Question on Rewards Cards

[veracious]

Thanks , Marine.

You see that' is what knowing and learning new things does for you.

So, if it's good enough for Marine it may be right for me.

As long as it's not a lot of hassle though.

[veracious]

Thanks for input  tinuviel.

So are you raising a family,   because spending for more than  for just yourself and SO

would bring greater benefits than just my spending for the wife and I.

[Anonymous]

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@veracious wrote:

Thanks for input  tinuviel.

So are you raising a family,   because spending for more than  for just yourself and SO

would bring greater benefits than just my spending for the wife and I.

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Kids are grown and have left the nest. Still, groceries, gas, utilities, eating out, holiday shopping, college textbooks for my daughter, etc... all add up. Basically, I stopped using my debit card and put almost everything on the Cap1 MC. Then, pay it off once or twice a week. That way, I stay under the CL and never have to worry about having a large bill at the end of the month.

Of course, every family's -- or couple's -- or individual's -- spending patterns and credit situation are different. I'm just really happy that I found a card that works so well for mine.

[BluMoon]

I'm one of those who does juggle multiple cards for the rewards, but if you want to make life simple and get the most bang for your buck, there are two cards that will give you the best rewards:

1. Fidelity American Express.  You get 2% on all purchases, but you have to have a Fidelity account, which costs $2500.00 to open.  The percentage you're getting back is for your Fidelity account.  This is the absolute best.

2. Second Best - American Express Blue Cash.  0.50% for first $6,500 /yr then 1.25% thereafter on all purchases except for gas, drugstores, and grocery stores.  For those, it's 1% for the first $6500 /yr, then 5%.

Check out the AMEX Blue Cash Calculator at https://www295.americanexpress.com/cards/loyalty.do?page=bluecash.maximize.new

[Cory]

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@laz98 wrote:

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@veracious wrote:

laz98, I hear ya!

Saving money and watching  it grow is very boring for some.   It's my hobby.

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eta:  It doesn't work well if you are running around spending it all the time

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i agree, i used to be one of those people who couldn't care less about saving!  all i wanted to do was spend spend spend.

now that i am almost done climbing out of the hole of debt that i dug for myself, i am actually very excited to have money in savings.  it's not a lot, to be sure, but it's a heck of a lot more than we used to have!  instead of making more credit card payments, i'm making more transfers to savings

i think if i had rewards cards, i would just want to go back to spending.  i would get addicted to watching the rewards add up instead of watching my savings add up.  the only rewards cards we have are chase debit & navy federal ncash rewards.

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Very great point. I am with you 100 % on that line. I think depending on your own personal weakness, reward cards, or credit cards for that matter are a snare to building a savings for yourself. I recently opened up a savings account with BofA, and the Memberservices Rep. was trying to get me to opened up a checking account for "Keep the Change" I told her no, and further explained the reason I don't want a checking with the "keep the change" feature is because I have to build a spending habit using my debit card to earn points, and that is the reason why I am in debt now, and was in a lot more debt years earlier. For some people, credit cards or debit cards are not good fit if you have a habit of spending. I had to addressed the issue with me, and that was the thrill of being able to spending.

Cory

[smc733]

Citi Dividend Platinum Select, 1% on all, 2% on rotating

and

Discover More, .5 on all (first $3k), then 1%, and 5% on rotating.

That's all I'm carrying with me (and my new Citibank Debit card, which does have some rewards)

Chase Amazon Visa in the desk for all online activities (specifically great rewards on amazon) (1% regular, 2% Gas/Restaurants, 3% at Amazon)

[Anonymous]

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@Cory wrote:

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@laz98 wrote:

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@veracious wrote:

laz98, I hear ya!

Saving money and watching  it grow is very boring for some.   It's my hobby.

---

eta:  It doesn't work well if you are running around spending it all the time

---

i agree, i used to be one of those people who couldn't care less about saving!  all i wanted to do was spend spend spend.

now that i am almost done climbing out of the hole of debt that i dug for myself, i am actually very excited to have money in savings.  it's not a lot, to be sure, but it's a heck of a lot more than we used to have!  instead of making more credit card payments, i'm making more transfers to savings

i think if i had rewards cards, i would just want to go back to spending.  i would get addicted to watching the rewards add up instead of watching my savings add up.  the only rewards cards we have are chase debit & navy federal ncash rewards.

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Very great point. I am with 100 % on that line. I think depending on your own personal weakness, reward cards, or credit cards for that matter are a snare to building a savings for yourself. I recently opened up a savings account with BofA, and the Memberservices Rep. was trying to get me to opened up a checking account for "Keep the Change" I told her no, and further explained the reason I don't want a checking with the "keep the change" feature is because I have to build a spending habit using my debit card to earn points, and that is the reason why I am in debt now, and was in a lot more debt years earlier. For some people, credit cards are not good if you have a habit of spending. I addressed the issue with me, and that was the thrill of being able to spend.

Cory

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You both make very good points. It all depends upon knowing oneself, one's strenghts and weaknesses. I've made it a strict policy that I don't use my rewards card just for the sake of racking up rewards. The criteria is always: "is this something that I would be spending money on anyway?" I need to buy gas. I need to buy groceries. I need to pay my utilities. My daughter needs textbooks and I'm the one who will be paying for them. And the list goes on. If it's something that I WOULD be buying, and it's just a matter of what form of tender I use for the transaction, then I proceed and use my rewards card. Otherwise, pass.

ETA - BTW, my rewards check went straight into one of my savings accounts!

[jason10]

It really depends on what you're buying. I eat out constantly (5-6x per week) so I wanted something that offered 24/7 cashback rewards for restaurants at a rate higher than the standard 1%. For me, the AMEX TrueEarnings card fit the bill. It offers 3% on gas (up to $3,000 in gas purchases), 3% on restaurants, 2% on travel, and 1% on everything else, with no minimums, tiers, or reward caps. The card is free if you have a Costco membership. One of the nicest perks is the fact that you get 3% off gasoline even at Costco. So, you'll get the 10-15 cent discount over the regional average + another 9 cents or so, for the 3% cash back. This yields very significant savings.

I am going to complement the TrueEarnings card with a Chase Freedom Visa. The latter card offers 1% on all purchases, with no tiers, as well as 5% in rotating categories. The Oct-Dec categories are dining, department stores, movies and charity, offering significant Christmas/Black Friday savings. In addition, the Chase Rewards mall offers additional discounts for many retailers. For example, they're offering an additional 2% at Newegg, 5% at Target, and 15%(!!) on Groupon.

Both cards provide cash back for maximum flexibility. However, you need to cash your AMEX rewards check at a Costco. In contrast, you can exchange Chase points for a statement credit or a check using the Chase website.

[jefftca925]

I have several rewards cards but the one(s) I use the most are my Chase Freedom cards.  If you have a checking with them you get a 10% + 10 pts per transaction bonus on every purchase which can add up.  I put through roughly 20 or so purchases per month through it.  They also give discounts (10-20%) when you redeem off of gift cards which is another bonus.  I have a Discover card but I rarely use it 'cause there are always caps to deal with.  Freedom cards have no caps.

[veracious]

So far, Chase Freedom sounds like it's the best.

Are they hard to get ?

What scores do I need, inquiries, etc. ?

Anyone know of one that's better?

Thanks