Best cash rebate card... Do I already have it?

[Anonymous]

Hi all!  I've been reading these forums a lot lately and have been asking friends the above question... but figured I'd make this my 1st post.

I've been with AMEX for a long time, using the Platinum card.  When I first got it I was able to take advantage of the travel perks, which made the AF worth it.  For the past year or 2 I haven't used any of the perks at all; except when I broke my cell phone, which I paid for with the card, they credited the full purchase price!  So I think it's time to same myself $450/yr and switch to a cash rebate card.

Currently I have the following:

AMEX Platinum

AMEX Blue Cash (Just recently PCd from a Starwood Preferred to avoid the $45/yr AF)

Chase Sapphire

Chase Slate

Discover More

The only one that is completely worthless is the Slate.  Besides a high CL I don't get rewards or anything with it.  It's a no AF card so I just keep it in a drawer. I've seen a lot of chatter about the Penfed card but I don't know anything about it.  Is the Blue Cash one of the top rebate cards?  The Discover?

Thanks for any input!

[Jazzzy]

Hi...and welcome.

Not Discover. Read about the rewards carefully. My understanding is that it is 0.25% until you charge $3,000. Then it's 1%. They have revolving 5% categories, but they are severely capped. Their 5% cash back for March is on groceries...a maximum of $200 in purchases. That's $10 maximum reward. Discover was one of the first true cash rewards card. They made a lot of mileage from being the first. They are now staying afloat on that reputation...but the rewards are not great.

PenFed is nice. It has 5% on gas at the pump and 2% on groceries. It also has 1% on everything else. Also, the credit is on your next statement, so it's an immediate return.

[Gh0st]

Discover does have a pretty nice online selection though. You should check out Shopdiscover.com 

5-25% off major retailers and its not capped. You can also get some nice returns on gift cards. 

[FocusOnFICO]

Amex Blue Cash and PenFed are both great (I have both), but it really depens on how much you will be spending and what you will be spending on.

Last year, my charges pointed to using the Amex predominantly and it very much paid off.  This year, my charges are significantly lower, and PenFed will net me more back, so it will be my main card.

Check the thresholds and what/how you project to spend and one of those two will serve you quite well.

[bostonte]

"PenFed is nice. It has 5% on gas at the pump and 2% on groceries. It also has 1% on everything else. Also, the credit is on your next statement, so it's an immediate return."

Capital One's No Hassle Cash Rewards is rather comparable, except for the Gas. But it would be easier for a lot of people to qualify for than PenFed.

It's 2% for Gas and Groceries, 1% for everything else. You can redeem your cash rewards online any time (no minimum) or set them to auto redeem at a certain threshold.

Fort Knox Federal Credit Union is 5% on Gas, 1.25% on everything else. Don't have it and have no experience with the CU, just noticed it.

[BungalowMo]

My Chase BP Visa has 5% cash back on purchases at BP stations (I have one, one block up the street) 2% on groceries & other things & 1% on dining out.

It's the gas % that hooked me.  I drive 500 miles for work every week, so it's adding up quick!

[Anonymous]

really depends on what u buy with it.  what categories u use the most, so you can use about 2 cards to maximize the returns.  overall (again depending on your spend habits and categories) but blue cash is hard to beat, and imo schwab is most overrated card out there, almost like people are blind about it's 2% overall, yet they could be doing a lot better return with a combination of 2 cards or even just one like *cough* blue cash ;p