topic Re: AMEX - Making the Card Work for YOU...? in Credit Cards

AMEX - Making the Card Work for YOU...?

Anonymous — Thu, 18 Feb 2010 19:51:34 GMT

All,

I was recently approved for an AMEX TruRewards Card. I went for this one because I am a Costco member, and I can avoid any AF that way. In addition, I wanted the "rewards"/cash back at the end of the year. My credit scores are very good (low 800's). I carry no balances currently on my other credit lines...just have my mortgage.

I decided it was time for the credit card issuers to pay me for a change. I basically plan to use the card for all of my everyday expenses that I would normally pay out of my checking account, including gas, groceries, etc...as well as any monthly bills that take AMEX as a payment option....then, paying the balance off the card at the end of each week with the checking account money I normally would have used.

I'm guessing I will end up charging anywhere from $1K - $2K a month on the card, paying it off weekly and carrying no balance....but reaping the cash rewards at the end of the year.

Has anyone ever done this with their CC's. Does it work? Do the CC companies catch on and get pissed...or are they just fine with it as long as you're using the card?

good idea...or bad idea?

Re: AMEX - Making the Card Work for YOU...?

woozy — Thu, 18 Feb 2010 20:13:56 GMT

I want to know, too. I've heard that the CCC don't like certain types of charges.

I live 2 miles from Costco,

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Thu, 18 Feb 2010 20:35:19 GMT

I've used cashback cards for years without any difficulty. TrueRewards isn't particularly noteworthy, though I realize that you want an AMEX for Costco. Look at the 2% Schwab card which will DOUBLE your annual return on miscellaneous charges. I also use an Associated Bank card for 5% on groceries, gas, and drugstores.

Good Luck,

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Thu, 18 Feb 2010 22:48:03 GMT

People do it all the time.

For AMEX $1K to 2K is small potatoes.

Why pay it off every week? Once a month on due date is fine.

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Thu, 18 Feb 2010 23:09:59 GMT

Why pay it off every week? Once a month on due date is fine.

Because hubby and I spent a lot of time building our credit, paying off all of our CC's, etc. We are in a really good place right now and don't want our spending / CC use to get out of control. for us, that means using the card to build the rewards, but paying it off imeediately so we're not tempted to spend the money elsewhere and end up carrying a balance. It's our own stop-gap measure.

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Fri, 19 Feb 2010 14:17:31 GMT

Tyggress, I'm assuming you are a Costco member. Do you know that they charge your Costo membership to the card every year? So yes there is no AF with the card but your Costco membership is charged to card. And yes I have done this with my CCs for the past 3+ years with no problems. I like the Costco card since I dine out a lot. At your anniversary date, you will receive a coupon for your cashback. You take the coupon to Costco for either 1) cashback or 2) store credit.

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Fri, 19 Feb 2010 15:28:53 GMT

Hi Romeo..

Yes, I know that my Costco membership is charged to the card in lieu of an annual fee. Which is fine...I pay the membership fee each year for Costco anyways, so in effect, I have no AF. Works for me. Thanks for the input~! Glad to know this plan of mine should work out fine.

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Fri, 19 Feb 2010 22:17:29 GMT

Lust - I was just looking at the Schwab card (been lusting after it myself for awhile, lol) and it looks like they're no longer offering the 2% rewards? Is that right? Are you grandfathered in to the 2%?

Re: AMEX - Making the Card Work for YOU...?

fused — Sat, 20 Feb 2010 02:54:28 GMT

Tyggress wrote:

Hi Romeo..

Yes, I know that my Costco membership is charged to the card in lieu of an annual fee. Which is fine...I pay the membership fee each year for Costco anyways, so in effect, I have no AF. Works for me. Thanks for the input~! Glad to know this plan of mine should work out fine.

I think your plan looks great. Obviously, you understand the CCC game and you play it well. There's not a thing wrong with what you're doing. You'll never pay late and you earn a lot of rewards, so kudos to you.

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Sat, 20 Feb 2010 03:39:45 GMT

@Anonymous wrote:
Lust - I was just looking at the Schwab card (been lusting after it myself for awhile, lol) and it looks like they're no longer offering the 2% rewards? Is that right? Are you grandfathered in to the 2%?

It's still available. GO FOR IT!!!!!!

https://wwwa.applyonlinenow.com/USCCapp/Ctl/entry?sc=UAAS3S

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Tue, 23 Feb 2010 21:39:35 GMT

LFTM - for Schwab - you have to open a brokerage acct and the money goes in there, right?

do you actually have to trade or invest?

how do you get your cashback out?

This whole Schwab (and Fidelity/etc) functioning has been eluding me for a long time.

Thanks!

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Tue, 23 Feb 2010 21:52:09 GMT

I do the same thing with ALL of my cards. Between my personal expenses, business expenses, as well as family-issued cards, I charge 4-5k a month through my cards, and pay them off every two weeks or so.

I wouldn't worry about it. The credit card companies make money off the interchange fees, so they're not losing out entirely.

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Wed, 24 Feb 2010 02:12:45 GMT

@Anonymous wrote:
LFTM - for Schwab - you have to open a brokerage acct and the money goes in there, right?

do you actually have to trade or invest?

how do you get your cashback out?

This whole Schwab (and Fidelity/etc) functioning has been eluding me for a long time.

Thanks!
You do NOT have to trade or invest, and there's no requirement to place even a cent in the brokerage account. As your rebates accrue, you can have them mailed or electronically sent.

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Thu, 25 Feb 2010 18:47:16 GMT

@Anonymous wrote:
@Anonymous wrote:
LFTM - for Schwab - you have to open a brokerage acct and the money goes in there, right?

do you actually have to trade or invest?

how do you get your cashback out?

This whole Schwab (and Fidelity/etc) functioning has been eluding me for a long time.

Thanks!
You do NOT have to trade or invest, and there's no requirement to place even a cent in the brokerage account. As your rebates accrue, you can have them mailed or electronically sent.

This is REALLY helpful!

Thanks so much!

Re: AMEX - Making the Card Work for YOU...?

Anonymous — Sat, 27 Feb 2010 14:35:18 GMT

This is exactly what I do with my Amex. I've used it for everything from Big Macs to strip clubs, and Amex has never batted an eye. I actually bought $1 worth of cat food with it once. Hey, a point is a point.