best cash back credit card

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VictoriaF
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Re: best cash back credit card

Post by VictoriaF » Tue Mar 18, 2014 2:41 pm

bartbill wrote:
VictoriaF wrote:I have just applied for Quicksilver Cash Rewards Credit Card by CapitalOne. My application was immediately accepted. Once I receive the card and start using it, I will need the means of paying the balance. For many years I have been using cards of the institutions where I had a checking or savings account, and I was just making internal transfers. Before that, I was writing paper checks.

Is there a better way of paying the balance than paper checks?

Thanks,
Victoria
For overseas travel don't forget the "chip and pin" or "chip and signature" issues.
I have a Chip-and-PIN card from the State Department Federal Credit Union. I tried to use it in Slovakia last year, but the vendors were asking me to sign regular receipts. This summer I will try it in Switzerland.

I am also thinking of getting the Barclay Arrival MasterCard. After I receive CapitalOne's Visa and use it for a couple months, I will get Barclay Arrival.

Victoria
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scarletletterman
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Re: best cash back credit card

Post by scarletletterman » Tue Mar 18, 2014 3:13 pm

My top 3 are:
Costco Amex (3% on gas at costco plus all costco purchases)
Chase Freedom (5% gas 6mos a yr elsewhere plus other rotating categories)
Chase Ink Plus (5% at office supply stores - think gift cards, 5% on utilities, no foreign trans. fees)

Im really digging the Ink plus for travel, $95/yr (waived firsts yr) but a 50k pt bonus, and with 5% back at office stores, I am accumulating about 120k chase ultimate rewards pts a year, which convert 1:1 to united miles, 2 round trip international flights a yr for my wife and I.

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jackpistachio
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Re: best cash back credit card

Post by jackpistachio » Thu Mar 20, 2014 4:31 am

VictoriaF wrote:
VictoriaF wrote:I decided to learn playing the credit card game and want to start soon, because in the next few months I will be spending ~$10k on travel and certain purchases, in addition to my normal expenses. Here are my constraints:

1. I want to get a VISA, because some of my potential vendors are abroad and do not accept AMEX.
2. I am not interested in gas points, because I drive very little.

I am thinking of applying for Quicksilver Cash Rewards Credit Card by CapitalOne. It has no annual fee and offers 1.5% cash back. Should I proceed with this card or there is something clearly better?

Thanks,
Victoria
I have just applied for Quicksilver Cash Rewards Credit Card by CapitalOne. My application was immediately accepted. Once I receive the card and start using it, I will need the means of paying the balance. For many years I have been using cards of the institutions where I had a checking or savings account, and I was just making internal transfers. Before that, I was writing paper checks.

Is there a better way of paying the balance than paper checks?

Thanks,
Victoria
Yes. You can add your existing bank as a payment account and make payments online. Uses ACH transfer which takes one to two business days to hit your bank account but still credited to your CapitalOne card account on the business day for which you schedule the payment.
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Sunny Sarkar
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Re: best cash back credit card

Post by Sunny Sarkar » Thu Mar 20, 2014 8:28 pm

madbrain wrote:
Sunny Sarkar wrote: Yes it does. I had both & considered using the VISA instead of the flat 2% Amex, but reasoned that the 0.5% less cash back for the first $15k on the VISA is essentially equivalent a $75 annual fee. So I cancelled the VISA and kept the Amex.
I don't think you can really compare it to a $75 annual fee, unless 100% of the places you shop accept Amex. I have both, and use the Amex wherever accepted, and if not, the VISA. I only know one place that takes Amex but not VISA, and that's Costco.
My personal anecdotal experience is that I bump across merchants not accepting Amex maybe once every few months. In fact, if I were using the VISA only, I'd have a bigger problem because I shop at Costco often. I switched to using just one card (Fido Amex) for a couple of years now, and I'm loving the simplicity of it.
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Steady
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Re: best cash back credit card

Post by Steady » Fri Mar 21, 2014 2:35 am

I like Amex because no limits but interested in the fidelity Amex does it have a limit???

Also where's the vanguard Amex?

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jackpistachio
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Re: best cash back credit card

Post by jackpistachio » Fri Mar 21, 2014 5:50 am

Sunny Sarkar wrote: My personal anecdotal experience is that I bump across merchants not accepting Amex maybe once every few months. In fact, if I were using the VISA only, I'd have a bigger problem because I shop at Costco often. I switched to using just one card (Fido Amex) for a couple of years now, and I'm loving the simplicity of it.
More common outside the US (but depends on country) to encounter merchants that do not accept American Express but do accept Visa.
We're all nuts, but Pistachios are my favorite.

hstang
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Re: best cash back credit card

Post by hstang » Fri Mar 21, 2014 11:51 am

Scarletletterman wrote:
My top 3 are:
Costco Amex (3% on gas at costco plus all costco purchases)
Chase Freedom (5% gas 6mos a yr elsewhere plus other rotating categories)
Chase Ink Plus (5% at office supply stores - think gift cards, 5% on utilities, no foreign trans. fees)

On Google search for Costco Amex, I found that Costco Amex has 1% reward on most Costco purchases (other than gas and a few "eligible" purchases from Costco). Is there another Costco Amex card you are referring to??

OTOH, Fido Amex rewards 2% on all purchases (including ALL Costco purchases).

hs

takeshi
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Re: best cash back credit card

Post by takeshi » Fri Mar 21, 2014 3:14 pm

VictoriaF wrote:I have a Chip-and-PIN card from the State Department Federal Credit Union. I tried to use it in Slovakia last year, but the vendors were asking me to sign regular receipts.
From what I understand SDFCU is chip & sig priority and chip & PIN second.
Steady wrote:I like Amex because no limits but interested in the fidelity Amex does it have a limit???
AmEx offers both charge and credit cards. Don't just assume that AmEx means charge. Fidelity definitely has a limit since it's not a charge card.
hstang wrote:Scarletletterman wrote:
On Google search for Costco Amex, I found that Costco Amex has 1% reward on most Costco purchases (other than gas and a few "eligible" purchases from Costco). Is there another Costco Amex card you are referring to??
TrueEarnings is actually:
3% at gas stations (not just Costco) up to $4K annually
2% at restaurants
2% on travel
1% on everything else

tj
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Re: best cash back credit card

Post by tj » Fri Mar 21, 2014 10:37 pm

Steady wrote:I like Amex because no limits but interested in the fidelity Amex does it have a limit???

Also where's the vanguard Amex?
Never going to happen. FIdo Amex is a loss leader.

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Re: best cash back credit card

Post by G-Force » Sat Mar 22, 2014 12:47 pm

tj wrote:
Steady wrote:I like Amex because no limits but interested in the fidelity Amex does it have a limit???

Also where's the vanguard Amex?
Never going to happen. FIdo Amex is a loss leader.
There is no limit on the 2% cashback you can earn with the Fidelity American Express.

tj
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Re: best cash back credit card

Post by tj » Sat Mar 22, 2014 3:07 pm

G-Force wrote:
tj wrote:
Steady wrote:I like Amex because no limits but interested in the fidelity Amex does it have a limit???

Also where's the vanguard Amex?
Never going to happen. FIdo Amex is a loss leader.
There is no limit on the 2% cashback you can earn with the Fidelity American Express.
I was referring to the question about a Vanguard credit card.

In terms of a limit, they were referring to a credit limit, not a cashback limit. And by the way, charge cards still have limits where the issuer will freeze your card when you hit it, you just don't know what they are.

webenterpreneur
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Re: best cash back credit card

Post by webenterpreneur » Sun Mar 23, 2014 1:57 am

I did some research recently and decided to get a Barclay Arrival Mastercard. No foreign transaction fees. I get 2.2% cash back for all my purchases, that can be applied for travel expenses. I love this card.

crowd79
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Re: best cash back credit card

Post by crowd79 » Sun Mar 23, 2014 9:24 am

Chase Freedom 5% ends in a few days on gas purchases. Is it okay to go to my local gas station and stock up on gas gift cards to cover gas purchases from April to June? Will this credit as a gas purchase on my card? I believe July-Sept starts another 5% cashback period for gas on the freedom.

pshonore
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Re: best cash back credit card

Post by pshonore » Sun Mar 23, 2014 10:07 am

Good question - my guess is only pay at the pump purchase qualifies for the 5% but who knows? Depends on how regular purchases (coffee, snacks, gift cards, etc) get swiped.

Barefootgirl
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Re: best cash back credit card

Post by Barefootgirl » Mon Mar 24, 2014 2:27 pm

A few months ago, I decided to start taking advantage of some of these cards since I predict more travel in my future.

I applied for 4 cards all on the same day and was approved for all. I've now used them for all the bonuses and awards I expect to get.

How long should I wait before applying for any more cards in order to avoid a big drag on my score?

As a rule, I don't borrow money, so my need for credit is limited, but I understand the need to keep a good score overall, nevertheless.

Thanks, BFG
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.

2stepsbehind
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Re: best cash back credit card

Post by 2stepsbehind » Tue Mar 25, 2014 5:46 am

Barefootgirl wrote:A few months ago, I decided to start taking advantage of some of these cards since I predict more travel in my future.

I applied for 4 cards all on the same day and was approved for all. I've now used them for all the bonuses and awards I expect to get.

How long should I wait before applying for any more cards in order to avoid a big drag on my score?

As a rule, I don't borrow money, so my need for credit is limited, but I understand the need to keep a good score overall, nevertheless.

Thanks, BFG
Hard to say. The impact of inquiries is highly dependent on the amount of accounts you have and the length of your credit history. As you know, inquiries remain on your credit report for two years, although most if not all credit bureaus only consider inquiries from the last 12 months in calculating your score. Many people in the credit card game space out rounds of applications from 90-180 days so as not to spook the credit card companies, but others have less regimented approaches. Because you are just getting started I'd probably wait at least 100 days between rounds unless there's a time sensitive offer. You might also consider varying which companies you are seeking credit from. What did you get last time and what are you considering for the next round?

Barefootgirl
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Re: best cash back credit card

Post by Barefootgirl » Tue Mar 25, 2014 10:39 am

Barclays Travel
Starwood Amex
Marriott Rewards Visa
Choice Privileges Visa

Prior to engaging in this new hobby I already had a Chase Sapphire, Chase Freedom and Discover.

Thanks, BFG
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.

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Ketawa
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Re: best cash back credit card

Post by Ketawa » Tue Mar 25, 2014 2:14 pm

I have applied for and been accepted for 4 new credit cards (Barclays Arrival, Southwest Visa, PenFed Cash Rewards, Citi AAdvantage) in the last 3 months and my FICO score has dropped less than 10 points (confirmed through Barclays Arrival free score). Credit Karma has my Vantage Score going up but my other estimate (can't remember the name) dropping precipitously. YMMV.

gkaplan
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Re: best cash back credit card

Post by gkaplan » Tue Mar 25, 2014 2:40 pm

I'm shredding my credit cards, not applying for new ones.
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VictoriaF
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Re: best cash back credit card

Post by VictoriaF » Wed Mar 26, 2014 9:34 am

gkaplan wrote:I'm shredding my credit cards, not applying for new ones.
I am doing the opposite. While I am still working, I don't have time for investigating and using credit card offers. In retirement, I will have more time and may be able to save a few hundred dollars per year. So far, I've requested two cards and was approved immediately. I wonder how this will work after my income drops.

Victoria
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tj
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Re: best cash back credit card

Post by tj » Fri Mar 28, 2014 3:24 pm

VictoriaF wrote:
gkaplan wrote:I'm shredding my credit cards, not applying for new ones.
I am doing the opposite. While I am still working, I don't have time for investigating and using credit card offers. In retirement, I will have more time and may be able to save a few hundred dollars per year. So far, I've requested two cards and was approved immediately. I wonder how this will work after my income drops.

Victoria
Don't apply to new cards with the same issuer after retirement (unless you have a high income stream you can claim) because they might not only deny you, they might slash your limits on the existing cards in line with your then current income.

vshun
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Re: best cash back credit card

Post by vshun » Fri Mar 28, 2014 4:12 pm

2stepsbehind wrote:
Barefootgirl wrote:A few months ago, I decided to start taking advantage of some of these cards since I predict more travel in my future.

I applied for 4 cards all on the same day and was approved for all. I've now used them for all the bonuses and awards I expect to get.

How long should I wait before applying for any more cards in order to avoid a big drag on my score?

As a rule, I don't borrow money, so my need for credit is limited, but I understand the need to keep a good score overall, nevertheless.

Thanks, BFG
Hard to say. The impact of inquiries is highly dependent on the amount of accounts you have and the length of your credit history. As you know, inquiries remain on your credit report for two years, although most if not all credit bureaus only consider inquiries from the last 12 months in calculating your score. Many people in the credit card game space out rounds of applications from 90-180 days so as not to spook the credit card companies, but others have less regimented approaches. Because you are just getting started I'd probably wait at least 100 days between rounds unless there's a time sensitive offer. You might also consider varying which companies you are seeking credit from. What did you get last time and what are you considering for the next round?
FatWallet finance is more appropriate for the answer to this question and to this thread.

I agree that the interval between AOR (app-o-Ramas) should be between 3 to 6 months. 3 month used to be safe but recently issuers take a closer look if you had recent app-o-ramas (round of several applications same day for bonus credit cards) spaced so close. From my experience they defer the decision and still send you credit card later. In the years past they did not defer and used to give instant approval.

Your Fico will dip by a few points from each app-o-rama and it will take a few weeks for it to climb back to where it was before so be careful if your Fico now is close to 740 magical threshold and you are about to apply for a loan or mortgage, otherwise read fatwallet forum and slick deals for current best bonus credit card offers, also may want to see the list on blogs such as millionmilesecrets and the pointsguy and of course the mother of them all Flyertalk, then make a list for 1 card from each issuer and good luck with your AOR,

tj
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Re: best cash back credit card

Post by tj » Fri Mar 28, 2014 4:24 pm

vshun wrote:
2stepsbehind wrote:
Barefootgirl wrote:A few months ago, I decided to start taking advantage of some of these cards since I predict more travel in my future.

I applied for 4 cards all on the same day and was approved for all. I've now used them for all the bonuses and awards I expect to get.

How long should I wait before applying for any more cards in order to avoid a big drag on my score?

As a rule, I don't borrow money, so my need for credit is limited, but I understand the need to keep a good score overall, nevertheless.

Thanks, BFG
Hard to say. The impact of inquiries is highly dependent on the amount of accounts you have and the length of your credit history. As you know, inquiries remain on your credit report for two years, although most if not all credit bureaus only consider inquiries from the last 12 months in calculating your score. Many people in the credit card game space out rounds of applications from 90-180 days so as not to spook the credit card companies, but others have less regimented approaches. Because you are just getting started I'd probably wait at least 100 days between rounds unless there's a time sensitive offer. You might also consider varying which companies you are seeking credit from. What did you get last time and what are you considering for the next round?
FatWallet finance is more appropriate for the answer to this question and to this thread.

I agree that the interval between AOR (app-o-Ramas) should be between 3 to 6 months. 3 month used to be safe but recently issuers take a closer look if you had recent app-o-ramas (round of several applications same day for bonus credit cards) spaced so close. From my experience they defer the decision and still send you credit card later. In the years past they did not defer and used to give instant approval.

Your Fico will dip by a few points from each app-o-rama and it will take a few weeks for it to climb back to where it was before so be careful if your Fico now is close to 740 magical threshold and you are about to apply for a loan or mortgage, otherwise read fatwallet forum and slick deals for current best bonus credit card offers, also may want to see the list on blogs such as millionmilesecrets and the pointsguy and of course the mother of them all Flyertalk, then make a list for 1 card from each issuer and good luck with your AOR,

I personally try to stick to 1 card per credit bureau per year, but if I see a really good signup bonus ($400+) I'll take the gamble...

crowd79
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Re: best cash back credit card

Post by crowd79 » Fri Mar 28, 2014 4:54 pm

I am thinking of entering the frequent flyer zone and applying for a Citi AAvantage card for 30,000 bonus miles since I plan to travel soon. This would be enough for a roundtrip ticket in North America. American Airlines claims that each mile is worth 1.5 cents, so that would be a "free" $450 against any flights. I haven't applied for a credit card with a large sign-up bonus since last August when I was approved for the Chase Sapphire Preferred card. My recent score is 790-800. I already have so many credit cards with credit limits combined that are twice my actual income per year! Should I go for it?

tj
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Re: best cash back credit card

Post by tj » Fri Mar 28, 2014 5:12 pm

crowd79 wrote:I am thinking of entering the frequent flyer zone and applying for a Citi AAvantage card for 30,000 bonus miles since I plan to travel soon. This would be enough for a roundtrip ticket in North America. American Airlines claims that each mile is worth 1.5 cents, so that would be a "free" $450 against any flights. I haven't applied for a credit card with a large sign-up bonus since last August when I was approved for the Chase Sapphire Preferred card. My recent score is 790-800. I already have so many credit cards with credit limits combined that are twice my actual income per year! Should I go for it?

I believe there are offers for 50,000 miles, so I wouldn't go for one that is 30,000.

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burgrat
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Re: best cash back credit card

Post by burgrat » Fri Mar 28, 2014 5:15 pm

tj wrote:I believe there are offers for 50,000 miles, so I wouldn't go for one that is 30,000.
Here's the link the 50k mile offer:

http://www.aa.com/pubcontent/en_US/disc ... PLATHV.jsp

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Re: best cash back credit card

Post by minesweep » Sun Mar 30, 2014 9:47 am


granpa
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Re: best cash back credit card

Post by granpa » Sun Mar 30, 2014 5:07 pm

I have more than one Amex card (Costco, Blue Cash, Fido). In talking to Amex customer line about another matter I mentioned the Fido card
and was told "it's not really an Amex card" (even tho it has Amex on the front). The Amex rep was unable/(unwilling) to answer any questions
I had re the Fido account. What's the deal??

Angelus359
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Re: best cash back credit card

Post by Angelus359 » Sun Mar 30, 2014 5:18 pm

crowd79 wrote:Chase Freedom 5% ends in a few days on gas purchases. Is it okay to go to my local gas station and stock up on gas gift cards to cover gas purchases from April to June? Will this credit as a gas purchase on my card? I believe July-Sept starts another 5% cashback period for gas on the freedom.
That's an interesting idea

I never thought of that
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tj
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Re: best cash back credit card

Post by tj » Sun Mar 30, 2014 5:33 pm

granpa wrote:I have more than one Amex card (Costco, Blue Cash, Fido). In talking to Amex customer line about another matter I mentioned the Fido card
and was told "it's not really an Amex card" (even tho it has Amex on the front). The Amex rep was unable/(unwilling) to answer any questions
I had re the Fido account. What's the deal??

It's a bank of america card. one can only assume BofA pays AmEx to use their network.

Amex has no access to answer questions about the fido cards. Look at the back of your Fido Amex and the back of your other amex's. I'm willing to bet the latter say they are serviced by American Express while the former does not.

crowd79
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Re: best cash back credit card

Post by crowd79 » Sun Mar 30, 2014 5:34 pm

Angelus359 wrote:
crowd79 wrote:Chase Freedom 5% ends in a few days on gas purchases. Is it okay to go to my local gas station and stock up on gas gift cards to cover gas purchases from April to June? Will this credit as a gas purchase on my card? I believe July-Sept starts another 5% cashback period for gas on the freedom.
That's an interesting idea

I never thought of that
Guess I'll find out if it works or not in a few days as my statement is due soon. Just bought $125 worth of gas cards along with $35 worth of gas yesterday.

Angelus359
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Re: best cash back credit card

Post by Angelus359 » Sun Mar 30, 2014 6:20 pm

I think it's worth trying. I mostly get gas at speedway. Oh hell, I'll go get some right now.


*edit*
Just filled my tank up, and got 200$ gift card on my chase freedom
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nonnie
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Re: best cash back credit card

Post by nonnie » Wed Apr 09, 2014 3:40 pm

tj wrote:
VictoriaF wrote:
gkaplan wrote:I'm shredding my credit cards, not applying for new ones.
I am doing the opposite. While I am still working, I don't have time for investigating and using credit card offers. In retirement, I will have more time and may be able to save a few hundred dollars per year. So far, I've requested two cards and was approved immediately. I wonder how this will work after my income drops.

Victoria
Don't apply to new cards with the same issuer after retirement (unless you have a high income stream you can claim) because they might not only deny you, they might slash your limits on the existing cards in line with your then current income.
I've seen several credit card companies define income as: Gross Annual Income is income you can use to repay your debts. Salaries, investments, rental property proceeds, Social Security benefits and retirement accounts are some examples.
YMMV but suppose I decide to splurge on travel or other purchases this year-- say $100K. My small income cannot cover that so I'd have to take money out of my investments or retirement accounts. I have no intent to defraud but from the above definition I don't see why I can't enter an amount larger than my SS check and small investment income on a credit card application.

Nonnie
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HIinvestor
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Re: best cash back credit card

Post by HIinvestor » Wed Apr 09, 2014 11:31 pm

I get 4% back on all gas purchases with Business Costco AmEx and 2% back on all purchases with Spark Business Capitol One account--no categories, no limitations, no caps. There is a $59 annual fee on the Spark Business card, but I make way more than that most months as I charge nearly everything possible (including part of a van, the kids' tuitions, photovoltaic system, trips, etc.), and just pay the bill (by phone) in full as soon as I get the statement each month. I enjoy the free money I get. With both cards, I get protections like up to an extra year of warranty on purchases, collision damage waiver protection, loss or theft within 90 days, and others. I got the Spark Business for an organization as well and they waived the fee for 3 years so far; we don't charge much on it and are a poor non-profit.

Angelus359
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Re: best cash back credit card

Post by Angelus359 » Thu Apr 10, 2014 5:56 am

To me, the best card combo would be:

Sallie mae world mastercard (5% on up to 250$ gas, 5% on up to 250 groceries, 5% on up to 750$ bookstore/amazon)
Amex Blue Cash Everyday (to use when you break the 250$ per month limit on groceries for sallie mae)
Discover IT (to access shopdiscover, which I use every month for cat food from petco)
US Bank Cash+ (5% on 2 chosen categories, 2% on 1 chosen category)

While none of these have amazing upfront rewards, they are good solid cards to hold long term.

I think the best general purpose credit card would be the sallie mae world mastercard, because 5% on gas and groceries, even if only 250$ (per category), goes a long way.

In the long run though, with the way inflation rates are going (up), blue cash preferred may be a better credit card.

One thing that's pretty cool. If you get an amex now, and get another amex later, the year of the 2nd amex is set to the same year as the first amex. It's possible for your 2nd amex to be older than your first one. My girlfriend got an amex last december, with intent on getting another one in the future, in a January.
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takeshi
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Re: best cash back credit card

Post by takeshi » Thu Apr 10, 2014 8:08 am

Angelus359 wrote:I think the best general purpose credit card would be the sallie mae world mastercard, because 5% on gas and groceries, even if only 250$ (per category), goes a long way.

In the long run though, with the way inflation rates are going (up), blue cash preferred may be a better credit card.
Best is always a subjective matter. For grocery rewards it really just depends on one's spend. Sallie Mae suits low spend. BCP is suited for higher spend. If one spends more than ~$12,500 (IIRC) in its 5% categories (which include groceries) then the old Blue Cash is probably a better fit.

"General purpose" is going to vary as well. People have varying spend levels for both gas and groceries.

One just has to consider one's major spend categories and find cards that fit. For some, going with a general 1.5% or 2% card works out better versus having to juggle several cards for different spend categories. It's not always just about maximum rewards but what one is willing to do for the rewards.

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