Credit Card Recommendations?

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Abe
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Credit Card Recommendations?

Post by Abe »

I'm shopping for a simple credit card with a high cash back reward and no annual fee. I pay my credit card in full every month so no balance carry over. My average credit card charges are about $600 per month including gas..

I see the CITI Double Cash back pays 2% cash back, but it looks like I would have to have the cash back credited to my bank account as opposed to a statement credit. This seems to make things a little more complicated since I would have to check my bank statement each month to verify the credit. I would rather just simply have the cash back credited to my statement each month.

I'm also looking at the Capital One QuickSilver card. It pays 1.5% cash back and I think the cash back is credited to my statement each month which I like better. This one also has a $100 sign up bonus.


Would appreciate any comments or suggestions.
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jpelder
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Re: Credit Card Recommendations?

Post by jpelder »

With the DoubleCash, you can get an electronic bank credit, a statement credit, or a mailed paper check. FYI, the bank credit takes a day to show up and clears the next day, so it's not bad. I typically get between $40 and $50 each month
TheRightKost87
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Re: Credit Card Recommendations?

Post by TheRightKost87 »

You can get a statement credit for the Citi Double Cash. You have to manually select that option though I believe (as in, no automatic redemption with available cash back at the end of the month). You also don't earn the second 1% on getting statement credit as you would if you paid off the balance with cash. I have no issue with sending the cash back to my bank account and then using the money in my bank account to pay off the card. I redeem maybe once a year anyways so it's not that arduous a process for me.
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Abe
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Re: Credit Card Recommendations?

Post by Abe »

Thanks jpelder and TheRightKost87 for your quick response. Based on what you've told me, I think I will go with the CITI Double Cash card. Thanks again.
Slow and steady wins the race.
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sunny_socal
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Re: Credit Card Recommendations?

Post by sunny_socal »

Do you have Fidelity? (401k account or something)

Their 2% cash back Visa is great general purpose card:
- 2% cash back across the board, no special categories or rotations
- No fee
- Only 1% foreign transaction fee, hence it's a decent card for occasional travel since you still net 1%
- Refunds sent to the Fidelity account of your choice. (could then send it back to your bank if you want or use it from there directly)

https://www.fidelity.com/cash-managemen ... ature-card

It's a dead simple 2% card.
PandaBear
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Re: Credit Card Recommendations?

Post by PandaBear »

If I were you I'd get either the Citi Double Cash (my first choice) or the Fidelity Visa for every day transactions.

I don't know if you travel internationally often or not. If you do, then I would also get the Capital One Quicksilver card. I know that they only have 1.5% cash back as opposed to 2%, but they have no foreign transaction fees which I believe makes up for the 0.5% less.
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RyeWhiskey
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Re: Credit Card Recommendations?

Post by RyeWhiskey »

Abe wrote:I'm shopping for a simple credit card with a high cash back reward and no annual fee. I pay my credit card in full every month so no balance carry over. My average credit card charges are about $600 per month including gas..

I see the CITI Double Cash back pays 2% cash back, but it looks like I would have to have the cash back credited to my bank account as opposed to a statement credit. This seems to make things a little more complicated since I would have to check my bank statement each month to verify the credit. I would rather just simply have the cash back credited to my statement each month.

I'm also looking at the Capital One QuickSilver card. It pays 1.5% cash back and I think the cash back is credited to my statement each month which I like better. This one also has a $100 sign up bonus.


Would appreciate any comments or suggestions.
The Citi DoubleCash, Cap1 QuickSilver, and Fidelity Visa are all great everyday cards and any will serve your needs well. Keep in mind that Costco just switched to Visa and, if you have a membership, you can get 4% on gas, 3% on restaurants, and 1% on everything. Depending on your spending habits this card could be far better.
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lhl12
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Re: Credit Card Recommendations?

Post by lhl12 »

The Bank of America Travel Rewards Visa pays 2.625% back (with no limit) as a statement credit (offsetting travel purchases) if you meet their requirements to earn the 75% bonus rebate.
dubsem
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Re: Credit Card Recommendations?

Post by dubsem »

TheRightKost87 wrote:You can get a statement credit for the Citi Double Cash. You have to manually select that option though I believe (as in, no automatic redemption with available cash back at the end of the month). You also don't earn the second 1% on getting statement credit as you would if you paid off the balance with cash. I have no issue with sending the cash back to my bank account and then using the money in my bank account to pay off the card. I redeem maybe once a year anyways so it's not that arduous a process for me.
Citi double cash is the best bet. Take the electronic credit for convenience, reliability, and optimization of cash back (2% vs. 1.99% with statement credit). Very immaterial, but still, take what we can get.
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boglephreak
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Re: Credit Card Recommendations?

Post by boglephreak »

PandaBear wrote:If I were you I'd get either the Citi Double Cash (my first choice) or the Fidelity Visa for every day transactions.

I don't know if you travel internationally often or not. If you do, then I would also get the Capital One Quicksilver card. I know that they only have 1.5% cash back as opposed to 2%, but they have no foreign transaction fees which I believe makes up for the 0.5% less.
is the no foreign trans fee/no annual fee long-term? i am looking for a no foreign trans fee/no annual fee card for when i travel, but the ones i have gotten to date have changed their terms after an introductory period and started charging an annual fee. i have chase cards (united mileage, freedom and sapphire). i am not excited about getting a cc with another company because i like to only go to one website to see my finances, but no foreign trans fee is very desirable to me.
PandaBear
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Re: Credit Card Recommendations?

Post by PandaBear »

boglephreak wrote:
PandaBear wrote:If I were you I'd get either the Citi Double Cash (my first choice) or the Fidelity Visa for every day transactions.

I don't know if you travel internationally often or not. If you do, then I would also get the Capital One Quicksilver card. I know that they only have 1.5% cash back as opposed to 2%, but they have no foreign transaction fees which I believe makes up for the 0.5% less.
is the no foreign trans fee/no annual fee long-term? i am looking for a no foreign trans fee/no annual fee card for when i travel, but the ones i have gotten to date have changed their terms after an introductory period and started charging an annual fee. i have chase cards (united mileage, freedom and sapphire). i am not excited about getting a cc with another company because i like to only go to one website to see my finances, but no foreign trans fee is very desirable to me.
As far as I know the no foreign transaction fee is a permanent feature and it has been a permanent feature for a while now.
clydewolf
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Re: Credit Card Recommendations?

Post by clydewolf »

Here is the Penfed CU Platnim rewards Visa: https://www.penfed.org/platinum-rewards-visa-signature/

5% on gasoline purchases
3% on grocery store purchases
1% all other purchases

No annual fee
$100 statement credit when you charge $1,500 in the first 3 months

$1 fee for paper statements
funflex
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Re: Credit Card Recommendations?

Post by funflex »

Blispay - 2% cash back. Credited to your statement each month. No max cash back amount and no annual fee. It has been awesome so far. And you can take longer to pay on bigger purchases if you want.
DSInvestor
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Re: Credit Card Recommendations?

Post by DSInvestor »

I use the citi double cash for spending in US. I use the capital one quicksilver visa card for foreign spending and at US costco stores which only accepts VISA as of JUN 20.

The citi double cash has a nice price rewind feature that will refund you a price difference if an item you bought with the card drops in price with 60 days of purchase.
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Abe
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Re: Credit Card Recommendations?

Post by Abe »

OP here.
Thanks everyone for all your help. I decided to go with the CITI double cash card. Thanks again.
Slow and steady wins the race.
takeshi
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Re: Credit Card Recommendations?

Post by takeshi »

clydewolf wrote:Here is the Penfed CU Platnim rewards Visa: https://www.penfed.org/platinum-rewards-visa-signature/

5% on gasoline purchases
3% on grocery store purchases
1% all other purchases
Do not conflate X with %.
chrisjul
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Re: Credit Card Recommendations?

Post by chrisjul »

nerdwallet.com has a good comparison of credit cards based on rewards
tbradnc
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Re: Credit Card Recommendations?

Post by tbradnc »

If you don't mind applying for a business card the Capital One Spark has 2% cash back that includes a $500 bonus after spending $4500 within 90 days.

There is a $59 annual fee but it is waived the first year.
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William4u
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Re: Credit Card Recommendations?

Post by William4u »

takeshi wrote:
clydewolf wrote:Here is the Penfed CU Platnim rewards Visa: https://www.penfed.org/platinum-rewards-visa-signature/

5% on gasoline purchases
3% on grocery store purchases
1% all other purchases
Do not conflate X with %.
Yes, it s 5 points for gas, which really is 4.2% cashback once you realize how many points you need to redeem for things.
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abuss368
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Re: Credit Card Recommendations?

Post by abuss368 »

We consolidated everything with Wells Fargo and that also includes the rewards (i.e. Cash Back) credit card. We take all rewards (i.e. cash) and deposit to the 529 plans.
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madbrain
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Re: Credit Card Recommendations?

Post by madbrain »

tbradnc wrote:If you don't mind applying for a business card the Capital One Spark has 2% cash back that includes a $500 bonus after spending $4500 within 90 days.

There is a $59 annual fee but it is waived the first year.
The op only charges $600/month so this would not be a good option for him/her.

I would recommend the Fidelity VISA 2%, especially if op is a Costco member. Just a simple flat 2%, and no need to carry multiple credit cards or worry about when to use which.
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abuss368
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Re: Credit Card Recommendations?

Post by abuss368 »

Perhaps another thread could be how many credit cards Bogleheads have!
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Ryanlion8506
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Re: Credit Card Recommendations?

Post by Ryanlion8506 »

We have had the Chase Amazon Visa for a few years now. I use it for most things. Wish I could pay mortgage, lol.

Mine varies, we shop Amazon for many things. Been thinking about Citi Double for a while myself, but I'm partial to my Amazon Chase card. I've also never had an issue.
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