Could I be denied for Barclaycard Rewards card?

[baller4life]

https://www.fidelity.com/cash-management/american-express-cards

[Anonymous]

@ Elim  - Yeah I see your point, however, maybe it's just the cash-guy in me, but there's a warm, fuzzy feel good about getting a chunk of money deposited directly into your checking account.  Also, for credit statement, I'd have to wait for my Nov. due date to hit, pay off that statement, dump alot of spending early in Dec., request the statement credit, wait approx. 7 days for it to drop in, clear the remainder of my balance before the reporting phase to leave only a $100 balance to carry to my next statement for utilization. Seems like a big hassle as opposed to, "cash please".......lol.

[longtimelurker]

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@Anonymous wrote:

 The first card I dug into was the Citi Double Cash card. I thought that was the perfect everyday cashback card, but all I've read about is red-tape issues with the (1% at purchase) + (1% at payment). Evidently you have to carry the full balance of your spending to statement to earn the (1% at payment), thus destroying your utilization percentage and I'm simply NOT going to do that. Also seems to be an issue with long wait times and other difficulties with getting the rewards. So I completely abandoned that one. (Sad.)

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I don't know where that info came from but it's really not true.   No need to carry a balance at all.    The only (really slight( concern was that if you go for statement credit (which it sounds like you don't want) you get only(!) 1.99%   But you can redeem into a bank account and get 2% even if you report 0 balance every time.   And the 1% + 1% is a slighl complexity (wouldn't call it red tape) but you have to compare it to cards like NASA, Discover Miles (and now Discover IT with the promotion) where you have to wait till the end of the first year to get the full bonus, and things like Amex Blue Cash X, where you have to wait two months for rewards to post.

People used to report similar concerns about Fidelity Amex, which was only very slightly more work.    That does have a higher min redeption $50 vs the DC $25.

In summary, reconsider the Double Cash!

[bengalikejenga]

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@Anonymous wrote:

After looking through all the available rewards cards, I decided that Groceries, Gas, and Utilities were pretty much my largest sum of purchases. So at 2% for all those categories I thought this card would be more beneficial for my needs than a Quicksilver 1.5% as my everyday rewards card. But now I'm a little gunshy to try to apply. Does excellent credit hurt your approval chances for lower tier cards?

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if you mainly pay groceries gas and utilities, i would suggest the sallie mae card from barclays, bcuz that is 5% back on gas and groceries up to $250 each month. 

[msbia]

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@baller4life wrote:
Fidelity Amex is 2% cashback that you set up a Cash Management acct at Fidelity to have your cashback deposited into. Nice way to build up the cash you want.

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Yes!! I was coming to post the same.  OP I was just approved for this card and from what I'm reading it should fit exactly what you're looking for. Good luck to you! 

[baller4life]

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@bengalikejenga wrote:

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@Anonymous wrote:

After looking through all the available rewards cards, I decided that Groceries, Gas, and Utilities were pretty much my largest sum of purchases. So at 2% for all those categories I thought this card would be more beneficial for my needs than a Quicksilver 1.5% as my everyday rewards card. But now I'm a little gunshy to try to apply. Does excellent credit hurt your approval chances for lower tier cards?

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if you mainly pay groceries gas and utilities, i would suggest the sallie mae card from barclays, bcuz that is 5% back on gas and groceries up to $250 each month. 

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OP wants cashback deposit or check and not statement credit.

[baller4life]

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@msbia wrote:

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@baller4life wrote:
Fidelity Amex is 2% cashback that you set up a Cash Management acct at Fidelity to have your cashback deposited into. Nice way to build up the cash you want.

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Yes!! I was coming to post the same.  OP I was just approved for this card and from what I'm reading it should fit exactly what you're looking for. Good luck to you! 

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Great minds think alike!

[Anonymous]

@longtime lurker  - regarding your statements about Citi Double Cash card.....Once again, I revisited the card to do more research and once again I found yet another article stating that you have to carry the full balance of your purchases to statement to get the (1% at payment).

Quote: Only 1% cash back is directly awarded on purchases. The next 1% appears to only apply to the statement balance amount, so it is possible that 1% will not be award if balances are paid off before statement close. This card may not be suitable for the manufactured spend audience who not only pay bills in full each month but, as a matter of course, do things including:

• Purchase gift cards at category bonuses to use for everyday spend.
• Push so much money through cards that it is often necessary to pay off balances mid-cycle to reset credit and to avoid reports of large balances to credit bureaux.

So as tempting as the card may sound, I never carry any full balance to statement. I usually carry about $100 to statement, I live within my means.

[longtimelurker]

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@Anonymous wrote:

@longtime lurker  - regarding your statements about Citi Double Cash card.....Once again, I revisited the card to do more research and once again I found yet another article stating that you have to carry the full balance of your purchases to statement to get the (1% at payment).

Quote: Only 1% cash back is directly awarded on purchases. The next 1% appears to only apply to the statement balance amount, so it is possible that 1% will not be award if balances are paid off before statement close. This card may not be suitable for the manufactured spend audience who not only pay bills in full each month but, as a matter of course, do things including:

• Purchase gift cards at category bonuses to use for everyday spend.
• Push so much money through cards that it is often necessary to pay off balances mid-cycle to reset credit and to avoid reports of large balances to credit bureaux.

So as tempting as the card may sound, I never carry any full balance to statement. I usually carry about $100 to statement, I live within my means.

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Well, as someone with the card, that has not been my experience.   I nearly always report 0 balance on the card, and get credit for all my payments.   So not sure what evidence there is for the quored statement.

[Anonymous]

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@Anonymous wrote:

So as it stands now, CapitalOne Quicksilver, Chase Freedom, and Discover It are the only cards that are going to give me the true cashback option. Aside from the 5% categories, I can't find a solid card for Grocery, Gas, or Food with true cashback. The first card I dug into was the Citi Double Cash card. I thought that was the perfect everyday cashback card, but all I've read about is red-tape issues with the (1% at purchase) + (1% at payment). Evidently you have to carry the full balance of your spending to statement to earn the (1% at payment), thus destroying your utilization percentage and I'm simply NOT going to do that. Also seems to be an issue with long wait times and other difficulties with getting the rewards. So I completely abandoned that one. (Sad.)

So until I find some other options, looks like I'm stuck with a 1.5% everyday card, and 2 revolving category cards. Barclay would have actually been perfect for my needs, but statement credit ONLY, no thanks.

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No offense here, and again I am no expert, but I think with your scores and your income, that having a tiny bit more utilization is not really going to make a difference.

That being said, I am LOVING this thread and its information. There is a great discussion here, where the consumer is taking charge, and being very specific with their needs. I think that this is wonderful. 

Now, with regards to the other ones that do not write a check, or deposit your cash back, why not just use the money to buy amex gift cards, load them onto a serve account, and transfer that to your checking?