topic Re: With the incoming presidential change, is it worth laving the garden for some high cash back car in Credit Cards

With the incoming presidential change, is it worth laving the garden for some high cash back cards?

AzCreditGuy — Fri, 15 Nov 2024 13:21:07 GMT

Not being political here but I know how economies can change the outlook of banks and extension of credit to offer consumers. I have been in the garden for 5yrs plus and currently have 7 cards.

My Discover is my highest cash back card at 5% but I seldom benefit from this as the categories don’t always pertain to my usage.
I tend to use BofA Buss, Cap 1 and Wells cards that offer 1.5% for everyday purchases.

I would like to add some cards that are currently being offered at 4% one of those being the U.S. Bank Smartly™ Visa Signature® Card, but I might be able to do a PC since I have the US BANK +Cash CC but they have certain accounts types one must have with US bank to get that 4%.

Are there any current cards offering a true 4% cash back offer on everyday spending? I am thinking of obtaining 2 more CCs to my profile. I have burned Amex, Citi and Chase in the past (2008) I know for sure I am blacklisted from Amex

Re: With the incoming presidential change, is it worth laving the garden for some high cash back car

unsungivy — Fri, 15 Nov 2024 13:47:09 GMT

There are no other 4% everything uncapped credit cards. There are a couple of cards with 3%, but they have caps or wait-lists (with fees).

WF Attune has uncapped 4% on a bunch of bizarre categories, so if you're looking for outside the big three of gas/groceries/dining, maybe check them out.

Re: With the incoming presidential change, is it worth laving the garden for some high cash back car

JoeRockhead — Fri, 15 Nov 2024 14:01:31 GMT

The issue with all credit cards with good rewards, rates, etc... are that they can seem like Mr. Right. With the arrival of a "changes to your cardmember agreement" disclosure, it may reveal that they were only Mr. Right Now.

We can all speculate as to what's ahead, but it's really all just a crap shoot isn't it? Live in the moment, and do what you feel is best for you right now.

As for recommendations... the USB Smartly Visa, Wells Fargo Attune MC.

Re: With the incoming presidential change, is it worth laving the garden for some high cash back car

Anonymous — Fri, 15 Nov 2024 15:15:54 GMT

@AzCreditGuy wrote:
Not being political here but I know how economies can change the outlook of banks and extension of credit to offer consumers. I have been in the garden for 5yrs plus and currently have 7 cards.

Unless there's a reason to do this right now, you can also wait to see how things shake out once the new administration is in place. If some of the campaign pledges come to fruition, it's probably a good time to be an issuer. Potentially lower income tax gives people more to spend, higher prices (from tariffs etc) increase the swipe fee, so it's possible the offers may get better over time, unless/until there are too many defaults.

Re: With the incoming presidential change, is it worth laving the garden for some high cash back car

ElvisCaprice — Fri, 15 Nov 2024 18:10:04 GMT

@AzCreditGuy wrote:
Not being political here but I know how economies can change the outlook of banks and extension of credit to offer consumers. I have been in the garden for 5yrs plus and currently have 7 cards.

My Discover is my highest cash back card at 5% but I seldom benefit from this as the categories don’t always pertain to my usage.
I tend to use BofA Buss, Cap 1 and Wells cards that offer 1.5% for everyday purchases.

I would like to add some cards that are currently being offered at 4% one of those being the U.S. Bank Smartly™ Visa Signature® Card, but I might be able to do a PC since I have the US BANK +Cash CC but they have certain accounts types one must have with US bank to get that 4%.

Are there any current cards offering a true 4% cash back offer on everyday spending? I am thinking of obtaining 2 more CCs to my profile. I have burned Amex, Citi and Chase in the past (2008) I know for sure I am blacklisted from Amex

5 yrs gardening? That's not gardening, that's falling asleep. Chuckle. Wow, all those potential SUBS missed out on. I hope politics doesn't effect CC's. If it does, CC's are the last thing to worry about.

Everyone has their own financial needs/desires. Without knowing yours it would be hard to pick the perfect CC (s), today.

Re: With the incoming presidential change, is it worth laving the garden for some high cash back car

AndySoCal — Fri, 15 Nov 2024 21:21:51 GMT

@AzCreditGuy Keep in mind that with US Bank Smartly Credit Card there are certain deposit requirements to receive that 4% rate. The deposit rates on the bank side not on the wealth side is below what you can get elsewhere. The wealth side the fees you might incur depending on what you want invest in are higher than I would pay. I use Vanguard for IRA's and brokerage accounts. To me yes I can get 4% for credit card purchases but the decrease in what I can get on the deposit side and fees negates the extra 2 percent I would get on my credit card purchases. I currently have a flat 2% rewards credit card. Does this type of card make sense when you look at the big picture?.

Re: With the incoming presidential change, is it worth laving the garden for some high cash back car

AzCreditGuy — Fri, 15 Nov 2024 21:49:03 GMT

@AndySoCal wrote:
@AzCreditGuy Keep in mind that with US Bank Smartly Credit Card there are certain deposit requirements to receive that 4% rate. The deposit rates on the bank side not on the wealth side is below what you can get elsewhere. The wealth side the fees you might incur depending on what you want invest in are higher than I would pay. I use Vanguard for IRA's and brokerage accounts. To me yes I can get 4% for credit card purchases but the decrease in what I can get on the deposit side and fees negates the extra 2 percent I would get on my credit card purchases. I currently have a flat 2% rewards credit card. Does this type of card make sense when you look at the big picture?.

Yup aware of the having certain accounts for that 4% I did put that in my post, to me it doesnt make financial sense for the 4% with them as the cash+ has a 1.5% I believe. I have been using my B of A worlds card that has 1.5% on a couple monthly bills, its nice to get some sort of cash back to apply towards the balance vs zero with a debit card

Re: With the incoming presidential change, is it worth laving the garden for some high cash back car

Anonymous — Sat, 16 Nov 2024 03:13:38 GMT

@AndySoCal wrote:
@AzCreditGuy Keep in mind that with US Bank Smartly Credit Card there are certain deposit requirements to receive that 4% rate. The deposit rates on the bank side not on the wealth side is below what you can get elsewhere. The wealth side the fees you might incur depending on what you want invest in are higher than I would pay. I use Vanguard for IRA's and brokerage accounts. To me yes I can get 4% for credit card purchases but the decrease in what I can get on the deposit side and fees negates the extra 2 percent I would get on my credit card purchases. I currently have a flat 2% rewards credit card. Does this type of card make sense when you look at the big picture?.

Just looking at the fees. If I keep $250K in an index IRA ETF (and don't intend to trade) it looks like there won't be fees, apart from the $95 one time close-out fee, right? (This is based on "fees may be waived ... $250K", don't really like the "may"!) If that's the case, apart from the inconvenience to both me and my survivors of having retirement accounts in two places, that doesn't seem too bad for an extra 2% Am I missing something?

Re: With the incoming presidential change, is it worth laving the garden for some high cash back car

markbeiser — Sat, 16 Nov 2024 04:07:01 GMT

@AzCreditGuy wrote:
I have been in the garden for 5yrs plus

You've gone past gardening into letting the field lie fallow!

Re: With the incoming presidential change, is it worth laving the garden for some high cash back car

AndySoCal — Sat, 16 Nov 2024 04:39:30 GMT

@markbeiser There is an annual IRA fee of $50.00. If I am reading the fee schedule right there is $4.95 ETF trade transaction fee per trade. Both of those fees I do not pay now.

For the extra two percent in cash back would have of be greater than the $50.00 to break even .

Just thought of this let's say you brought accross 100000 to usb wealth. The funds were invested in ETF funds. The market has a down year. Do you get the 4 percent or less due the current market value?

Re: With the incoming presidential change, is it worth laving the garden for some high cash back car

Anonymous — Sat, 16 Nov 2024 05:32:34 GMT

@AndySoCal wrote:
@markbeiser There is an annual IRA fee of $50.00. If I am reading the fee schedule right there is $4.95 ETF trade transaction fee per trade. Both of those fees I do not pay now.

For the extra two percent in cash back would have of be greater than the $50.00 to break even .
Just thought of this let's say you brought accross 100000 to usb wealth. The funds were invested in ETF funds. The market has a down year. Do you get the 4 percent or less due the current market value?

Probably meant for me but that's OK!

Again: if you bring $250K, the fee is probably waived. I wasn't planning to trade but the first 100 a year a free anyway.

On the market down question, that's a good question that often arises with stock thresholds and can vary from broker to broker. I can't remember the verbiage here too well, do they evaluate each month or over a longer period. My guess is that they just look at current value and if it is below the threshold, too bad, you go down a tier (and no chance to whine "But I brought over $100K" ) And some very good years might push you into the next tier.

But yes, there is some risk beyond straigt nerfing: the market can go down (bad) and then you lose the added % (bad). But the floor is 2% which isn't all that terrible.