Optimal CC Cash Back Profile?

[Anonymous]

I'm just thinking long-term, what the best possible array of cash back credit cards would be to have. Anything involving points that you can't redeem directly for cash, or rebates, gift cards etc doesn't count for anything in my book, neither do temporary introductory rewards percentages. Either straight-up cash back or statement credits for the life of the card. PIF assumed each month so financing doesn't cancel out cash back. It's also ignoring effects to FICO score of having too many cards or whatev. Just amount of cash back is relevant here.

If you know of any others to add, go ahead and list them. You can list store-specific cards that give a higher percent back when used at the store, as long as the percent goes towards cash back, and not store credit or gift cards.

So far, here's what I'm aware of:

Supermarkets: 2% - Citi Dividend Platinum Select, PenFed Visa Platinum

Gas: 5% -  PenFed Visa Platinum, Discover Open Road

Utilities: 2% - Citi Dividend Platinum Select

Restaurants: 3% - Costco Amex

Drugstores: 2% - Citi Dividend Platinum Select

Department Stores: 3% - Chase Freedom (Says "rotating categories" which confuses me. How do you know when you actually get the 3%?)

Home Improvement: 3% - Chase Freedom (Same comment as above. Also how do they define this? Lowes/Home Depot?)

Travel: 2% - Costco Amex

Everything else: 1.25% - Bank of America Accelerated Cash Rewards Amex, PenFed Visa Platinum

Rewards with caveats:

Everything: 2% - Fidelity, Charles Schwab (Must have account with them to deposit rewards into)

Everything: 1.4% - EmigrantDirect MasterCard (issued by Barclays): Must keep $10K in an EmigrantDirect online savings account.

Message Edited by Cryostasis on 08-28-2009 01:26 PM

[cobaltnv]

Both Fidelity and Charles Shwab have 2% cash back cards--the cash is credited to your account with them (so you need to have an account). The 2% is for all purchases.

Discover has their 5% on certain categories and up to 20% back on the shop discover web site. This can be great if you shop online with any regularity. 

[Anonymous]

Cryostatis, thanks for the list! I was looking for something like this.

[Anonymous]

Costco Amex

3% gas (up to 3k) 3% Restaurants, 2% all travel, 1% everything else (Including Costco)

Big thumbs up for the Discover Blue also.

[Anonymous]

Amex TrueEarnings (a/k/a Amex Costco): 3% for gas purchases, 3% for restaurants, 2% for travel, 1% for everything else. (Gas purchases are capped at $3K per year, with no caps on the other categories.)

EmigrantDirect MasterCard (issued by Barclays): 1.40% on all purchases IF you keep at least $10K in an EmigrantDirect online savings account.

[Anonymous]

Discover Open Road is 5% cash back on gas. After $3000 of purchases, you'll earn 1% cash back (instead of the measly 0.25%) on all other purchases. Also has the ShopDiscover option with up to 20% back for online purchases thru their website.

[Anonymous]

Thanks for the input everyone, I added it to the first post.

[Anonymous]

Gas: 6% Citi Driver's Edge MC (actually 3% + 3% matching Drive Rebates, redeem on car maintenance)

Grocery stores: 6% Citi Driver's Edge MC (actually 3% + 3% matching Drive Rebates, redeem on car maintenance)

Drugstores: 6% Citi Driver's Edge MC (actually 3% + 3% matching Drive Rebates, redeem on car maintenance)

Citi Driver's Edge can be thought of as a 6% cashback card with maximum cashback per year being determined by the number of miles you drive, up to 50,000 miles per year.

So if you drive 12,000 miles a year, that is $120 in matching Drive Rebates per year and hence you can get up to $240 of 6% cashback per year, which is $4000 worth of spending.

If you drive 20,000 miles a year, that is $200 in matching Drive Rebates and hence you can get up to $400 of 6% cashback per year, which is ~$6600 worth of spending.

You can't apply for it anymore but you still MIGHT be able to convert other Citi cards to it. I did that in July 2009. Not sure if they still let you do that. Just call and ask to have your Citi card converted to Driver's Edge.

Auto Maintenance: 5% Discover Open Road (only $100 in spending each month)

Restaurants: 5 TYP per $ Citi Forward Visa

Restaurants: 5% Discover More (rotating categories, only sometimes, low limits)

Bookstores: 5 TYP per $ Citi Forward Visa 

Bookstores: 5% Discover More (rotating categories, only sometimes, low limits)

Movies: 5 TYP per $ Citi Forward Visa

Music: 5 TYP per $ Citi Forward Visa

Other rotating 5% promotions from Discover More: Airlines, Hotels, Cruises, Car Rentals, Home Improvement Stores, Clothing Stores, Department Stores, Hotels, Theme Parks, Zoos, Gas Stations, Grocery Stores, Movie Theaters, Movie Rentals (all VERY low limits)

Airfare: 5% PenFed Platinum Cash Rewards Visa (only temporary)

Computer Stores: 5% PenFed Platinum Cash Rewards Visa (Back to School promotion - temporary)

Computer Software: 5% PenFed Platinum Cash Rewards Visa (Back to School promotion - temporary)

Electronics: 5% PenFed Platinum Cash Rewards Visa (Back to School promotion - temporary)

Office Supplies: 5% PenFed Platinum Cash Rewards Visa (Back to School promotion - temporary)

Books: 5% PenFed Platinum Cash Rewards Visa (Back to School promotion - temporary)

All purchases abroad: 2% Schwab Invest First Visa, NO FOREX FEE!!!

Everything else: 2% Schwab Invest First Visa

The Schwab Brokerage Account is not really a problem - it does not cost anything if you have their CC and you can transfer the money out into a checking account.

That's nothing compared to what some other cards make you do to redeem your cashback and with Schwab you get 2% back monthly, no minimums, no maximums!

Message Edited by refskuska on 08-28-2009 06:42 PM