What's Your Credit Card Rewards Strategy?

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presto987
Posts: 487
Joined: Sun Aug 30, 2020 10:58 pm

Re: What's Your Credit Card Rewards Strategy?

Post by presto987 »

spammagnet wrote: Tue Jun 01, 2021 9:22 am
snailderby wrote: Tue Jun 01, 2021 7:48 amSo far so good. We're not Platinum Honors yet, just Platinum, but that still gets us a flat 2.25% on all purchases on our BoA Travel Rewards card.
Don't forget to factor in the $95 annual fee after the first year. If your spending is high enough it may be worthwhile but their fee-free cash rewards cards may work better for you, with very little effort. Their web site has a tool that tells you how much you spent on each optional bonus category in the past 1 month and 3 months. Using that you can optimize your bonus category choices.
Travel Rewards doesn't have an annual fee. The $95 fee is for the Premium Rewards card.
tj
Posts: 9315
Joined: Wed Dec 23, 2009 11:10 pm

Re: What's Your Credit Card Rewards Strategy?

Post by tj »

ZinCO wrote: Tue Jun 01, 2021 9:49 am
tj wrote: Tue Jun 01, 2021 9:28 am
spammagnet wrote: Tue Jun 01, 2021 9:22 am
snailderby wrote: Tue Jun 01, 2021 7:48 amSo far so good. We're not Platinum Honors yet, just Platinum, but that still gets us a flat 2.25% on all purchases on our BoA Travel Rewards card.
Don't forget to factor in the $95 annual fee after the first year. If your spending is high enough it may be worthwhile but their fee-free cash rewards cards may work better for you, with very little effort. Their web site has a tool that tells you how much you spent on each optional bonus category in the past 1 month and 3 months. Using that you can optimize your bonus category choices.
You get $100 travel credit which can be used for an American Airlines giftcard that can be sold ofr $75-$80, or used at value. You also get a free global entry or TSA Precheck credit at every renewal. The annual fee is effectively much, much less.
Travel Rewards card is free. Premium Rewards is $95 and has the travel credit mentioned above.
Travel Rewards requires you to redeem for travel expenses. The Premium Rewards is more versatile and with the annual fee being almost nothing after travel credit, there's zero reason to use the Travel Rewards card.
ZinCO
Posts: 359
Joined: Thu Nov 05, 2015 8:42 pm

Re: What's Your Credit Card Rewards Strategy?

Post by ZinCO »

tj wrote: Tue Jun 01, 2021 10:04 am
ZinCO wrote: Tue Jun 01, 2021 9:49 am
tj wrote: Tue Jun 01, 2021 9:28 am
spammagnet wrote: Tue Jun 01, 2021 9:22 am
snailderby wrote: Tue Jun 01, 2021 7:48 amSo far so good. We're not Platinum Honors yet, just Platinum, but that still gets us a flat 2.25% on all purchases on our BoA Travel Rewards card.
Don't forget to factor in the $95 annual fee after the first year. If your spending is high enough it may be worthwhile but their fee-free cash rewards cards may work better for you, with very little effort. Their web site has a tool that tells you how much you spent on each optional bonus category in the past 1 month and 3 months. Using that you can optimize your bonus category choices.
You get $100 travel credit which can be used for an American Airlines giftcard that can be sold ofr $75-$80, or used at value. You also get a free global entry or TSA Precheck credit at every renewal. The annual fee is effectively much, much less.
Travel Rewards card is free. Premium Rewards is $95 and has the travel credit mentioned above.
Travel Rewards requires you to redeem for travel expenses. The Premium Rewards is more versatile and with the annual fee being almost nothing after travel credit, there's zero reason to use the Travel Rewards card.
Or use both and transfer the points from Travel Rewards to Premium Rewards before cashing out. That's what I do around estimated tax time.
tj
Posts: 9315
Joined: Wed Dec 23, 2009 11:10 pm

Re: What's Your Credit Card Rewards Strategy?

Post by tj »

ZinCO wrote: Tue Jun 01, 2021 10:14 am
tj wrote: Tue Jun 01, 2021 10:04 am
ZinCO wrote: Tue Jun 01, 2021 9:49 am
tj wrote: Tue Jun 01, 2021 9:28 am
spammagnet wrote: Tue Jun 01, 2021 9:22 am Don't forget to factor in the $95 annual fee after the first year. If your spending is high enough it may be worthwhile but their fee-free cash rewards cards may work better for you, with very little effort. Their web site has a tool that tells you how much you spent on each optional bonus category in the past 1 month and 3 months. Using that you can optimize your bonus category choices.
You get $100 travel credit which can be used for an American Airlines giftcard that can be sold ofr $75-$80, or used at value. You also get a free global entry or TSA Precheck credit at every renewal. The annual fee is effectively much, much less.
Travel Rewards card is free. Premium Rewards is $95 and has the travel credit mentioned above.
Travel Rewards requires you to redeem for travel expenses. The Premium Rewards is more versatile and with the annual fee being almost nothing after travel credit, there's zero reason to use the Travel Rewards card.
Or use both and transfer the points from Travel Rewards to Premium Rewards before cashing out. That's what I do around estimated tax time.
Why do you use the Travel Rewards card? To show less utilization on your Premium? I'm not sure what else that could accomplish.
ZinCO
Posts: 359
Joined: Thu Nov 05, 2015 8:42 pm

Re: What's Your Credit Card Rewards Strategy?

Post by ZinCO »

tj wrote: Tue Jun 01, 2021 10:17 am
ZinCO wrote: Tue Jun 01, 2021 10:14 am
tj wrote: Tue Jun 01, 2021 10:04 am
ZinCO wrote: Tue Jun 01, 2021 9:49 am
tj wrote: Tue Jun 01, 2021 9:28 am

You get $100 travel credit which can be used for an American Airlines giftcard that can be sold ofr $75-$80, or used at value. You also get a free global entry or TSA Precheck credit at every renewal. The annual fee is effectively much, much less.
Travel Rewards card is free. Premium Rewards is $95 and has the travel credit mentioned above.
Travel Rewards requires you to redeem for travel expenses. The Premium Rewards is more versatile and with the annual fee being almost nothing after travel credit, there's zero reason to use the Travel Rewards card.
Or use both and transfer the points from Travel Rewards to Premium Rewards before cashing out. That's what I do around estimated tax time.
Why do you use the Travel Rewards card? To show less utilization on your Premium? I'm not sure what else that could accomplish.
I paid a LOT in estimated taxes last year, needed both credit lines (and didn't really want to max out my Premium CL either).
Jags4186
Posts: 8198
Joined: Wed Jun 18, 2014 7:12 pm

Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 »

tj wrote: Fri May 28, 2021 9:59 pm
Bibliothikarios wrote: Fri May 28, 2021 9:50 pm So about eight months ago, I read this entire thread. lol I read it over a month and half. I racked up nearly 4k in bonuses after reading this thread. Thanks to everyone who has posted over the years.

So, now I'm considering what my steady day to day/long term plan will be. I currently have investments at Fidelity.

I am intrigued by the BofA Merrill Lynch platinum honors.

I wanted to see if those who use the BofA/ML as their default CC rewards are still happy? I guess I just need to hear the experience will be good enough to warrant such a big change (for me, mentally, moving investments).
I can't imagine why anyone would be unhappy with the BofA/Merill combo, assuming you can hold your investments at Merrill.
I’ve arranged my CC spend to be more rewarding than what BOA can offer, so I have no need to use Merrill. However, I really haven’t dived into the brokerage bonus game so the opportunity might yet arise.
tj
Posts: 9315
Joined: Wed Dec 23, 2009 11:10 pm

Re: What's Your Credit Card Rewards Strategy?

Post by tj »

Jags4186 wrote: Tue Jun 01, 2021 10:24 am
tj wrote: Fri May 28, 2021 9:59 pm
Bibliothikarios wrote: Fri May 28, 2021 9:50 pm So about eight months ago, I read this entire thread. lol I read it over a month and half. I racked up nearly 4k in bonuses after reading this thread. Thanks to everyone who has posted over the years.

So, now I'm considering what my steady day to day/long term plan will be. I currently have investments at Fidelity.

I am intrigued by the BofA Merrill Lynch platinum honors.

I wanted to see if those who use the BofA/ML as their default CC rewards are still happy? I guess I just need to hear the experience will be good enough to warrant such a big change (for me, mentally, moving investments).
I can't imagine why anyone would be unhappy with the BofA/Merill combo, assuming you can hold your investments at Merrill.
I’ve arranged my CC spend to be more rewarding than what BOA can offer, so I have no need to use Merrill. However, I really haven’t dived into the brokerage bonus game so the opportunity might yet arise.
How have you found more lucrative cash back than what BOA offers?
Jags4186
Posts: 8198
Joined: Wed Jun 18, 2014 7:12 pm

Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 »

tj wrote: Tue Jun 01, 2021 10:25 am How have you found more lucrative cash back than what BOA offers?
4.5% with Altitude Reserve anyplace mobile wallet is supported is basically baseline for me. I also am almost constantly working on a sign up bonus or some sort of spending promotion which can push me in the 10%+ category on most purchases. The 5.25% online spending category is mildly interesting, but even if I were to max it out it’s really not worth the hassle of moving money around for what amounts to maybe $50 extra cashback a year?
tj
Posts: 9315
Joined: Wed Dec 23, 2009 11:10 pm

Re: What's Your Credit Card Rewards Strategy?

Post by tj »

Jags4186 wrote: Tue Jun 01, 2021 10:34 am
tj wrote: Tue Jun 01, 2021 10:25 am How have you found more lucrative cash back than what BOA offers?
4.5% with Altitude Reserve anyplace mobile wallet is supported is basically baseline for me. I also am almost constantly working on a sign up bonus or some sort of spending promotion which can push me in the 10%+ category on most purchases. The 5.25% online spending category is mildly interesting, but even if I were to max it out it’s really not worth the hassle of moving money around for what amounts to maybe $50 extra cashback a year?
Doesn't Altitude Reserve have a $500 annual fee?
Jags4186
Posts: 8198
Joined: Wed Jun 18, 2014 7:12 pm

Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 »

tj wrote: Tue Jun 01, 2021 10:35 am
Jags4186 wrote: Tue Jun 01, 2021 10:34 am
tj wrote: Tue Jun 01, 2021 10:25 am How have you found more lucrative cash back than what BOA offers?
4.5% with Altitude Reserve anyplace mobile wallet is supported is basically baseline for me. I also am almost constantly working on a sign up bonus or some sort of spending promotion which can push me in the 10%+ category on most purchases. The 5.25% online spending category is mildly interesting, but even if I were to max it out it’s really not worth the hassle of moving money around for what amounts to maybe $50 extra cashback a year?
Doesn't Altitude Reserve have a $500 annual fee?
It has a $400 fee and they give you $325 back in dining/travel credits which is straight cash to me. Additionally, I like the in flight WiFi perks which I used to purchase several times a year so the net cost to me is really $0.

What is of REAL interest to me is Bank of America Business Platinum Honors, but as far as I’m aware that actually requires holding $100k in cash so that’s too rich for my blood as the opportunity cost is too high for the benefit. If I had a business that required that much cash holdings, I’d be all over it.
spammagnet
Posts: 2477
Joined: Wed Apr 27, 2016 9:42 pm

Re: What's Your Credit Card Rewards Strategy?

Post by spammagnet »

presto987 wrote: Tue Jun 01, 2021 9:51 amTravel Rewards doesn't have an annual fee. The $95 fee is for the Premium Rewards card.
My mistake. I was thinking of the 2% travel category in Premium Rewards.
Bibliothikarios
Posts: 41
Joined: Sun Jan 26, 2020 5:49 pm
Location: Deep South

Re: What's Your Credit Card Rewards Strategy?

Post by Bibliothikarios »

ResearchMed wrote: Tue Jun 01, 2021 9:27 am
Ron Ronnerson wrote: Tue Jun 01, 2021 9:15 am
MikeG62 wrote: Tue Jun 01, 2021 5:53 am
spammagnet wrote: Mon May 31, 2021 8:35 pm
MikeG62 wrote: Mon May 31, 2021 8:33 am… And you only need to park $100K at Merrill Edge …
To keep things in perspective, this is well beyond realistic for most people.
They don't have $100K in a retirement account they can move to ME? It does not have to (should not) be cash.
Most people have nowhere near this much saved in cash, brokerage account, or a transferable IRA. Most people save virtually nothing toward retirement. The median age for reaching six figures saved for retirement is in the 50s.

What quite a few people on this forum tend to save in a year or two, the typical person will save over a lifetime. Merrill Edge is greatly limiting who can qualify for their best terms by having the $100k requirement.

Here is on article about the median retirement savings by age: https://smartasset.com/retirement/avera ... you-normal

It says in the link that the age 55-64 group has the highest median retirement savings with $104k saved in a 401k/IRA. That means half the people approaching retirement still are at five figures or less. You can ignore younger people since they’re nowhere near reaching the big $100k.
And don't forget that [possibly questionable] report a while ago that many Americans wouldn't be able to get a rather small amount of money in case of emergency. IIRC, it was $1k or less. (I'm not sure about the method, but let's assume there is some approximation to what they claim.)
Even if that study excluded "retirement accounts" (because that money might not be "accessible"), most people who couldn't gather $1k or less in an emergency probably don't have large holdings of any type.

I think we here at BH sometimes forget that most of us are not at all representative of the more general population, in many ways.

RM
100k seems like such a small amount, from the kinds of numbers that often thrown about on this forum. I had never thought about it, but I guess that is a difficult amount for many. I have a handyman I pay to help me with projects. I've been helping him with personal finances. The first thing I challenged him to do three years ago was save up a 1k emergency fund. I'm still waiting for him to get to step one. I was gonna teach him about credit card rewards, but he blows through all his cash. So he's not likely a good candidate for using credit cards. He has many good qualities: honest, hardworking etc. Saving money is just really hard for some people.
snailderby
Posts: 1421
Joined: Thu Jul 26, 2018 11:30 am

Re: What's Your Credit Card Rewards Strategy?

Post by snailderby »

tj wrote: Tue Jun 01, 2021 10:04 am
ZinCO wrote: Tue Jun 01, 2021 9:49 am Travel Rewards card is free. Premium Rewards is $95 and has the travel credit mentioned above.
Travel Rewards requires you to redeem for travel expenses. The Premium Rewards is more versatile and with the annual fee being almost nothing after travel credit, there's zero reason to use the Travel Rewards card.
You can now redeem Travel Rewards points for travel and dining expenses, although I'm not sure whether this is a permanent change or just a temporary COVID policy. We'll see, I guess.
spammagnet
Posts: 2477
Joined: Wed Apr 27, 2016 9:42 pm

Re: What's Your Credit Card Rewards Strategy?

Post by spammagnet »

Bibliothikarios wrote: Tue Jun 01, 2021 12:39 pm100k seems like such a small amount, from the kinds of numbers that often thrown about on this forum. …
From time to time there are threads inquiring about the distribution of income among Bogleheads. Many lower-income members are here. They just don't say much. Threads like this don't encourage it, either.

May I suggest we return our focus to the topic of credit card rewards, lest this become contentious? (I admit to having made an off-topic comment, myself.)
calwatch
Posts: 1431
Joined: Wed Oct 02, 2013 1:48 am

Re: What's Your Credit Card Rewards Strategy?

Post by calwatch »

If you hold Travel Rewards you can cycle on and off Premium Rewards when you need it. My plan is to hold my Travel Rewards points until I or someone I love needs a Global Entry credit, and reapply for it then. The hassle of the AA credit is annoying and dining has a slightly better return through Chase Sapphire Reserve. This means that I am without Premium Rewards for a while - although truth be told, I am paying most of my bills with gift cards bought from the office stores at a (slight) discount or trying to meet a sign up bonus.
Bibliothikarios
Posts: 41
Joined: Sun Jan 26, 2020 5:49 pm
Location: Deep South

Re: What's Your Credit Card Rewards Strategy?

Post by Bibliothikarios »

spammagnet wrote: Tue Jun 01, 2021 6:16 pm
Bibliothikarios wrote: Tue Jun 01, 2021 12:39 pm100k seems like such a small amount, from the kinds of numbers that often thrown about on this forum. …
From time to time there are threads inquiring about the distribution of income among Bogleheads. Many lower-income members are here. They just don't say much. Threads like this don't encourage it, either.

May I suggest we return our focus to the topic of credit card rewards, lest this become contentious? (I admit to having made an off-topic comment, myself.)
I am one of those usually quiet lower income members of the community. This credit card reward strategy thread has allowed me to take free vacations. I much appreciate the collective wisdom of those in the Boglehead community.
Tingting1013
Posts: 1594
Joined: Mon Aug 24, 2020 5:44 pm

Re: Favorite Credit Cards

Post by Tingting1013 »

Tingting1013 wrote: Sat Feb 06, 2021 10:22 am The Sears Shop Your Way MasterCard.

Before you laugh, here are just a few of the specials offers I’ve received on it:

For total eligible online purchases of $500 or more made each month from 2/1/21 through 4/30/21, you'll earn 20% back in statement credits (up to a maximum total statement credit of $150 each month).

For total eligible online purchases of $400 or more made each month from 11/01/20 through 1/31/21, you’ll earn 10% back in statement credits (up to a maximum total statement credit of $100 each month).

earn a $75 statement credit on eligible purchases totaling $750 or more with your Shop Your Way Mastercard® made from 9/15/2020 through 11/13/2020



Also, 5% back on gas and 3% back at restaurants and grocery stores, redeemable for a wide variety of gift cards (including Apple)
Putting another plug in for the Shop Your Way card. This month it’s offering:

15% back for Gas / Grocery / Restaurants up to $150 back
10% back for Travel / Entertainment up to $150 back
10% back for Clothing / Department Stores up to $55 back
Jags4186
Posts: 8198
Joined: Wed Jun 18, 2014 7:12 pm

Re: Favorite Credit Cards

Post by Jags4186 »

Tingting1013 wrote: Tue Jun 01, 2021 11:14 pm
Tingting1013 wrote: Sat Feb 06, 2021 10:22 am The Sears Shop Your Way MasterCard.

Before you laugh, here are just a few of the specials offers I’ve received on it:

For total eligible online purchases of $500 or more made each month from 2/1/21 through 4/30/21, you'll earn 20% back in statement credits (up to a maximum total statement credit of $150 each month).

For total eligible online purchases of $400 or more made each month from 11/01/20 through 1/31/21, you’ll earn 10% back in statement credits (up to a maximum total statement credit of $100 each month).

earn a $75 statement credit on eligible purchases totaling $750 or more with your Shop Your Way Mastercard® made from 9/15/2020 through 11/13/2020



Also, 5% back on gas and 3% back at restaurants and grocery stores, redeemable for a wide variety of gift cards (including Apple)
Putting another plug in for the Shop Your Way card. This month it’s offering:

15% back for Gas / Grocery / Restaurants up to $150 back
10% back for Travel / Entertainment up to $150 back
10% back for Clothing / Department Stores up to $55 back
Is this card available to sign up for/can you provide a link? I always see the incredible offers they have and want to get in on it, but there are so many Sears cards and its not always easy to figure out which one you’re applying for.
Tingting1013
Posts: 1594
Joined: Mon Aug 24, 2020 5:44 pm

Re: Favorite Credit Cards

Post by Tingting1013 »

Jags4186 wrote: Wed Jun 02, 2021 7:00 pm
Tingting1013 wrote: Tue Jun 01, 2021 11:14 pm
Tingting1013 wrote: Sat Feb 06, 2021 10:22 am The Sears Shop Your Way MasterCard.

Before you laugh, here are just a few of the specials offers I’ve received on it:

For total eligible online purchases of $500 or more made each month from 2/1/21 through 4/30/21, you'll earn 20% back in statement credits (up to a maximum total statement credit of $150 each month).

For total eligible online purchases of $400 or more made each month from 11/01/20 through 1/31/21, you’ll earn 10% back in statement credits (up to a maximum total statement credit of $100 each month).

earn a $75 statement credit on eligible purchases totaling $750 or more with your Shop Your Way Mastercard® made from 9/15/2020 through 11/13/2020



Also, 5% back on gas and 3% back at restaurants and grocery stores, redeemable for a wide variety of gift cards (including Apple)
Putting another plug in for the Shop Your Way card. This month it’s offering:

15% back for Gas / Grocery / Restaurants up to $150 back
10% back for Travel / Entertainment up to $150 back
10% back for Clothing / Department Stores up to $55 back
Is this card available to sign up for/can you provide a link? I always see the incredible offers they have and want to get in on it, but there are so many Sears cards and its not always easy to figure out which one you’re applying for.
https://www.shopyourway.com/mp/app/19375/l/card

The bonus offers I’ve mentioned are not publicized, but rather are emailed to you to activate at the beginning of every month. Here is a blogger who gets it:

https://themoneyninja.com/shop-your-way ... Store_Card
Bibliothikarios
Posts: 41
Joined: Sun Jan 26, 2020 5:49 pm
Location: Deep South

Re: Favorite Credit Cards

Post by Bibliothikarios »

Tingting1013 wrote: Wed Jun 02, 2021 7:22 pm
Jags4186 wrote: Wed Jun 02, 2021 7:00 pm
Tingting1013 wrote: Tue Jun 01, 2021 11:14 pm
Tingting1013 wrote: Sat Feb 06, 2021 10:22 am The Sears Shop Your Way MasterCard.

Before you laugh, here are just a few of the specials offers I’ve received on it:

For total eligible online purchases of $500 or more made each month from 2/1/21 through 4/30/21, you'll earn 20% back in statement credits (up to a maximum total statement credit of $150 each month).

For total eligible online purchases of $400 or more made each month from 11/01/20 through 1/31/21, you’ll earn 10% back in statement credits (up to a maximum total statement credit of $100 each month).

earn a $75 statement credit on eligible purchases totaling $750 or more with your Shop Your Way Mastercard® made from 9/15/2020 through 11/13/2020



Also, 5% back on gas and 3% back at restaurants and grocery stores, redeemable for a wide variety of gift cards (including Apple)
Putting another plug in for the Shop Your Way card. This month it’s offering:

15% back for Gas / Grocery / Restaurants up to $150 back
10% back for Travel / Entertainment up to $150 back
10% back for Clothing / Department Stores up to $55 back
Is this card available to sign up for/can you provide a link? I always see the incredible offers they have and want to get in on it, but there are so many Sears cards and its not always easy to figure out which one you’re applying for.
https://www.shopyourway.com/mp/app/19375/l/card

The bonus offers I’ve mentioned are not publicized, but rather are emailed to you to activate at the beginning of every month. Here is a blogger who gets it:

https://themoneyninja.com/shop-your-way ... Store_Card
Very interesting! Thanks for sharing the links.
Mudpuppy
Posts: 7409
Joined: Sat Aug 27, 2011 2:26 am
Location: Sunny California

Re: What's Your Credit Card Rewards Strategy?

Post by Mudpuppy »

Jack FFR1846 wrote: Tue Jun 01, 2021 8:09 am I now have $1.50 per gallon discount at Shell plus since my Shell Rewards is linked, another 5 cents a gallon. I buy 20 gallons. It's cool for me that the cheapest gas station in the area is a Shell station. 20X$1.55=$31. $201.55+31=$232.55.

I'll use my discover card to buy the gas for 5% back. Gas before discount was $2.82 per gallon. After discount, $1.27 for 20 gallons, $25.40. 5% is $1.27. Total benefit now is $233.82.
Gas rewards is one thing I've given up chasing, simply due to the number of credit card skimmers installed on gas pumps in my area. I've switched over to the CSR since it has an NFC chip and I get gas at a station with NFC payment terminals at the pump.

If there's a good gas rewards card that comes with an NFC chip, I'd be interested in hearing about it, but for now the costs and hassles of getting my card skimmed are far above the benefits of getting a few extra percentage points of rewards from the transaction.
snailderby
Posts: 1421
Joined: Thu Jul 26, 2018 11:30 am

Re: What's Your Credit Card Rewards Strategy?

Post by snailderby »

Mudpuppy wrote: Fri Jun 04, 2021 1:27 am Gas rewards is one thing I've given up chasing, simply due to the number of credit card skimmers installed on gas pumps in my area. I've switched over to the CSR since it has an NFC chip and I get gas at a station with NFC payment terminals at the pump.

If there's a good gas rewards card that comes with an NFC chip, I'd be interested in hearing about it, but for now the costs and hassles of getting my card skimmed are far above the benefits of getting a few extra percentage points of rewards from the transaction.
The following cards appear to have a contactless NFC symbol:

Bank of America Cash Rewards (up to 5.25% on gas if you have Platinum Honors status with BoA/Merrill)
PenFed Platinum Rewards (5x points on gas, worth 0.85c a point for an effective rate of 4.25%)
PNC Cash Rewards (4% on gas)
arsenal_fan
Posts: 119
Joined: Tue Nov 17, 2015 7:57 pm

Re: What's Your Credit Card Rewards Strategy?

Post by arsenal_fan »

Jack FFR1846 wrote: Tue Jun 01, 2021 8:09 am There are lots of ways to maximize, but it's not just use one credit card and get the max.

Recent for us. Applied for a Cap One card for DW to get $200 bonus for spending $500 in the first 3 months.

Stop & Shop had a promotion, 3X go points on MC GC. I buy a $500 MC GC. Note, there's also 1.5% cash back.

$200+(0.015X500=$7.50)=$207.50.
But the GC cost $5.95 to activate.
$207.50-$5.95=$201.55.

I now have $1.50 per gallon discount at Shell plus since my Shell Rewards is linked, another 5 cents a gallon. I buy 20 gallons. It's cool for me that the cheapest gas station in the area is a Shell station. 20X$1.55=$31. $201.55+31=$232.55.

I'll use my discover card to buy the gas for 5% back. Gas before discount was $2.82 per gallon. After discount, $1.27 for 20 gallons, $25.40. 5% is $1.27. Total benefit now is $233.82.

You're going to say..."Hey Jack. You've got a $500 MC gift card. How you gonna get rid of that?". Well, I don't do any trickery with money orders. I simply spend it on things that don't give me any bonus points. I just had my furnace and water heater annual service. There's $200 right there. It's pretty easy to spend the MCGC and I know if I could have just turned it into a money order, I could have used my 2% citi double cash for the furnace service for $4. You can't have everything.....where would you put it? (Steven Wright)
Hi Jack, how'd you get $1.5 per gallon at Shell? I get only 5c per gallon. Is the $1.5 every time you fill up? How long does that last?
Jags4186
Posts: 8198
Joined: Wed Jun 18, 2014 7:12 pm

Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 »

arsenal_fan wrote: Sat Jun 05, 2021 12:27 am
Jack FFR1846 wrote: Tue Jun 01, 2021 8:09 am There are lots of ways to maximize, but it's not just use one credit card and get the max.

Recent for us. Applied for a Cap One card for DW to get $200 bonus for spending $500 in the first 3 months.

Stop & Shop had a promotion, 3X go points on MC GC. I buy a $500 MC GC. Note, there's also 1.5% cash back.

$200+(0.015X500=$7.50)=$207.50.
But the GC cost $5.95 to activate.
$207.50-$5.95=$201.55.

I now have $1.50 per gallon discount at Shell plus since my Shell Rewards is linked, another 5 cents a gallon. I buy 20 gallons. It's cool for me that the cheapest gas station in the area is a Shell station. 20X$1.55=$31. $201.55+31=$232.55.

I'll use my discover card to buy the gas for 5% back. Gas before discount was $2.82 per gallon. After discount, $1.27 for 20 gallons, $25.40. 5% is $1.27. Total benefit now is $233.82.

You're going to say..."Hey Jack. You've got a $500 MC gift card. How you gonna get rid of that?". Well, I don't do any trickery with money orders. I simply spend it on things that don't give me any bonus points. I just had my furnace and water heater annual service. There's $200 right there. It's pretty easy to spend the MCGC and I know if I could have just turned it into a money order, I could have used my 2% citi double cash for the furnace service for $4. You can't have everything.....where would you put it? (Steven Wright)
Hi Jack, how'd you get $1.5 per gallon at Shell? I get only 5c per gallon. Is the $1.5 every time you fill up? How long does that last?
It’s not $1.50/gallon off, he’s including the $200 bonus as a gas discount which doesn’t make sense to me, but c’est la vie…
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Re: What's Your Credit Card Rewards Strategy?

Post by Mudpuppy »

snailderby wrote: Fri Jun 04, 2021 7:27 am
Mudpuppy wrote: Fri Jun 04, 2021 1:27 am Gas rewards is one thing I've given up chasing, simply due to the number of credit card skimmers installed on gas pumps in my area. I've switched over to the CSR since it has an NFC chip and I get gas at a station with NFC payment terminals at the pump.

If there's a good gas rewards card that comes with an NFC chip, I'd be interested in hearing about it, but for now the costs and hassles of getting my card skimmed are far above the benefits of getting a few extra percentage points of rewards from the transaction.
The following cards appear to have a contactless NFC symbol:

Bank of America Cash Rewards (up to 5.25% on gas if you have Platinum Honors status with BoA/Merrill)
PenFed Platinum Rewards (5x points on gas, worth 0.85c a point for an effective rate of 4.25%)
PNC Cash Rewards (4% on gas)
Thanks for the list. I'll look into those.
spammagnet
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Re: What's Your Credit Card Rewards Strategy?

Post by spammagnet »

Mudpuppy wrote: Sat Jun 05, 2021 3:38 pm
snailderby wrote: Fri Jun 04, 2021 7:27 am
Mudpuppy wrote: Fri Jun 04, 2021 1:27 am Gas rewards is one thing I've given up chasing, simply due to the number of credit card skimmers installed on gas pumps in my area. I've switched over to the CSR since it has an NFC chip and I get gas at a station with NFC payment terminals at the pump.

If there's a good gas rewards card that comes with an NFC chip, I'd be interested in hearing about it, but for now the costs and hassles of getting my card skimmed are far above the benefits of getting a few extra percentage points of rewards from the transaction.
The following cards appear to have a contactless NFC symbol:

Bank of America Cash Rewards (up to 5.25% on gas if you have Platinum Honors status with BoA/Merrill)
PenFed Platinum Rewards (5x points on gas, worth 0.85c a point for an effective rate of 4.25%)
PNC Cash Rewards (4% on gas)
Thanks for the list. I'll look into those.
That assumes the pumps have contactless payment (that works) or that you're willing to go into the store.
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Re: What's Your Credit Card Rewards Strategy?

Post by Tingting1013 »

I really wanted to simplify my credit card life but Chase is pushing the Sapphire Preferred like crazy with its 100k point signup bonus. I can reliably get 3 cents per point out of Chase UR points, and with a 50% marginal income tax bracket this thing is basically like getting a $6k bonus from work.
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Re: What's Your Credit Card Rewards Strategy?

Post by Mudpuppy »

spammagnet wrote: Sun Jun 06, 2021 9:51 am
Mudpuppy wrote: Sat Jun 05, 2021 3:38 pm
snailderby wrote: Fri Jun 04, 2021 7:27 am
Mudpuppy wrote: Fri Jun 04, 2021 1:27 am Gas rewards is one thing I've given up chasing, simply due to the number of credit card skimmers installed on gas pumps in my area. I've switched over to the CSR since it has an NFC chip and I get gas at a station with NFC payment terminals at the pump.

If there's a good gas rewards card that comes with an NFC chip, I'd be interested in hearing about it, but for now the costs and hassles of getting my card skimmed are far above the benefits of getting a few extra percentage points of rewards from the transaction.
The following cards appear to have a contactless NFC symbol:

Bank of America Cash Rewards (up to 5.25% on gas if you have Platinum Honors status with BoA/Merrill)
PenFed Platinum Rewards (5x points on gas, worth 0.85c a point for an effective rate of 4.25%)
PNC Cash Rewards (4% on gas)
Thanks for the list. I'll look into those.
That assumes the pumps have contactless payment (that works) or that you're willing to go into the store.
The gas station I typically use, which is one of the lowest-priced ones within a mile of my daily route, does support contactless payments and it's always worked. I started using the NFC contactless payment system when CSR had the bonus points on gas payments and kept using it when I realized the benefit of avoiding card skimmers.
EnjoyIt
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Re: What's Your Credit Card Rewards Strategy?

Post by EnjoyIt »

Tingting1013 wrote: Sun Jun 06, 2021 5:53 pm I really wanted to simplify my credit card life but Chase is pushing the Sapphire Preferred like crazy with its 100k point signup bonus. I can reliably get 3 cents per point out of Chase UR points, and with a 50% marginal income tax bracket this thing is basically like getting a $6k bonus from work.
Please share how you reliably get 3 cents per point with Chase UR. I generally get about 1.5 cents per point with the occasional first class airline ticket that gets me a little over 2 cents per point.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
Tingting1013
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Re: What's Your Credit Card Rewards Strategy?

Post by Tingting1013 »

EnjoyIt wrote: Mon Jun 07, 2021 11:24 am
Tingting1013 wrote: Sun Jun 06, 2021 5:53 pm I really wanted to simplify my credit card life but Chase is pushing the Sapphire Preferred like crazy with its 100k point signup bonus. I can reliably get 3 cents per point out of Chase UR points, and with a 50% marginal income tax bracket this thing is basically like getting a $6k bonus from work.
Please share how you reliably get 3 cents per point with Chase UR. I generally get about 1.5 cents per point with the occasional first class airline ticket that gets me a little over 2 cents per point.
Transfer to Hyatt and redeem for Alila Napa Valley or Ventana Big Sur. Routinely $1000/night or 30k points. And yes, I would have paid the $1000 in cash.
EnjoyIt
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Re: What's Your Credit Card Rewards Strategy?

Post by EnjoyIt »

Tingting1013 wrote: Mon Jun 07, 2021 1:55 pm
EnjoyIt wrote: Mon Jun 07, 2021 11:24 am
Tingting1013 wrote: Sun Jun 06, 2021 5:53 pm I really wanted to simplify my credit card life but Chase is pushing the Sapphire Preferred like crazy with its 100k point signup bonus. I can reliably get 3 cents per point out of Chase UR points, and with a 50% marginal income tax bracket this thing is basically like getting a $6k bonus from work.
Please share how you reliably get 3 cents per point with Chase UR. I generally get about 1.5 cents per point with the occasional first class airline ticket that gets me a little over 2 cents per point.
Transfer to Hyatt and redeem for Alila Napa Valley or Ventana Big Sur. Routinely $1000/night or 30k points. And yes, I would have paid the $1000 in cash.
I have never spent that much on a hotel room. I have splurged before, but not to the $1k/night type of splurging. The most I have paid was $560/night. Would you mind sharing what makes it worth $1k/night.

Also, I went to try and book both hotels, and neither are accepting points. I accumulate chase UR points rather quickly between regular spend and sign up bonuses, plus my wife and I are looking for a long weekend getaway.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
Tingting1013
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Re: What's Your Credit Card Rewards Strategy?

Post by Tingting1013 »

EnjoyIt wrote: Mon Jun 07, 2021 2:15 pm
Tingting1013 wrote: Mon Jun 07, 2021 1:55 pm
EnjoyIt wrote: Mon Jun 07, 2021 11:24 am
Tingting1013 wrote: Sun Jun 06, 2021 5:53 pm I really wanted to simplify my credit card life but Chase is pushing the Sapphire Preferred like crazy with its 100k point signup bonus. I can reliably get 3 cents per point out of Chase UR points, and with a 50% marginal income tax bracket this thing is basically like getting a $6k bonus from work.
Please share how you reliably get 3 cents per point with Chase UR. I generally get about 1.5 cents per point with the occasional first class airline ticket that gets me a little over 2 cents per point.
Transfer to Hyatt and redeem for Alila Napa Valley or Ventana Big Sur. Routinely $1000/night or 30k points. And yes, I would have paid the $1000 in cash.
I have never spent that much on a hotel room. I have splurged before, but not to the $1k/night type of splurging. The most I have paid was $560/night. Would you mind sharing what makes it worth $1k/night.

Also, I went to try and book both hotels, and neither are accepting points. I accumulate chase UR points rather quickly between regular spend and sign up bonuses, plus my wife and I are looking for a long weekend getaway.
Look out into 2022. The Big Sur property has a “Big Sur” suite going for 48k points or $3k/night. I would not value it that high but $1k is reasonable. We are taking about a high end resort in what many consider to be the most scenic natural setting on Earth, where you can go for hikes in the middle of the wilderness and then return for a full body massage and a Michelin quality dinner (included in the price of the room). And potentially run into tech moguls like Zuckerberg or Dorsey while you’re there. Worth every penny.
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Re: What's Your Credit Card Rewards Strategy?

Post by spammagnet »

Tingting1013 wrote: Mon Jun 07, 2021 8:16 pm… and then return for … a Michelin quality dinner (included in the price of the room). ...
That looks and sounds attractive but I find no indication of meals being included.
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Re: What's Your Credit Card Rewards Strategy?

Post by Tingting1013 »

spammagnet wrote: Mon Jun 07, 2021 9:17 pm
Tingting1013 wrote: Mon Jun 07, 2021 8:16 pm… and then return for … a Michelin quality dinner (included in the price of the room). ...
That looks and sounds attractive but I find no indication of meals being included.
https://www.ventanabigsur.com/dining/the-sur-house

https://onemileatatime.com/alila-ventan ... ng-review/
spammagnet
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Re: What's Your Credit Card Rewards Strategy?

Post by spammagnet »

Wow. That is nice. I think I was looking at Alila Napa Valley, having mixed up the sites you mentioned.
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Re: What's Your Credit Card Rewards Strategy?

Post by daw007 »

Jags4186 wrote: Tue Jun 01, 2021 10:36 am

What is of REAL interest to me is Bank of America Business Platinum Honors, but as far as I’m aware that actually requires holding $100k in cash so that’s too rich for my blood as the opportunity cost is too high for the benefit. If I had a business that required that much cash holdings, I’d be all over it.
I took a look @ the BofA Business Platinum Rewards and it didn't look super enticing to me. What am I missing?

https://www.bankofamerica.com/preferred ... alculator/
Jags4186
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Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 »

daw007 wrote: Tue Jun 08, 2021 1:27 am
Jags4186 wrote: Tue Jun 01, 2021 10:36 am

What is of REAL interest to me is Bank of America Business Platinum Honors, but as far as I’m aware that actually requires holding $100k in cash so that’s too rich for my blood as the opportunity cost is too high for the benefit. If I had a business that required that much cash holdings, I’d be all over it.
I took a look @ the BofA Business Platinum Rewards and it didn't look super enticing to me. What am I missing?

https://www.bankofamerica.com/preferred ... alculator/
Business Cash Rewards has a $50,000 annual cap vs $2500/qt cap of the personal card. Plastiq mortgage payment codes as travel means 5.25% - 2.85% fee = 2.4% cashback on mortgage payments.
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Re: What's Your Credit Card Rewards Strategy?

Post by deltaneutral83 »

EnjoyIt wrote: Mon Jun 07, 2021 2:15 pm I have never spent that much on a hotel room. I have splurged before, but not to the $1k/night type of splurging. The most I have paid was $560/night. Would you mind sharing what makes it worth $1k/night.

Also, I went to try and book both hotels, and neither are accepting points. I accumulate chase UR points rather quickly between regular spend and sign up bonuses, plus my wife and I are looking for a long weekend getaway.
There are several 5k Hyatts I use that are routinely $130-$140 a night. Not quite 3x redemption but I have had plenty of 3x Hyatt redemptions, just not regularly. Plenty of 8k's that are $250 a night and plenty of 12k's that are $400 a night I have done. Seasonality and things like that with events in the city play a role. But I can, at any time, book a 5k that costs $130-$140 when I have people in town.

The mega redemptions with Chase UR occur when you book biz class foreign travel (and above). It can get wild, to the tune of 6x-8x but requires some flexibility.

The BoA with $100k of index funds at Merrill is the best bang for the buck as far as cash back. You can get as many Cash rewards cards as you want, and have travel, dining, gas, online shopping, or whatever at the 5.25% cash back up to $2,500 in spend per quarter. The premium card has an annual fee that is cancelled out by the incidentals fee (which can be applied in a multitude of ways that isn't written about on this type of website). 2.625% on anything non categorical for the Premium card, and then 5.25% cash back on dining/gas/travel/online purchases/etc. etc. on the cash rewards cards. I always assumed the BoA lineup has the "simplicity" factor for most BH's. Can have 4 credit cards and tremendous diversification. Also no Authorized user fee for your spouse. I think the small biz owners that pay taxes with the 2.625% premium card and make the .625% spread (usually a 2% fee, there is a thread on taxes) on taxes seems to be the best benefit.
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Re: What's Your Credit Card Rewards Strategy?

Post by EnjoyIt »

deltaneutral83 wrote: Tue Jun 08, 2021 7:31 am
EnjoyIt wrote: Mon Jun 07, 2021 2:15 pm I have never spent that much on a hotel room. I have splurged before, but not to the $1k/night type of splurging. The most I have paid was $560/night. Would you mind sharing what makes it worth $1k/night.

Also, I went to try and book both hotels, and neither are accepting points. I accumulate chase UR points rather quickly between regular spend and sign up bonuses, plus my wife and I are looking for a long weekend getaway.
There are several 5k Hyatts I use that are routinely $130-$140 a night. Not quite 3x redemption but I have had plenty of 3x Hyatt redemptions, just not regularly. Plenty of 8k's that are $250 a night and plenty of 12k's that are $400 a night I have done. Seasonality and things like that with events in the city play a role. But I can, at any time, book a 5k that costs $130-$140 when I have people in town.

The mega redemptions with Chase UR occur when you book biz class foreign travel (and above). It can get wild, to the tune of 6x-8x but requires some flexibility.

The BoA with $100k of index funds at Merrill is the best bang for the buck as far as cash back. You can get as many Cash rewards cards as you want, and have travel, dining, gas, online shopping, or whatever at the 5.25% cash back up to $2,500 in spend per quarter. The premium card has an annual fee that is cancelled out by the incidentals fee (which can be applied in a multitude of ways that isn't written about on this type of website). 2.625% on anything non categorical for the Premium card, and then 5.25% cash back on dining/gas/travel/online purchases/etc. etc. on the cash rewards cards. I always assumed the BoA lineup has the "simplicity" factor for most BH's. Can have 4 credit cards and tremendous diversification. Also no Authorized user fee for your spouse. I think the small biz owners that pay taxes with the 2.625% premium card and make the .625% spread (usually a 2% fee, there is a thread on taxes) on taxes seems to be the best benefit.
I have had some crazy award redemption on business class over seas travel before. Those redemptions I think are harder to find these days.

I agree though BOA/Meryl is the easiest path. I use it in conjunction with the Chase UR. Basically unless I can get at least 3 points/$ through chase, I use BOA. For us, the chase sapphire reserve card has been well worth the premium. Just the lounge access alone is worth it for us as we travel several times a year and would have otherwise spent money on food and drink in the airport.

I’m a fan of hyatt hotels as I find them to be more consistent compared to the other chains. Unfortunately there aren’t that many Hyatt’s around.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
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Re: What's Your Credit Card Rewards Strategy?

Post by mrmass »

Wells Fargo is coming out with a new 2% card.
https://creditcards.wellsfargo.com/acti ... LYT=Q6TZUN
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dodecahedron
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Re: What's Your Credit Card Rewards Strategy?

Post by dodecahedron »

snailderby wrote: Fri Jun 04, 2021 7:27 am The following cards appear to have a contactless NFC symbol:

Bank of America Cash Rewards (up to 5.25% on gas if you have Platinum Honors status with BoA/Merrill)
Hmmm, interesting. My BoA Cash Rewards cards (I have two of them) do not have the contactless NFC symbol, but my BoA Premium Rewards and BoA Amtrak cards DO have the symbol.

I am not worried about skimming at gas pumps (I don't buy much gas and generally buy it at a nearby station I trust to monitor their pumps) but contactless credit card is very convenient for NYC subways and buses. (You don't need to buy an MTA card and manage the value on it if you have a contactless credit card.) On a recent trip to visit a friend in Brooklyn, I was loaded down with luggage (tote bags, no rollers because of all the stairs) navigating from Penn Station to Brooklyn and very happy not to have to wait in line to buy a card. (I had misplaced the one I bought on the last trip.) I simply had my contactless pay BoA Amtrak card (which gets me about 6 cents equivalent in points on travel purchases) on a lanyard hanging round my neck and dangled it near the well-marked display screen by the turnstiles.
Scotttheking
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Re: What's Your Credit Card Rewards Strategy?

Post by Scotttheking »

Ask them to send you a replacement card with nfc. All newly issued have it.
spammagnet
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Re: What's Your Credit Card Rewards Strategy?

Post by spammagnet »

Scotttheking wrote: Tue Jun 08, 2021 9:54 am Ask them to send you a replacement card with nfc. All newly issued have it.
They sent ours without asking. We were nowhere near due for renewal.
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Re: What's Your Credit Card Rewards Strategy?

Post by tj »

Jags4186 wrote: Tue Jun 08, 2021 5:55 am
daw007 wrote: Tue Jun 08, 2021 1:27 am
Jags4186 wrote: Tue Jun 01, 2021 10:36 am

What is of REAL interest to me is Bank of America Business Platinum Honors, but as far as I’m aware that actually requires holding $100k in cash so that’s too rich for my blood as the opportunity cost is too high for the benefit. If I had a business that required that much cash holdings, I’d be all over it.
I took a look @ the BofA Business Platinum Rewards and it didn't look super enticing to me. What am I missing?

https://www.bankofamerica.com/preferred ... alculator/
Business Cash Rewards has a $50,000 annual cap vs $2500/qt cap of the personal card. Plastiq mortgage payment codes as travel means 5.25% - 2.85% fee = 2.4% cashback on mortgage payments.
Whaaat. if I get a mortgage, I have to switch all my BofA CR variants to Travel, lol.
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Re: What's Your Credit Card Rewards Strategy?

Post by FrugalProfessor »

Jags4186 wrote: Tue Jun 08, 2021 5:55 am
daw007 wrote: Tue Jun 08, 2021 1:27 am
Jags4186 wrote: Tue Jun 01, 2021 10:36 am

What is of REAL interest to me is Bank of America Business Platinum Honors, but as far as I’m aware that actually requires holding $100k in cash so that’s too rich for my blood as the opportunity cost is too high for the benefit. If I had a business that required that much cash holdings, I’d be all over it.
I took a look @ the BofA Business Platinum Rewards and it didn't look super enticing to me. What am I missing?

https://www.bankofamerica.com/preferred ... alculator/
Business Cash Rewards has a $50,000 annual cap vs $2500/qt cap of the personal card. Plastiq mortgage payment codes as travel means 5.25% - 2.85% fee = 2.4% cashback on mortgage payments.
I didn't know that Plastiq coded as travel. Pretty slick! Do you have a hunch on the likelihood of this being shut down?

Also, can the same $100k parked at ME for the personal card also work for the business card (or do I need another $100k)?
I blog here: https://www.frugalprofessor.com/
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Re: What's Your Credit Card Rewards Strategy?

Post by Horsefly »

FrugalProfessor wrote: Tue Jun 08, 2021 10:25 pm I didn't know that Plastiq coded as travel.
Wait... What?! Are you sure?! Platiq codes as travel?! Is this true with other than BoA (aka Chase)?
jackbeagle
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Re: What's Your Credit Card Rewards Strategy?

Post by jackbeagle »

Workaholic wrote: Sun Mar 07, 2021 7:54 am
stevekozak2 wrote: Sun Mar 07, 2021 7:43 am
birdog wrote: Sun Mar 07, 2021 7:33 am
stevekozak2 wrote: Sun Mar 07, 2021 7:29 am My credit card rewards strategy is to not use a credit card. I get rewarded every month by not getting a credit card bill. Pretty sweet!!!
You pay the higher cost that merchants charge everyone to offset the credit card fees they have to pay, but you prevent yourself from getting the rewards (cash back, travel points) that come from using credit cards. Not to mention the 3 to 4 week float, purchase protection and other benefits that comes from using credit cards. Credit cards aren't for everyone, though. Many get themselves in trouble with them. I seriously doubt many frequenters of this site do, however.
I don't knock anyone who uses credit cards, and I know that most people do. I am just happier without them. Out of curiosity, do you know anyone who has gotten wealthy through getting rewards from a credit card?
I doubt anyone has "gotten wealthy" from using rewards credit cards however many people have gotten real value from utilizing rewards cards. Just from my own excel chart, my total value in dollars that I would have otherwise spent is right around $25,000. Not exactly chump change and this also isn't from some first-class seats that I wouldn't have paid $10,000 for in the first place. Mainly from exploiting value from Hyatt, utilizing United's explorist perk internationally, as well as stacking promotions.
Yes the mighty Dave Ramsey likes to say this ad nauseum. There's plenty of value you can capture if you're honest with yourself as a consumer with your ACTUAL annual spend (not hopeful spend, either) and still end up netting something after any annual fees are subtracted, if any. It beats a guaranteed ZERO recapture from using debit cards, and credit cards provide a grace period to dispute items before they come out of your bank account. Worth it for that alone, if nothing else.
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Re: What's Your Credit Card Rewards Strategy?

Post by snapvestor »

I recently started using CC rewards after digging myself out of CC debt (Covid inspired). I actually now prefer using one CC for everything as it’s easier to track spending and then make one payment each month. As someone who has gotten into massive debt with CC, the rewards are just a nice bonus that we invest each month. We use a low limit card so that it keeps us inline with realistic spending.
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dodecahedron
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Re: What's Your Credit Card Rewards Strategy?

Post by dodecahedron »

FrugalProfessor wrote: Tue Jun 08, 2021 10:25 pm
Jags4186 wrote: Tue Jun 08, 2021 5:55 am
daw007 wrote: Tue Jun 08, 2021 1:27 am
Jags4186 wrote: Tue Jun 01, 2021 10:36 am

What is of REAL interest to me is Bank of America Business Platinum Honors, but as far as I’m aware that actually requires holding $100k in cash so that’s too rich for my blood as the opportunity cost is too high for the benefit. If I had a business that required that much cash holdings, I’d be all over it.
I took a look @ the BofA Business Platinum Rewards and it didn't look super enticing to me. What am I missing?

https://www.bankofamerica.com/preferred ... alculator/
Business Cash Rewards has a $50,000 annual cap vs $2500/qt cap of the personal card. Plastiq mortgage payment codes as travel means 5.25% - 2.85% fee = 2.4% cashback on mortgage payments.
I didn't know that Plastiq coded as travel. Pretty slick! Do you have a hunch on the likelihood of this being shut down?

Also, can the same $100k parked at ME for the personal card also work for the business card (or do I need another $100k)?
No, you need $100K in a Merrill Business Investment Acct and/or BoA Business Checking Acct to qualify for Business Preferred Rewards.
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Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 »

FrugalProfessor wrote: Tue Jun 08, 2021 10:25 pm
Jags4186 wrote: Tue Jun 08, 2021 5:55 am
daw007 wrote: Tue Jun 08, 2021 1:27 am
Jags4186 wrote: Tue Jun 01, 2021 10:36 am

What is of REAL interest to me is Bank of America Business Platinum Honors, but as far as I’m aware that actually requires holding $100k in cash so that’s too rich for my blood as the opportunity cost is too high for the benefit. If I had a business that required that much cash holdings, I’d be all over it.
I took a look @ the BofA Business Platinum Rewards and it didn't look super enticing to me. What am I missing?

https://www.bankofamerica.com/preferred ... alculator/
Business Cash Rewards has a $50,000 annual cap vs $2500/qt cap of the personal card. Plastiq mortgage payment codes as travel means 5.25% - 2.85% fee = 2.4% cashback on mortgage payments.
I didn't know that Plastiq coded as travel. Pretty slick! Do you have a hunch on the likelihood of this being shut down?

Also, can the same $100k parked at ME for the personal card also work for the business card (or do I need another $100k)?
It’s not that plastiq codes as travel everywhere, it just codes as travel with Bank of America on certain mortgage payments.

You need $100k in cash in a business account and a business cash rewards card. A very high bar.
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