Best general purpose cashback card

[jaybird201]

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@Anonymous wrote:
In reply to the OP, AMEX Csotco TrueEarnings' cash back can only be used in Costco. Therefore, not many people will be benefitting from it as personally I don't shop at Costco. But it is an easy application to go with since as long as you sign up for Costco membership, you will be able to get one easily. Your credit score might not be taken into much as a factor.

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Not sure where, you're getting your information from, but that rebate check you get every March for your AmEx True Earnings cash back can not only be used to pay for items purchased at Costco, but it can be CASHED at Costco as well. Just walk up to a cashier, hand them your check and they'll hand you the dough.

Source::I just got my $250 cash back a few weeks ago

[jaybird201]

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@brother7 wrote:

I bit the bullet around midnight last night and signed up for a Schwab One brokerage account + Schwab Bank High Yield Investor Checking acocunt. The online app was straightforward.

I'm holding off applying for the Schwab One Invest First Visa Signature card until my credit score improves to 720+ which should be very soon. I think Schwab pulls EQ but I'm not sure. I hope they do because that's my best score right now.

Surfing around their site, I see that the Schwab Bank High Yield Investor Savings account earns 2.00% APY which is better than the 1.75% that my credit union is giving.

Soon I'll be owning one of these 

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Congrats! And I agree with you about the High-Yield Investor Savings. I've got a checking, savings, line of credit and a credit card at Navy Federal Credit Union and Schwab beats them out on every single product...

As far as the credit card goes, I think you've got a pretty good shot of being approved if you apply now. I applied with a 710, was denied, called in for a recon and was approved for a $10,000 CL. Depending on whether or not you've got any recent baddies, I think you've got a good chance.

By the way, my favorite part about Schwab? They've got great no-load, no-fee mutual funds that you can buy into with as little as $100 and you can even set-up monthly automatic investments. No hidden fees or anything.

Okay, I'm done plugging for Schwab. But seriously, they're amazing.

[Anonymous]

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@jaybird201 wrote:

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@Anonymous wrote:
In reply to the OP, AMEX Csotco TrueEarnings' cash back can only be used in Costco. Therefore, not many people will be benefitting from it as personally I don't shop at Costco. But it is an easy application to go with since as long as you sign up for Costco membership, you will be able to get one easily. Your credit score might not be taken into much as a factor.

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Not sure where, you're getting your information from, but that rebate check you get every March for your AmEx True Earnings cash back can not only be used to pay for items purchased at Costco, but it can be CASHED at Costco as well. Just walk up to a cashier, hand them your check and they'll hand you the dough.

Source::I just got my $250 cash back a few weeks ago

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I got this information from other credit card forums, that's why I never apply for it. I dine out A LOT, and I thought it would be a wonderful card until I heard that from someone. I'm glad you were able to provide this information, maybe I'll reconsider. Thanks!

[jaybird201]

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@Anonymous wrote:

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@jaybird201 wrote:

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@Anonymous wrote:
In reply to the OP, AMEX Csotco TrueEarnings' cash back can only be used in Costco. Therefore, not many people will be benefitting from it as personally I don't shop at Costco. But it is an easy application to go with since as long as you sign up for Costco membership, you will be able to get one easily. Your credit score might not be taken into much as a factor.

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Not sure where, you're getting your information from, but that rebate check you get every March for your AmEx True Earnings cash back can not only be used to pay for items purchased at Costco, but it can be CASHED at Costco as well. Just walk up to a cashier, hand them your check and they'll hand you the dough.

Source::I just got my $250 cash back a few weeks ago

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I got this information from other credit card forums, that's why I never apply for it. I dine out A LOT, and I thought it would be a wonderful card until I heard that from someone. I'm glad you were able to provide this information, maybe I'll reconsider. Thanks!

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Haha, another forum!? I don't think you can find anyone who knows more about FICO stuff than the mods and users on this site...

[Anonymous]

Haha, true. It was just about a thread on the best overall cash back card. I was trying to get into credit card with cash back, so I went with AMEX Blue Cash. Then, I started participating in the discussion on various cash back cards. It wasnt about the FICO. But when it comes to FICO, NO ONE else can beat the people here. I'm gonna stick around for a long time.

[brother7]

Well, this is kind of a bummer...

I got a ScoreWatch alert today... a new INQ.  I checked and it was from Charles Schwab Bank.  All I did was open a brokerage + checking account.  I hadn't applied for the CC yet, as I was waiting for my latest payment to post, bringing my util to 2%.  Yet they did a hard INQ anyway.

No I wonder... if I wait, then apply for the CC, will they do another hard INQ, a soft INQ or use the report they already pulled?

[clocktick]

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@brother7 wrote:

No I wonder... if I wait, then apply for the CC, will they do another hard INQ, a soft INQ or use the report they already pulled?

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Unfortunately, it's not uncommon for banks and CUs to pull a hard inquiry while opening an account.  From what I read, you will most likely get another hard inquiry on your Experian from Bank of America for the Schwab credit card. 

For others, you can apply for the credit card first and the brokerage account afterwards.  This way if denied for the cc, you don't have to have another hard on your CR.  Also, I believe you have 5 years to open a brokerage account after the cc.

[Anonymous]

Brother7, I recently learned about the 2% Schwab Visa and realized I'd be much better off with it over my AMEX card which is only accepted in half the places I go, and gives me virtually no cash back until I eclipse that $6500 mark. Anyway, we've been car shopping so I decided to wait until those ducks were in a row and then immediately apply for the Schwab card (I already have a Schwab One account) which I did this Sunday. It's 3-7 days to review, so hopefully I'll know soon, but I can tell you that they pulled my Experian report for the card. I have no idea what was pulled when I opened my brokerage account since it was so long ago, but I'm fairly certain it will be Experian when you apply for the Visa. The one good thing is that your Experian score won't have been dinged by the Equifax inquiry.

[Anonymous]

Jaybird, I'm nervous to hear you were initially denied. I'm waiting on my app decision, and my Experian score is sitting at about 740. Why on earth would they deny you with a score around 800? Did they give you denial reasons, and how did you get them to reconsider? I really want this card!

[Anonymous]

Man, I'm on the edge of applying for the Charles Schwab 2% as well, I think I gotta give up my AMEX Blue Cash. I'm cutting my budget to not going out to eat as much anymore. The $6500 mark is not gonna be easy anymore to hit. Gosh, I have so many cash back card not wondering to apply another one or not. I dont wanna ding my credit score. I have already 6 new credit in my past 24 months, one more would it hurt more or less?