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Why do you love your Cash+?

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Mega Contributor

Re: Why do you love your Cash+?


@sabrewulf152 wrote:

 Gotten me tins of cashback. 


That's interesting.   My cashback is usually electronic!

Message 21 of 28
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Senior Contributor

Re: Why do you love your Cash+?

This card has definitely been on my radar for a few years, as one of the 5% categories is home utilities. However, as I already have a card that covers internet/streaming and cellular service I cannot see the justification in getting it for just one category. Back when I really wanted the card it was during my lower scoring days and very active credit seeking profile so i know it would have resulted in denial. Now that I could actually get it I have no use for it. lol

 

If I was to ever get rid of the BCP then i would certainly seriously reconsider as it would then cover those other categories. That said, they are only rotating so it would feel like extra work to plan out where and when to use this card as opposed to continuously using specific cards for all 12 months. And truthfully my utility bills aren't really that high, little bit more in Winter but that's only 4 out of the 12 months. So i'm not sure it would generate that much for 3 months, and that's if the utility category even hit during those high months. lol 

 

I would need to know the exact category dates beforehand.






Message 22 of 28
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Mega Contributor

Re: Why do you love your Cash+?


@Janus wrote:

This card has definitely been on my radar for a few years, as one of the 5% categories is home utilities. However, as I already have a card that covers internet/streaming and cellular service I cannot see the justification in getting it for just one category. Back when I really wanted the card it was during my lower scoring days and very active credit seeking profile so i know it would have resulted in denial. Now that I could actually get it I have no use for it. lol

 

If I was to ever get rid of the BCP then i would certainly seriously reconsider as it would then cover those other categories. That said, they are only rotating so it would feel like extra work to plan out where and when to use this card as opposed to continuously using specific cards for all 12 months. And truthfully my utility bills aren't really that high, little bit more in Winter but that's only 4 out of the 12 months. So i'm not sure it would generate that much for 3 months, and that's if the utility category even hit during those high months. lol 

 

I would need to know the exact category dates beforehand.


The Cash+ categories are not rotating.  From time to time a category might be removed and a new one added, but if they stay (and the vast majority have) they can be used for all 12 months (although you have to choose each quarter)

Message 23 of 28
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Mega Contributor

Re: Why do you love your Cash+?


@kdm31091 wrote:

Like any other cash back card you just need to run the numbers for your spend in the given categories and decide if the incremental gain vs your existing cards is worth managing another account.

 

Nobody is getting life changing money out of this so it's just about how much you want to manage in exchange for a handful more dollars a month.


This.   Making the reasonable assumption that nearly all people who can get this card can get a flat 2% card, the added value maxes out at $240 a year, $20 a month.   That's best case (although IF you are a good fit I think you are more likely to be able to max out this than one of the rotating cards where the issuer is choosing!)

 

As I have commented before, in this space it is easy to get over-excited about fairly small sums of money.   When a SUB goes from $200 to $300 the internet breaks, but as @kdm31091 would say, the additional $100, or even the $300, isn't exactly life-changing.   Or (heresy) even particularly significant in most people's budgets.

 

For all the excitement, cashback credit cards aren't going to be financially impactful generally.   To "win", you need to be spending other people's money, either by heavy MS, or reimbursed business expenses or similar, so that 3-5% of "a very large amount" is large enough.

 

But that's the beauty of a hobby, we can be amazed by the appearance or construction of a card, marvel when a card offers us up to $25 in bonus spend, cry when a largely unused store card is CLD or closed etc.   Just don't mistake it for sound finanacial planning!

Message 24 of 28
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Established Contributor

Re: Why do you love your Cash+?

I have two, I run utilities through one (elec and gas), second I run cable/cellphone through.  To maximize my 5% on utilities I pay ahead.  There is a surcharge to pay elec/gas through CC so by paying more than the min, I pay ahead so on those it works out to about 4.4%.  Cable/Cell is no fee so straight 5% there.

Amex Gold =Amex ED 20k = Amex BCP 14k = Amex SPG Lux 2k = Arrival 2k = Ring 14k = BOA 321 30k = BOA BBR 10k = CSR 25k = Freedom 10k = Citi Simplicity 9k = Citi DC 5k = Citi DP 3k = DCVR IT 16k = DCVR IT(2) 10k = CAP1 QS 15k = NFCU CR24k/AE25k/CLOC 15k = BBVA 14k = Wells Plat. 5k = (2) US Bank Cash+ 13k, 18k = PenFed 17k

FICO scores TU 764 EX 739 EQ 745
Message 25 of 28
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Senior Contributor

Re: Why do you love your Cash+?


@longtimelurker wrote:

@Janus wrote:

This card has definitely been on my radar for a few years, as one of the 5% categories is home utilities. However, as I already have a card that covers internet/streaming and cellular service I cannot see the justification in getting it for just one category. Back when I really wanted the card it was during my lower scoring days and very active credit seeking profile so i know it would have resulted in denial. Now that I could actually get it I have no use for it. lol

 

If I was to ever get rid of the BCP then i would certainly seriously reconsider as it would then cover those other categories. That said, they are only rotating so it would feel like extra work to plan out where and when to use this card as opposed to continuously using specific cards for all 12 months. And truthfully my utility bills aren't really that high, little bit more in Winter but that's only 4 out of the 12 months. So i'm not sure it would generate that much for 3 months, and that's if the utility category even hit during those high months. lol 

 

I would need to know the exact category dates beforehand.


The Cash+ categories are not rotating.  From time to time a category might be removed and a new one added, but if they stay (and the vast majority have) they can be used for all 12 months (although you have to choose each quarter)


Interesting, I may consider this more then. If I could choose the categories whenever I wanted similar to BoA's Cash Rewards, then it would make more sense for me as I could use it for Utilities in the winter then switch to something else in the summer perhaps cellphone. 

 

Thanks for a clearer picture on this product!






Message 26 of 28
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Valued Contributor

Re: Why do you love your Cash+?


@Janus wrote:

@longtimelurker wrote:

@Janus wrote:

This card has definitely been on my radar for a few years, as one of the 5% categories is home utilities. However, as I already have a card that covers internet/streaming and cellular service I cannot see the justification in getting it for just one category. Back when I really wanted the card it was during my lower scoring days and very active credit seeking profile so i know it would have resulted in denial. Now that I could actually get it I have no use for it. lol

 

If I was to ever get rid of the BCP then i would certainly seriously reconsider as it would then cover those other categories. That said, they are only rotating so it would feel like extra work to plan out where and when to use this card as opposed to continuously using specific cards for all 12 months. And truthfully my utility bills aren't really that high, little bit more in Winter but that's only 4 out of the 12 months. So i'm not sure it would generate that much for 3 months, and that's if the utility category even hit during those high months. lol 

 

I would need to know the exact category dates beforehand.


The Cash+ categories are not rotating.  From time to time a category might be removed and a new one added, but if they stay (and the vast majority have) they can be used for all 12 months (although you have to choose each quarter)


Interesting, I may consider this more then. If I could choose the categories whenever I wanted similar to BoA's Cash Rewards, then it would make more sense for me as I could use it for Utilities in the winter then switch to something else in the summer perhaps cellphone. 

 

Thanks for a clearer picture on this product!


To be clear, you get to pick your categories once a quarter and have to wait to the next quarter if you want to change them so not quite a "choose the categories whenever you want"

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 27 of 28
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Valued Contributor

Re: Why do you love your Cash+?

As others have said, I also love my 2 Cash+ cards for the following reasons:

 

(1)  5% cashback on home utilities, cell phones, fast food, and ground tranportation (have earned ~$1,500 or thereabouts in total cashback across both cards over the past 4 or so years).

 

(2)  Unlike other 5% cards, you can keep your 5% categories perpetually if desired, without having to worry about rotating categories, although the 5% categories do have to be manually renewed each quarter to keep the 5% rate.

Message 28 of 28
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