@BearsCubsOtters wrote:
@rgd51 wrote:The fact I have the chase freedom unlimited makes me think getting either of these 2 cards is pointless?
Yes. Unless you are going solely for sign up bonus and/or 0% purchase/balance transfer, I cannot see why you would want another 1.5% cash back card.
The Chase Freedom Unlimited is superior in that you can earn more than 1.5% in certain categories (dining; drug stores; travel booked through Chase) and also that the "cash back" earned can be converted to Ultimate Rewards points with a Sapphire Reserve/Preferred to further enhance value for travel redemptions.
Another reason to apply to AMEX or Capital One would be for lender diversity with another of the largest eight card issuers in the US, as both are on that list. I am a big believer in lender diversity.
Absent the allure of any of that, a flat rate 2% or higher card might be more useful for the long-haul.
@rgd51 wrote:I don't see anything wrong with a statement credit since it reduces your bill be 1.5% it's the same effect as if you were given 1.5% as a deposit to a bank account unless I'm missing something?
That's correct, @rgd51. Some of our members are very particular in how they get their rewards. Some want the ability to deposit rewards, perhaps into a separate "savings" account for a goal such as a vacation. They really dislike any cards that only pay in statement credit or that auto-credit your account, such as how the AOD FCU Visa credits all rewards earned every month. But yes, it is essentially the same thing to get the 1.5% as a statement credit. For someone who likes to keep it all separate, it would mean having to move an equivalent amount from regular banking to that savings account to reflect the rewards, and they see that as a hassle.
@Anonymous wrote:If you have foreign transactions, the Chase Freedom Unlimited isn't a good choice, Quicksilver would be.
That's true. But for those who regularly process foreign transactions, there are some great options that beat the Quicksilver with no FTF. Here are just a few off the top of my head with NO FTF and higher rewards.
- AOD FCU Visa Signature (3%)
- Navy FCU Flagship Rewards (2%/3%)
- Bank of America Premium Rewards (2.625% with Preferred Rewards Platinum Honors)
- Alliant CU Visa Signature (2.5% with account stipulations)
- PenFed Power Cash Rewards (2%)
- State Department FCU Premium Cash Back + (2%)
- Navy FCU Cash Rewards (1.75% with direct deposit)
That's not to mention that a premium Visa Infinite card like the US Bank Altitude Reserve or Chase Sapphire Reserve could be used with no FTF while still accruing valuable points. The Sapphire Reserve's 1x UR point per dollar would be worth only 1% in cash back but 1.5% to 2% when used for travel, which compares to the value of the Quicksilver if not beating it as long as you're not committed to pure cash back. I thought you said that you have the Altitude Reserve, @Anonymous? Would have saved you that 59 cents! Lol 
@Aim_High wrote:
@Anonymous wrote:If you have foreign transactions, the Chase Freedom Unlimited isn't a good choice, Quicksilver would be.
That's true. But for those who regularly process foreign transactions, there are some great options that beat the Quicksilver with no FTF. Here are just a few off the top of my head with NO FTF and higher rewards.
- AOD FCU Visa Signature (3%)
- Navy FCU Flagship Rewards (2%/3%)
- Bank of America Premium Rewards (2.625% with Preferred Rewards Platinum Honors)
- Alliant CU Visa Signature (2.5% with account stipulations)
- PenFed Power Cash Rewards (2%)
- State Department FCU Premium Cash Back + (2%)
- Navy FCU Cash Rewards (1.75% with direct deposit)
That's not to mention that a premium Visa Infinite card like the US Bank Altitude Reserve or Chase Sapphire Reserve could be used with no FTF while still accruing valuable points. The Sapphire Reserve's 1x UR point per dollar would be worth only 1% in cash back but 1.5% to 2% when used for travel, which compares to the value of the Quicksilver if not beating it as long as you're not committed to pure cash back. I thought you said that you have the Altitude Reserve, @Anonymous? Would have saved you that 59 cents! Lol
Right, I was just pointing out one way in which the CFU IS inferior to the Quicksilver. Re the Altitude Reserve, that would have got me 1.5% for travel, less than the planned 1.8% from Citizens, or the actual 2% from USAlliance. Never got around to getting the AOD, which would have been the best choice, but we all know that it will stop really soon now, as has always been the case since 2020!
@Aim_High wrote:For someone who likes to keep it all separate, it would mean having to move an equivalent amount from regular banking to that savings account to reflect the rewards, and they see that as a hassle.
This is exactly what I do with all my cash back cards. I'm able to put labels on transactions between accounts to so I can use those to keep track of cash back rewards by card or offer.
As for QS vs CM, while im a pretty big fan of the Amex MR points ecosystem, I think the cash magnet is a pretty meh product. I like the QS for no foreign fees and no minimum redemptions, so it's handy for one off foreign internet purchases or miscellaneous cash back while traveling, without having to worry about topping it off to redeem rewards. Otherwise I get better earn rates on domestic purchases with other cards.
@rgd51 wrote:I got pre approval SUB offers for $250 on both cards. I have had a QS before in the past so I know how that card works. Can anyone tell me in what ways the CM is better and worse than the QS? I will list below what I know of each card so let me know if I am missing something.
QS:
Don't have to wait until statement post to redeem rewards.
No redemption minimum.
No foreign transaction fee.
Often has low CL and very difficult to get a CLI
Triple pull when applying for the card
Customer service not as highly thought of as Amex
CM:
$25 redemption minimum
Foreign transaction fees
Can only redeem for statement credit
Likely a higher SL than the QS and potentially easier to get a CLI?
Access to Amex offers
Customer service that is more highly regarded than cap one
Some places don't accept Amex
Can get other Amex cards with soft inquires
Are these all correct? Are there other things I haven't listed that make the CM either better or worse than the QS?
They're all correct.
