote:
Added note: some are OK with the 2%cb option as a statement credit or gift card, but personally I like cb cards with ach to Checking or savings options.

Since not all cards offer this option, a solution I've found is to deposit the equivalent of whatever rewards I'm taking as a statement credit into my Capital One HYSA, where I deposit all of my cash rewards/SUBs. I deposit the funds from the C1 checking account where I make most of my credit card payments from. Since those funds would have been used towards pay off the card anyway, it all balances out in the end.

I use the funds from that account to fund miscellaneous travel expenses, and it's come in handy. The account also earns 3.3% APY, which is better than points sitting in a rewards account.

Re: First post

OmarGB9 — Mon, 30 Jan 2023 20:57:15 GMT

@LADave wrote:
@Drifter73 wrote:
Added note: some are OK with the 2%cb option as a statement credit or gift card, but personally I like cb cards with ach to Checking or savings options.
Since not all cards offer this option, a solution I've found is to deposit the equivalent of whatever rewards I'm taking as a statement credit into my Capital One HYSA, where I deposit all of my cash rewards/SUBs. I deposit the funds from the C1 checking account where I make most of my credit card payments from. Since those funds would have been used towards pay off the card anyway, it all balances out in the end.

I use the funds from that account to fund miscellaneous travel expenses, and it's come in handy. The account also earns 3.3% APY, which is better than points sitting in a rewards account.

I've often brought up this point. It's basically the same thing.

To your second point, besides earning a small amount of interest on your rewards by transferring to a HYSA, you also avoid the risk of losing all of your rewards since an issuer can close an account/change or terminate a rewards program at any time for any reason, and any unredeemed rewards are typically forfeited.

Re: First post

LADave — Mon, 30 Jan 2023 21:19:14 GMT

@OmarGB9 wrote:
@LADave wrote:
@Drifter73 wrote:
Added note: some are OK with the 2%cb option as a statement credit or gift card, but personally I like cb cards with ach to Checking or savings options.
Since not all cards offer this option, a solution I've found is to deposit the equivalent of whatever rewards I'm taking as a statement credit into my Capital One HYSA, where I deposit all of my cash rewards/SUBs. I deposit the funds from the C1 checking account where I make most of my credit card payments from. Since those funds would have been used towards pay off the card anyway, it all balances out in the end.

I use the funds from that account to fund miscellaneous travel expenses, and it's come in handy. The account also earns 3.3% APY, which is better than points sitting in a rewards account.
I've often brought up this point. It's basically the same thing.

To your second point, besides earning a small amount of interest on your rewards by transferring to a HYSA, you also avoid the risk of losing all of your rewards since an issuer can close an account/change or terminate a rewards program at any time for any reason, and any unredeemed rewards are typically forfeited.

This 100%. Cash rewards are more secure if they get redeemed. They don't earn interest and they're not secure until they're used. Storing "points" for travel over a long period of time is overvalued, regardless of whether they're with your card company or an airline. And I see no point for not redeeming cash back on a regular basis. These programs change, and inflation will eat away at their value faster than if it was cash deposited into a HYSA.

The only way I can feel better about accumulating points over cash is if I'm getting a very large amount of points in a relatively short period of time (usually from an SUB), and/or if I'm getting more value per point on redemptions than I would with a similar cash back card.

Re: First post

SouthJamaica — Tue, 31 Jan 2023 04:25:04 GMT

@Ravensfan899 wrote:
Long time lurker and decided to finally make an account. I only go for no annual fee cash back cards. I don't travel so that's not a category I need. Just looking for suggestions or looking to see if I'm pretty set with what I have.
Capital one quicksilver, Capital one savorone, Capital one Walmart, chase freedom, chase freedom unlimited, Amex blue cash everyday, discover it, citi custom cash and the US bank cash+

The Comenity AAA Daily Advantage and Travel Advantage Visa cards are good.

Travel Advantage gives you 5% on gas and electric vehicle charging, and 3% on dining, groceries, travel, and AAA.

Daily Advantage gives you 5% on groceries, and 3% on gas/ev, pharmacies, wholesale clubs, streaming, and AAA.

Re: First post

OmarGB9 — Tue, 31 Jan 2023 04:45:38 GMT

@mgood wrote:
@OmarGB9 wrote:
@mgood wrote:
Looks like you have a nice setup. Like others have mentioned, you might consider getting a 2% cash back card instead of the 1.5% Quicksilver. PenFed Power Cash Rewards (aka PCR) is another good one that I don't think has been mentioned. It requires joining Pentagon Federal Credit Union, which'll cost you $5.00 you park in a savings account and forget about.
FNBO Evergreen is another popular 2% cash back card. They have a good preaproval site that'll tell you your preapproved limit before you decide to take the hard pull to apply. (I, and I think most people, got approved for the amount on the preapproval. There's not guarantee, of course.)
My limits on both of those cards have grown far, far quicker than my Cap One cards.
Well, getting 2% CB on the PCR takes a little more than just opening the savings account. You need to be an "Honors Advantage Member", which is achieved by either being in the military, or opening and maintaining a checking account. A free checking account qualifies, but to qualify as "Honors Advantage" you must maintain either a $500 minimum daily balance OR direct deposits of $500 or more every month. Note that that requirement is to get the extra 0.5% CB, and it's not required for the free checking account itself.
You are right, of course. I wasn't thinking about that when I posted. I opened it and used it for the BT deal at the time. Later when that was paid off, I opened the Access America checking account to gain Honor Advantage status for the 2% instead of 1.5%. Had my employer DD part of each paycheck there to avoid the fee on that. . . . So at the time I posted, I'm just thinking "This is a 2% card," and not thinking about any of the rest of that.

Not a problem, just trying to make sure all details/fine print are disclosed for OP as well as any lurkers out there.