topic Re: What's the best Cash Back / Points card out there? in Credit Cards

What's the best Cash Back / Points card out there?

Anonymous — Sat, 20 Feb 2010 02:41:34 GMT

Hey everyone,

I'm looking to pick up a new cash back / points card as I am not very happy with the ones that I have.

Based on the following information, what would you recommend I apply for:

Equifax Score - 777

Nissan Motor Acceptance Corp (Car Loan): Owe roughly $20,000 (current)

Direct Loans (student loans): $22,000 (in repayment, current)

Capital One Platinum: $5,000 credit line

Chase: $17,000 credit line

Citi Premier Pass: $11,300 credit line

Citi Platinum Select: $10,500 credit line (currently have about $1,000 on this, 0% APR until end of May)

Best Buy Store Card: $3900 credit line

Guitar Center Store Card: $10,000 credit line

Lowes Credit Card: $7400 credit line

All of them are reporting $0 balances except for the Citi Premier Pass (I pay in full every month) and the Citi Platinum (will pay off by May).

What I'm looking for is a cash back / points card to replace my Premier Pass and Cap One Platinum. Both of these cards off me a point per dollar spent on most purchases, and I have to have about 10,000 points on each of them just to redeem a $100 gift card (which I use for my everday purchases and save the $100 I would have spent otherwise).

What cards are worth applying for? Which cards have each of you been happiest with?

Thanks in advance, and I really love these forums - lots of great advice for everyone!

Message Edited by jonathanw84 on 02-19-2010 06:41 PM

Re: What's the best Cash Back / Points card out there?

Anonymous — Sat, 20 Feb 2010 07:50:04 GMT

I'm happiest with my Discover More, but the PenFed plat has better rewards last I remember. Lots has changed recently, though. Chase Freedom used to be my pick.

Re: What's the best Cash Back / Points card out there?

Anonymous — Sat, 20 Feb 2010 22:32:16 GMT

SCHWAB 2%.......best overall cashback out there. I couple it with an Associated Bank card (5% on groceries,gas,drugstores). Forget about "rewards" cards. Go for the cash.....

Re: What's the best Cash Back / Points card out there?

Jazzzy — Sat, 20 Feb 2010 23:00:39 GMT

@Anonymous wrote:
I'm happiest with my Discover More, but the PenFed plat has better rewards last I remember. Lots has changed recently, though. Chase Freedom used to be my pick.

The PenFed Gas/Cash Rewards card has 5% for gas at the pump, 2% for groceries, and 1% for everything else.

We don't use our Discover for anything besides their 5% categories that change quarterly. They advertise themselves as a 1% cash back card, but you are only getting 0.25% until you charge up to $3,000 I think it is.

So...we use the PenFed for Gas & Groceries / the Discover for the 5% categories / and a Delta AmEx for miles for everything else, because I can get more than 1% value from the miles. I also have a National City travel rewards card that gives me about 1.25% in cash back if I use it against airline purchases. That is for places that don't take AmEx.

Re: What's the best Cash Back / Points card out there?

Anonymous — Sun, 21 Feb 2010 00:44:12 GMT

Penfed and Schwab visa look awesome...they all require membership to apply though, anyone know what their requirements are like in terms of credit score?

Message Edited by howhow16 on 02-20-2010 04:44 PM

Re: What's the best Cash Back / Points card out there?

Jazzzy — Sun, 21 Feb 2010 00:48:57 GMT

@Anonymous wrote:
Penfed and Schwab visa look awesome...looks like they all require membership to apply.

Question: Do I need to open an account at Penfed to apply for their credit card? I know for Schwab I certainly need to open an account with them to receive cash back but how about for Penfed? What are the requirements?

With PenFed, we simply opened up a $5 savings account and then applied for the card. There was a hard inquiry for the savings account, but if the credit card is opened within 60 to 90 days (you'd have to ask them), they will use the information from their first pull.

To join PenFed, you can pay a small membership fee/donation to an organization that supports military families, and that is all they require. I joined by being an American Red Cross volunteer. There are ways to qualify listed on their website.

My only issue with Schwab is that I'm happy with TDAmeritrade and don't want to move anything over.

Re: What's the best Cash Back / Points card out there?

Anonymous — Sun, 21 Feb 2010 00:53:52 GMT

@LynetteM wrote:
@Anonymous wrote:
Penfed and Schwab visa look awesome...looks like they all require membership to apply.

Question: Do I need to open an account at Penfed to apply for their credit card? I know for Schwab I certainly need to open an account with them to receive cash back but how about for Penfed? What are the requirements?

With PenFed, we simply opened up a $5 savings account and then applied for the card. There was a hard inquiry for the savings account, but if the credit card is opened within 60 to 90 days (you'd have to ask them), they will use the information from their first pull.

To join PenFed, you can pay a small membership fee/donation to an organization that supports military families, and that is all they require. I joined by being an American Red Cross volunteer. There are ways to qualify listed on their website.

My only issue with Schwab is that I'm happy with TDAmeritrade and don't want to move anything over.

thanks for the info...do you know what kind of FICO score they are looking at?

Re: What's the best Cash Back / Points card out there?

Anonymous — Sun, 21 Feb 2010 00:58:23 GMT

PenFed sounds like it may be the best one to go after from what you all are saying? What are the requirements score wise? Do I fit their criteria?

Re: What's the best Cash Back / Points card out there?

Jazzzy — Sun, 21 Feb 2010 01:01:30 GMT

@Anonymous wrote:
thanks for the info...do you know what kind of FICO score they are looking at?

When we applied for PenFed, we were likely in the mid 700s. We have a couple of older 30-day late payments showing, but no other derogatories.

Search here in the Credit Card forum for threads on PenFed acceptance. If I remember correctly, they are touchy about having too much utilization. I don't know what their magic ceiling is.

Hopefully others will come along with info about where they were at with scores, etc. when they apped PenFed. Feel free to start a thread on the topic and see who stops in.

Re: What's the best Cash Back / Points card out there?

BungalowMo — Sun, 21 Feb 2010 17:34:25 GMT

I like my Chase BP Visa. I travel over 500 mi every week for work & have a BP station right near home.

I get: "With your BP Visa® card you earn a 5% rebate on all BP purchases, 2% rebates on eligible Travel & Dining and 1% on all other eligible purchases."

I mainly use it for gas purchases & PIF every month. Then at each $25 increment, I select to have a check made payable to me....then pay my bill with it!

Re: What's the best Cash Back / Points card out there?

Anonymous — Sun, 21 Feb 2010 22:02:15 GMT

What are your spending habits you basically what a card that receives bonus point for what you spend most make it put out min$1% cash equivalent
2500
I like like my amazon Visa my points $0.01 and redemption's 2500 and 5000 points which is 1% but since I get 3 points for every $1 and 2/$1 at restaurant and some other places for to me revives faster redemption's it's for use this card then getting a card that pays 3%

Now this is just my opinion but I think the B'N card is just is bad deal it, I does pay 1% but it aside a 5% discount ,spend at B'N doesn't earn a a redemption than spending elsewhere so you can get the same results with any run of the mill 1% and you can take that to the bank

Re: What's the best Cash Back / Points card out there?

Karatz — Mon, 22 Feb 2010 05:57:26 GMT

@Anonymous wrote:
SCHWAB 2%.......best overall cashback out there. I couple it with an Associated Bank card (5% on groceries,gas,drugstores). Forget about "rewards" cards. Go for the cash.....

+20

Make a choice between 1 card or maybe 2 or 3. In my opinion, look at how much you spend on categories like gas, groceries, etc. do a bit of research to see which belong to what. My transportation gets 60 mpg and I live 1.2 miles from work. No reason for me to go Penfed for 5% on gas just to get 5% on $200 in a year. My pick is Schwab too. I used my US Bank Bus Flex for office supplies and gas 3%, and my Citibank 3% for groceries to keep em happy.