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Hello Everyone,
I went on a app spree last year for the "ultimate' cash back credit card. After trying a few, especially Citi Double Cash, I've gone back to using a credit union card that offers 1.5% on every purchase. Why, you ask? I don't like that in order to redeem my cash back, I have to reach a minimum redemption level.
Even though Citi DC is 2% CB, my 1.5% NFCC allows me to redeem at any time. With Citi DC, I always feel like at some point, unless I continue to use the same card all the time, that I'm leaving cash on the table unless I reach a minimum threshold and stop using the card. YMMV, but I'm willing to forgo the .5% in favor of a card that allows me to redeem at any time and this is what works for me. There's something about the minimum redemption level that subconciously kinda makes me feel like I gotta spend more to make sure I get my CB. My back-up cards are my Discover IT/IT Miles card since they also allow you to redeem without minimums.
I'd be interested to hear what others think.
Thanks for responding, I'm glad there are probably a few folks that think about this the way I do.
And what you said about Citi DC taking a long time to post rewards is one of the other reasons why I recently stopped using the card and switched back to my Navy Federal CC.
I feel the same, I have a CashForward, Quicksilver, and Discover IT. The Discover It posts rewards at the end of the month which is a slight annoyance, but I can deal.
I'm generally a believer that 2% cash back is better than 1.5%, but I shelved my Citi DC and started using a CapOne QS card for general spend. Citi DC had the $25 minimum and other redemption issues since I don't have a Citi checking account. I know I'm leaving money on the table but I prefer the instant gratification.
@CluelessJohn wrote:I'm generally a believer that 2% cash back is better than 1.5%, but I shelved my Citi DC and started using a CapOne QS card for general spend. Citi DC had the $25 minimum and other redemption issues since I don't have a Citi checking account. I know I'm leaving money on the table but I prefer the instant gratification.
I agree and I feel like at the end of the day, getting 1.5% quickly is better than 2% and having to wait for it.
Maybe I'll be the lone dissenter (as I'm sure there are others who deal with the other end of the spectrum) for cash back flexibility and opportunity redemptions, but I've never had any "annoyance" or felt any inflexibility (IME) with redemption thresholds for Fidelity PC, Double Cash, BOA PP Cash Rewards (auto-deposited), Cash+ or Discover, etc. Maybe for high income individuals that can optimize these cash back vehicles in a such a way where such thresholds mean nothing since the cummulative amounts can be redeemed whenever? *shrugs*
While I'm sure some individuals may not like them (depending on who the issuer is), there's plenty of choices and other lenders out there + much worse rewards products/structures.
I agree 2 percent is more than 1.5 percent, but if the headaches aren't worth it on the 2 percent card, I can understand.
As finstar said, high income may make it less relevant, but I'm certainly not high income haha.
Anyway, 1.5 vs 2 percent is a relatively insignificant difference at the end of the day, absent very large spend. So I think people should just use whatever they prefer. You leave a little on the table but it's not going to make a massive difference either way, and there's certainly many good options out there for different consumers.
@kdm31091 wrote:I agree 2 percent is more than 1.5 percent, but if the headaches aren't worth it on the 2 percent card, I can understand.
As finstar said, high income may make it less relevant, but I'm certainly not high income haha.
Anyway, 1.5 vs 2 percent is a relatively insignificant difference at the end of the day, absent very large spend. So I think people should just use whatever they prefer. You leave a little on the table but it's not going to make a massive difference either way, and there's certainly many good options out there for different consumers.
Right. I would definitely agree that not all rewards portals are created equal and some are more favored than others, like Capital One being a decent one. Yet, for instance AmEx can take a while sometimes to update rewards information and yes, Discover can be cryptic almost like bartering (e.g. I harvested lots of lemons to get good lemonade yields but only got a few drops?).