topic Re: Best Cash Rewards Card for Heavy Usage in Credit Cards

Best Cash Rewards Card for Heavy Usage

ztnjpv — Sun, 26 Feb 2012 20:09:11 GMT

My research on the most lucrative cash back cards has been rather tedious and difficult. Some cards SEEM more lucrative based on superficial descriptions of percentages in certain categories (often revolving) but then the fine print shows limits on how much cash back you can earn. Others that seem limitless and straightforward...like the Cap One Cash...are stuck at 1.5% and that's it.

I own a business and intend to shift a lot of my monthly payments (that incur no service charge for CC payments) from my check book to my new card. It's easy money for doing nothing different.

I was looking at business cards too. The problem with a lot of these cards is that the lucrative percentages are for things I don't really use that much like travel and office supplies. I own a restaurant so I'm putting things on the card like advertising (print, web radio), garbage p-up, linen service, telecom services and utilities (if applicable with no fee). There may be others. Sadly, the BIG expenses...food purchases...don't fit as well. They either won't do it or charge a fee that cancels out most of the benefit. But the sum of everything else is pretty darn good without it. Add in my personal usage and we're talking between $6-7K per month. Maybe more.

The Cap One Spark Cash Card (business card) seems to be the best one at 2% on everything. But the site that told me this, Nerd Wallet, doesn't expand very well on categories. It's more suited for personal categories. See here: http://www.nerdwallet.com/business-credit-cards There are other biz cards that boast 3% and 5% back on certain things but they don't apply or aren't worth much to me.

Anyone know of something even better? or an interactive site that helps you choose? Chase Freedom and Citi Dividend are often listed among the best but they have pesky, low limits that would short change my efforts.

Re: Best Cash Rewards Card for Heavy Usage

LS2982 — Sun, 26 Feb 2012 16:02:14 GMT

@ztnjpv wrote:
My research on the most lucrative cash back cards has been rather tefious and difficult. Some cards SEEM more lucrative based on superficial descriptions of percentages in certain categories (often revolving) but then the fine print shows limits on how much cash back you can earn. Others that seem limitless and straightforward...like the Cap One Cash...are stuck at 1.5% and that's it.

I own a business and intend to shift a lot of my monthly payments (that incur no service charge for CC payments) from my check book to my new card. It's easy money for doing nothing different.

I was looking at business cards too. The problem with a lot of these cards is that the lucrative percentages are for things I don't really use that much like travel and office supplies. I own a restaurant so I'm putting things on the card like advertising (print, web radio), garbage p-up, linen service, telecom services and utilities (if applicable with no fee). There may be others. Sadly, the BIG expenses...food purchases...don't fit as well. They either won't do it or charge a fee that cancels out most of the benefit. But the sum of everything else is pretty darn good without it. Add in my personal usage and we're talking between $6-7K per month. Maybe more.

The Cap One Spark Cash Card (business card) seems to be the best one at 2% on everything. But the site that told me this, Nerd Wallet, doesn't expand very well on categories. It's more suited for personal categories. See here: http://www.nerdwallet.com/business-credit-cards There are other biz card boast 3% and 5% back on certain things but they don't apply or aren't worth much to me.

Anyone know of something even better? or an interactive site that helps you choose? Chase Freedom and Citi Dividend are often listed among the best but they have pesky, low limits that would short change my efforts.

This one is the best that I can think of. 2% all the time is still very good for money you would otherwise pay in cash!

Re: Best Cash Rewards Card for Heavy Usage

Anonymous — Sun, 26 Feb 2012 16:08:16 GMT

Amex Plum gives a 1.5% discount if the balance is paid within 10 days of statement date. That's basically the same as cash.

Re: Best Cash Rewards Card for Heavy Usage

ztnjpv — Sun, 26 Feb 2012 16:31:56 GMT

"This one is the best that I can think of. 2% all the time is still very good for money you would otherwise pay in cash!"

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Yeah. It seems to be. It's just that you always see those 3 and 5% cash back categories and the mouth starts drooling! LOL

I keep looking for that "magic card" that somehow aligns best with my expenses and I'm not seeing it.

Looking at these: http://www.bankaholic.com/credit-cards/business/...., I see 2X points on advertising on the The Business Gold Rewrds Card from Amex OPEN but I'm always suspicious of "points" because you never know what points are worth compared to starightforward "% cash back". Points are foggy. Sometimes they're better than percentages, sometimes not. And there's no way to know. Plus, it's AMEX, which I always worry about not being as readily accepted as VISA/MC.

3% to 5% cash back on advertising and telecom/cable would be awesome. But then I'd likely have that off set by 1% on everything else, which would make everything a virtual wash. TEDIOUS.

Re: Best Cash Rewards Card for Heavy Usage

Anonymous — Sun, 26 Feb 2012 17:24:23 GMT

@Anonymous wrote:
Amex Plum gives a 1.5% discount if the balance is paid within 10 days of statement date. That's basically the same as cash.

+1 for Plum, the weirdest charge card Amex has.

Re: Best Cash Rewards Card for Heavy Usage

LS2982 — Sun, 26 Feb 2012 17:26:09 GMT

@ztnjpv wrote:
"This one is the best that I can think of. 2% all the time is still very good for money you would otherwise pay in cash!"

--------------------------------------------------------------------------------------------

Yeah. It seems to be. It's just that you always see those 3 and 5% cash back categories and the mouth starts drooling! LOL

I keep looking for that "magic card" that somehow aligns best with my expenses and I'm not seeing it.

Looking at these: http://www.bankaholic.com/credit-cards/business/...., I see 2X points on advertising on the The Business Gold Rewrds Card from Amex OPEN but I'm always suspicious of "points" because you never know what points are worth compared to starightforward "% cash back". Points are foggy. Sometimes they're better than percentages, sometimes not. And there's no way to know. Plus, it's AMEX, which I always worry about not being as readily accepted as VISA/MC.

3% to 5% cash back on advertising and telecom/cable would be awesome. But then I'd likely have that off set by 1% on everything else, which would make everything a virtual wash. TEDIOUS.

+1 on not liking the points. I'd prefer straight cash back as well!

Re: Best Cash Rewards Card for Heavy Usage

Open123 — Sun, 26 Feb 2012 17:45:46 GMT

The 2% FIA Amex, and the Sallie Mae 2% Visa Signature. Both have no annual fees, and both offer straight up 2%. The Sallie Mae has to be redeemed at 25k for the full $250, but with the initial 10k bonus, it's not hard to meet. If you have an account with them, the Ameriprise World Mastercard is a free 2% cashback, along with HSBC Premier if you bank with them (and, no foreign transaction fee).

Sparks is good, but has the annual fee. Plum is a great card, but has a very a high fee.

If you're looking for a straight cash 2%, I'd suggest the no annual fee version suits you the best. The only exception is if all of your spending occurs at a supermarket where the BDP is without peer, even with the high fee.

Are you using this for personal or business? If business, you can fully write off the fee, which may make sense. But, for personal spending, I don't believe in ever paying a fee for a cashback card since there are no fee 2% straight cashbacks available. The only exception being the BCP because of the whopping 6% at supermarkets.

Re: Best Cash Rewards Card for Heavy Usage

ztnjpv — Sun, 26 Feb 2012 18:01:56 GMT

Open 123,

What are BDP and BCP? Too many acronyms.

Re: Best Cash Rewards Card for Heavy Usage

Open123 — Sun, 26 Feb 2012 18:03:47 GMT

@ztnjpv wrote:
Open 123,

What are BDP and BCP? Too many acronyms.

LOL...sorry, sometimes I forget not everyone is used to all these acronyms.

The AmEx Blue Cash preferred. BDP must be a type where I meant BCP. See? I even confuse myself with all of the acronyms.

Re: Best Cash Rewards Card for Heavy Usage

Anonymous — Sun, 26 Feb 2012 18:06:25 GMT

I think BDP was a typo, and was meant to be BCP.

BCP = AMEX Blue Cash Preferred, 6% supermarket, 3% gas & department stores, 1% everything else, $75 annual fee.

Re: Best Cash Rewards Card for Heavy Usage

ztnjpv — Sun, 26 Feb 2012 18:17:39 GMT

Hahaha.

Got it

Re: Best Cash Rewards Card for Heavy Usage

ztnjpv — Sun, 26 Feb 2012 18:58:08 GMT

BTW, some cards of note using that interactive site at nerd wallet:

Best for gas: Simply Cash Business Amex OPEN. No Annual Fee

Best for Gas Non-Biz: Seems to be Chase Freedom among major cards.

Best for Groceries (more $300 per month): Blue Cash Everyday. No Annual Fee

Best for Groceries (less than 300 per month) Chase Freedom

Best at a common personal mix of $600 per month with $200 on gas, $300 on Groceries and $100 on dining: Blue Cash Every Day and Chase Freedom with $155 and $152 respectively in annual cash back savings.

Beyond that, as you slide the monthly spending total up, the extra spending will go under the "Other" Category. Doing this The Freedom slips from second place when you hit $1200 per month (meaning $600 in other spending) and yields to the Cap One Cash. At $1300, the BC Everyday and Cap One Cash are virtually even. At $1400, the Cap One Cash edges into first.

Moral of the story: The high cash back cards (3% to 5% on select categories) tend to have limits. As you spend more heavily on a wide range of things, the Cap One Cash becomes better due to its features of no limits and a flat rate on everything.

Re: Best Cash Rewards Card for Heavy Usage

Anonymous — Sun, 26 Feb 2012 23:50:09 GMT

@ztnjpv wrote:
My research on the most lucrative cash back cards has been rather tedious and difficult. Some cards SEEM more lucrative based on superficial descriptions of percentages in certain categories (often revolving) but then the fine print shows limits on how much cash back you can earn. Others that seem limitless and straightforward...like the Cap One Cash...are stuck at 1.5% and that's it.

I own a business and intend to shift a lot of my monthly payments (that incur no service charge for CC payments) from my check book to my new card. It's easy money for doing nothing different.

I was looking at business cards too. The problem with a lot of these cards is that the lucrative percentages are for things I don't really use that much like travel and office supplies. I own a restaurant so I'm putting things on the card like advertising (print, web radio), garbage p-up, linen service, telecom services and utilities (if applicable with no fee). There may be others. Sadly, the BIG expenses...food purchases...don't fit as well. They either won't do it or charge a fee that cancels out most of the benefit. But the sum of everything else is pretty darn good without it. Add in my personal usage and we're talking between $6-7K per month. Maybe more.

The Cap One Spark Cash Card (business card) seems to be the best one at 2% on everything. But the site that told me this, Nerd Wallet, doesn't expand very well on categories. It's more suited for personal categories. See here: http://www.nerdwallet.com/business-credit-cards There are other biz cards that boast 3% and 5% back on certain things but they don't apply or aren't worth much to me.

Anyone know of something even better? or an interactive site that helps you choose? Chase Freedom and Citi Dividend are often listed among the best but they have pesky, low limits that would short change my efforts.

If you intend to use this card purely for your business, a strait 2% cash back card is your best bet. Like you already mentioned, most of the popular cash back cards only pay out highly in certain categories of spending or rotate these categories every quarter. For general non-category spending (which almost all of your purchases with wholesale food suppliers will fall under) you will only get 1% (or even less) back with these cards.

With regard to the 2% cards already mentioned, you probably want to go with a Visa instead of Amex b/c a lot of suppliers in the restaurant business do not take Amex. The Spark seems to fit your needs, although keep in mind there is an annual fee of $59 after the 1st year that will offset some of the cash back you earn. I'm not familiar with the Sallie Mae Visa but that is another card to consider b/c it doesn't have an annual fee.

Re: Best Cash Rewards Card for Heavy Usage

navigatethis12 — Mon, 27 Feb 2012 00:10:43 GMT

If you don't mind using a personal card for business, the PNC Cashbuilder credit card is pretty good. It gives 1.75% cashback if you spend $4000 a month or if you have a performance select checking account with them. You do have to get $50 before you can cashout but that's pretty easy. You can choose a statement credit or a direct deposit into a PNC account. After you request the cashout the cash is there the next day. The best thing about it is that the cashback posts as soon as the purchase does. Most you have to wait until the end of the billing cycle.

Aside from that like someone said there is the Sallie Mae card, but it's 2% is deceiving since you have to get $250 cashback for it to be truly 2%. The is a Priceline card fom Barclay Bank that is the same, but that is only good for a statement credit. The Fidelity American Express is true 2% at any amount if you deposit it into a Fidelity account, but you can easily transfer it to another account if you like.