I think since the travel somewhat stopped I need to learn more about cashback cards. Most of the time I’ve looked down on them targeting sign-up bonuses towards travel.
I think last year was a Marriott Chase card with 5-night certificates if you spend $5k after opening. That gets us to save $2k for a hotel in Myrtle Beach. I can’t see that much value in cashback cards. But I guess for daily spending I might need to change the process.
Chase sapphire was great in tandem with Freedom but ever since they turned their portal I get a feeling prices when up. I used that to cover car rentals. Didn’t figure out a better strategy for free rentals since lately I need a small bus:joy:
But I don’t churn as much as I used as many cards have started implementing rules against that.
I use the Capital One Spark Business MC on most things…2% flat rate, redeemable immediately for any amount…it’s easy and simple, especially since my wife gets confused over which card to use. I’m grandfathered into a no fee card as well.
I use my Costco Visa for Costco, gas (4%), and restaurants/travel (3%).
I use my Amex Blue Cash Preferred for Supermarkets…also to buy GCs at supermarkets…despite fee an 6K annual cap, it’s the best for that purpose.
I have the premium Amex Bonvoy and Hilton cards…high annual fee ($450), but I get that back in restaurant reimbursement ($220), and on-property charges ($300 & $250)…factor in the free night and tier status upgrade, and it’s a no brainer IF you travel.
Surprisingly, despite all the dire warnings by the “financial experts”, I find individual store CCs great. The Best Buy in particular…it gave me 10% rewards on my first purchase ($2500 washer/dryer), plus they have superb bonus categories sometimes. Last spring, all utilities and phone were a 10% bonus…I pre-paided a lot…but should have done more…where else can I get a guaranteed 10% return. They did it again this spring, but capped at $75 in rewards…I guess lots of people took advantage last year. And rewards are actually better since they act as discounts so no tax…effectively 11% reward here in Los Angeles.
The best way of accruing points for travel is opening cards with large bonuses…unfortunately, due to internet spread of information, there has been a widespread crackdown by the CC companies on “churning” and opening/closing accounts just for bonuses. You can still do it, but plan on getting denied…chase in particular is pretty strict.
And finally…I pay off all my CCs in full every month. If you don’t, can’t or overspend, all these bonuses end up costing you dearly!
I agree with this. With the exception of the Target Redcard, I don’t personally have any since I don’t shop at any B&Ms that have cards that appeal to me. But if I regularly shopped at places like Best Buy or Kohls, I’d definitely get their cards. I just can’t afford to shop at BestBuy
I avoided the Redcard for too many years, finally linked it to my checking (debit only) for that discount. None of my other rewards cards pay me as much to shop there.
Likewise, I opened a Home Depot card years ago for the 10% discount, and use it anytime I’m there for the 5% off (match Lowes card discount). Pre-bankruptcy/pandemic, my Brooks Brothers card saved me a ton.
I think the point of this thread is really, for anyone paying their bills off every month, use the thing that costs least (or nothing) and pays you the greatest ROI. The interest rate doesn’t matter if you never carry a balance.
Yeah, the Redcard has been clutch for a long time. The old redcard prepaid debit card was so killer for hitting sign-up bonuses. But even after they shut that down, ain’t nobody else giving me 5% at Target. So it’s definitely still got its uses. The fact it’s an instant 5% is really convenient.
I almost never go into a Target store, but I’m getting 5.25% back at target.com with my Bank of America Customized Cash Rewards Visa with online shopping as the 3% category (5.25% with relationship bonus).
After my last autopay battle with BofA (where I bought a laptop using the bonus cashback, and they took the same multi-thousand payment 3 different times, and took 2 weeks first time / 1 month 2nd time to refund it) I dropped all my BofA credit cards including my debit card and went back having an ATM card without a Visa logo. I will never have another BofA credit card again, no matter how good the bonus. Everything leftover from that mbna acquisition is a dumpster fire
Chase also lost a wire transfer when I was moving from Columbus to CA (what deposit for a house?). But their autopay on their credit cards work every month. I just avoid their retail banking.
This was not a “one time, 10 years ago”. This was March of 2020 (I also had a problem like this in 2018 with their Alaska Air CC too, with a late payment they reported that wasn’t, I had to tell my ML advisor I was leaving for them to fix it), and their CC autopay system is still janky, and the amount of time I spent calling for checks to be refunded to my account, after they incorrectly took the money — juice just isn’t worth the squeeze.
Try dropping in with a foreign currency deposit at the only branch in Columbus that’s licensed to do currency exchange.
It’s the only branch that can’t take your foreign currency unless someone with a specific license is working, and that person apparently doesn’t exist.
I still haven’t figured out cash back card benefits and I’m still chasing sing-up bonuses for travel cards albeit at the slower pace once kids started multiplying around the house and credit cards companies tighten-up their sign up bonus rules ever since chance 5/24.
I’ve dealt with screw ups from different banks over the years. Whether I deal with that same bank again is driven by how they handle the screw up. My never-again list is Wells and US Bank.
I don’t hold grudges when it comes to credit cards and rewards (okay maybe with Wells but their rewards are lackluster anyways), I will take money from the highest bidder
I casually mentioned this yesterday while depositing some foreign currency at a Chase branch near our house, and the Chase employee who helped me said that this isn’t true, and I shouldn’t have been turned away.
I got blacklisted from Chase for overusing their 0% balance transfers for years Sucks for them though since my mortgage originating company sold them my newest mortgages.
My go to is AMEX Platinum for almost everything + grocery/gas (10x points for 6 months) and AMEX Marriott – For Marriott and dining out (I always hit Platinum or Titanium status easily.
Costo Citi for my costco and gas needs (outside the AMEX promo). Also have the Cap1 General Motors but only $3k limit, so I can’t really use it for anything useful. My 2 BofA cards are both used for 0% balance transfers only. 1% min payment and helps me have a bit more cash on hand when having a particularly high expense month with my rental properties or to qualify for the reserve requirements for a new mortgage outside my IRA, TSP, and brokerage account. AMEX Platinum will be swapped out for the Morgan Stanley AMEX Platinum for free before the next annual fee hits.
Some utility bills have a credit card surcharge, but these
are easy to outrun by overpaying the balance and carrying a
credit on the utility account;
Choose two categories per quarter (furniture, electronics,
department stores, select clothing stores, select sporting
goods stores, home utilities, cell phone providers, gyms,
ground transportation, movie theaters, fast food,
TV/internet/streaming)
I never really cared about rewards beyond travel, and I have no longer done that since 2020. But the 5% on my Chase Freedom (racked up streaming services and Amazon under the quarter that just ended) and Capital One Walmart MasterCard are giving me some incredible savings. The travel (AmEx) was the one I used over all others pre-pandemic. I now rarely utilize it unless it is under the Offers & Benefits. My Citi card just gave me 5% across the board, so it looks like I will be using that one.
I cannot believe how much money I lost on getting back/saving.
and goodbye.
