So I've been re-evaluating my future needs for my cashback lineup and I need some clarification on obtaining multiples of the same card. I know some people have multiples due to PC and some are actually achieved by cold apps. However, I'm unsure which lenders allow for multiple cards without PC's and what criteria must be met in order to do this. (Time lapse between apps, other factors, etc)
Interest #1) BoA Cash Rewards : I currently have the MC version of this card (March 2019) that I keep for Perma- 3% Online Shopping. But this card is very flexible, allowing for category change each month. I think a 2nd would be beneficial to me to rotate between dining, home improvement so I can keep my 1st one on Online Shopping. I am fond of the no-FTF, straight cashback redemption, and I would like the US Pride Visa version. (Would apping for the Visa version hold any weight for approval of the 2nd card?) I have no other BoA's to PC. As an added thought....if it is possible to app for a 2nd, would I be eligible for the $200 spend bonus again?
Interest #2) BBVA Clearpoints Visa : I don't have this card yet (not sure if it's geo-restricted or if I even qualify for it). But the versatility of the card is fantastic due to the categories it covers. (Has useful categories the BoA doesn't cover) People also mention special bonuses that are frequently offered.
3% Dining , Travel , Healthcare , Maintenance (both auto and home), Retail , Grocery , Gas , Utilities
Having 2x this card, and being able to rotate quarterly, would be very beneficial. There are caveats to this card however: 3% FTF, No 0% purchase promo, and (from what I have seen, correct me if I'm wrong) you can only get statement credit. Doesn't statement credit reduce the actual return?
Interest 3) Huntington Voice : This one has been on my maybe-list for a long time and I keep passing it up. Like BoA and BBVA, there's a nice spread of categories to rotate between. The reason I keep passing it up is: No spend bonus, no 0% promos, unclear on FTF, and appears to be statement credit only. Again, does this reduce the actual return?
3% Dining, Travel, Discount Stores, Grocery, Home Improvement Stores, Gas
The thing that keeps me coming back.....Discount Stores & Grocery (on the same card). I need a Walmart spender above 2% and this would be covered by one or the other, depending on how my local stores code I can figure that out. This would be a Perma-Walmart spender, but with the option to rotate if needed. Again, versatility.
Multi-category cards are so versatile. Big fan here. If anyone has any data points on these I would appreciate it. Are multiples possible? What criteria must be met? Answers to any of the above questions? Other suggestions? Warnings?
On Deck: No Plans Currently
BOA - does have rules in place for apping for new cards so you should check and plan accordingly. Otherwise you should be able to get a 2nd card and possible SUB; the CR does have FTFs useless you have an affinity version I'm not aware of.
BBVA - if your state has branches you should be in their footprint just call them to be sure. This can be your Walmart card as my supercenter codes as groceries YMMV though. They do have 0% APR on purchases and SUB.
@wasCB14
I understand your point regarding the DC 2% catch-all, but Citi never offers bonuses. And the card categories are subject to change, but as in USBank's case, they replaced restaurants with utilities which was equally useful. So they can be beneficial as well. (I'm also considering replacing my DC 2% MC with FNBO 2% Visa so I can use it at Costco without having to bind myself to the Costco Anywhere.)
Fortunately, my expenses are somewhat modest, but this doesn't include misc. purchases either. Things like Healthcare, Home Improve, Vacations, etc all fall under the 2% catch-all for me. But when they do hit, they can be just as expensive (if not more) than my highest spend category. And then there's the toys and impulse buys.
Dining is my largest spend, including lunch @ work. 5% is an obvious goal for me here, minimum 3%.
(Barclay Uber really scorched me on this one, that 4% dining was huge)
Grocery usually falls primarily under Walmart for me. 5% is again my goal here, minimum 3%.
The difference between 2%/3% doesn't seem like much, but it essentially equates to $160 in lost return annually for me. The difference between my current cashback and having 5% across all categories is $540 annually. So the 3% stretch is the progression for now until I can find a way to fill those 5% holes. And cards like BBVA which offer bonuses can be a boost.
@Chiclets
That is very good info on BoA, thank you. And I do have the USBank Cash+ which I use to cover 5% Utilities and Internet. Also considering replacing this down the road with the Chase Ink Business Cash (5% Utilities, Internet, Phone, Office Supplies) to free up the USBank for other categories, like Dept Stores, Furniture Stores etc. And the $500 SUB on the Ink is very nice.
I’m not sure what you mean statement credit reducing value, but the way I do it, it definitely doesn’t. I let the cash back build up for a few months at time and then redeem it all at once. I approach it that I PIF, so I have to pay whatever I spend monthly anyway. That’s a finite number that I am going to spend no matter what. When I do redeem Cashback as statement credit, I transfer that amount from bank to my dedicated Cashback savings account and then I pay the rest of the card payment to PIF. It’s an extra step (sorta but not really), and requires discipline, but doing it that puts my Cashback all in one place. I redeem my Discover and PayPal Cashback into the same account, so for me it’s really no different. Redeeming cashback from a card into my savings account is an extra step too, so it’s really no different if you think about. It’s just moving money around. The only cards I don’t like the structure is like DW’s Credit One card. It puts the cash back against the balance with each purchase and you cannot let it build up. It’s more of a PITA to track that way, but we rarely use that card anyway, and when we do, it’s just purchases big enough to keep it open.
@JNA1
That's pretty much exactly what I do. I build up the cashback on all my cards until Oct/Nov each year, then cash it all out, which covers a chunk of my Christmas spend. This is mainly why I prefer true cashback return rather than statement credit, just old-fashioned that way I guess. I always PIF, as I use CC's siimply as a vehicle to filter my spend in order to get cashback return.
I know with some cards (mainly points cards like Amex) there is a cut in the redemption value when getting a statement credit. Maybe I'm just not clear on the specifics. I know this is true with the ABoC MC, which is a 5% rotater that is only statement credit and converts to 3.75%.
@Taurus22 wrote:@wasCB14
I understand your point regarding the DC 2% catch-all, but Citi never offers bonuses. And the card categories are subject to change, but as in USBank's case, they replaced restaurants with utilities which was equally useful. So they can be beneficial as well. (I'm also considering replacing my DC 2% MC with FNBO 2% Visa so I can use it at Costco without having to bind myself to the Costco Anywhere.)
Fortunately, my expenses are somewhat modest, but this doesn't include misc. purchases either. Things like Healthcare, Home Improve, Vacations, etc all fall under the 2% catch-all for me. But when they do hit, they can be just as expensive (if not more) than my highest spend category. And then there's the toys and impulse buys.
Dining is my largest spend, including lunch @ work. 5% is an obvious goal for me here, minimum 3%.
(Barclay Uber really scorched me on this one, that 4% dining was huge)
Grocery usually falls primarily under Walmart for me. 5% is again my goal here, minimum 3%.
The difference between 2%/3% doesn't seem like much, but it essentially equates to $160 in lost return annually for me. The difference between my current cashback and having 5% across all categories is $540 annually. So the 3% stretch is the progression for now until I can find a way to fill those 5% holes. And cards like BBVA which offer bonuses can be a boost.
Obviously it does make sense to get rewards on spend you're doing anyway, but consider also that maximizing dining spend rewards is never going to save you more money vs packing a lunch for work even once or twice a week. Those savings will far eclipse an extra 1 or 2% on overpriced dining out lunches.
Not to say you cannot do both -- maximize rewards and still try to save sometimes -- but something to note. Just because you get more rewards on dining out doesn't mean you may not save more by changing your habits, too.