2% cashback credit cards with minimal effort to redeem/apply CB

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psteinx
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2% cashback credit cards with minimal effort to redeem/apply CB

Post by psteinx »

My primary card for years has been a Cap One Quicksilver. Only 1.5%, but SUPER-low hassle. The cashback automatically shows up as statement credits.

Considering 2% cards.

But a key criteria is that I'd like to be able to go for years without contacting the CC company except perhaps in unusual circumstances. i.e. Automatic cashback with no effort on my part.

I also prefer paper statements, and paying my bill by paper checks. Pay in full, of course, no annual fee.

Fidelity - received a mailer from them. 2% looks good. I have a Fidelity brokerage account. But a few concerns:
1) I'm a little nervous about any sort of "firewall" (or lack thereof) between the brokerage account and the credit card. Security concerns, etc.
2) Is the 2% automatic? Can it be statement credits or must it flow into the brokerage account? For various reasons, including cleaner personal accounting, I'd prefer NOT to have CC rewards flow directly into investment accounts.

Citi Double Cash. This is the other main one people talk about. The structure of it seems gimicky to me (1% now, 1% later). FWIW, I pay monthly in full, but still... Is effort required to redeem?

I don't want rotating categories. Don't want to have to move a balance to some new financial institution. Assorted perks (travel insurance, etc.) are nice, but of rather low value to me. While any sign-up bonuses (or spend $XXXX to get $YYY) are nice, I'm not looking to play this game aggressively, by any stretch. Any other CCs I should be considering?
Craig2020
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Craig2020 »

I am happy with the fidelity 2% card. I have the points transfer to cash in a settlement account automatically once a month. I personally then click a few buttons, takes me maybe 2 minutes a month or maybe every other month if I forget, to use that money to buy a mutual fund in my brokerage account. For me that is pretty low hassle overall.
mceagle555
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by mceagle555 »

I've had Fidelity as my everyday spend (non-bonus categories) card for 5+ years now.

1) While you can see the account balance via the normal Fidelity login, when you click into it, you SSO (single sign on) into Elan's portal which services the card. Shouldn't have any concerns there.
2) 2% can be setup to automatically redeem into a Fidelity account. You can then transfer that anywhere you want (other Fidelity accounts, ACH pull/push out, etc...)

It's a Visa signature card which comes with decent benefits for $0 annual fee
drummerboy
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by drummerboy »

Citi DoubleCash is not a gimmick. If you pay your bill every month, you basically get the 2% within a statement cycle.

Citi has 4 options to get the $$$ earned. Statement Credit, Direct Deposit (to a Citi account, or if you AutoPay from another account, you can use that), or two that I don't like..... (check by mail, or convert to points)

Of course, the Fidelity card is a good option too!
Last edited by drummerboy on Wed May 26, 2021 5:31 pm, edited 1 time in total.
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RickBoglehead
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by RickBoglehead »

Have both Citi Doublecash (several) and Fidelity (several).

Citi is not a gimmick. You get 2%.

Fidelity requires redemption via a Fidelity account. You can fund your IRA, you can put the money in your taxable brokerage account and then transfer it to your bank.

Citi requires you to log in and redeem, whereas Fidelity can be set on automatic. Citi won't let you redeem until you hit $25 cashback, which means you spent $1,250. Fidelity won't let you redeem until you have 2,500 points, which means you spent $1,250... :wink:

Fidelity requires more work to get the money. Has to hit your brokerage account, and then you have to pull it out (unless you want to leave it there).
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by BruinBones »

Amex Blue Business Preferred - no annual fee, 2x membership rewards on any spending (up to $50k spend).
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gwe67
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by gwe67 »

If you can get it, the USAA 2.5% cash back card is even better. I have it set to redeem cash back to checking account when balance hits $25.
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UpperNwGuy
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by UpperNwGuy »

If you're willing to use their checking account, PenFed has a 2% card that beats both Fidelity and Citi Double Cash for ease of use.
Strayshot
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Strayshot »

I have had the Fidelity card since it was introduced. I think they changed issuers once but have continually improved the integration between Fidelity.com and the issuer website. I actually have two cards, one that is 2% and one that is 1.5% but I can’t remember why or how. The 1.5% sits in a drawer and I use the 2% regularly.
They seem to have more sensitive fraud protection than other issuers (chase, citi, discover, etc) which could be good or bad depending how you look at it. I find it annoying and have to call to get back to them vs text, but maybe that is a problem with me not setting something up to enable text fraud alerts.
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psteinx
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by psteinx »

To be clear, the Fidelity card can automatically dump the 2% to a Fidelity money market fund (no user action required beyond the initial setup), right?

And the Citi card requires a login and some mouseclicks to do the same thing?
cheapskate
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by cheapskate »

Add the PayPal 2% cashback MasterCard to your list of cards to get. This is a no-hassle MasterCard (which means it won't be accepted at Costco).

Downsides :
- You have to sign up for a PayPal account. This is a good thing anyway, in case you need to transfer money to others (free).
- The rewards are held as PayPal balance, but you can easily redeem them into your linked checking account. You can do this once every 6 months or once a year logging into your PayPal account.
- Not accepted at Costco.

I generally apply for every (no fee) 2% cashback card I find and stick them in a drawer. For the following reasons :
- 2% cashback can frequently vanish. But existing cardholders are often grandfathered into the 2% bonus level (this happened to me with the Priceline Barclays Visa card).
- I need at least 1 card without Foreign Transaction Fees. Not all cards offer that feature.
- Often cards have short term bonuses as a higher cashback rate for a limited time. All you have to do is sign up (1 click) from the promotional email. The last offer I got was from Amazon Chase a few months back - 4% cashback on all categories, this was a sweet offer - over Xmas, I raked in well over a thousand dollars in rewards. When I get these offers, I temporarily switch cards.
- Rental car CDW coverage. This might or might not be useful, depending on your preferences and existing coverage.

My main card is the 2% (grandfathered bonus rate) Priceline Visa (I like it because there are no foreign transaction fees on it). I also have the Citi Doublecash, Paypal Mastercard and Fidelity Visa sitting at home, plus the Amazon Chase card purely for purchases at Amazon.
treadingwater
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by treadingwater »

State Department Federal Credit Union has a 2% cashback Visa. Its at Sdfcu.org. $200 bonus if spend 3000$ in the first 3 months. I have to log in to move the cashback into my checking account (held elsewhere). There is no minimum spend required to claim your cashback.
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AnEngineer
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by AnEngineer »

If you do Citi double cash and get rewards as statement credit don't you get less than 2% because your bill is less?
Craig2020
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Craig2020 »

To be clear, the Fidelity card can automatically dump the 2% to a Fidelity money market fund (no user action required beyond the initial setup), right?

And the Citi card requires a login and some mouseclicks to do the same thing?

--------------------------------------
- Yes - for the fidelity card. I don't have a Citi card.
lakpr
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by lakpr »

psteinx wrote: Wed May 26, 2021 5:39 pm To be clear, the Fidelity card can automatically dump the 2% to a Fidelity money market fund (no user action required beyond the initial setup), right?

And the Citi card requires a login and some mouseclicks to do the same thing?
Yes, Citi requires you to login to claim the cash back. Otherwise the cash back keeps accumulating. You also will have to wait until the cash back amount reaches a threshold (I think it is $25 or $50, too lazy to login and look it up; below that amount you cannot redeem).
increment
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by increment »

psteinx wrote: Wed May 26, 2021 5:39 pm To be clear, the Fidelity card can automatically dump the 2% to a Fidelity money market fund (no user action required beyond the initial setup), right?
To the core position of an account, which is limited to a very small number of things like bank savings and certain Fidelity government money-market funds. You might prefer a different MMF but would have to buy it manually. (These days all the Fidelity MMFs for normal customers yield the same 0.01%, and this is likely to go on for some time as they have to waive certain expenses in order to accomplish even that.)
FactualFran
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by FactualFran »

Craig2020 wrote: Wed May 26, 2021 5:56 pm To be clear, the Fidelity card can automatically dump the 2% to a Fidelity money market fund (no user action required beyond the initial setup), right?
I have the Fidelity card and the 2% is automatically put in my Fidelity Cash Management Account after enough points have accumulated for an automatic transfer to be done. Because I pay the monthly credit card statement from the Cash Management Account, it is almost the same as a credit being made on the credit card statement.
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Vulcan
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Vulcan »

psteinx wrote: Wed May 26, 2021 5:19 pm Fidelity - received a mailer from them. 2% looks good. I have a Fidelity brokerage account. But a few concerns:
1) I'm a little nervous about any sort of "firewall" (or lack thereof) between the brokerage account and the credit card. Security concerns, etc.
Fidelity-branded credit cards are issued and serviced by Elan Financial Services.
Completely separate account with completely separate login to a completely separate web site of a completely separate company.
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calwatch
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by calwatch »

There is a single sign on that allows you to view the balance and pay bills, though. But yes you could automate the Fidelity cash back to go to a CMA, separate from where your other investments are held.
Bogle64Pilot
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Bogle64Pilot »

Vulcan wrote: Wed May 26, 2021 7:04 pm
psteinx wrote: Wed May 26, 2021 5:19 pm Fidelity - received a mailer from them. 2% looks good. I have a Fidelity brokerage account. But a few concerns:
1) I'm a little nervous about any sort of "firewall" (or lack thereof) between the brokerage account and the credit card. Security concerns, etc.
Fidelity-branded credit cards are issued and serviced by Elan Financial Services.
Completely separate account with completely separate login to a completely separate web site of a completely separate company.
The completely separate login is completely false. Access is provided through your existing Fidelity account. The balance shows on your Home Screen same as any other Fidelity account you have.
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RickBoglehead
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by RickBoglehead »

lakpr wrote: Wed May 26, 2021 6:22 pm
psteinx wrote: Wed May 26, 2021 5:39 pm To be clear, the Fidelity card can automatically dump the 2% to a Fidelity money market fund (no user action required beyond the initial setup), right?

And the Citi card requires a login and some mouseclicks to do the same thing?
Yes, Citi requires you to login to claim the cash back. Otherwise the cash back keeps accumulating. You also will have to wait until the cash back amount reaches a threshold (I think it is $25 or $50, too lazy to login and look it up; below that amount you cannot redeem).
Posted this info earlier.
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RickBoglehead
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by RickBoglehead »

lakpr wrote: Wed May 26, 2021 6:22 pm
psteinx wrote: Wed May 26, 2021 5:39 pm To be clear, the Fidelity card can automatically dump the 2% to a Fidelity money market fund (no user action required beyond the initial setup), right?

And the Citi card requires a login and some mouseclicks to do the same thing?
Yes, Citi requires you to login to claim the cash back. Otherwise the cash back keeps accumulating. You also will have to wait until the cash back amount reaches a threshold (I think it is $25 or $50, too lazy to login and look it up; below that amount you cannot redeem).
Already logging in for monthly statement.
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JoMoney
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by JoMoney »

Fidelity card must be deposited to a Fidelity account to receive 2%, you can redeem for statement credit or have the cash sent elsewhere but you only get 1% if you use those methods and don't deposit it to Fidelity account.
You can automate and have the rewards redemption automatically sent to your Fidelity account.

I don't think there's a reason to be worried about "Firewalling" the credit card from your brokerage account, despite being a single-sign-on through Fidelity to get to the card, it's still a separate bank/entity for everything to do with the card.
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lakpr
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by lakpr »

RickBoglehead wrote: Wed May 26, 2021 7:10 pm
lakpr wrote: Wed May 26, 2021 6:22 pm
psteinx wrote: Wed May 26, 2021 5:39 pm To be clear, the Fidelity card can automatically dump the 2% to a Fidelity money market fund (no user action required beyond the initial setup), right?

And the Citi card requires a login and some mouseclicks to do the same thing?
Yes, Citi requires you to login to claim the cash back. Otherwise the cash back keeps accumulating. You also will have to wait until the cash back amount reaches a threshold (I think it is $25 or $50, too lazy to login and look it up; below that amount you cannot redeem).
Posted this info earlier.
Yes you did ... missed it ... generally if there are too many responses to a thread I just read the first post
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VictoriaF
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by VictoriaF »

UpperNwGuy wrote: Wed May 26, 2021 5:36 pm If you're willing to use their checking account, PenFed has a 2% card that beats both Fidelity and Citi Double Cash for ease of use.
Furthermore, Foreign Transaction fees:
City Double Cash - 3%
Fidelity Visa - 1%
PenFed Visa - 0%

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psteinx
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by psteinx »

So, foreign transaction fees (FTF) are basically a straight up surcharge on using a given credit card in Mexico or the UK or whatever?

Do you also get hit with hidden surcharges via, perhaps, a significantly less-than-optimal exchange rate?

FWIW, I've had very limited international travel in the last 10 years, but may do more of it in the next ~5 years.
hachiko
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by hachiko »

Yes, the foreign transaction fee is the fee for a transaction using a merchant that processes through a different country from that in which the card is issued.

The exchange rates are set by the network. Sometimes MC is better, sometimes V is better, depending on the currencies involved. The difference is usually negligible.

I would say citi's credit card servicing is light-years beyond Elan (Fidelity). So if you think you'll ever have a problem or need to dispute a charge or something like that, I'd highly recommend Citi.

Statement credits for the Citi card though will reduce your effective reward rate to about 1.96%. If you DD to a checking account you'll get the full 2%. Many value TYP at >1cpp, so TYP redemption increases the effective reward rate for those people.

I know you don't want to have to move balances around, but just thought I should mention that if you put 100k into bofa/Merrill you can get 2.625%, but not sure what your annual Cc spend is.
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Orange_Philosophy »

I have the Fidelity 2% and it is "set it and forget it". They deposit automatically into my cash management account every month whatever amount is due. I haven't fiddled with the card in years and always see the deposit magically pop in. I had a citi double and I have a couple of other rewards cards. This and the penfed 5% on gas card are the two easiest IMHO.
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by VictoriaF »

psteinx wrote: Wed May 26, 2021 7:40 pm So, foreign transaction fees (FTF) are basically a straight up surcharge on using a given credit card in Mexico or the UK or whatever?

Do you also get hit with hidden surcharges via, perhaps, a significantly less-than-optimal exchange rate?

FWIW, I've had very limited international travel in the last 10 years, but may do more of it in the next ~5 years.
In addition to what hachiko wrote, note that foreign transaction fees are also charged when you are making purchases from websites located in other countries, including Canada.

If you want to have a single card and use it for all possible occasions, it's a fair desire and will save you a lot of time and effort -- but it will never be the optimal solution:
- Card benefits change. A card that today pays 2% back may tomorrow reduce it to 1.5%, or worse.
- You need to have backup cards in case the primary card is stolen or compromised by fraud.
- Some cards have non-monetary value, e.g., some hotel cards give you a high status, some airline cards enable you to board in an earlier group thus providing a reliable access to overhead bins.

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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Allan »

I have the Fidelity and Capital One 2% cashback cards, and I prefer the Capital One card. It seems the rewards come quicker (immediate) with Capital One.
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by weirdsong1 »

gwe67 wrote: Wed May 26, 2021 5:35 pm If you can get it, the USAA 2.5% cash back card is even better. I have it set to redeem cash back to checking account when balance hits $25.
Sadly this card is no longer available. Unfortunately it seems that 2.5% cashback is just not sustainable long term.
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Vulcan »

Bogle64Pilot wrote: Wed May 26, 2021 7:08 pm
Vulcan wrote: Wed May 26, 2021 7:04 pm
psteinx wrote: Wed May 26, 2021 5:19 pm Fidelity - received a mailer from them. 2% looks good. I have a Fidelity brokerage account. But a few concerns:
1) I'm a little nervous about any sort of "firewall" (or lack thereof) between the brokerage account and the credit card. Security concerns, etc.
Fidelity-branded credit cards are issued and serviced by Elan Financial Services.
Completely separate account with completely separate login to a completely separate web site of a completely separate company.
The completely separate login is completely false. Access is provided through your existing Fidelity account. The balance shows on your Home Screen same as any other Fidelity account you have.
But not the other way around.
When you login to Elan's web site, there is zero visibility into Fidelity.
If you torture the data long enough, it will confess to anything. ~Ronald Coase
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by ososnilknarf »

psteinx wrote: Wed May 26, 2021 5:19 pm
Citi Double Cash. This is the other main one people talk about. The structure of it seems gimicky to me (1% now, 1% later). FWIW, I pay monthly in full, but still... Is effort required to redeem?
I've been using Citi Double Cash for years paying off in full every month. No gimmick. I've made thousands off of it over the years. Simple to cash out on their website with a couple of clicks.
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by greenway23 »

I second the PayPal master card. I use this as a complement to my Fidelity visa so as to have one card from each of the two big credit card companies. Also have an AMEX blue cash everyday for 3% cash back on groceries. Love the PayPal card because no annual fee, 2% cash back on everything, accepted everywhere, no foreign transaction fee, and don’t need to create an account with a another random bank just to have the credit card (just a PayPal account, which as another poster mentioned, is good to have anyway).
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Soon2BXProgrammer »

gwe67 wrote: Wed May 26, 2021 5:35 pm If you can get it, the USAA 2.5% cash back card is even better. I have it set to redeem cash back to checking account when balance hits $25.
for me it just redeems every month.. (maybe its always over $25?)
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tj
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by tj »

State Department FCU has a 2% card with no hoops, from waht I recall. Also no foreign fees.
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by tj »

gwe67 wrote: Wed May 26, 2021 5:35 pm If you can get it, the USAA 2.5% cash back card is even better. I have it set to redeem cash back to checking account when balance hits $25.
That card hasn't been available to new applicants in like 4 years.
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Grt2bOutdoors »

Seems to be a heavy month for new offers for 2-3 percent back with welcome bonuses of $150 and up. Maybe this is because according to the latest Fed survey, credit card balances have actually declined at the banks which issue them. Apparently, there is alot of cash sloshing around out there.

Question: how many cards is too many cards to hold? How many times a month are you fishing around in your collection saying "which card shall I use now"? I have two good offers on deck right now, one will give me $275 for a relatively low level of spend and then a smorgasboard of earnings depending on where you actually spend. The other is simple, flat 2% back with a small welcome bonus but the spend to get it is higher threshold to reach.
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by 2pedals »

I think Doctor of Credit has very good information. For example if you are looking for a general everyday credit card(s), DoC has a very good summary of what is available here.

After you find something interesting you can review specifics on each card by going to the hyperlink with it's information. I also like to read the comment section as well. For example if you want to review the Citibank double back card, the webpage for that is here.

Just be careful, the website is addicting, there is a lot of information and sometimes the information is out of date.
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VictoriaF
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by VictoriaF »

2pedals wrote: Wed May 26, 2021 9:13 pm I think Doctor of Credit has very good information. For example if you are looking for a general everyday credit card(s), DoC has a very good summary of what is available here.

After you find something interesting you can review specifics on each card by going to the hyperlink with it's information. I also like to read the comment section as well. For example if you want to review the Citibank double back card, the webpage for that is here.

Just be careful, the website is addicting, there is a lot of information and sometimes the information is out of date.
Note that the information about the PenFed Visa is provided not in the article but in a comment dated July 4, 2020.

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2pedals
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by 2pedals »

VictoriaF wrote: Wed May 26, 2021 9:28 pm
2pedals wrote: Wed May 26, 2021 9:13 pm I think Doctor of Credit has very good information. For example if you are looking for a general everyday credit card(s), DoC has a very good summary of what is available here.

After you find something interesting you can review specifics on each card by going to the hyperlink with it's information. I also like to read the comment section as well. For example if you want to review the Citibank double back card, the webpage for that is here.

Just be careful, the website is addicting, there is a lot of information and sometimes the information is out of date.
Note that the information about the PenFed Visa is provided not in the article but in a comment dated July 4, 2020.

Victoria
Yeah, I have found some very valuable nuggets in the comment section. Some of the best offers for me have not been "mainstream".
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by gr7070 »

PenFed has a good one. Does require there checking account with $500 balance.
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Svensk Anga »

I have the Synchrony Premier MasterCard. It ticks all your boxes. 2% on everything. Cash back automatically credits against your card balance every month, no action required. Paper statements if you want those. No fee. I have not paid by paper check, but I cannot imagine they wouldn’t take them.

DW and I got these cards from targeted offers with a sign up bonus.
gpburdell
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by gpburdell »

RickBoglehead wrote: Wed May 26, 2021 5:30 pm Fidelity requires more work to get the money. Has to hit your brokerage account, and then you have to pull it out (unless you want to leave it there).
It's not extra work if you use Fidelity as your primary checking/savings. My Fido cashback goes straight into my cash management account that I pay bills out of. No work needed for me.
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Ricchan
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Ricchan »

AnEngineer wrote: Wed May 26, 2021 5:53 pm If you do Citi double cash and get rewards as statement credit don't you get less than 2% because your bill is less?
I believe you're correct. That's why I always redeem rewards to my checking account, and not for statement credit.
Archimedes
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Archimedes »

I use the Citibank double cash back and the Capital One business 2% cash back. We started paying significant expenses for the business I started and own on the cards and get cash back in the range of $50,000 per year.

I was told that these cash back rewards are not taxable income, but I need further clarification from the CPA on this issue. It seems that deducting the business expense paid via credit card is a legitimate deduction, but the cash back reward not being taxable doesn’t make sense to me. I was told there is an IRS ruling related to this issue.
Archimedes
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Archimedes »

Ricchan wrote: Thu May 27, 2021 1:40 am
AnEngineer wrote: Wed May 26, 2021 5:53 pm If you do Citi double cash and get rewards as statement credit don't you get less than 2% because your bill is less?
I believe you're correct. That's why I always redeem rewards to my checking account, and not for statement credit.
The easy way around this is to have the cash back reward direct deposited to your bank account. It takes seconds to arrange it and it is a much better option than a statement credit.
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Jazztonight
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by Jazztonight »

We love our Costco Business Citi Visa card for shopping, travel, and gas--terrific rebates. But I wanted another card for personal expenses & purchases while abroad.

The CapitalOne 1.5% cash back filled the bill. No hassle, great website, and NO foreign transaction fee (many of the other cash back cards don't have this feature, as VictoriaF noted).

Also, the CapOne signup bonus was great: Charge $500 within first 3 months, get $200 cash back. Piece of cake! It showed up automatically, no problem.
"What does not destroy me, makes me stronger." Nietzsche
toblerone
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by toblerone »

ososnilknarf wrote: Wed May 26, 2021 8:51 pm
psteinx wrote: Wed May 26, 2021 5:19 pm
Citi Double Cash. This is the other main one people talk about. The structure of it seems gimicky to me (1% now, 1% later). FWIW, I pay monthly in full, but still... Is effort required to redeem?
I've been using Citi Double Cash for years paying off in full every month. No gimmick. I've made thousands off of it over the years. Simple to cash out on their website with a couple of clicks.
Same here, another vote for Citi Double Cash. This is exactly what the OP is looking for: 2%, no gimmicks, minimal effort to dump straight into your checking account.
TJHOFF
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Re: 2% cashback credit cards with minimal effort to redeem/apply CB

Post by TJHOFF »

VictoriaF wrote: Wed May 26, 2021 7:32 pm
UpperNwGuy wrote: Wed May 26, 2021 5:36 pm If you're willing to use their checking account, PenFed has a 2% card that beats both Fidelity and Citi Double Cash for ease of use.
Furthermore, Foreign Transaction fees:
City Double Cash - 3%
Fidelity Visa - 1%
PenFed Visa - 0%

Victoria
Paypal MC just upped theirs to 3% for another data point.
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