How far to optimize rewards? And how does Cash+ code for utilities?

[kevinindy]

So I have a pretty goood setup across a couple cards getting CB and UR.  I also have a 10 year old USB Flex Perks card that is SD.  Right now I use my double cash for $200/mo in cell service ($4 rewards) and pay our $220 electric bill via auto EFT from our checking account. (no rewards.)  The electric bill can be paid by credit card for a $1.50 fee, but I have to do it manually each month no autopay.  So I miss out on rewards of $4.40 - $1.50 = $2.90 a month.

If I could (not sure they'll do it haven't called in) switch the flexperks to Cash+ I would get $10 in rewards on the cell, an increase of $6/mo.  I could also pay the electric with it and get $11 - $1.50 = $9.50 in rewards which might make the effort to pay it monthly worthwhile.

I've found one post where people said WU Speedpay would code for 5%, but just that one, so I'd like more data on that (that's the service the electric company uses.)  I also have read that USB was forcing people to other cards if they were just using the 5%, which I would be doing.

So besides feedback on the Cash+, I am wondering if I am getting to the point where the marginal value I'd create is just not worth the effort - how far do folks take their setup, is it ok to leave $15/mo (but with some hassle) on the table?  I certainly wouldn't do it for just a buck or two.

Thanks in advance for any cash+ data and opinions in general.

[kdm31091]

I prefer less hassle and more simplicity. In the grand scheme of things 15 bucks a month isn’t worth stressing over managing another account if you don’t want to.

[Kforce]

 I put a value on my management time, need to rotate cards, splitting rewards, etc.

If a card can get me > 10 dollars every month average, I take a hard look.

I don't get a card just for a Sub, or a few bucks once or twice a year.

I have one card I could profit 10/month from, but have not pulled the trigger all year..

I guess my new threshold is  > 12, maybe even 15.

[Kforce]

---

@kevinindy wrote:

1)   I also have read that USB was forcing people to other cards if they were just using the 5%, which I would be doing.

2)  Thanks in advance for any cash+ data and opinions in general.

---

1.  I have been using the Cash+ for 4 years, and only put spend in the 5% categories and often max the cap.

       It is a card I get excellent cashback from. They have not closed me down.

2. The card can be better than many other 5% cards, because you pick the categories every quarter.

     First quarter I pay full years Gym and Phone (Right about the 3 month cap)

     Other 3 quarters Utilities and now TV, Internet, Streaming.

     Push extra to cover Jan-March in December each year

    (Under the cap but not by much, still 5% on my spend)

3.  If you don't mind pre-paying you can push 6 months electric and phone for the one time 1.50 fee.

    2nd quarter pick two other categories that benefit you with 5%

     Not hard to benefit from 4 categories with one card.

    Cash+  is my highest cashback per spend, and my second highest overall cashback card.

    If I could only have 3 cards, this would be in the set

[wasCB14]

For me, light bonus chasing provides a far better return than trying to add any additional long-term cards.

[Caardvark]

I pay my electric bill (FP&L) via WU Speedpay (US Bank cash+) and it does code properly as a utility. 

Regarding your other statement "US Bank forcing people into other cards if they only use bonus categories." Are there DPs of this happening? I've had my cash+ for almost a year now and I only use it for my 5% category (utilities). And, I hit the $2K cap every quarter. 

I suspect I'd be at the top of the list of someone they want out of the cash+ yet there have been no signs of them wanting to do that.  

[Anonymous]

I just got the Cash+ and this is how I plan to optimize my awards:

Phone and TV/Internet/Streaming - Cash+
Gym and Entertainment - Savor
Restaurants and Grocieries - Amex Gold
Gas and Travel - Premier
Utilities - Chase Amazon ( I get 5% back till April)
Non category spend - Venture

I only carry Gold, Savor, Premier and Venture.

[UpperNwGuy]

I optimize my travel and dining spending at 4.5% using the Chase Sapphire Reserve, and use my 2% PenFed Power Cash for everything else.  That combo nets me about $900 a year between points and cash back.  If I still had a 3% grocery card, I would pick up an additional $30 a year, but it simply isn't worth the hassle to me, so groceries go on my 2% card.  I might pick up an additional $20 a year if I had a 3% card for internet and cell phone, but that too isn't worth the hassle, so I use my 2% card.

[Anonymous]

IMO, it comes down to

a) value of your time (mentioned already)

b) enjoyment, including comfort level.

c)  Opportunity cost

So if you REALLY enjoy credit cards, getting and managing a new card for even $10 extra a year might give you satisfaction and seem like a good idea.  Against that, if you get new cards too often, you might find yourself eventually declined for that card that gives you an extra $15 a year!!!

I think enjoyment really comes into it, because however effortless is may seem to get and manage a new card, there are alternative things to do that don't take much time, such as clipping coupons or moving money into higher yielding accounts whenever rates go up.  Or you could potentially save more money with a bit more work, such as going to mulitple grocery stores to get the best price for each item.    (Of course, with enough time, you can do it all).

Or, as others have said, chase bonuses, and this will generally give you much more.

[Anonymous]

I get 5% on my electric bill, but not my water, sewer, trash which is a bummer.  I switched my 5% on cell phones on the Cash+ to a Wells Fargo card for the cell phone insurance. I only use my Cash+ for 5% categories and the bank has not told me to stop. If that helps you at all.