Highest % cash back credit card

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Hector
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Highest % cash back credit card

Post by Hector » Thu Jun 20, 2019 10:11 am

Right now I have 1.5% cash back credit card.
I am thinking about Citi double cash card; you get 1% for spending and 1% paying off.
Another option is Fidelity Rewards Visa Signature Card with 2% cash back. But I do not have brokerage account with Fidelity and I prefer not to open an additional account.
Are there any other options for 2% or higher cash back credit card for all purchases and without annual fees?

Edited post highlighted in bold.
Last edited by Hector on Thu Jun 20, 2019 6:32 pm, edited 2 times in total.

anoop
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Joined: Tue Mar 04, 2014 1:33 am

Re: Highest % cash back credit card

Post by anoop » Thu Jun 20, 2019 10:23 am

There are others with 2% but usually from a credit union. Here is one:
https://www.rbfcu.org/loans/credit-cards

Jack FFR1846
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Re: Highest % cash back credit card

Post by Jack FFR1846 » Thu Jun 20, 2019 10:26 am

Some of the Bank of America (Evil Empire) cards give you more if you have relationship status.
Bogle: Smart Beta is stupid

DaftInvestor
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Joined: Wed Feb 19, 2014 10:11 am

Re: Highest % cash back credit card

Post by DaftInvestor » Thu Jun 20, 2019 10:27 am

I don't know of any as easily available or flexible as the Citi 2% cashback.
The only downside is if you travel internationally - the Citi card does charge a foreign transaction fee (I simply use another card for international travel).

robertmcd
Posts: 434
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Re: Highest % cash back credit card

Post by robertmcd » Thu Jun 20, 2019 10:44 am

Uber is good for 4% on dining, 3% on travel, and no annual fee or foreign transaction fees.

Discover it and chase freedom with 5% rotating categories

Freedom unlimited comes out 2.25% if you transfer them to CSR to book travel through the UR portal

WhiteMaxima
Posts: 1885
Joined: Thu May 19, 2016 5:04 pm

Re: Highest % cash back credit card

Post by WhiteMaxima » Thu Jun 20, 2019 10:54 am

Fidelity FIA 2% for general purchase, FIA will send reward to your Fidelity account automatically (I use Fidelity 529)
For eat out and gasoline, I will use Costco Citi Visa (3% eat, 4% gas)
For traveling, I use Chase CSR (though $150 annual fee), you will free airport lounge access, global entry, car rental, oversea medical emergency, 4.5% effective traveling, eating reward.

That's all I need.

j0nnyg1984
Posts: 557
Joined: Sun Apr 24, 2016 9:55 am

Re: Highest % cash back credit card

Post by j0nnyg1984 » Thu Jun 20, 2019 11:18 am

BoA cards with the preferred rewards top tier status give the highest cash back %’s

With the premium rewards card:
3.5% on travel and dining
2.625% on everything else

With the cash rewards card:
5.25% on gas stations (including purchases made inside!)
3.5% on grocery and wholesale (works at Costco)

Pretty fantastic combo. I played the points and churn game for years and decided it just wasn’t worth my time anymore. I now prefer taking the thousands of dollars a year in cash back.

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Flobes
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Re: Highest % cash back credit card

Post by Flobes » Thu Jun 20, 2019 11:28 am

Hector wrote:
Thu Jun 20, 2019 10:11 am
Are there any other options for 2% or higher cash back credit card?
Alliant Credit Union VISA Signature credit card.

First year: 3% cash-back on everything, unlimited. Annual fee waived.

Subsequent years: 2.5% cash back on everything, unlimited. $99 annual fee.

No foreign transaction fees. Plus other benefits.

Alliant VISA Signature Card

Use the search box to read other conversations about this card.

anoop
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Joined: Tue Mar 04, 2014 1:33 am

Re: Highest % cash back credit card

Post by anoop » Thu Jun 20, 2019 12:57 pm

j0nnyg1984 wrote:
Thu Jun 20, 2019 11:18 am
BoA cards with the preferred rewards top tier status give the highest cash back %’s

With the premium rewards card:
3.5% on travel and dining
2.625% on everything else

With the cash rewards card:
5.25% on gas stations (including purchases made inside!)
3.5% on grocery and wholesale (works at Costco)

Pretty fantastic combo. I played the points and churn game for years and decided it just wasn’t worth my time anymore. I now prefer taking the thousands of dollars a year in cash back.
There appears to be a $ limit of $2500 per quarter to which the elevated cashback applies. After that it drops to 1% + whatever premier status bonus.

flarf
Posts: 54
Joined: Tue Sep 25, 2018 2:05 pm

Re: Highest % cash back credit card

Post by flarf » Thu Jun 20, 2019 1:06 pm

anoop wrote:
Thu Jun 20, 2019 12:57 pm
j0nnyg1984 wrote:
Thu Jun 20, 2019 11:18 am
BoA cards with the preferred rewards top tier status give the highest cash back %’s

With the premium rewards card:
3.5% on travel and dining
2.625% on everything else

With the cash rewards card:
5.25% on gas stations (including purchases made inside!)
3.5% on grocery and wholesale (works at Costco)

Pretty fantastic combo. I played the points and churn game for years and decided it just wasn’t worth my time anymore. I now prefer taking the thousands of dollars a year in cash back.
There appears to be a $ limit of $2500 per quarter to which the elevated cashback applies. After that it drops to 1% + whatever premier status bonus.
I can't speak to the Cash Rewards card, but I've never hit any sort of limit on the 3.5% and 2.625% levels on the Premium Rewards card.

The T&C are quite clear that the earnings are unlimited.
Last edited by flarf on Thu Jun 20, 2019 1:07 pm, edited 1 time in total.

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msi
Posts: 462
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Re: Highest % cash back credit card

Post by msi » Thu Jun 20, 2019 1:07 pm

I don't have these, but other 2% back cards I've found in my searches:

Paypal Cashback Mastercard
Penfed Power Cash Rewards
State Department FCU Premium Cashback+

gougou
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Location: San Francisco Bay Area

Re: Highest % cash back credit card

Post by gougou » Thu Jun 20, 2019 1:24 pm

flarf wrote:
Thu Jun 20, 2019 1:06 pm
anoop wrote:
Thu Jun 20, 2019 12:57 pm
j0nnyg1984 wrote:
Thu Jun 20, 2019 11:18 am
BoA cards with the preferred rewards top tier status give the highest cash back %’s

With the premium rewards card:
3.5% on travel and dining
2.625% on everything else

With the cash rewards card:
5.25% on gas stations (including purchases made inside!)
3.5% on grocery and wholesale (works at Costco)

Pretty fantastic combo. I played the points and churn game for years and decided it just wasn’t worth my time anymore. I now prefer taking the thousands of dollars a year in cash back.
There appears to be a $ limit of $2500 per quarter to which the elevated cashback applies. After that it drops to 1% + whatever premier status bonus.
I can't speak to the Cash Rewards card, but I've never hit any sort of limit on the 3.5% and 2.625% levels on the Premium Rewards card.

The T&C are quite clear that the earnings are unlimited.
It's not unlimited. I was shut down by Bank of America for using the Premium Rewards card too much and they also confiscated all my points. But I believe a regular customer won't ever spend enough to get it shut down.

hotpancakes
Posts: 68
Joined: Sat Mar 03, 2018 8:25 pm

Re: Highest % cash back credit card

Post by hotpancakes » Thu Jun 20, 2019 1:38 pm

anoop wrote:
Thu Jun 20, 2019 12:57 pm
j0nnyg1984 wrote:
Thu Jun 20, 2019 11:18 am
BoA cards with the preferred rewards top tier status give the highest cash back %’s

With the premium rewards card:
3.5% on travel and dining
2.625% on everything else

With the cash rewards card:
5.25% on gas stations (including purchases made inside!)
3.5% on grocery and wholesale (works at Costco)

Pretty fantastic combo. I played the points and churn game for years and decided it just wasn’t worth my time anymore. I now prefer taking the thousands of dollars a year in cash back.
There appears to be a $ limit of $2500 per quarter to which the elevated cashback applies. After that it drops to 1% + whatever premier status bonus.
They changed the Cash Rewards card and, surprisingly, made it even better. It's capped at $2500 per quarter, but you can choose the category that earns 5.25% (and I believe you can change it every month or quarter), including "Online Shopping" and "Dining."

hotpancakes
Posts: 68
Joined: Sat Mar 03, 2018 8:25 pm

Re: Highest % cash back credit card

Post by hotpancakes » Thu Jun 20, 2019 1:41 pm

gougou wrote:
Thu Jun 20, 2019 1:24 pm
flarf wrote:
Thu Jun 20, 2019 1:06 pm
anoop wrote:
Thu Jun 20, 2019 12:57 pm
j0nnyg1984 wrote:
Thu Jun 20, 2019 11:18 am
BoA cards with the preferred rewards top tier status give the highest cash back %’s

With the premium rewards card:
3.5% on travel and dining
2.625% on everything else

With the cash rewards card:
5.25% on gas stations (including purchases made inside!)
3.5% on grocery and wholesale (works at Costco)

Pretty fantastic combo. I played the points and churn game for years and decided it just wasn’t worth my time anymore. I now prefer taking the thousands of dollars a year in cash back.
There appears to be a $ limit of $2500 per quarter to which the elevated cashback applies. After that it drops to 1% + whatever premier status bonus.
I can't speak to the Cash Rewards card, but I've never hit any sort of limit on the 3.5% and 2.625% levels on the Premium Rewards card.

The T&C are quite clear that the earnings are unlimited.
It's not unlimited. I was shut down by Bank of America for using the Premium Rewards card too much and they also confiscated all my points. But I believe a regular customer won't ever spend enough to get it shut down.
Can you comment further on this? What were your spending patterns and credit limit? I have this exact card and am worried about being shut down (not that I'm doing anything wrong, but banks are banks and BofA seems like one of the bad ones).

anoop
Posts: 918
Joined: Tue Mar 04, 2014 1:33 am

Re: Highest % cash back credit card

Post by anoop » Thu Jun 20, 2019 1:43 pm

hotpancakes wrote:
Thu Jun 20, 2019 1:38 pm
anoop wrote:
Thu Jun 20, 2019 12:57 pm
j0nnyg1984 wrote:
Thu Jun 20, 2019 11:18 am
BoA cards with the preferred rewards top tier status give the highest cash back %’s

With the premium rewards card:
3.5% on travel and dining
2.625% on everything else

With the cash rewards card:
5.25% on gas stations (including purchases made inside!)
3.5% on grocery and wholesale (works at Costco)

Pretty fantastic combo. I played the points and churn game for years and decided it just wasn’t worth my time anymore. I now prefer taking the thousands of dollars a year in cash back.
There appears to be a $ limit of $2500 per quarter to which the elevated cashback applies. After that it drops to 1% + whatever premier status bonus.
They changed the Cash Rewards card and, surprisingly, made it even better. It's capped at $2500 per quarter, but you can choose the category that earns 5.25% (and I believe you can change it every month or quarter), including "Online Shopping" and "Dining."
The $2500 per quarter cap applies to groceries & wholesale as well. And the 5.25% only applies if you have $100K+ in assets with them.

To me it feels like a lot of monkeying around. I prefer a simple flat rate cash back. Actually, I would prefer no cash back and everything be 2% cheaper for everybody. :)

MichCPA
Posts: 601
Joined: Fri Jul 06, 2018 9:06 pm

Re: Highest % cash back credit card

Post by MichCPA » Thu Jun 20, 2019 1:57 pm

robertmcd wrote:
Thu Jun 20, 2019 10:44 am
Uber is good for 4% on dining, 3% on travel, and no annual fee or foreign transaction fees.

Discover it and chase freedom with 5% rotating categories

Freedom unlimited comes out 2.25% if you transfer them to CSR to book travel through the UR portal
For the Chase Freedom Unlimited, the current sign up bonus is 3% on upto 20k for the first year. This would be 4.5% redeemed for travel with the CSR.

WhiteMaxima
Posts: 1885
Joined: Thu May 19, 2016 5:04 pm

Re: Highest % cash back credit card

Post by WhiteMaxima » Thu Jun 20, 2019 1:58 pm

My Fidelity 529 card has no limit on rewards and DCA into my children's tuition fund tax free. let's say you spend 30k each year on the card, you will get $600 reward x 20 years = $12000 in principle. let's say market return at 7% each years, 20 year spread, so 72/7=10 year to double, you principle + gain i about $24000. Not too bad.
Last edited by WhiteMaxima on Thu Jun 20, 2019 2:09 pm, edited 1 time in total.

fareastwarriors
Posts: 992
Joined: Tue Feb 14, 2012 12:31 pm

Re: Highest % cash back credit card

Post by fareastwarriors » Thu Jun 20, 2019 1:59 pm

anoop wrote:
Thu Jun 20, 2019 1:43 pm
hotpancakes wrote:
Thu Jun 20, 2019 1:38 pm
anoop wrote:
Thu Jun 20, 2019 12:57 pm
j0nnyg1984 wrote:
Thu Jun 20, 2019 11:18 am
BoA cards with the preferred rewards top tier status give the highest cash back %’s

With the premium rewards card:
3.5% on travel and dining
2.625% on everything else

With the cash rewards card:
5.25% on gas stations (including purchases made inside!)
3.5% on grocery and wholesale (works at Costco)

Pretty fantastic combo. I played the points and churn game for years and decided it just wasn’t worth my time anymore. I now prefer taking the thousands of dollars a year in cash back.
There appears to be a $ limit of $2500 per quarter to which the elevated cashback applies. After that it drops to 1% + whatever premier status bonus.
They changed the Cash Rewards card and, surprisingly, made it even better. It's capped at $2500 per quarter, but you can choose the category that earns 5.25% (and I believe you can change it every month or quarter), including "Online Shopping" and "Dining."
The $2500 per quarter cap applies to groceries & wholesale as well. And the 5.25% only applies if you have $100K+ in assets with them.

To me it feels like a lot of monkeying around. I prefer a simple flat rate cash back. Actually, I would prefer no cash back and everything be 2% cheaper for everybody. :)

It seems like you got it figured out for yourself already. Keep it simple and take the 2% and call it a day.
Plenty of others like monkeying around for that extra bump.

jrbdmb
Posts: 370
Joined: Tue Oct 06, 2015 4:27 pm

Re: Highest % cash back credit card

Post by jrbdmb » Thu Jun 20, 2019 2:01 pm

j0nnyg1984 wrote:
Thu Jun 20, 2019 11:18 am
BoA cards with the preferred rewards top tier status give the highest cash back %’s

With the premium rewards card:
3.5% on travel and dining
2.625% on everything else

With the cash rewards card:
5.25% on gas stations (including purchases made inside!)
3.5% on grocery and wholesale (works at Costco)

Pretty fantastic combo. I played the points and churn game for years and decided it just wasn’t worth my time anymore. I now prefer taking the thousands of dollars a year in cash back.
Just to be clear this level of Preferred Rewards bonuses requires a $100,000 balance with BoA or Merrill Edge. You get smaller bonuses with balances of $50,000 and $20,000. I'd suggest that a minimum balance of $50,000 is needed to make BoA cards a good deal.

j0nnyg1984
Posts: 557
Joined: Sun Apr 24, 2016 9:55 am

Re: Highest % cash back credit card

Post by j0nnyg1984 » Thu Jun 20, 2019 2:45 pm

jrbdmb wrote:
Thu Jun 20, 2019 2:01 pm
j0nnyg1984 wrote:
Thu Jun 20, 2019 11:18 am
BoA cards with the preferred rewards top tier status give the highest cash back %’s

With the premium rewards card:
3.5% on travel and dining
2.625% on everything else

With the cash rewards card:
5.25% on gas stations (including purchases made inside!)
3.5% on grocery and wholesale (works at Costco)

Pretty fantastic combo. I played the points and churn game for years and decided it just wasn’t worth my time anymore. I now prefer taking the thousands of dollars a year in cash back.
Just to be clear this level of Preferred Rewards bonuses requires a $100,000 balance with BoA or Merrill Edge. You get smaller bonuses with balances of $50,000 and $20,000. I'd suggest that a minimum balance of $50,000 is needed to make BoA cards a good deal.
That’s clearly stated in the first line of my post, but thanks.

j0nnyg1984
Posts: 557
Joined: Sun Apr 24, 2016 9:55 am

Re: Highest % cash back credit card

Post by j0nnyg1984 » Thu Jun 20, 2019 2:48 pm

hotpancakes wrote:
Thu Jun 20, 2019 1:41 pm
gougou wrote:
Thu Jun 20, 2019 1:24 pm
flarf wrote:
Thu Jun 20, 2019 1:06 pm
anoop wrote:
Thu Jun 20, 2019 12:57 pm


There appears to be a $ limit of $2500 per quarter to which the elevated cashback applies. After that it drops to 1% + whatever premier status bonus.
I can't speak to the Cash Rewards card, but I've never hit any sort of limit on the 3.5% and 2.625% levels on the Premium Rewards card.

The T&C are quite clear that the earnings are unlimited.
It's not unlimited. I was shut down by Bank of America for using the Premium Rewards card too much and they also confiscated all my points. But I believe a regular customer won't ever spend enough to get it shut down.
Can you comment further on this? What were your spending patterns and credit limit? I have this exact card and am worried about being shut down (not that I'm doing anything wrong, but banks are banks and BofA seems like one of the bad ones).
I’ll venture a guess and say he was doing some crazy manufactured spending, churning, stupid stuff that all of us should be against.

I’ve spent hundreds of thousands on my BoA travel rewards and premium rewards cards for legitimate business expenses, including two charges of over 35k each, and I’ve never had a single issue.

The earnings are limited on the BoA cash rewards card, but let’s be realistic here, how many people are going to spend $50,000 a quarter on gas? It just isn’t a concern for 99.9% of us.

deltaneutral83
Posts: 1178
Joined: Tue Mar 07, 2017 4:25 pm

Re: Highest % cash back credit card

Post by deltaneutral83 » Thu Jun 20, 2019 3:03 pm

fareastwarriors wrote:
Thu Jun 20, 2019 1:59 pm

It seems like you got it figured out for yourself already. Keep it simple and take the 2% and call it a day.
Plenty of others like monkeying around for that extra bump.
Not sure what you mean, if one is "directionally" challenged when they open their wallet between the cash rewards and the premium rewards you could hypothetically still put everything on the premium rewards card and get 3.5% on dining/travel and 2.625% on everything else. This dominates a 2% cash back cardin any "monkeying around" scenario. Yes you have to have a $100k relationship with BoA to do this and most of those that do don't find 100k in ETF's/MF's to park with Merrill to be a big deal (free trades on ETF's too) to meet that requirement.
I’ll venture a guess and say he was doing some crazy manufactured spending, churning, stupid stuff that all of us should be against.

It's a well known no-no with BoA to MS frequently and it's even worse to cycle credit limit every month.

teamDE
Posts: 229
Joined: Tue Jun 28, 2016 9:16 pm

Re: Highest % cash back credit card

Post by teamDE » Thu Jun 20, 2019 3:09 pm

BoA Cash Rewards limits the bonus to $2500/quarter. We have this card and can hit that in month which made us look elsewhere.

DW now has a Citi DC (2% flat unlimited) for her "everything else" card and I have the Amex Blue Business Plus (2% flat up to $50k/yr). In addition we have the Amex Gold for dining/groceries (4x points) and an Amazon Prime Rewards for 5% at Amazon/Wholefoods. Not perfect but its easy to manage and works pretty well.

If i could do it again, i'd probably rather my wife have a Chase Freedom Unlimited instead of the Citi DC so that we earn Ultimate Rewards points instead of cash back.

j0nnyg1984
Posts: 557
Joined: Sun Apr 24, 2016 9:55 am

Re: Highest % cash back credit card

Post by j0nnyg1984 » Thu Jun 20, 2019 3:30 pm

teamDE wrote:
Thu Jun 20, 2019 3:09 pm
BoA Cash Rewards limits the bonus to $2500/quarter. We have this card and can hit that in month which made us look elsewhere.
Interesting, I don’t think I ever realized that this was a PURCHASE limit. Still unimportant to me as I don’t spend that much on grocery / fuel, but definitely limiting.

Still, one could easily max out the cash rewards card, then switch to the premium rewards card and still earn 2.625% on every purchase.

fareastwarriors
Posts: 992
Joined: Tue Feb 14, 2012 12:31 pm

Re: Highest % cash back credit card

Post by fareastwarriors » Thu Jun 20, 2019 3:31 pm

deltaneutral83 wrote:
Thu Jun 20, 2019 3:03 pm
fareastwarriors wrote:
Thu Jun 20, 2019 1:59 pm

It seems like you got it figured out for yourself already. Keep it simple and take the 2% and call it a day.
Plenty of others like monkeying around for that extra bump.
Not sure what you mean, if one is "directionally" challenged when they open their wallet between the cash rewards and the premium rewards you could hypothetically still put everything on the premium rewards card and get 3.5% on dining/travel and 2.625% on everything else. This dominates a 2% cash back cardin any "monkeying around" scenario. Yes you have to have a $100k relationship with BoA to do this and most of those that do don't find 100k in ETF's/MF's to park with Merrill to be a big deal (free trades on ETF's too) to meet that requirement.
I’ll venture a guess and say he was doing some crazy manufactured spending, churning, stupid stuff that all of us should be against.

It's a well known no-no with BoA to MS frequently and it's even worse to cycle credit limit every month.
I am definitely on your side. I don't mind doing a bit of "work" to earn x% more back.

I'm just saying there are people like anoop and others out there who wouldn't want to do anything extra. Even those simple requirements are too much hassle for them.

deltaneutral83
Posts: 1178
Joined: Tue Mar 07, 2017 4:25 pm

Re: Highest % cash back credit card

Post by deltaneutral83 » Thu Jun 20, 2019 3:53 pm

fareastwarriors wrote:
Thu Jun 20, 2019 3:31 pm
deltaneutral83 wrote:
Thu Jun 20, 2019 3:03 pm
fareastwarriors wrote:
Thu Jun 20, 2019 1:59 pm

It seems like you got it figured out for yourself already. Keep it simple and take the 2% and call it a day.
Plenty of others like monkeying around for that extra bump.
Not sure what you mean, if one is "directionally" challenged when they open their wallet between the cash rewards and the premium rewards you could hypothetically still put everything on the premium rewards card and get 3.5% on dining/travel and 2.625% on everything else. This dominates a 2% cash back cardin any "monkeying around" scenario. Yes you have to have a $100k relationship with BoA to do this and most of those that do don't find 100k in ETF's/MF's to park with Merrill to be a big deal (free trades on ETF's too) to meet that requirement.
I’ll venture a guess and say he was doing some crazy manufactured spending, churning, stupid stuff that all of us should be against.

It's a well known no-no with BoA to MS frequently and it's even worse to cycle credit limit every month.
I am definitely on your side. I don't mind doing a bit of "work" to earn x% more back.

I'm just saying there are people like anoop and others out there who wouldn't want to do anything extra. Even those simple requirements are too much hassle for them.
I hear ya, I'm always amused by those on here who have spent hours upon hours learning about indexing, the markets, behavioral issues, and most other BH concepts etc. etc., but won't take an hour to line up some really nice credit card bennies. The BoA premium rewards + cash rewards + merrill situation is very nice and took me about an hour to get going. Some very useful perks to say the least, nothing earth shattering, but nice.

DaftInvestor
Posts: 4555
Joined: Wed Feb 19, 2014 10:11 am

Re: Highest % cash back credit card

Post by DaftInvestor » Thu Jun 20, 2019 4:05 pm

teamDE wrote:
Thu Jun 20, 2019 3:09 pm
If i could do it again, i'd probably rather my wife have a Chase Freedom Unlimited instead of the Citi DC so that we earn Ultimate Rewards points instead of cash back.
Why? Are Chase "Ultimate Reward" points greater than 2% cash? I thought I saw the typical math on these points somewhere and it was concluded that they were worth less than 2% (perhaps 1.5%) but can no longer find the article.

MichCPA
Posts: 601
Joined: Fri Jul 06, 2018 9:06 pm

Re: Highest % cash back credit card

Post by MichCPA » Thu Jun 20, 2019 4:19 pm

deltaneutral83 wrote:
Thu Jun 20, 2019 3:53 pm
fareastwarriors wrote:
Thu Jun 20, 2019 3:31 pm
deltaneutral83 wrote:
Thu Jun 20, 2019 3:03 pm
fareastwarriors wrote:
Thu Jun 20, 2019 1:59 pm

It seems like you got it figured out for yourself already. Keep it simple and take the 2% and call it a day.
Plenty of others like monkeying around for that extra bump.
Not sure what you mean, if one is "directionally" challenged when they open their wallet between the cash rewards and the premium rewards you could hypothetically still put everything on the premium rewards card and get 3.5% on dining/travel and 2.625% on everything else. This dominates a 2% cash back cardin any "monkeying around" scenario. Yes you have to have a $100k relationship with BoA to do this and most of those that do don't find 100k in ETF's/MF's to park with Merrill to be a big deal (free trades on ETF's too) to meet that requirement.
I’ll venture a guess and say he was doing some crazy manufactured spending, churning, stupid stuff that all of us should be against.

It's a well known no-no with BoA to MS frequently and it's even worse to cycle credit limit every month.
I am definitely on your side. I don't mind doing a bit of "work" to earn x% more back.

I'm just saying there are people like anoop and others out there who wouldn't want to do anything extra. Even those simple requirements are too much hassle for them.
I hear ya, I'm always amused by those on here who have spent hours upon hours learning about indexing, the markets, behavioral issues, and most other BH concepts etc. etc., but won't take an hour to line up some really nice credit card bennies. The BoA premium rewards + cash rewards + merrill situation is very nice and took me about an hour to get going. Some very useful perks to say the least, nothing earth shattering, but nice.
Another potential benefit to higher earning cards is that you can start moving more spend onto them. For example, the Feds charge 1.87% on estimated taxes and my state charges 2.5%, local property taxes, vehicle registration, etc. you can actually pull in more spend.

It really doesn't seem like hassle to me to get the 2.625% by moving an IRA to Merrill and using free trades to get whatever ETFs you want. Splitting hairs about VTI at Vanguard vs VTI at Merrill is pretty comparable to paying extra for a different box.

MichCPA
Posts: 601
Joined: Fri Jul 06, 2018 9:06 pm

Re: Highest % cash back credit card

Post by MichCPA » Thu Jun 20, 2019 4:19 pm

DaftInvestor wrote:
Thu Jun 20, 2019 4:05 pm
teamDE wrote:
Thu Jun 20, 2019 3:09 pm
If i could do it again, i'd probably rather my wife have a Chase Freedom Unlimited instead of the Citi DC so that we earn Ultimate Rewards points instead of cash back.
Why? Are Chase "Ultimate Reward" points greater than 2% cash? I thought I saw the typical math on these points somewhere and it was concluded that they were worth less than 2% (perhaps 1.5%) but can no longer find the article.
1.5 pts times 1.5 cents per point is 2.25% return on spend.

EDIT: and with the new CFU sign up bonus its more like 3 pts times 1.5 cpp = 4.5%

trevorshhh
Posts: 26
Joined: Thu Jan 03, 2019 8:40 pm

Re: Highest % cash back credit card

Post by trevorshhh » Thu Jun 20, 2019 4:47 pm

msi wrote:
Thu Jun 20, 2019 1:07 pm
Paypal Cashback Mastercard

I have the Citi Cashback card and it's been good, but the Paypal card has the added benefit of having no foreign transaction fee while being a flat 2%. I would have given the Paypal card a harder look if it would have been available at the time.

gougou
Posts: 152
Joined: Thu Sep 28, 2017 7:42 pm
Location: San Francisco Bay Area

Re: Highest % cash back credit card

Post by gougou » Thu Jun 20, 2019 5:27 pm

hotpancakes wrote:
Thu Jun 20, 2019 1:41 pm
gougou wrote:
Thu Jun 20, 2019 1:24 pm
flarf wrote:
Thu Jun 20, 2019 1:06 pm
anoop wrote:
Thu Jun 20, 2019 12:57 pm
j0nnyg1984 wrote:
Thu Jun 20, 2019 11:18 am
BoA cards with the preferred rewards top tier status give the highest cash back %’s

With the premium rewards card:
3.5% on travel and dining
2.625% on everything else

With the cash rewards card:
5.25% on gas stations (including purchases made inside!)
3.5% on grocery and wholesale (works at Costco)

Pretty fantastic combo. I played the points and churn game for years and decided it just wasn’t worth my time anymore. I now prefer taking the thousands of dollars a year in cash back.
There appears to be a $ limit of $2500 per quarter to which the elevated cashback applies. After that it drops to 1% + whatever premier status bonus.
I can't speak to the Cash Rewards card, but I've never hit any sort of limit on the 3.5% and 2.625% levels on the Premium Rewards card.

The T&C are quite clear that the earnings are unlimited.
It's not unlimited. I was shut down by Bank of America for using the Premium Rewards card too much and they also confiscated all my points. But I believe a regular customer won't ever spend enough to get it shut down.
Can you comment further on this? What were your spending patterns and credit limit? I have this exact card and am worried about being shut down (not that I'm doing anything wrong, but banks are banks and BofA seems like one of the bad ones).
I bought certain type of products (completely legal) on eBay from some reputable merchants and I probably bought too much. BofA shut down all my credit cards and bank accounts, all my SO's and my mother's credit cards and bank accounts and confiscated all our unredeemed credit card rewards. I think we might be on a permanent blacklist in their risk department.

CL $20K~$30K. I was going over that consistently so I guess that's why. I don't think regular customers would ever spend that much per month so I think most people should be fine.

gougou
Posts: 152
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Location: San Francisco Bay Area

Re: Highest % cash back credit card

Post by gougou » Thu Jun 20, 2019 5:35 pm

j0nnyg1984 wrote:
Thu Jun 20, 2019 2:48 pm
hotpancakes wrote:
Thu Jun 20, 2019 1:41 pm
gougou wrote:
Thu Jun 20, 2019 1:24 pm
flarf wrote:
Thu Jun 20, 2019 1:06 pm
anoop wrote:
Thu Jun 20, 2019 12:57 pm


There appears to be a $ limit of $2500 per quarter to which the elevated cashback applies. After that it drops to 1% + whatever premier status bonus.
I can't speak to the Cash Rewards card, but I've never hit any sort of limit on the 3.5% and 2.625% levels on the Premium Rewards card.

The T&C are quite clear that the earnings are unlimited.
It's not unlimited. I was shut down by Bank of America for using the Premium Rewards card too much and they also confiscated all my points. But I believe a regular customer won't ever spend enough to get it shut down.
Can you comment further on this? What were your spending patterns and credit limit? I have this exact card and am worried about being shut down (not that I'm doing anything wrong, but banks are banks and BofA seems like one of the bad ones).
I’ll venture a guess and say he was doing some crazy manufactured spending, churning, stupid stuff that all of us should be against.

I’ve spent hundreds of thousands on my BoA travel rewards and premium rewards cards for legitimate business expenses, including two charges of over 35k each, and I’ve never had a single issue.

The earnings are limited on the BoA cash rewards card, but let’s be realistic here, how many people are going to spend $50,000 a quarter on gas? It just isn’t a concern for 99.9% of us.
If you put hundreds of thousands on your BofA Premium Rewards card, and put business expenses on your personal card then you are definitely at a risk of shutdown. Depending on how many hundreds of thousands that might be pretty close to my spend. BofA probably believed that I was buying inventory for my business and they didn't want to lose money on me any more.

Topic Author
Hector
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Re: Highest % cash back credit card

Post by Hector » Thu Jun 20, 2019 6:00 pm

MichCPA wrote:
Thu Jun 20, 2019 4:19 pm
deltaneutral83 wrote:
Thu Jun 20, 2019 3:53 pm
fareastwarriors wrote:
Thu Jun 20, 2019 3:31 pm
deltaneutral83 wrote:
Thu Jun 20, 2019 3:03 pm
fareastwarriors wrote:
Thu Jun 20, 2019 1:59 pm

It seems like you got it figured out for yourself already. Keep it simple and take the 2% and call it a day.
Plenty of others like monkeying around for that extra bump.
Not sure what you mean, if one is "directionally" challenged when they open their wallet between the cash rewards and the premium rewards you could hypothetically still put everything on the premium rewards card and get 3.5% on dining/travel and 2.625% on everything else. This dominates a 2% cash back cardin any "monkeying around" scenario. Yes you have to have a $100k relationship with BoA to do this and most of those that do don't find 100k in ETF's/MF's to park with Merrill to be a big deal (free trades on ETF's too) to meet that requirement.
I’ll venture a guess and say he was doing some crazy manufactured spending, churning, stupid stuff that all of us should be against.

It's a well known no-no with BoA to MS frequently and it's even worse to cycle credit limit every month.
I am definitely on your side. I don't mind doing a bit of "work" to earn x% more back.

I'm just saying there are people like anoop and others out there who wouldn't want to do anything extra. Even those simple requirements are too much hassle for them.
I hear ya, I'm always amused by those on here who have spent hours upon hours learning about indexing, the markets, behavioral issues, and most other BH concepts etc. etc., but won't take an hour to line up some really nice credit card bennies. The BoA premium rewards + cash rewards + merrill situation is very nice and took me about an hour to get going. Some very useful perks to say the least, nothing earth shattering, but nice.
Another potential benefit to higher earning cards is that you can start moving more spend onto them. For example, the Feds charge 1.87% on estimated taxes and my state charges 2.5%, local property taxes, vehicle registration, etc. you can actually pull in more spend.

It really doesn't seem like hassle to me to get the 2.625% by moving an IRA to Merrill and using free trades to get whatever ETFs you want. Splitting hairs about VTI at Vanguard vs VTI at Merrill is pretty comparable to paying extra for a different box.
Some people have brokerage accounts at wells fargo where you get 100 free trades a year per account. You can trade stock/ETF/MF. Brokers like Vanguard and Fidelity provide free treasury and CD purchase. There are many reason why people wont move away from their current brokerage.
Last edited by Hector on Thu Jun 20, 2019 6:22 pm, edited 1 time in total.

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whodidntante
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Re: Highest % cash back credit card

Post by whodidntante » Thu Jun 20, 2019 6:07 pm

DaftInvestor wrote:
Thu Jun 20, 2019 4:05 pm
teamDE wrote:
Thu Jun 20, 2019 3:09 pm
If i could do it again, i'd probably rather my wife have a Chase Freedom Unlimited instead of the Citi DC so that we earn Ultimate Rewards points instead of cash back.
Why? Are Chase "Ultimate Reward" points greater than 2% cash? I thought I saw the typical math on these points somewhere and it was concluded that they were worth less than 2% (perhaps 1.5%) but can no longer find the article.
UR points are worth at least as much as cash, since they can be redeemed for a cash deposit at the rate of 1 cent per point. But chase has two credit cards that allow you to redeem points at > 1 cent per point, though only for travel expenses. But you can also redeem those points for airline miles with said cards, which is probably the best value, depending on the airline. I don't have much difficulty redeeming United miles for 1.6 cents per mile.

YoungBogle
Posts: 93
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Re: Highest % cash back credit card

Post by YoungBogle » Thu Jun 20, 2019 6:09 pm

WhiteMaxima wrote:
Thu Jun 20, 2019 10:54 am
Fidelity FIA 2% for general purchase, FIA will send reward to your Fidelity account automatically (I use Fidelity 529)
For eat out and gasoline, I will use Costco Citi Visa (3% eat, 4% gas)
For traveling, I use Chase CSR (though $150 annual fee), you will free airport lounge access, global entry, car rental, oversea medical emergency, 4.5% effective traveling, eating reward.

That's all I need.
I’m confused as to why you use Costco CC for dining, not CSR

Jags4186
Posts: 3452
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Re: Highest % cash back credit card

Post by Jags4186 » Thu Jun 20, 2019 6:13 pm

US Bank Altitude Reserve is 4.5% cashback on travel and mobile wallet (Apple/Samsung Pay). Pair it with an Uber Visa for 4% at restaurants and you should be cruising :beer

YoungBogle
Posts: 93
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Re: Highest % cash back credit card

Post by YoungBogle » Thu Jun 20, 2019 6:21 pm

trevorshhh wrote:
Thu Jun 20, 2019 4:47 pm
msi wrote:
Thu Jun 20, 2019 1:07 pm
Paypal Cashback Mastercard

I have the Citi Cashback card and it's been good, but the Paypal card has the added benefit of having no foreign transaction fee while being a flat 2%. I would have given the Paypal card a harder look if it would have been available at the time.
If it makes you feel any better, even despite PayPal no ftf, I would still prefer Citi DC. Though I’ve never had the Citi DC, they claim users on average get a pretty good refund through their price rewind feature. Also citi provides you with additional warranties I believe.

I would take those benefits rather than eliminating FTF’s. Also you could just get a card with no FTF’s such as Cap1. It’s preferable to have multiple credit cards when traveling abroad.

UpperNwGuy
Posts: 2120
Joined: Sun Oct 08, 2017 7:16 pm

Re: Highest % cash back credit card

Post by UpperNwGuy » Thu Jun 20, 2019 6:32 pm

whodidntante wrote:
Thu Jun 20, 2019 6:07 pm
DaftInvestor wrote:
Thu Jun 20, 2019 4:05 pm
teamDE wrote:
Thu Jun 20, 2019 3:09 pm
If i could do it again, i'd probably rather my wife have a Chase Freedom Unlimited instead of the Citi DC so that we earn Ultimate Rewards points instead of cash back.
Why? Are Chase "Ultimate Reward" points greater than 2% cash? I thought I saw the typical math on these points somewhere and it was concluded that they were worth less than 2% (perhaps 1.5%) but can no longer find the article.
UR points are worth at least as much as cash, since they can be redeemed for a cash deposit at the rate of 1 cent per point. But chase has two credit cards that allow you to redeem points at > 1 cent per point, though only for travel expenses. But you can also redeem those points for airline miles with said cards, which is probably the best value, depending on the airline. I don't have much difficulty redeeming United miles for 1.6 cents per mile.
I'm afraid you won't be able to do that much longer. United is changing its frequent flyer program in November 2019 to "dynamic award pricing" similar to what Delta has been doing for the last few years. The value of a mile is likely to diminish from 1.6 cents to a cent or less. That, in turn, will make the Chase Ultimate Rewards points less valuable.
Last edited by UpperNwGuy on Thu Jun 20, 2019 6:34 pm, edited 1 time in total.

Topic Author
Hector
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Re: Highest % cash back credit card

Post by Hector » Thu Jun 20, 2019 6:33 pm

YoungBogle wrote:
Thu Jun 20, 2019 6:21 pm
trevorshhh wrote:
Thu Jun 20, 2019 4:47 pm
msi wrote:
Thu Jun 20, 2019 1:07 pm
Paypal Cashback Mastercard

I have the Citi Cashback card and it's been good, but the Paypal card has the added benefit of having no foreign transaction fee while being a flat 2%. I would have given the Paypal card a harder look if it would have been available at the time.
If it makes you feel any better, even despite PayPal no ftf, I would still prefer Citi DC. Though I’ve never had the Citi DC, they claim users on average get a pretty good refund through their price rewind feature. Also citi provides you with additional warranties I believe.

I would take those benefits rather than eliminating FTF’s. Also you could just get a card with no FTF’s such as Cap1. It’s preferable to have multiple credit cards when traveling abroad.
What is price rewind feature?

WhiteMaxima
Posts: 1885
Joined: Thu May 19, 2016 5:04 pm

Re: Highest % cash back credit card

Post by WhiteMaxima » Thu Jun 20, 2019 7:00 pm

YoungBogle wrote:
Thu Jun 20, 2019 6:09 pm
WhiteMaxima wrote:
Thu Jun 20, 2019 10:54 am
Fidelity FIA 2% for general purchase, FIA will send reward to your Fidelity account automatically (I use Fidelity 529)
For eat out and gasoline, I will use Costco Citi Visa (3% eat, 4% gas)
For traveling, I use Chase CSR (though $150 annual fee), you will free airport lounge access, global entry, car rental, oversea medical emergency, 4.5% effective traveling, eating reward.

That's all I need.
I’m confused as to why you use Costco CC for dining, not CSR
yes. I will CSR for dinning out for effective 4.5% travel.

DarkHelmetII
Posts: 326
Joined: Mon Jul 24, 2017 12:25 pm

Re: Highest % cash back credit card

Post by DarkHelmetII » Thu Jun 20, 2019 7:02 pm

I have capital one visa 2% cash back all purchases. Annual fee waived in first year per terms & conditions. At one year I asked what they could do to keep me and they indefinitely waived annual fee.

YoungBogle
Posts: 93
Joined: Thu Nov 08, 2018 10:04 pm

Re: Highest % cash back credit card

Post by YoungBogle » Thu Jun 20, 2019 7:31 pm

Hector wrote:
Thu Jun 20, 2019 6:33 pm
YoungBogle wrote:
Thu Jun 20, 2019 6:21 pm
trevorshhh wrote:
Thu Jun 20, 2019 4:47 pm
msi wrote:
Thu Jun 20, 2019 1:07 pm
Paypal Cashback Mastercard

I have the Citi Cashback card and it's been good, but the Paypal card has the added benefit of having no foreign transaction fee while being a flat 2%. I would have given the Paypal card a harder look if it would have been available at the time.
If it makes you feel any better, even despite PayPal no ftf, I would still prefer Citi DC. Though I’ve never had the Citi DC, they claim users on average get a pretty good refund through their price rewind feature. Also citi provides you with additional warranties I believe.

I would take those benefits rather than eliminating FTF’s. Also you could just get a card with no FTF’s such as Cap1. It’s preferable to have multiple credit cards when traveling abroad.
What is price rewind feature?
https://www.citipricerewind.com/

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msi
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Re: Highest % cash back credit card

Post by msi » Thu Jun 20, 2019 7:43 pm

DarkHelmetII wrote:
Thu Jun 20, 2019 7:02 pm
I have capital one visa 2% cash back all purchases. Annual fee waived in first year per terms & conditions. At one year I asked what they could do to keep me and they indefinitely waived annual fee.
Did they hassle you at all for that? Venture with no annual fee would be great.

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dwickenh
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Location: Illinois

Re: Highest % cash back credit card

Post by dwickenh » Thu Jun 20, 2019 8:44 pm

Paypal offers a 2% back on everything card from Synchony Bank. I have had it for a couple years and never missed a beat.

No annual fee.
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” | — Warren Buffett

njdealguy
Posts: 73
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Re: Highest % cash back credit card

Post by njdealguy » Thu Jun 20, 2019 8:51 pm

UpperNwGuy wrote:
Thu Jun 20, 2019 6:32 pm
whodidntante wrote:
Thu Jun 20, 2019 6:07 pm
DaftInvestor wrote:
Thu Jun 20, 2019 4:05 pm
teamDE wrote:
Thu Jun 20, 2019 3:09 pm
If i could do it again, i'd probably rather my wife have a Chase Freedom Unlimited instead of the Citi DC so that we earn Ultimate Rewards points instead of cash back.
Why? Are Chase "Ultimate Reward" points greater than 2% cash? I thought I saw the typical math on these points somewhere and it was concluded that they were worth less than 2% (perhaps 1.5%) but can no longer find the article.
UR points are worth at least as much as cash, since they can be redeemed for a cash deposit at the rate of 1 cent per point. But chase has two credit cards that allow you to redeem points at > 1 cent per point, though only for travel expenses. But you can also redeem those points for airline miles with said cards, which is probably the best value, depending on the airline. I don't have much difficulty redeeming United miles for 1.6 cents per mile.
I'm afraid you won't be able to do that much longer. United is changing its frequent flyer program in November 2019 to "dynamic award pricing" similar to what Delta has been doing for the last few years. The value of a mile is likely to diminish from 1.6 cents to a cent or less. That, in turn, will make the Chase Ultimate Rewards points less valuable.
Not necessarily true that Chase UR is less valuable just because of United's upcoming change. Singapore airlines krisflyer program is also a transfer partner of Chase UR and the exact same award seats bookable on United since both are in the same star alliance. In some cases number of required points on Krisflyer is even less than what United charges for same redemption. Also much more lenient on change/cancellation fees for award seats (Think something like $20 or $30 compared to over $150 charged by United's program. Of course more in depth discussions about all this would be suited to Flyertalk!

DarkHelmetII
Posts: 326
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Re: Highest % cash back credit card

Post by DarkHelmetII » Fri Jun 21, 2019 7:17 am

msi wrote:
Thu Jun 20, 2019 7:43 pm
DarkHelmetII wrote:
Thu Jun 20, 2019 7:02 pm
I have capital one visa 2% cash back all purchases. Annual fee waived in first year per terms & conditions. At one year I asked what they could do to keep me and they indefinitely waived annual fee.
Did they hassle you at all for that? Venture with no annual fee would be great.
I would not say that I was hassled. Was maybe a 5 - 10 minute call but remember it being pretty cordial ... a little back and forth such as putting me on hold for a minute, checking with their "supervisor" etc... but was pretty smooth. Who knows how universal that decision-making is vs. targeted to certain individuals. And also FYI I have not even completed year #2 (so the first year for which the fee was 'waived' on an exception-basis) and who knows if the fee will suddenly reappear.

Jags4186
Posts: 3452
Joined: Wed Jun 18, 2014 7:12 pm

Re: Highest % cash back credit card

Post by Jags4186 » Fri Jun 21, 2019 7:22 am

njdealguy wrote:
Thu Jun 20, 2019 8:51 pm
Not necessarily true that Chase UR is less valuable just because of United's upcoming change. Singapore airlines krisflyer program is also a transfer partner of Chase UR and the exact same award seats bookable on United since both are in the same star alliance. In some cases number of required points on Krisflyer is even less than what United charges for same redemption. Also much more lenient on change/cancellation fees for award seats (Think something like $20 or $30 compared to over $150 charged by United's program. Of course more in depth discussions about all this would be suited to Flyertalk!
United’s XN fares are not bootable on partner airlines and they are generally where most of the saver space is these days. Additionally it takes 3 days to transfer UR to Singapore Airlines so you have risk of award space disappearing.

Coltrane75
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Re: Highest % cash back credit card

Post by Coltrane75 » Fri Jun 21, 2019 9:11 am

I have the Alliant Credit Union Cash Rewards Visa card.
It pays 3% cashback first year on all transactions, annual fee waived. Cash is cash; you can deposit it to a bank account.
After 1st year it pays 2.5% cash back with a ~$90 annual fee.

MichCPA
Posts: 601
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Re: Highest % cash back credit card

Post by MichCPA » Fri Jun 21, 2019 10:19 am

YoungBogle wrote:
Thu Jun 20, 2019 6:21 pm
trevorshhh wrote:
Thu Jun 20, 2019 4:47 pm
msi wrote:
Thu Jun 20, 2019 1:07 pm
Paypal Cashback Mastercard

I have the Citi Cashback card and it's been good, but the Paypal card has the added benefit of having no foreign transaction fee while being a flat 2%. I would have given the Paypal card a harder look if it would have been available at the time.
If it makes you feel any better, even despite PayPal no ftf, I would still prefer Citi DC. Though I’ve never had the Citi DC, they claim users on average get a pretty good refund through their price rewind feature. Also citi provides you with additional warranties I believe.

I would take those benefits rather than eliminating FTF’s. Also you could just get a card with no FTF’s such as Cap1. It’s preferable to have multiple credit cards when traveling abroad.
I can personally vouch for price rewind. I have received $80 off of a bike and $70 off of a TV in the past year. It is a fantastic card for major purchases due to the Damage and theft protection and extended warranty as well.

Price Rewind basically extends Black Friday into a 2 month shopping window.

MichCPA
Posts: 601
Joined: Fri Jul 06, 2018 9:06 pm

Re: Highest % cash back credit card

Post by MichCPA » Fri Jun 21, 2019 10:32 am

Hector wrote:
Thu Jun 20, 2019 6:00 pm
MichCPA wrote:
Thu Jun 20, 2019 4:19 pm

Another potential benefit to higher earning cards is that you can start moving more spend onto them. For example, the Feds charge 1.87% on estimated taxes and my state charges 2.5%, local property taxes, vehicle registration, etc. you can actually pull in more spend.

It really doesn't seem like hassle to me to get the 2.625% by moving an IRA to Merrill and using free trades to get whatever ETFs you want. Splitting hairs about VTI at Vanguard vs VTI at Merrill is pretty comparable to paying extra for a different box.
Some people have brokerage accounts at wells fargo where you get 100 free trades a year per account. You can trade stock/ETF/MF. Brokers like Vanguard and Fidelity provide free treasury and CD purchase. There are many reason why people wont move away from their current brokerage.
The point of the post was that you can have the same investments at Merrill as other brokers at the same or decreased cost and with minimal hassle. It is also relevant to your original question and I think the point stands. I don't understand the offhand dismissal.

Where you choose to have a brokerage is, of course, up to you. I have had good experiences with Fidelity and am planning to move to their CMA setup. Vanguard has good products, but terrible software and no competitive banking solutions.

As for Wells, I don't have an account with them....that I know of...

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