Highest cash back cards for 2018 - for my situation - link to calculator I made

[Anonymous]

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Hi all,

I made another spreadsheet comparing a few credit cards. I am searching for a card that beats my USAA Limitless cash back card. I was under the impression that there were cards out there that offered 5% cash back for both groceries and gas. Apparently, that/those cards no longer exist. That is unfortunate and hopefully this changes in the future. 

Regardless. the spreadsheet I made is publically viewable. You are free to copy the spreadsheet and its formula's into your own personal spreadsheet to compare which cards work best for you.

Here is a link to the spreadsheet:

https://docs.google.com/spreadsheets/d/17rUykjMtrW6ocM56OHHvUECOxW4lB0kcJWa-5jSvHsI/edit?usp=sharing

[Anonymous]

As some of you know from my previous posts, I am in the process of making major financial changes:

1. Searched out the highest (or among the highest) performing APY rate bank - Don't want to rate/bank chase - Goldman Sachs - 1.5% APY

2. Already Cut major life expenses - grocery, gas, recreation etc (going to go as effecient as possible)

3. Searching out the highest Cash back credit card - right now it is the USAA Limitless Cash back rewards at 2.5% on every purchase

I dont want to yearly card chase just because of incentives.

I am open to a better card for my situation though so if my math is off or there is a better card for my situation, please let me know.

Thanks.

[Anonymous]

You didn't make the spreadsheet public.  Go to the "share" button and make it vieweable by "everyone with link".

I remember your name, I spent a bunch of time and energy trying to help you with the savings account search and histories or something.  I switch savings accounts constantly if it saves me more than $20 in a year just for a 10 minute app and transfer.  I also switch credit cards to what is the most productive -- having one credit card hurts your FICO score, and also limits you to the point that some households may be losing out on thousands of dollars in rewards/cashback a year.

[Anonymous]

ABC, please try the link now to see if it works.

[Anonymous]

It does!

In your case, not wanting to switch cards, your USAA is the best card for your spend.

It's funny you posted this because I am literally working on a web page right now for folks to enter their category spend and see what each card would pay (minus AF).

If you were willing to change cards here or there, you'd find better solutions, but for your desire not to change cards, this is the best you can do.

[Anonymous]

Thanks

Let us know when you get a calculator type website put up with this type of information. Maybe you could include an option that recommends the best card based on an individuals spend catagories.

Perhaps you could make your website a financial type website that also includes other areas like "high interest savings history APY tracker" where you can recommend banks with the highest average APY over the past 5 years.

Then hopefully your site gets first place placement with Google. Too many companies are advertising their rates (APY, cash back etc.), yet it seems few places compare these things. When comparing these things, sometimes one finds it isnt what its cracked up to be.

[Anonymous]

FWIW, if you are willing to play the game with more than 1 card, your absolute best rewards would be as I put into this spreadsheet: https://docs.google.com/spreadsheets/d/1MGJIV2nuH_Ev9S4FiPQl4Qq-oMwD_aqgZwSulp7UPUA/edit?usp=sharing

I had to change the layout of yours because I work better in this format.

Your spreadsheet says you will earn $262.55 with the 2.5% card.

If you had the Amex BCE (no annual fee card) and the Cashback Rewards Plus cards and used those, my spreadsheet says you will earn $294.21 in a year.

That's over $30 more in a year just for having 3 cards in your wallet...

And having 3 CCs is a FICO booster, too.

[Anonymous]

My website should be public in April or maybe even March.  And I do plan on having savings rates there but they'll be done differently than those other sites, lol.  I definitely make a LOT of spreadsheets for people every day, and it will save me hours a week of doing it over and over haha.

[longtimelurker]

Just a little math PSA, be wary of spurious precision!    In the spread sheet we have a number like $600, which I would guess isn't precise even in the tens place, then some of the other figures are to the cent.   There is no justification in treating cents in the final calculation as accurate as they are outweighed by the unknown variation in the other figures.

[longtimelurker]

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@Anonymous wrote:

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Hi all,

 I was under the impression that there were cards out there that offered 5% cash back for both groceries and gas. Apparently, that/those cards no longer exist. That is unfortunate and hopefully this changes in the future. 

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Well, there is a reason that many of the cards disappeared.   You find them attractive, as do most others, and they weren't profitable enough because people use them only is those categories.   The beloved Sallie Mae had very small caps, but was still useful (especially as it also had bookstores/Amazon at 5% with a higher cap).

As mentioned in the other thread, the Old Blue Cash from Amex still offers 5% on gas and groceries (and drug stores), up to a $50K a year spend.   The drawback is that there is a $6,500 a year threshold before those rates kick in.    This isn't a problem if you meet that $6,500 non-organically!