What's in your wallet? (credit cards)

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities

What's in your wallet? (credit cards)

Postby batpot » Sat Jul 27, 2013 2:49 pm

Currently, I carry and use regularly 3 credit cards (and charge everything I can):

Capital One World MasterCard
1% cash back immediately, with a 50% bonus paid once a year, for a net of 1.5% cash-back on all purchase
No foreign transaction fee (accordingly, the only card I take when I travel abroad, along with a debit card)
Basically my go-to card, since it does 0.5% better than anything else

Discover Cashback
5% cash back on rotating reward categories; 1% cash back on all other purchases
Nice cost protection and extended warranty on almost all purchases, including trip and rental car insurance (I haven't done extensive research, but their offered consumer protection benefits seem to be among the best)
Partnerships with many online retailers for up to 10% cash-back on purchases from those vendors

Chase Freedom Visa (not a Visa Signature)
5% cash back on rotating reward categories; 1% cash back on all other purchases
Partnerships with many online retailers for up to 10% cash-back on purchases from those vendors
Also got $300 for signing up with them initially (got a bunch of coworkers to sign up for the card when that deal went live a couple years ago)

None have an annual fee, and the interest rates are moot, since I pay the balance off in full every month.

I've read about the now defunct Schwabb credit card that would give you 2% cash back deposited into a Schwabb account.
Fidelity currently has a similar card, but it pays 1.5% on the first $15k, and 2% thereafter, which appears to be the best cash back card I can find right now.
It's also a Visa Signature, which offers some additional benefits over a standard Visa http://usa.visa.com/personal/visa-signa ... /index.jsp

I've been sitting on an inherited mutual fund, that I need to move out of Merrel Lynch, and may move it to Fidelity, just so I can get their credit card and maximize my cash back.

So...what's in your wallet?
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Re: What's in your wallet? (credit cards)

Postby chaz » Sat Jul 27, 2013 2:55 pm

I use 2 chase freedom cards and 1 chase sapphire card.
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Re: What's in your wallet? (credit cards)

Postby Taylor Larimore » Sat Jul 27, 2013 3:04 pm

batbot:

Welcome to the Bogleheads forum!
So...what's in your wallet?

* Drivers license
* Credit card (1)
* Small denomination paper money.

"Our life is frittered away by detail... Simplify, simplify!" -- Henry David Thoreau

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle
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Re: What's in your wallet? (credit cards)

Postby Mudpuppy » Sat Jul 27, 2013 3:08 pm

I'm one of the apparently rare people with a Chase Freedom Mastercard, although I use my AmEx Blue Cash (original, not available to new customers anymore) more frequently. I suppose since both of these are "old" rewards cards, there's the possibility they might be phased out at some point in the future. At least there are alternatives with similar rewards structures.

My first card was Discover, so I still have that open. I have to say most of the 5% categories are either redundant with the Freedom and Blue Cash cards or just not that useful to me. I usually only use the holiday shopping 5% category (particularly last year when Amazon purchases fell into this category and I could use my accumulated Discover rewards dollars automatically on Amazon purchases too).

I do log into the Discover website a couple of times a month though, as they will have an occasional "2% cash back on all purchases made on [dates]" special offers that are only advertised through the website (and you have to enroll on the website to get the cash back). They just had a 2% for up to $500 in purchases in June that I used for places that would only be 1% on the Freedom and Blue Cash cards. I overshot a little (ended up spending about $560 in June), so didn't quite maximize the reward, but still better than 1%.

Likewise, I check the AmEx website a couple of times a month as they will also have special offers. Their offers are more along the lines of "spend $x at [merchant], get $y reward dollars". That stacks on top of the normal 1%/5%, so it's great when it pops up a merchant that I already use frequently. And of course I check both AmEx and Chase websites for sales on gift cards purchased with rewards dollars (e.g. spend $45 reward dollars to get a $50 gift card).
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Re: What's in your wallet? (credit cards)

Postby JoMoney » Sat Jul 27, 2013 3:09 pm

I have the "Fidelity Investment Rewards Visa Signature Credit Card" , the bank behind it is Bank of America (FIA Card Services).
There is no need to transfer mutual funds or have an investment account with Fidelity to take advantage of this card, but you do have to have some account with them to transfer your cash back rewards into. I opened a "Fidelity Cash Management Account" which is basically an online checking account except that you can use any ATM and they reimburse all ATM fees. I'm frequently over-seas and the ATM fees get reimbursed and there is no foreign transaction fee so this is a great cash account to have.
The credit card however has horrible foreign transaction fees. Also, note that when they report this credit card to the credit reporting agencies, its reported like some sort of flexible line of credit. I don't know all the details, but it is reported different then most other credit cards and I wouldn't have this as my ONLY credit line.

I also have a "Capital One Cash Rewards Signature Visa", it gives 1% cash back plus a .5% "bonus" cash back at the end of the year, and a one time $100 bonus when you first use the card. This Capital One card has no foreign transaction fees so it's great for use over-seas.
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Re: What's in your wallet? (credit cards)

Postby batpot » Sat Jul 27, 2013 3:22 pm

this topic also exists...and is very recent: :oops:
viewtopic.php?f=2&t=120428

Some notable highlights:
Citi Forward card:
5% back on restaurants, bookstores (including Amazon, apparently), music and video stores, and movie theaters.

Chase Ink:
5% back on cell phone, internet, cable, and office supplies
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Re: What's in your wallet? (credit cards)

Postby Sheepdog » Sat Jul 27, 2013 3:36 pm

There was another conversation on this subject a week ago viewtopic.php?f=2&t=120126.

In that, I wrote:
AARP Chase Rewards Visa 3% reward for all travel (hotels, airlines, cruises, rail, auto rental, etc.) and 1% everything else.
Priceline Visa 5% Priceline purchases and 2% reward for all other purchases (2% rewards no longer available for new applicants. Now only 1%)
PenFed Visa 5% gas, 3% groceries, 1% other
HSBC Mastercard 5% rewards for gas, groceries, drugstore, Walmart. 1% for all other purchases. $500 max reward per year. (no longer available for new applicants)
Discover (use only a couple of times a year to keep it open..have had since 1986, my oldest)

None of these cards have fees, Why these rewards cards? I received $1326 in rewards in 2012.
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Re: What's in your wallet? (credit cards)

Postby gkaplan » Sat Jul 27, 2013 4:01 pm

How many of these threads do we need running concurrently?
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Re: What's in your wallet? (credit cards)

Postby tomd37 » Sat Jul 27, 2013 4:54 pm

I have and carry two credit cards; the old and no longer available no-fee AMEX Blue Cash card that after reaching the $6500 tier earns 5% cash rebate on purchases at grocery stores, gas stations, and drugstores with 1% on all other purchases. Under $6500 it earns 1% and 0.5%. The other card is a VISA card for use in only those places that do not take the AMEX card, which is very few in my particular retired circumstances. I earn an average of $650 per year cash rebate over the past ten years. :moneybag
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Re: What's in your wallet? (credit cards)

Postby Sidney » Sat Jul 27, 2013 5:28 pm

gkaplan wrote:How many of these threads do we need running concurrently?

You may need to start a separate thread to find out. :P
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Re: What's in your wallet? (credit cards)

Postby Calm Man » Sat Jul 27, 2013 7:39 pm

I use only one credit card, a Chase freedom card. I get 1% back on everything and they have special 5% categories each quarter which I pay no attention to. I think the maximum you can get in special categories is $75 a quarter or so. I have no interest or desire to maximize rewards nor to carry more than 1 card nor to pay or have automatically paid more than one card. I suppose I am losing out on a few dollars or hundred dollars of rewards per year and shall die with that much less in my heir's pockets.
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Re: What's in your wallet? (credit cards)

Postby Paul78 » Sat Jul 27, 2013 7:45 pm

1 crappy credit card- it was the card I got when I was 18 and it has 4 years more credit history they any other card I have. I basically do not use this card (rewards suck) but keep it because it has the most history (6 years credit history compared to 2 for my AE and 1 for my chase).

1 American Express Costco card- as long as I am a Costco member I will keep it (without Costco membership I think it is 50 or $55 a year). Primary card for Costco + gas. Secondary card for everything else.

1 chase sapphire- was chase sapphire preferred ($500 sign up bonus plus 1st year fees waived) but I downgraded it to avoid fees. Primary card expect for gas and Costco shopping. Similar rewards to the American Express card BUT they can be redeemed at any time (AE card is only once a year).
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Re: What's in your wallet? (credit cards)

Postby joe8d » Sat Jul 27, 2013 9:54 pm

No Credit Cards. A VISA Debit and a Target Debit ( 5% off all purchases ).
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Re: What's in your wallet? (credit cards)

Postby Default User BR » Sun Jul 28, 2013 10:33 am

Sidney wrote:
gkaplan wrote:How many of these threads do we need running concurrently?

You may need to start a separate thread to find out. :P

One with a poll?


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Re: What's in your wallet? (credit cards)

Postby SimonJester » Sun Jul 28, 2013 11:12 am

Cash!
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Re: What's in your wallet? (credit cards)

Postby pennstater2005 » Sun Jul 28, 2013 11:14 am

A couple credit cards but mostly old receipts that can't be read anymore. (see other credit card thread for current cards)
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Re: What's in your wallet? (credit cards)

Postby kwan2 » Sun Jul 28, 2013 11:55 pm

credit cards and television the world could do without imho, and probably frequent flyer miles, i just wish they would put a movie on for free on a 5 hours flight, and serve a real meal, whoops changed the topic .... :shock:
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Re: What's in your wallet? (credit cards)

Postby Leemiller » Mon Jul 29, 2013 6:24 pm

I've been using the upromise site with the credit card for up to 10% cash back on my online purchases. Otherwise, I use a Starwoods Amex. Generally translates to a free hotel stay for the holidays.
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Re: What's in your wallet? (credit cards)

Postby danwhite77 » Mon Jul 29, 2013 6:40 pm

CapitalOne Quicksilver - 1.5% cashback on everything.
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