What's Your Credit Card Rewards Strategy?

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DiMAn0684
Posts: 125
Joined: Fri Oct 28, 2011 10:27 am

Re: What's Your Credit Card Rewards Strategy?

Post by DiMAn0684 » Wed Jun 12, 2019 12:48 pm

yeahman wrote:
Wed Jun 12, 2019 7:52 am
DiMAn0684 wrote:
Tue Jun 11, 2019 9:54 pm
yeahman wrote:
Tue Jun 11, 2019 2:48 pm
teamDE wrote:
Tue Jun 11, 2019 1:37 pm
We have a big house project coming up that will allow us to pay $20-30k on a credit card... makes one think about SUBs... :)
2 x Amex Platinum Business. It has the highest min spend requirement so I would use that rare opportunity to get that bonus.
Currently getting 75k MR points for Biz Plat would require $20k spend. I'd rather open three Chase Ink Biz cards each (Unlimited/Cash/Preferred) and collect 180k UR pts per person. Also one can refer the other for CIP, so extra 20k pts there. Total of 380k UR pts for $22k of spend.
My point is you can open those anytime. But unless you actually used it for business, the ability to get the Business Platinum bonus doesn't come along often.

Also there are 100k Business Platinum offers so it would be 200k MR for $20k spend.
Do you have a link for a current 100k / $10k spend offer. Checking my usual sources I've not been able to find a current offer like that.

yeahman
Posts: 190
Joined: Thu Mar 02, 2017 11:27 am

Re: What's Your Credit Card Rewards Strategy?

Post by yeahman » Wed Jun 12, 2019 2:44 pm

DiMAn0684 wrote:
Wed Jun 12, 2019 12:48 pm
Do you have a link for a current 100k / $10k spend offer. Checking my usual sources I've not been able to find a current offer like that.
It's targeted and requires applying by phone.

WhiteMaxima
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Re: What's Your Credit Card Rewards Strategy?

Post by WhiteMaxima » Thu Jun 13, 2019 10:47 am

I will stay with my current CSR (3% traveling reward), Fidlity (2% everthing reward) and Costco Citi Visa (4% gas). I stopped applying for new cedit card, credit score jumped to 850.

theplayer11
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Re: What's Your Credit Card Rewards Strategy?

Post by theplayer11 » Thu Jun 13, 2019 11:48 am

piling up avios...bos-mad round trip in business for 68k points is outstanding value.

confusedinvestor
Posts: 578
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Re: What's Your Credit Card Rewards Strategy?

Post by confusedinvestor » Fri Jun 14, 2019 12:56 am

I have 4 BoA Cash Rewards cards so I get:

5.25 for Gas
5.25 for Travel
5.25 for Groceries
5.25 for Dining
2.7 for everything else using BoA Platinum

My goal is :
CC 'cash-back' >= 1% + Fed CPI Inflation Rate (2.2%) { not including sign-up 1 time bonus }
YoungBogle wrote:
Tue Jun 11, 2019 12:44 am

Have you thought of opening multiple BofA cash rewards cards, one can have the 3% (5.25% with PH) be dining, another can be travel, another can be online purchases (I believe Amazon counts, and another be gas?

aristotelian
Posts: 5725
Joined: Wed Jan 11, 2017 8:05 pm

Re: What's Your Credit Card Rewards Strategy?

Post by aristotelian » Fri Jun 14, 2019 1:45 am

confusedinvestor wrote:
Fri Jun 14, 2019 12:56 am
I have 4 BoA Cash Rewards cards so I get:

5.25 for Gas
5.25 for Travel
5.25 for Groceries
5.25 for Dining
2.7 for everything else using BoA Platinum

My goal is :
CC 'cash-back' >= 1% + Fed CPI Inflation Rate (2.2%) { not including sign-up 1 time bonus }
YoungBogle wrote:
Tue Jun 11, 2019 12:44 am

Have you thought of opening multiple BofA cash rewards cards, one can have the 3% (5.25% with PH) be dining, another can be travel, another can be online purchases (I believe Amazon counts, and another be gas?
That is very clever but I don't think they offer groceries as a 3% category.

confusedinvestor
Posts: 578
Joined: Thu Mar 15, 2012 11:04 am

Re: What's Your Credit Card Rewards Strategy?

Post by confusedinvestor » Fri Jun 14, 2019 1:57 am

Corrected, Groceries from 5.25 to 3.5

Note: BoA put a max credit limit across all my 5 CCs. and, I failed to get approved for Second Platinum
aristotelian wrote:
Fri Jun 14, 2019 1:45 am
confusedinvestor wrote:
Fri Jun 14, 2019 12:56 am
I have 4 BoA Cash Rewards cards so I get:

5.25 for Gas
5.25 for Travel
3.5 for Groceries
5.25 for Dining
2.7 for everything else using BoA Platinum

My goal is :
CC 'cash-back' >= 1% + Fed CPI Inflation Rate (2.2%) { not including sign-up 1 time bonus }
YoungBogle wrote:
Tue Jun 11, 2019 12:44 am

Have you thought of opening multiple BofA cash rewards cards, one can have the 3% (5.25% with PH) be dining, another can be travel, another can be online purchases (I believe Amazon counts, and another be gas?
That is very clever but I don't think they offer groceries as a 3% category.

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FrugalProfessor
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Re: What's Your Credit Card Rewards Strategy?

Post by FrugalProfessor » Fri Jun 14, 2019 11:09 pm

confusedinvestor wrote:
Fri Jun 14, 2019 1:57 am
Corrected, Groceries from 5.25 to 3.5

Note: BoA put a max credit limit across all my 5 CCs. and, I failed to get approved for Second Platinum
aristotelian wrote:
Fri Jun 14, 2019 1:45 am
confusedinvestor wrote:
Fri Jun 14, 2019 12:56 am
I have 4 BoA Cash Rewards cards so I get:

5.25 for Gas
5.25 for Travel
3.5 for Groceries
5.25 for Dining
2.7 for everything else using BoA Platinum

My goal is :
CC 'cash-back' >= 1% + Fed CPI Inflation Rate (2.2%) { not including sign-up 1 time bonus }
YoungBogle wrote:
Tue Jun 11, 2019 12:44 am

Have you thought of opening multiple BofA cash rewards cards, one can have the 3% (5.25% with PH) be dining, another can be travel, another can be online purchases (I believe Amazon counts, and another be gas?
That is very clever but I don't think they offer groceries as a 3% category.
+ 1.

Between my wife and I, we now have 4 BoA cash rewards cards (2 red + 1 eagle + 1 tiger....all Visas) + 1 BoA premium rewards card.

We allocate two cards to the most lucrative "online" category, allowing $5k/quarter spend earning 5.25% rewards at Amazon, eBay, Raise.com, Walmart Grocery, etc. We spend $1k/month on Costco Cash cards at Costco.com which can be spent on groceries/gas/food court (and thus we receive 5.25% cash back on Costco warehouse & gas & food court purchases).

The remaining two cards are allocated towards whatever we want and categories are easily switched. Travel is pretty lucrative. We seldom dine out. Since gas is purchased through the Costco Cash card there is no real need for the gas category.

Anything else (doctors, utilities, taxes) receives 2.625% on the BoA premium rewards card.

Given how much we spend on groceries with 5 kids, the weighted avg cash back for us is in the neighborhood of 4.5%. I've cashed in $3,283.45 of BoA rewards over the past 12 months. Not too shabby.

Related blog posts for the interested:
https://www.frugalprofessor.com/one-mon ... ards-card/
https://www.frugalprofessor.com/best-cr ... 8-edition/ (somewhat dated now)
I blog. Taxes are the lowest hanging source of alpha.

Pepper11
Posts: 34
Joined: Fri Jun 13, 2014 9:22 pm

Re: What's Your Credit Card Rewards Strategy?

Post by Pepper11 » Fri Jun 14, 2019 11:25 pm

The BoA cards have a limit? Everyone keeps saying 5.25%. This is the first time I have heard of a cap on quarterly returns. That's a big caveat!!

confusedinvestor
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Joined: Thu Mar 15, 2012 11:04 am

Re: What's Your Credit Card Rewards Strategy?

Post by confusedinvestor » Fri Jun 14, 2019 11:52 pm

Not a big ceveat, given each category is 5K max/ per quarter as long you use both your and your spouse card set for that category
Pepper11 wrote:
Fri Jun 14, 2019 11:25 pm
The BoA cards have a limit? Everyone keeps saying 5.25%. This is the first time I have heard of a cap on quarterly returns. That's a big caveat!!

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FrugalProfessor
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Re: What's Your Credit Card Rewards Strategy?

Post by FrugalProfessor » Sat Jun 15, 2019 12:23 am

Pepper11 wrote:
Fri Jun 14, 2019 11:25 pm
The BoA cards have a limit? Everyone keeps saying 5.25%. This is the first time I have heard of a cap on quarterly returns. That's a big caveat!!
The cap on quarterly returns is effectively defeated with multiple cards. $2.5k/quarter spending cap per card * 4 cards = $10k/quarter. If this isn't enough, sign up for some more. $0 annual fee so no real disincentive to do so.

To be abundantly clear, after the $2.5k/quarter cap per card, the rewards would decrease from 5.25% to 1.75% (not to zero).
I blog. Taxes are the lowest hanging source of alpha.

confusedinvestor
Posts: 578
Joined: Thu Mar 15, 2012 11:04 am

Re: What's Your Credit Card Rewards Strategy?

Post by confusedinvestor » Sat Jun 15, 2019 1:45 pm

Do you get 5.25 for the Costco cash card online purchase from Costco.com when you set your BoA cash rewards category to 'Online Shopping' ?

If yes, then, I'm bummed for all these months not taking advantage of this, please let us know FrugalProfessor !
FrugalProfessor wrote:
Fri Jun 14, 2019 11:09 pm
confusedinvestor wrote:
Fri Jun 14, 2019 1:57 am
Corrected, Groceries from 5.25 to 3.5

Note: BoA put a max credit limit across all my 5 CCs. and, I failed to get approved for Second Platinum
aristotelian wrote:
Fri Jun 14, 2019 1:45 am
confusedinvestor wrote:
Fri Jun 14, 2019 12:56 am
I have 4 BoA Cash Rewards cards so I get:

5.25 for Gas
5.25 for Travel
3.5 for Groceries
5.25 for Dining
2.7 for everything else using BoA Platinum

My goal is :
CC 'cash-back' >= 1% + Fed CPI Inflation Rate (2.2%) { not including sign-up 1 time bonus }
YoungBogle wrote:
Tue Jun 11, 2019 12:44 am

Have you thought of opening multiple BofA cash rewards cards, one can have the 3% (5.25% with PH) be dining, another can be travel, another can be online purchases (I believe Amazon counts, and another be gas?
That is very clever but I don't think they offer groceries as a 3% category.
+ 1.

Between my wife and I, we now have 4 BoA cash rewards cards (2 red + 1 eagle + 1 tiger....all Visas) + 1 BoA premium rewards card.

We allocate two cards to the most lucrative "online" category, allowing $5k/quarter spend earning 5.25% rewards at Amazon, eBay, Raise.com, Walmart Grocery, etc. We spend $1k/month on Costco Cash cards at Costco.com which can be spent on groceries/gas/food court (and thus we receive 5.25% cash back on Costco warehouse & gas & food court purchases).

The remaining two cards are allocated towards whatever we want and categories are easily switched. Travel is pretty lucrative. We seldom dine out. Since gas is purchased through the Costco Cash card there is no real need for the gas category.

Anything else (doctors, utilities, taxes) receives 2.625% on the BoA premium rewards card.

Given how much we spend on groceries with 5 kids, the weighted avg cash back for us is in the neighborhood of 4.5%. I've cashed in $3,283.45 of BoA rewards over the past 12 months. Not too shabby.

Related blog posts for the interested:
https://www.frugalprofessor.com/one-mon ... ards-card/
https://www.frugalprofessor.com/best-cr ... 8-edition/ (somewhat dated now)

JBTX
Posts: 5104
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Re: What's Your Credit Card Rewards Strategy?

Post by JBTX » Sat Jun 15, 2019 1:55 pm

confusedinvestor wrote:
Sat Jun 15, 2019 1:45 pm
Do you get 5.25 for the Costco cash card online purchase from Costco.com when you set your BoA cash rewards category to 'Online Shopping' ?

If yes, then, I'm bummed for all these months not taking advantage of this, please let us know FrugalProfessor !
FrugalProfessor wrote:
Fri Jun 14, 2019 11:09 pm
confusedinvestor wrote:
Fri Jun 14, 2019 1:57 am
Corrected, Groceries from 5.25 to 3.5

Note: BoA put a max credit limit across all my 5 CCs. and, I failed to get approved for Second Platinum
aristotelian wrote:
Fri Jun 14, 2019 1:45 am
confusedinvestor wrote:
Fri Jun 14, 2019 12:56 am
I have 4 BoA Cash Rewards cards so I get:

5.25 for Gas
5.25 for Travel
3.5 for Groceries
5.25 for Dining
2.7 for everything else using BoA Platinum

My goal is :
CC 'cash-back' >= 1% + Fed CPI Inflation Rate (2.2%) { not including sign-up 1 time bonus }

That is very clever but I don't think they offer groceries as a 3% category.
+ 1.

Between my wife and I, we now have 4 BoA cash rewards cards (2 red + 1 eagle + 1 tiger....all Visas) + 1 BoA premium rewards card.

We allocate two cards to the most lucrative "online" category, allowing $5k/quarter spend earning 5.25% rewards at Amazon, eBay, Raise.com, Walmart Grocery, etc. We spend $1k/month on Costco Cash cards at Costco.com which can be spent on groceries/gas/food court (and thus we receive 5.25% cash back on Costco warehouse & gas & food court purchases).

The remaining two cards are allocated towards whatever we want and categories are easily switched. Travel is pretty lucrative. We seldom dine out. Since gas is purchased through the Costco Cash card there is no real need for the gas category.

Anything else (doctors, utilities, taxes) receives 2.625% on the BoA premium rewards card.

Given how much we spend on groceries with 5 kids, the weighted avg cash back for us is in the neighborhood of 4.5%. I've cashed in $3,283.45 of BoA rewards over the past 12 months. Not too shabby.

Related blog posts for the interested:
https://www.frugalprofessor.com/one-mon ... ards-card/
https://www.frugalprofessor.com/best-cr ... 8-edition/ (somewhat dated now)
Similar question, is walmart grocery considered "online"?

Pu239
Posts: 85
Joined: Mon Dec 17, 2018 6:24 pm

Re: What's Your Credit Card Rewards Strategy?

Post by Pu239 » Sat Jun 15, 2019 1:57 pm

confusedinvestor wrote:
Sat Jun 15, 2019 1:45 pm
Do you get 5.25 for the Costco cash card online purchase from Costco.com when you set your BoA cash rewards category to 'Online Shopping' ?

If yes, then, I'm bummed for all these months not taking advantage of this, please let us know FrugalProfessor !
It's documented in the professor's first link. I also learned from the other link that points earned on the BoA cash rewards card can be accumulated until platinum honors level is reached (90 day waiting period for new accounts), then exchanged for the extra 0.75%. Evidently, this does not work for the BoA Preferred Rewards card. Good stuff. Thanks FrugalProfessor!

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FrugalProfessor
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Re: What's Your Credit Card Rewards Strategy?

Post by FrugalProfessor » Sat Jun 15, 2019 8:26 pm

Pu239 wrote:
Sat Jun 15, 2019 1:57 pm
confusedinvestor wrote:
Sat Jun 15, 2019 1:45 pm
Do you get 5.25 for the Costco cash card online purchase from Costco.com when you set your BoA cash rewards category to 'Online Shopping' ?

If yes, then, I'm bummed for all these months not taking advantage of this, please let us know FrugalProfessor !
It's documented in the professor's first link. I also learned from the other link that points earned on the BoA cash rewards card can be accumulated until platinum honors level is reached (90 day waiting period for new accounts), then exchanged for the extra 0.75%. Evidently, this does not work for the BoA Preferred Rewards card. Good stuff. Thanks FrugalProfessor!
BoA Cash Rewards point USED to be deferrable prior to the change a few months back. However, since they changed everything a few months back the Cash Rewards points are NO LONGER deferrable. Thus, the multiplier you earn on a given transaction is whatever multiplier status you have at the time of purchase (i.e. 25% multiplier, 50% multiplier, 75% multiplier for 100k).

Yes, Costco cash card from Costco.com counts as "online." Hence, you're able to earn 5.25% in-warehouse via "the backdoor." The bummer is that you can't reload the cards through Costco.com; hence my monthly purchasing of a new Costco Cash card. You can reload in-store, but that would only get you the 3.5% and would be obviously inferior to directly swiping the cash rewards card in-store and earning the 3.5% (2%*1.75).

The 5.25% rewards across most purchases + 2.625% across the others is a great strategy.
Last edited by FrugalProfessor on Sat Jun 15, 2019 9:41 pm, edited 1 time in total.
I blog. Taxes are the lowest hanging source of alpha.

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FrugalProfessor
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Re: What's Your Credit Card Rewards Strategy?

Post by FrugalProfessor » Sat Jun 15, 2019 8:28 pm

JBTX wrote:
Sat Jun 15, 2019 1:55 pm
confusedinvestor wrote:
Sat Jun 15, 2019 1:45 pm
Do you get 5.25 for the Costco cash card online purchase from Costco.com when you set your BoA cash rewards category to 'Online Shopping' ?

If yes, then, I'm bummed for all these months not taking advantage of this, please let us know FrugalProfessor !
FrugalProfessor wrote:
Fri Jun 14, 2019 11:09 pm
confusedinvestor wrote:
Fri Jun 14, 2019 1:57 am
Corrected, Groceries from 5.25 to 3.5

Note: BoA put a max credit limit across all my 5 CCs. and, I failed to get approved for Second Platinum
aristotelian wrote:
Fri Jun 14, 2019 1:45 am


That is very clever but I don't think they offer groceries as a 3% category.
+ 1.

Between my wife and I, we now have 4 BoA cash rewards cards (2 red + 1 eagle + 1 tiger....all Visas) + 1 BoA premium rewards card.

We allocate two cards to the most lucrative "online" category, allowing $5k/quarter spend earning 5.25% rewards at Amazon, eBay, Raise.com, Walmart Grocery, etc. We spend $1k/month on Costco Cash cards at Costco.com which can be spent on groceries/gas/food court (and thus we receive 5.25% cash back on Costco warehouse & gas & food court purchases).

The remaining two cards are allocated towards whatever we want and categories are easily switched. Travel is pretty lucrative. We seldom dine out. Since gas is purchased through the Costco Cash card there is no real need for the gas category.

Anything else (doctors, utilities, taxes) receives 2.625% on the BoA premium rewards card.

Given how much we spend on groceries with 5 kids, the weighted avg cash back for us is in the neighborhood of 4.5%. I've cashed in $3,283.45 of BoA rewards over the past 12 months. Not too shabby.

Related blog posts for the interested:
https://www.frugalprofessor.com/one-mon ... ards-card/
https://www.frugalprofessor.com/best-cr ... 8-edition/ (somewhat dated now)
Similar question, is walmart grocery considered "online"?
Yes.
I blog. Taxes are the lowest hanging source of alpha.

Pu239
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Re: What's Your Credit Card Rewards Strategy?

Post by Pu239 » Sun Jun 16, 2019 12:50 am

Thanks for the update and correction, FrugalProfessor. Next I suppose BoA could deny multiple cards from earning Platinum Honors benefits. I hesitate relying on one company for my entire cash back strategy but adding a BoA card or two w/ Honors should improve the overall return.

confusedinvestor
Posts: 578
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Re: What's Your Credit Card Rewards Strategy?

Post by confusedinvestor » Sun Jun 16, 2019 12:48 pm

BoA denied my second BoA premium card - the manager of BoA Credit approval dept says Visa put that restriction for BoA Visa Platinum...
Pu239 wrote:
Sun Jun 16, 2019 12:50 am
Thanks for the update and correction, FrugalProfessor. Next I suppose BoA could deny multiple cards from earning Platinum Honors benefits. I hesitate relying on one company for my entire cash back strategy but adding a BoA card or two w/ Honors should improve the overall return.

NewOldGuy
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Re: What's Your Credit Card Rewards Strategy?

Post by NewOldGuy » Sun Jun 16, 2019 3:03 pm

confusedinvestor wrote:
Sun Jun 16, 2019 12:48 pm
BoA denied my second BoA premium card - the manager of BoA Credit approval dept says Visa put that restriction for BoA Visa Platinum...
Pu239 wrote:
Sun Jun 16, 2019 12:50 am
Thanks for the update and correction, FrugalProfessor. Next I suppose BoA could deny multiple cards from earning Platinum Honors benefits. I hesitate relying on one company for my entire cash back strategy but adding a BoA card or two w/ Honors should improve the overall return.
The premium card has an annual fee while the BofA Travel rewards card offers 1.5% cash back on everything plus the .75 bonus without the annual fee. Am I missing something other than the premium card offers 2% of related travel expenses and twice the sign up bonus? We don't travel much, so I think, ironically, the Travel rewards offers us the same cash back without the $95 annual fee.

02nz
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Re: What's Your Credit Card Rewards Strategy?

Post by 02nz » Sun Jun 16, 2019 3:18 pm

If you have the no-AF Amex Hilton card, check this link to see if you qualify for an "upgrade" to the Ascend card. 150K Hilton points for $3K spend in 3 mos., $95 AF.

https://online.americanexpress.com/dapp ... ils#/cshop

I was approved immediately. Amex upgrade offers generally bypass the "one bonus per product per lifetime" rule, and AFAIK they don't do a hard pull for upgrades.

confusedinvestor
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Re: What's Your Credit Card Rewards Strategy?

Post by confusedinvestor » Sun Jun 16, 2019 3:32 pm

I wanted to collect the $500 second sign up bonus and then close the card after moving the credit to the 1st BoA premium card but bad luck they don't allow such churns ...
NewOldGuy wrote:
Sun Jun 16, 2019 3:03 pm
confusedinvestor wrote:
Sun Jun 16, 2019 12:48 pm
BoA denied my second BoA premium card - the manager of BoA Credit approval dept says Visa put that restriction for BoA Visa Platinum...
Pu239 wrote:
Sun Jun 16, 2019 12:50 am
Thanks for the update and correction, FrugalProfessor. Next I suppose BoA could deny multiple cards from earning Platinum Honors benefits. I hesitate relying on one company for my entire cash back strategy but adding a BoA card or two w/ Honors should improve the overall return.
The premium card has an annual fee while the BofA Travel rewards card offers 1.5% cash back on everything plus the .75 bonus without the annual fee. Am I missing something other than the premium card offers 2% of related travel expenses and twice the sign up bonus? We don't travel much, so I think, ironically, the Travel rewards offers us the same cash back without the $95 annual fee.

confusedinvestor
Posts: 578
Joined: Thu Mar 15, 2012 11:04 am

Re: What's Your Credit Card Rewards Strategy?

Post by confusedinvestor » Sun Jun 16, 2019 3:56 pm

I don't have any Amex Hilton cards and tried to apply for a new one for 95K welcome bonus but after my application, Amex says I am not eligible for the welcome offer so I cancelled my application...oh well I tried but I never received any Amex welcome bonus in last 5 years if I recall...
02nz wrote:
Sun Jun 16, 2019 3:18 pm
If you have the no-AF Amex Hilton card, check this link to see if you qualify for an "upgrade" to the Ascend card. 150K Hilton points for $3K spend in 3 mos., $95 AF.

https://online.americanexpress.com/dapp ... ils#/cshop

I was approved immediately. Amex upgrade offers generally bypass the "one bonus per product per lifetime" rule, and AFAIK they don't do a hard pull for upgrades.

drk
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Re: What's Your Credit Card Rewards Strategy?

Post by drk » Sun Jun 16, 2019 4:58 pm

NewOldGuy wrote:
Sun Jun 16, 2019 3:03 pm

The premium card has an annual fee while the BofA Travel rewards card offers 1.5% cash back on everything plus the .75 bonus without the annual fee. Am I missing something other than the premium card offers 2% of related travel expenses and twice the sign up bonus? We don't travel much, so I think, ironically, the Travel rewards offers us the same cash back without the $95 annual fee.
The Premium Rewards card offers an easy $100 travel incidental credit. That makes the annual fee a wash for me.

confusedinvestor
Posts: 578
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Re: What's Your Credit Card Rewards Strategy?

Post by confusedinvestor » Sun Jun 16, 2019 7:14 pm

+1
Yep, Airline bag fees and in-flight kids meals were reimbursed by BoA platinum for us last year for $200 which makes up for 2 cards AF of $190
drk wrote:
Sun Jun 16, 2019 4:58 pm
NewOldGuy wrote:
Sun Jun 16, 2019 3:03 pm

The premium card has an annual fee while the BofA Travel rewards card offers 1.5% cash back on everything plus the .75 bonus without the annual fee. Am I missing something other than the premium card offers 2% of related travel expenses and twice the sign up bonus? We don't travel much, so I think, ironically, the Travel rewards offers us the same cash back without the $95 annual fee.
The Premium Rewards card offers an easy $100 travel incidental credit. That makes the annual fee a wash for me.

NewOldGuy
Posts: 149
Joined: Mon Jul 30, 2018 12:37 am

Re: What's Your Credit Card Rewards Strategy?

Post by NewOldGuy » Sun Jun 16, 2019 7:43 pm

confusedinvestor wrote:
Sun Jun 16, 2019 7:14 pm
+1
Yep, Airline bag fees and in-flight kids meals were reimbursed by BoA platinum for us last year for $200 which makes up for 2 cards AF of $190
drk wrote:
Sun Jun 16, 2019 4:58 pm
NewOldGuy wrote:
Sun Jun 16, 2019 3:03 pm

The premium card has an annual fee while the BofA Travel rewards card offers 1.5% cash back on everything plus the .75 bonus without the annual fee. Am I missing something other than the premium card offers 2% of related travel expenses and twice the sign up bonus? We don't travel much, so I think, ironically, the Travel rewards offers us the same cash back without the $95 annual fee.
The Premium Rewards card offers an easy $100 travel incidental credit. That makes the annual fee a wash for me.
Ah, thanks. Makes perfect sense. Wife hates to fly, so we're mostly grounded except for emergencies like funerals.

teamDE
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Re: What's Your Credit Card Rewards Strategy?

Post by teamDE » Tue Jun 18, 2019 2:11 pm

Big home improvement project spend coming up. $23k They take VISA/MC, but unfortunately not Amex. We have for VISA/MC:

wife:
Citi Double Cash

me:
BoA Cash Rewards
Amazon
Chase Ink Preferred (arrives tomorrow)

I think the best we can do without opening more cards is:
CIP min spend for the SUB, 1x points: -$5k = $18k left
BoA CR set to Home Improvement ($2500 rewards limit), 3%: -$2500 = $15,500 left
Citi Double Case, 2% (CL is $12k): -$10k = $5500 left

Everything else is 1x, so i guess back to the CIP. I'm tempted to ask the wife to get a Chase Freedom Unlimited which has 3x to get more UR.

spammagnet
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Re: What's Your Credit Card Rewards Strategy?

Post by spammagnet » Tue Jun 18, 2019 10:50 pm

teamDE wrote:
Tue Jun 18, 2019 2:11 pm
... $5500 left. ... Everything else is 1x, so i guess back to the CIP. I'm tempted to ask the wife to get a Chase Freedom Unlimited which has 3x to get more UR.
So, at 3x vs 1x, that's a 2x advantage for $5,500 spend = $110, if valued at 1 point = 0.01. (Does the CIP multiply redemptions as the Saphhire does?)

Does that extra $110 justify any negative impacts the new CF will have on future plays, such as disqualification for a new card due to exceeding 5/24, or whatever?

Jags4186
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Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 » Tue Jun 18, 2019 11:35 pm

teamDE wrote:
Tue Jun 18, 2019 2:11 pm
Big home improvement project spend coming up. $23k They take VISA/MC, but unfortunately not Amex. We have for VISA/MC:

wife:
Citi Double Cash

me:
BoA Cash Rewards
Amazon
Chase Ink Preferred (arrives tomorrow)

I think the best we can do without opening more cards is:
CIP min spend for the SUB, 1x points: -$5k = $18k left
BoA CR set to Home Improvement ($2500 rewards limit), 3%: -$2500 = $15,500 left
Citi Double Case, 2% (CL is $12k): -$10k = $5500 left

Everything else is 1x, so i guess back to the CIP. I'm tempted to ask the wife to get a Chase Freedom Unlimited which has 3x to get more UR.
Ask what the discount is for paying check. Then ask what the discount is for paying cash.

teamDE
Posts: 223
Joined: Tue Jun 28, 2016 9:16 pm

Re: What's Your Credit Card Rewards Strategy?

Post by teamDE » Wed Jun 19, 2019 10:08 am

spammagnet wrote:
Tue Jun 18, 2019 10:50 pm
teamDE wrote:
Tue Jun 18, 2019 2:11 pm
... $5500 left. ... Everything else is 1x, so i guess back to the CIP. I'm tempted to ask the wife to get a Chase Freedom Unlimited which has 3x to get more UR.
So, at 3x vs 1x, that's a 2x advantage for $5,500 spend = $110, if valued at 1 point = 0.01. (Does the CIP multiply redemptions as the Saphhire does?)

Does that extra $110 justify any negative impacts the new CF will have on future plays, such as disqualification for a new card due to exceeding 5/24, or whatever?
The CIP has a 1.25x redemption bonus. But yeh, i'm starting to think along the same lines, just not worth it. I'll prob just use the CIP for all the rest. It's three payments spread over a month so i can use it and pay it a few times.

teamDE
Posts: 223
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Re: What's Your Credit Card Rewards Strategy?

Post by teamDE » Wed Jun 19, 2019 10:11 am

Jags4186 wrote:
Tue Jun 18, 2019 11:35 pm
Ask what the discount is for paying check. Then ask what the discount is for paying cash.
Good question, I asked and no discount. Same price no matter what. It's a fairly big outfit so they probably try to keep consistent.

conservativeinvestor
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Re: What's Your Credit Card Rewards Strategy?

Post by conservativeinvestor » Wed Jun 19, 2019 10:31 am

I like simplicity so I only have 2 credit cards.

A Capital One Visa that earns 1.5% on everything and I use it for everything. I also have other online accounts at Capital One and they are all displayed along with the credit card on one screen which makes managing all the accounts incredibly easy.

A Discover Card that earns 1% on everything or 5% on rotating categories, I don't like to keep up with the categories so I never use it except for a few times a year so they don't close it. (it's my longest running line of credit and want to keep it open to avoid a hit to my credit score)

Topic Author
guitarguy
Posts: 1784
Joined: Mon Dec 20, 2010 4:10 pm

Re: What's Your Credit Card Rewards Strategy?

Post by guitarguy » Wed Jun 19, 2019 10:37 am

Man.......

I feel almost honored to have started this thread so long ago and to see it's STILL going!!!!

Crazy.

:D

IowaFarmWife
Posts: 125
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Re: What's Your Credit Card Rewards Strategy?

Post by IowaFarmWife » Thu Jun 20, 2019 6:59 pm

guitarguy wrote:
Wed Jun 19, 2019 10:37 am
Man.......

I feel almost honored to have started this thread so long ago and to see it's STILL going!!!!

Crazy.

:D
I know, right? It's been informative and a good read for the past few years, though.

02nz
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Re: What's Your Credit Card Rewards Strategy?

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

conservativeinvestor wrote:
Wed Jun 19, 2019 10:31 am
(it's my longest running line of credit and want to keep it open to avoid a hit to my credit score)
People overestimate how much this matters. The hit to your credit score is likely to be a few points. And if it's a difference between 797 and 800, it won't make any difference to what interest rate you get on a mortgage.

Horsefly
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Location: Colorado, mostly

Re: What's Your Credit Card Rewards Strategy?

Post by Horsefly » Thu Jun 20, 2019 9:37 pm

02nz wrote:
Thu Jun 20, 2019 7:02 pm
conservativeinvestor wrote:
Wed Jun 19, 2019 10:31 am
(it's my longest running line of credit and want to keep it open to avoid a hit to my credit score)
People overestimate how much this matters. The hit to your credit score is likely to be a few points. And if it's a difference between 797 and 800, it won't make any difference to what interest rate you get on a mortgage.
I'm not so sure I agree. If one only has a couple of credit cards, and one is 25 years old while the other is new, dumping the old card will cause a dip in the credit score of a mildly-noticeable amount. More importantly, it will take a long time to get that bit back. I didn't see the original post, but unless the card is really causing a problem (annual fee or whatever) I don't think I would dump it.

confusedinvestor
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Re: What's Your Credit Card Rewards Strategy?

Post by confusedinvestor » Thu Jun 20, 2019 9:58 pm

If you guys have chase credit card, you can use credit score simulator to see how each of the scenarios impact your score

eg I am using Fidelity CC 0% APR for 25K and it is impacting my credit score from 815 to 780 -
Horsefly wrote:
Thu Jun 20, 2019 9:37 pm
02nz wrote:
Thu Jun 20, 2019 7:02 pm
conservativeinvestor wrote:
Wed Jun 19, 2019 10:31 am
(it's my longest running line of credit and want to keep it open to avoid a hit to my credit score)
People overestimate how much this matters. The hit to your credit score is likely to be a few points. And if it's a difference between 797 and 800, it won't make any difference to what interest rate you get on a mortgage.
I'm not so sure I agree. If one only has a couple of credit cards, and one is 25 years old while the other is new, dumping the old card will cause a dip in the credit score of a mildly-noticeable amount. More importantly, it will take a long time to get that bit back. I didn't see the original post, but unless the card is really causing a problem (annual fee or whatever) I don't think I would dump it.

aristotelian
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Re: What's Your Credit Card Rewards Strategy?

Post by aristotelian » Fri Jun 21, 2019 6:22 am

guitarguy wrote:
Wed Jun 19, 2019 10:37 am
Man.......

I feel almost honored to have started this thread so long ago and to see it's STILL going!!!!

Crazy.

:D
The possibilities are endless, and there is enormous pleasure to be taken in gaming the loan shark industry.

othermike27
Posts: 23
Joined: Mon Jun 13, 2016 7:14 am

Re: What's Your Credit Card Rewards Strategy?

Post by othermike27 » Fri Jun 21, 2019 6:42 am

Horsefly wrote:
Thu Jun 20, 2019 9:37 pm
02nz wrote:
Thu Jun 20, 2019 7:02 pm
conservativeinvestor wrote:
Wed Jun 19, 2019 10:31 am
(it's my longest running line of credit and want to keep it open to avoid a hit to my credit score)
People overestimate how much this matters. The hit to your credit score is likely to be a few points. And if it's a difference between 797 and 800, it won't make any difference to what interest rate you get on a mortgage.
I'm not so sure I agree. If one only has a couple of credit cards, and one is 25 years old while the other is new, dumping the old card will cause a dip in the credit score of a mildly-noticeable amount. More importantly, it will take a long time to get that bit back. I didn't see the original post, but unless the card is really causing a problem (annual fee or whatever) I don't think I would dump it.
In 2018 I closed my oldest card that I opened in 1989. No impact on credit score. My understanding is that even a closed card stays on your credit history for 10 years, so even the 2-card scenario you cite would see a delayed effect.

investor997
Posts: 423
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Re: What's Your Credit Card Rewards Strategy?

Post by investor997 » Fri Jun 21, 2019 7:05 pm

Amex experts: Do you ever use the EBates shopping portal to scrape extra points off online purchases?

This seems like it could be potentially lucrative. EBates appears to support quite a few online retailers.

Jags4186
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Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 » Fri Jun 21, 2019 7:23 pm

investor997 wrote:
Fri Jun 21, 2019 7:05 pm
Amex experts: Do you ever use the EBates shopping portal to scrape extra points off online purchases?

This seems like it could be potentially lucrative. EBates appears to support quite a few online retailers.
Yes but check other portals as well. Ebates does not always have the best rate. They however are the best at tracking purchases in my experience.

BeneIRA
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Re: What's Your Credit Card Rewards Strategy?

Post by BeneIRA » Fri Jun 21, 2019 7:25 pm

Cashback Monitor is a lifesaver. Search any website and check Cashback Monitor to see the different cash back/points options.

investor997
Posts: 423
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Re: What's Your Credit Card Rewards Strategy?

Post by investor997 » Fri Jun 21, 2019 7:41 pm

Jags4186 wrote:
Fri Jun 21, 2019 7:23 pm
Yes but check other portals as well. Ebates does not always have the best rate. They however are the best at tracking purchases in my experience.
Agree, always good to shop around but IMHO when it comes to points, it's better to "concentrate firepower", so to speak. This is especially true if the points being earned (ie, Amex MR or Chase UR) are flexible, transferable and stackable with the base spend on the credit card itself.

Chase also appears to have a pretty decent shopping portal of their own (for UR points).

This is the one area where BofA lacks. There's no Preferred Rewards shopping portal. BofA does have their "BankAmeriDeals" available via the app but they tend to be less exciting, ie 5% cash back from Starbucks doesn't increase my heart rate at all.

TravelGeek
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Re: What's Your Credit Card Rewards Strategy?

Post by TravelGeek » Fri Jun 21, 2019 7:50 pm

investor997 wrote:
Fri Jun 21, 2019 7:05 pm
Amex experts: Do you ever use the EBates shopping portal to scrape extra points off online purchases?

This seems like it could be potentially lucrative. EBates appears to support quite a few online retailers.
I signed up a few months ago when they started their partnership with Amex MR. Most of my online shopping is with Amazon, and most of my Amazon purchases don’t earn much or anything. But in recent months I did have a few unusual purchases from other online merchants that netted me a few thousand MR points.

Jags4186
Posts: 3374
Joined: Wed Jun 18, 2014 7:12 pm

Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 » Fri Jun 21, 2019 8:10 pm

investor997 wrote:
Fri Jun 21, 2019 7:41 pm
Jags4186 wrote:
Fri Jun 21, 2019 7:23 pm
Yes but check other portals as well. Ebates does not always have the best rate. They however are the best at tracking purchases in my experience.
Agree, always good to shop around but IMHO when it comes to points, it's better to "concentrate firepower", so to speak. This is especially true if the points being earned (ie, Amex MR or Chase UR) are flexible, transferable and stackable with the base spend on the credit card itself.

Chase also appears to have a pretty decent shopping portal of their own (for UR points).

This is the one area where BofA lacks. There's no Preferred Rewards shopping portal. BofA does have their "BankAmeriDeals" available via the app but they tend to be less exciting, ie 5% cash back from Starbucks doesn't increase my heart rate at all.
Shop cashback portals. No currency is more flexible than USD :D

ZinCO
Posts: 81
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Re: What's Your Credit Card Rewards Strategy?

Post by ZinCO » Fri Jun 21, 2019 8:16 pm

investor997 wrote:
Fri Jun 21, 2019 7:41 pm
Chase also appears to have a pretty decent shopping portal of their own (for UR points).

This is the one area where BofA lacks. There's no Preferred Rewards shopping portal. BofA does have their "BankAmeriDeals" available via the app but they tend to be less exciting, ie 5% cash back from Starbucks doesn't increase my heart rate at all.
BofA used to have a portal some years ago, that's where I first started using portals. But the beauty of substantially ALL the portals (including Chase) is they are card-agnostic. Use whatever card is best for the merchant in question, and the portal proceeds are just icing on the cake.

The biggest problem I've had with portals is for hotel reservations... Somehow they always acknowledge my reservation, but by the time I have my stay 3 months later, they are unable to pay out because something didn't track right. I still do it for 10% on IHG reservations but my success rate is awfully low. All other vendors, probably closer to 90%.

investor997
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Re: What's Your Credit Card Rewards Strategy?

Post by investor997 » Fri Jun 21, 2019 9:44 pm

ZinCO wrote:
Fri Jun 21, 2019 8:16 pm
The biggest problem I've had with portals is for hotel reservations... Somehow they always acknowledge my reservation, but by the time I have my stay 3 months later, they are unable to pay out because something didn't track right. I still do it for 10% on IHG reservations but my success rate is awfully low. All other vendors, probably closer to 90%.
I've got two recent success stories for hotel portal tracking. The first instance was with booking a Marriott property via the United Mileage Plus portal (only 1 mile/$ but better than nothing..). The second was booking a prepaid hotel on Hotels.com via the United Mileage X app (9 miles/$ which was nice..). In both cases I had to wait until after the hotel stay for the points to post.

Hint: For portals (United, Alaska, Southwest..), look for the Chrome button plugin. In fact, I keep a separate browser profile in Chrome that I specifically use for online shopping (button plugin and absolutely no ad blockers of any kind).

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dodecahedron
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Re: What's Your Credit Card Rewards Strategy?

Post by dodecahedron » Fri Jun 21, 2019 10:26 pm

othermike27 wrote:
Fri Jun 21, 2019 6:42 am


In 2018 I closed my oldest card that I opened in 1989. No impact on credit score. My understanding is that even a closed card stays on your credit history for 10 years, so even the 2-card scenario you cite would see a delayed effect.
In 2018, my oldest credit card (Capitol One) was cancelled by the issuer for inactivity. The age of old credit card dropped within a few months from 43 years to 32 years. No discernible effect on my credit score.

teamDE
Posts: 223
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Re: What's Your Credit Card Rewards Strategy?

Post by teamDE » Fri Jun 21, 2019 11:17 pm

I've been pleasantly surprised on how much i've gotten out of my Amex linked Ebates account. I have 4300 points not counting the 1500pt signup bonus in the past month. That's $58 at a minimum. I normally figure an Amex point is 1.5cents so $87.

I've also been happy with Amex Offers.

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msi
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Re: What's Your Credit Card Rewards Strategy?

Post by msi » Mon Jun 24, 2019 3:33 am

Heads up... Citi is ending Price Rewind on Sept 22nd. That used to be one key benefit of the Citi Doublecash over the Fidelity Visa https://www.doctorofcredit.com/citi-to- ... 22nd-2019/

gvsucavie03
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Re: What's Your Credit Card Rewards Strategy?

Post by gvsucavie03 » Mon Jun 24, 2019 6:10 am

msi wrote:
Mon Jun 24, 2019 3:33 am
Heads up... Citi is ending Price Rewind on Sept 22nd. That used to be one key benefit of the Citi Doublecash over the Fidelity Visa https://www.doctorofcredit.com/citi-to- ... 22nd-2019/
Were there folks that actually used this feature?

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