What's Your Credit Card Rewards Strategy?

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JoMoney
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Re: Best rewards cards

Post by JoMoney »

Citi "Custom Cash" offers 5% back on your top spend category (up to $500 spent in that category each month.)
If you're willing to play the game with multiple cards, it can be a great card to use for a single category of your choice (i.e. Gas, Dining, or Grocery)

I've found I don't like using multiple cards, and I like having my spending consolidated to a single statement. For me, the Costco Visa has worked out best (4% gas, 3% dining and travel, 2% Costco, 1% on everything else.) The bulk of my regular spending is on gas and dining, with occasional travel (rental car/hotel/flights.) The Costco Visa still offers rental car CDW which is a benefit I like having.
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LittleMaggieMae
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Re: Best rewards cards

Post by LittleMaggieMae »

... pays the balance every month and doesn't spend much on entertainment, dining or travel
This is me. Most of my spending is on gas for my car and groceries and then odds and ends of everyday life stuff.

I took an offer from Chase for their Unlimited Freedom Card (isn't that an oxymoron???) that gave me some bonus dollars and then 5% cash back on groceries for a year, 3.0 cash back on restaurants, CVS/Walgreens and some other place I never shop. and finally 1.5% cash back on everything else.
I suspect the cash back deal I got isn't available anymore - but it's worth looking into.

I also use a Chase Freedom card for it's rotating 5% categories. It's currently offer 5% on gas. 1% on everything else.
I also use a Discover Card for the 5% rotating categories. Currently it's 5% for Paypal purchases. 1% on everything else.

I have a BoA 1,2,3 card - 3% on a category I can choose (like gas or home improvement), 2% on groceries, and 1% on everything else.

I basically choose a set of cards to use for each 3 month period.
So, right now I've getting 5% cash back on groceries and gas. I'm getting 5% on an online shopping I do where I can use Paypal (mostly cat food/kitty litter/other pet supplies).

To remember which card to use - I put a peice of washi tape with what I'm suppose to use that card for. My two chase cards are in my wallet - one with a "Grocery CVS resturant" tag on it and the other with a "Gas" tag on it. Discover is connected to my Paypal account - so I just need to remember to check out with Paypal. :)

I suspect I won't have a 5% category for gas for Oct - Dec - so my BoA card will rotate into my wallet. My 5% on grocery offer ends in October and I suspect I won't have a 5% category for that either so again my BoA card will pick that up as well. My Chase Unlimited Freedom at 1.5% on everything will get used for the day to day.

I would pick a card with a bonus amount that you can easily accomplish and that has rewards categories you use often.

I would also pay attention to how you can receive your cash back rewards. I have a Wells Fargo 1.5% cash back card (I find it a pain to use it to get higher % back on purchases). I can only receive cash back when the balance is above $25.00. For some reason this annoys me.

Also, pay attention to what the generic categories actually mean - my Chase cards allow Meijers and WalMart as Grocery (even if I don't buy groceries when shopping there but I do mostly buy groceries....so whatever). I had a card that had a much more strict definition of what was a "grocery purchase" for applying their 5% benefit. It might actually be my Discover card - which I haven't used in many many many months - because I have that generous Chase 5% on grocery promotion going.

I've noticed that the cards don't offer nice deals on redeeming points for Gift Cards as they did in the past... so I've mostly been redeeming for "cash" or to pay down my credit card balance.
Nyc10036
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Re: Best rewards cards

Post by Nyc10036 »

LittleMaggieMae wrote: Sun Sep 11, 2022 5:29 pm Also, pay attention to what the generic categories actually mean - my Chase cards allow Meijers and WalMart as Grocery (even if I don't buy groceries when shopping there but I do mostly buy groceries....so whatever).
You get 5% at Walmart when the category is groceries?
Chase usually has a disclaimer about this.
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anon_investor
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Re: Best rewards cards

Post by anon_investor »

mini1 wrote: Sun Sep 11, 2022 4:36 pm Anyone found anything better out there than my current lineup?

I'm asking from the perspective of someone who has 800+ credit, pays the balance every month and doesn't spend much on entertainment, dining or travel. I use the cards strictly to get cash back, don't have a need for air miles, hotels or rental cars.

Best overall: CITI Double Cash - 2%
Category card for grocery/gas/warehouse: BOA Customized Cash Rewards - 3% (this card is 1.5% for everything else so its not used for anything else)

Am I missing a better card out there?
If you have $100k of ETFs to transfer to Merrill Edge, you can get Bank of America Platinum Honors level Preferred Rewards status and get a 75% boost to cash bank of Bank of America credit cards.
mini1
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Re: Best rewards cards

Post by mini1 »

Jack FFR1846 wrote: Sun Sep 11, 2022 4:41 pm I believe they target customers, but my Citi Sears for the last 3 quarters has given me 10% back (via thank you points) either for everything or for Restaurants, grocery and gas.

I do 2% with Fidelity, Citi double cash and Wells Fargo 2%.

I do the same as you. Don't travel or pay entertainment, 830 score, pay every month in full.
Are you talking about the CITI Shop your way Sears Mastercard?

I looked at their disclaimer and it says 5% on up to $10k per year but "You will only earn 1% back in Card Base Points, not 5%, for gas purchased at superstores, supermarkets, convenience stores and warehouse clubs.

That lists includes where I'm buying gas.

Grocery is 3% which ties my BOA card.
johnjay06
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Re: Best rewards cards

Post by johnjay06 »

My most recent strategy

Penfed 5% cashback for gas
Chase freedom flex for 5% catagories and 3% dining (I have a sapphire preferred so I use points for travel, although I may close it when annual fee is due again since I'd rather have the cash back)
Alliant credit union for 2.5% in everything else
I also use my coinbase card for paypal bill pay when it allows
I also have a crypto.com card that gives me free netflix and spotify
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LadyGeek
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Re: What's Your Credit Card Rewards Strategy?

Post by LadyGeek »

I merged mini1's thread into the ongoing discussion.

(Thanks to the member who reported the post and provided a link to this thread.)
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snailderby
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Re: Best rewards cards

Post by snailderby »

mini1 wrote: Sun Sep 11, 2022 4:36 pm [Thread merged into here --admin LadyGeek]

Anyone found anything better out there than my current lineup?

I'm asking from the perspective of someone who has 800+ credit, pays the balance every month and doesn't spend much on entertainment, dining or travel. I use the cards strictly to get cash back, don't have a need for air miles, hotels or rental cars.

Best overall: CITI Double Cash - 2%
Category card for grocery/gas/warehouse: BOA Customized Cash Rewards - 3% (this card is 1% for everything else so its not used for anything else)

Am I missing a better card out there?
Do you have Preferred Rewards status with BoA? The BoA Customized Cash gets 3% on groceries only if you have Platinum status with BoA. But if you have Platinum status with BoA, you should be getting 4.5% on your selected bonus category (e.g., dining or gas or online).
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AnnetteLouisan
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Re: What's Your Credit Card Rewards Strategy?

Post by AnnetteLouisan »

I finally yielded and signed up for another hotel loyalty program since I’m staying with them for a while anyway and they have some hotel groups in their program that I like. I carefully made all the privacy and marketing settings so I don’t get any ads and so far it has worked to my great relief. I will try to ignore the whole points saga for a bit.

I still didn’t do a cash back or loyalty credit card because I truly believe it will cause me to spend more and get caught up in the cash back earning vortex due to my love of a good game or project and my tendency to waste time trying to maximize. I have a good credit score and pay my Amex off every month but I just feel one card is all I need. I’m very happy with my simple Amex green that I’ve had since law school. It doesn’t demand I engage with it or give me projects to complete.

But I was scared to open a taxable brokerage too and that at least has been a huge plus (even if my short term numbers are still overall negative - didn’t check this week). It actually gave me a great sense of satisfaction that I was able to manage a taxable brokerage account and not let it get out of hand.
Last edited by AnnetteLouisan on Sat Sep 24, 2022 9:58 pm, edited 5 times in total.
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anon_investor
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Re: Best rewards cards

Post by anon_investor »

snailderby wrote: Sun Sep 11, 2022 6:22 pm
mini1 wrote: Sun Sep 11, 2022 4:36 pm [Thread merged into here --admin LadyGeek]

Anyone found anything better out there than my current lineup?

I'm asking from the perspective of someone who has 800+ credit, pays the balance every month and doesn't spend much on entertainment, dining or travel. I use the cards strictly to get cash back, don't have a need for air miles, hotels or rental cars.

Best overall: CITI Double Cash - 2%
Category card for grocery/gas/warehouse: BOA Customized Cash Rewards - 3% (this card is 1% for everything else so its not used for anything else)

Am I missing a better card out there?
Do you have Preferred Rewards status with BoA? The BoA Customized Cash gets 3% on groceries only if you have Platinum status with BoA. But if you have Platinum status with BoA, you should be getting 4.5% on your selected bonus category (e.g., dining or gas or online).
With Platinum Honors status you get 3.5% on groceries/wholesale clubs and 5.25% on your selected catagory.
mini1
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Re: Best rewards cards

Post by mini1 »

snailderby wrote: Sun Sep 11, 2022 6:22 pm
mini1 wrote: Sun Sep 11, 2022 4:36 pm [Thread merged into here --admin LadyGeek]

Anyone found anything better out there than my current lineup?

I'm asking from the perspective of someone who has 800+ credit, pays the balance every month and doesn't spend much on entertainment, dining or travel. I use the cards strictly to get cash back, don't have a need for air miles, hotels or rental cars.

Best overall: CITI Double Cash - 2%
Category card for grocery/gas/warehouse: BOA Customized Cash Rewards - 3% (this card is 1% for everything else so its not used for anything else)

Am I missing a better card out there?
Do you have Preferred Rewards status with BoA? The BoA Customized Cash gets 3% on groceries only if you have Platinum status with BoA. But if you have Platinum status with BoA, you should be getting 4.5% on your selected bonus category (e.g., dining or gas or online).
You're right, just logged in and checked it. 3% is the selected category and its 2% for grocery and warehouse. Need a card for grocery/warehouse that is higher.

I'm not platinum with BOA, my investments are not with Merrill but with Fidelity.
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anon_investor
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Re: Best rewards cards

Post by anon_investor »

mini1 wrote: Sun Sep 11, 2022 6:30 pm
snailderby wrote: Sun Sep 11, 2022 6:22 pm
mini1 wrote: Sun Sep 11, 2022 4:36 pm [Thread merged into here --admin LadyGeek]

Anyone found anything better out there than my current lineup?

I'm asking from the perspective of someone who has 800+ credit, pays the balance every month and doesn't spend much on entertainment, dining or travel. I use the cards strictly to get cash back, don't have a need for air miles, hotels or rental cars.

Best overall: CITI Double Cash - 2%
Category card for grocery/gas/warehouse: BOA Customized Cash Rewards - 3% (this card is 1% for everything else so its not used for anything else)

Am I missing a better card out there?
Do you have Preferred Rewards status with BoA? The BoA Customized Cash gets 3% on groceries only if you have Platinum status with BoA. But if you have Platinum status with BoA, you should be getting 4.5% on your selected bonus category (e.g., dining or gas or online).
You're right, just logged in and checked it. 3% is the selected category and its 2% for grocery and warehouse. Need a card for grocery/warehouse that is higher.

I'm not platinum with BOA, my investments are not with Merrill but with Fidelity.
I believe the Citi Custom Cash offers 5% cash back on groceries if that is your highest spend catagory that month.
LittleMaggieMae
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Re: Best rewards cards

Post by LittleMaggieMae »

Nyc10036 wrote: Sun Sep 11, 2022 5:41 pm
LittleMaggieMae wrote: Sun Sep 11, 2022 5:29 pm Also, pay attention to what the generic categories actually mean - my Chase cards allow Meijers and WalMart as Grocery (even if I don't buy groceries when shopping there but I do mostly buy groceries....so whatever).
You get 5% at Walmart when the category is groceries?
Chase usually has a disclaimer about this.
I don't shop there often - I think I did? Which just goes towards the caveat to review what/where the cash back categories apply to.
mini1
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Re: Best rewards cards

Post by mini1 »

johnjay06 wrote: Sun Sep 11, 2022 5:58 pm My most recent strategy

Penfed 5% cashback for gas
Chase freedom flex for 5% catagories and 3% dining (I have a sapphire preferred so I use points for travel, although I may close it when annual fee is due again since I'd rather have the cash back)
Alliant credit union for 2.5% in everything else
I also use my coinbase card for paypal bill pay when it allows
I also have a crypto.com card that gives me free netflix and spotify
Does the Penfed card get you 5% at a warehouse gas station? There is no disclaimer specifically stating this on their website, only that Visa makes the determination.

Does the 3% back work at WalMart Supercenter and Warehouse clubs? The disclaimer says "most Walmart locations".
boston10
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Re: What's Your Credit Card Rewards Strategy?

Post by boston10 »

Current strategy - open to adjustments if anyone has suggestions. My goal is to hit 5% on most spend and 2%+ on everything else.
  • General Spend: Fidelity Visa 2% (planning to switch to BoA UCR 2.625% when I achieve Platinum PR Status)
  • International Spend: Capital One QuickSilver 1.5% (no Foreign Transaction Fee)
  • Travel & Entertainment: Capital One QuickSilver 5%+ when purchased through Capital One Portal
  • Amazon: Amazon Prime Store Card 5%
  • Groceries: AmEx BCP 6% (DW) / Verizon Card 4% (me) - DW does most of the grocery shopping. I'm blacklisted from AmEx
  • Gas: Citi Custom Cash 5% - under DW but I am an AU
  • Utilities (electric/nat gas): Elan Max Cash Preferred 5% / U.S. Bank Cash+ 5% - selector cards 1st category, I use both cards because I have 2 houses and utility spend exceeds $2k/quarter in winter. MCP is via a local credit union
  • Verizon FiOS/Cell Phone: Verizon Visa 2% + $10 per line/plan discount - great card, also gives 4% on gas/groceries and 3% dining
  • Internet other than FiOS: Elan Max Cash Preferred 5% - selector card 2nd category
  • Sporting Goods: U.S. Bank Cash+ 5% - selector card 2nd category
  • Online Shopping: BoA CCR 3.75% - will be 5.25% when I achieve Platinum PR Status
  • Dining: BoA NWF CCR 3.75% - will be 5.25% when I achieve Platinum PR Status
Miscellaneous -
  • I have a Discover It card and use it when the rotator categories are advantageous.
  • I'll also switch the BoA CCR card to other categories like Home Improvement during a spike in that spend.
  • I will not be able to get cards from BK sensitive issuers (like Chase/Citi) until 2024 but can have DW apply and add me as an authorized user
  • I'm blacklisted from AmEx, which will not issue me even an AU card.
TravelGeek
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Re: What's Your Credit Card Rewards Strategy?

Post by TravelGeek »

AnnetteLouisan wrote: Sun Sep 11, 2022 6:28 pm I finally yielded and signed up for another hotel loyalty program since I’m staying with them for a while anyway and they have some hotel groups in their program that I like. I carefully made all the privacy and marketing settings so I don’t get any ads and so far it has worked to my great relief. I will try to ignore the whole points saga for a bit.

I still didn’t do a cash back or loyalty credit card because I truly believe it will cause me to spend more and get caught up in the cash back earning vortex due to my love of a good game or project and my tendency to waste time trying to maximize. I have a good credit score and pay my Amex off every month but I just feel one card is all I need. I’m very happy with my simple Amex green that I’ve had since law school. It doesn’t demand zi engage with it or give me projects to complete.
I will admit that the points and miles game can be quite time consuming. I justify it by considering it a hobby with (financial) benefits. It also makes one of the other hobbies (travel) more viable and comfortable. When I first started collecting miles in the mid 90s (not very seriously; I didn’t sign up for a Flyertalk account until around 2005), I would have never imagined that I would be able to fly internationally in comfortable business class seats and stay in nice resort hotels.

Doesn’t your green Amex card earn membership rewards points? And doesn’t it come with an annual fee that you could avoid if you didn’t care about the card benefits (incl. MR points)?

Even if you don’t want to invest time and energy into learning about credit card rewards (my wife doesn’t, and it is perfectly reasonable, nothing wrong with it), I would recommend having a backup card (MasterCard or Visa) since Amex has somewhat more limited acceptance, especially when traveling internationally. Also, a card could become usable due to fraud or bank network issues, and it would really suck to not have a backup card when trying to check in at a hotel, pick up a rental car, or just pay for a meal.
Last edited by TravelGeek on Sat Sep 24, 2022 2:26 pm, edited 1 time in total.
FedGuy
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Re: What's Your Credit Card Rewards Strategy?

Post by FedGuy »

Boston10, I have Platinum Honors with BoA and agree with your strategy once you're at that point. I just have a couple of suggestions:

1) Once you have PH status, your BoA CCR set to "online shopping" will make your Amazon Prime Store Card unnecessary, assuming that you stay under the CCR's quarterly spending cap.
2) You said that you're an AU on your wife's Citi Custom Cash. See if you can get a CCC of your own. Depending on how much you and your wife spend on groceries, the CCC might be a better choice for groceries than the Amex BCP, which is actually, at best, a 4.4% cash back card once you factor in the $95 annual fee and the fact that you only earn rewards on the first $6,000 in grocery spending per year. She could downgrade her BCP to the BCE to save the annual fee (and for 3% cash back on groceries and online shopping if you need it).
boston10
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Re: What's Your Credit Card Rewards Strategy?

Post by boston10 »

FedGuy wrote: Sat Sep 24, 2022 2:25 pm Boston10, I have Platinum Honors with BoA and agree with your strategy once you're at that point. I just have a couple of suggestions:

1) Once you have PH status, your BoA CCR set to "online shopping" will make your Amazon Prime Store Card unnecessary, assuming that you stay under the CCR's quarterly spending cap.
My Amazon spend has averaged about $2k/quarter over the past 3 years with large spikes of up to $3k in a month, so it would be hard to fit within the $2.5k/quarter CCR cap. But it's a good point. I will probably push Amazon purchases to the CCR card if I have extra room under the cap in a given quarter to get the extra .25% (once I achieve Platinum PR status with 5.25% rewards).
FedGuy wrote: Sat Sep 24, 2022 2:25 pm 2) You said that you're an AU on your wife's Citi Custom Cash. See if you can get a CCC of your own. Depending on how much you and your wife spend on groceries, the CCC might be a better choice for groceries than the Amex BCP, which is actually, at best, a 4.4% cash back card once you factor in the $95 annual fee and the fact that you only earn rewards on the first $6,000 in grocery spending per year. She could downgrade her BCP to the BCE to save the annual fee (and for 3% cash back on groceries and online shopping if you need it).
Good point about the CCC but unfortunately I applied and was denied for it last week. Citi and Chase are probably a nonstarter for me until after 2024 due to their BK sensitivity.

We got the BCP in April of this year, 1st year AF waived. The $350 bonus and 6% on groceries were enticing. I wasn't aware the BCE had all those categories (it looks like Online Purchases was added and Gas was upgraded from 2% to 3% in Summer 2022?) but will plan to PC her BCP to BCE before renewal. She is far less interested in juggling lots of cards and often uses the wrong one, so having a 3% grocery/online/gas card has utility.
spammagnet
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Re: What's Your Credit Card Rewards Strategy?

Post by spammagnet »

boston10 wrote: Sat Sep 24, 2022 3:04 pm.. Citi and Chase are probably a nonstarter for me until after 2024 due to their BK sensitivity. ...
BK?
IowaFarmWife
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Re: What's Your Credit Card Rewards Strategy?

Post by IowaFarmWife »

spammagnet wrote: Sat Sep 24, 2022 9:37 pm
boston10 wrote: Sat Sep 24, 2022 3:04 pm.. Citi and Chase are probably a nonstarter for me until after 2024 due to their BK sensitivity. ...
BK?
Bankruptcy
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FedGuy
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Re: What's Your Credit Card Rewards Strategy?

Post by FedGuy »

spammagnet wrote: Sat Sep 24, 2022 9:37 pm
boston10 wrote: Sat Sep 24, 2022 3:04 pm.. Citi and Chase are probably a nonstarter for me until after 2024 due to their BK sensitivity. ...
BK?
I assume "bankruptcy."
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anon_investor
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Re: What's Your Credit Card Rewards Strategy?

Post by anon_investor »

spammagnet wrote: Sat Sep 24, 2022 9:37 pm
boston10 wrote: Sat Sep 24, 2022 3:04 pm.. Citi and Chase are probably a nonstarter for me until after 2024 due to their BK sensitivity. ...
BK?
I assume that BK refers to both Citi's and Chase's sensitivity to the number of CC applications within the last 24 months?
michaeljc70
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Re: What's Your Credit Card Rewards Strategy?

Post by michaeljc70 »

boston10 wrote: Sat Sep 24, 2022 2:09 pm Current strategy - open to adjustments if anyone has suggestions. My goal is to hit 5% on most spend and 2%+ on everything else.
  • General Spend: Fidelity Visa 2% (planning to switch to BoA UCR 2.625% when I achieve Platinum PR Status)
  • International Spend: Capital One QuickSilver 1.5% (no Foreign Transaction Fee)
  • Travel & Entertainment: Capital One QuickSilver 5%+ when purchased through Capital One Portal
  • Amazon: Amazon Prime Store Card 5%
  • Groceries: AmEx BCP 6% (DW) / Verizon Card 4% (me) - DW does most of the grocery shopping. I'm blacklisted from AmEx
  • Gas: Citi Custom Cash 5% - under DW but I am an AU
  • Utilities (electric/nat gas): Elan Max Cash Preferred 5% / U.S. Bank Cash+ 5% - selector cards 1st category, I use both cards because I have 2 houses and utility spend exceeds $2k/quarter in winter. MCP is via a local credit union
  • Verizon FiOS/Cell Phone: Verizon Visa 2% + $10 per line/plan discount - great card, also gives 4% on gas/groceries and 3% dining
  • Internet other than FiOS: Elan Max Cash Preferred 5% - selector card 2nd category
  • Sporting Goods: U.S. Bank Cash+ 5% - selector card 2nd category
  • Online Shopping: BoA CCR 3.75% - will be 5.25% when I achieve Platinum PR Status
  • Dining: BoA NWF CCR 3.75% - will be 5.25% when I achieve Platinum PR Status
Miscellaneous -
  • I have a Discover It card and use it when the rotator categories are advantageous.
  • I'll also switch the BoA CCR card to other categories like Home Improvement during a spike in that spend.
  • I will not be able to get cards from BK sensitive issuers (like Chase/Citi) until 2024 but can have DW apply and add me as an authorized user
  • I'm blacklisted from AmEx, which will not issue me even an AU card.
Way too complicated for me. How much does this net you a year vs. a straight 2% back card?

I try to keep it simple using the Citi Double cash back for just about everything. If there is a bonus category for a card I have and I think I am going to spend a fair amount in that category I'll use that card. For example, Discover had 5% on Paypal this quarter and I bought an outdoor sectional, new grill and a few other not so small priced items so I used Paypal. I spent $800 on gas last year so I'm not going to complicate my life to save $20.
bling
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Re: What's Your Credit Card Rewards Strategy?

Post by bling »

FedGuy wrote: Sat Sep 24, 2022 2:25 pm Boston10, I have Platinum Honors with BoA and agree with your strategy once you're at that point. I just have a couple of suggestions:

1) Once you have PH status, your BoA CCR set to "online shopping" will make your Amazon Prime Store Card unnecessary, assuming that you stay under the CCR's quarterly spending cap.
if you have prime you might as well continue using your prime card so you can keep your CCR quota for other online purchases. 0.25% is pretty cheap to avoid the hassle of keeping track.
Fpdesignco
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Re: What's Your Credit Card Rewards Strategy?

Post by Fpdesignco »

bling wrote: Sun Sep 25, 2022 8:00 am
FedGuy wrote: Sat Sep 24, 2022 2:25 pm Boston10, I have Platinum Honors with BoA and agree with your strategy once you're at that point. I just have a couple of suggestions:

1) Once you have PH status, your BoA CCR set to "online shopping" will make your Amazon Prime Store Card unnecessary, assuming that you stay under the CCR's quarterly spending cap.
if you have prime you might as well continue using your prime card so you can keep your CCR quota for other online purchases. 0.25% is pretty cheap to avoid the hassle of keeping track.
Yep, agreed the cap per quarter in my mind does not make it worth it to me per quarter. We spend a lot at Amazon
boston10
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Re: What's Your Credit Card Rewards Strategy?

Post by boston10 »

anon_investor wrote: Sat Sep 24, 2022 11:43 pm
spammagnet wrote: Sat Sep 24, 2022 9:37 pm
boston10 wrote: Sat Sep 24, 2022 3:04 pm.. Citi and Chase are probably a nonstarter for me until after 2024 due to their BK sensitivity. ...
BK?
I assume that BK refers to both Citi's and Chase's sensitivity to the number of CC applications within the last 24 months?
Bankruptcy. Sorry, using acronyms that I thought were common here but I might have been thinking of the myFico forums.
boston10
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Re: What's Your Credit Card Rewards Strategy?

Post by boston10 »

michaeljc70 wrote: Sun Sep 25, 2022 7:09 am
boston10 wrote: Sat Sep 24, 2022 2:09 pm Current strategy - open to adjustments if anyone has suggestions. My goal is to hit 5% on most spend and 2%+ on everything else.
  • General Spend: Fidelity Visa 2% (planning to switch to BoA UCR 2.625% when I achieve Platinum PR Status)
  • International Spend: Capital One QuickSilver 1.5% (no Foreign Transaction Fee)
  • Travel & Entertainment: Capital One QuickSilver 5%+ when purchased through Capital One Portal
  • Amazon: Amazon Prime Store Card 5%
  • Groceries: AmEx BCP 6% (DW) / Verizon Card 4% (me) - DW does most of the grocery shopping. I'm blacklisted from AmEx
  • Gas: Citi Custom Cash 5% - under DW but I am an AU
  • Utilities (electric/nat gas): Elan Max Cash Preferred 5% / U.S. Bank Cash+ 5% - selector cards 1st category, I use both cards because I have 2 houses and utility spend exceeds $2k/quarter in winter. MCP is via a local credit union
  • Verizon FiOS/Cell Phone: Verizon Visa 2% + $10 per line/plan discount - great card, also gives 4% on gas/groceries and 3% dining
  • Internet other than FiOS: Elan Max Cash Preferred 5% - selector card 2nd category
  • Sporting Goods: U.S. Bank Cash+ 5% - selector card 2nd category
  • Online Shopping: BoA CCR 3.75% - will be 5.25% when I achieve Platinum PR Status
  • Dining: BoA NWF CCR 3.75% - will be 5.25% when I achieve Platinum PR Status
Miscellaneous -
  • I have a Discover It card and use it when the rotator categories are advantageous.
  • I'll also switch the BoA CCR card to other categories like Home Improvement during a spike in that spend.
  • I will not be able to get cards from BK sensitive issuers (like Chase/Citi) until 2024 but can have DW apply and add me as an authorized user
  • I'm blacklisted from AmEx, which will not issue me even an AU card.
Way too complicated for me. How much does this net you a year vs. a straight 2% back card?

I try to keep it simple using the Citi Double cash back for just about everything. If there is a bonus category for a card I have and I think I am going to spend a fair amount in that category I'll use that card. For example, Discover had 5% on Paypal this quarter and I bought an outdoor sectional, new grill and a few other not so small priced items so I used Paypal. I spent $800 on gas last year so I'm not going to complicate my life to save $20.
My utilities spend in the past 12 months (just electricity and natural gas) across 2 houses was over $6,500. I'll reduce those costs through energy efficiency improvements but that will take time and investment.

The extra 3% on utilities yields $200 extra a year. I also got 24 months interest free on purchases from U.S. Bank. Figure an average balance during that time of $7000 with the money set aside in accounts earning an average of 3% interest (possibly more if fed rate hikes continue). If I put that money in I Bonds, that's more like 7%+ over 12 months. That's another $200-500. So $400-700, just for utilities, as a conservative estimate. Electric and gas rates are about to skyrocket this winter also.

Verizon card - $10/statement across 2 lines and one fios plan. $360/year.

Restaurants/Dining - average annual spend of $8k yields an extra $240 for the extra 3%.

Groceries - annual spend of $6k with an extra 4% yields an extra $240 for the extra 4%.

The Capital One travel and entertainment portal seems to yield benefits beyond the 5%. I have found concert tickets selling there far cheaper than elsewhere. So that is harder to quantify.

One of the BoA cards has a 15-month no-interest promo. So I get the extra 1.75% on online shopping (eventually 3.25%) while making minimum payments and parking the cash that I'd pay those bills with in money market funds earning nearly 3% now. And that money counts towards my Bank of America PR status.

It all adds up. And it's a fun hobby/game for me.
FedGuy
Posts: 1677
Joined: Sun Jul 25, 2010 3:36 pm

Re: What's Your Credit Card Rewards Strategy?

Post by FedGuy »

boston10 wrote: Sun Sep 25, 2022 9:54 amIt all adds up. And it's a fun hobby/game for me.
Agreed. For those of us who want to be as efficient with our finances as possible, and who enjoy geeking out about these things--a demographic that is probably over-represented on this forum--trying to optimizing cash back via credit card spend is fun and interesting even if others who might not share that interest might reasonably deem the amount of money saved to be too small to be worth the effort.
michaeljc70
Posts: 10837
Joined: Thu Oct 15, 2015 3:53 pm

Re: What's Your Credit Card Rewards Strategy?

Post by michaeljc70 »

boston10 wrote: Sun Sep 25, 2022 9:54 am
michaeljc70 wrote: Sun Sep 25, 2022 7:09 am
boston10 wrote: Sat Sep 24, 2022 2:09 pm Current strategy - open to adjustments if anyone has suggestions. My goal is to hit 5% on most spend and 2%+ on everything else.
  • General Spend: Fidelity Visa 2% (planning to switch to BoA UCR 2.625% when I achieve Platinum PR Status)
  • International Spend: Capital One QuickSilver 1.5% (no Foreign Transaction Fee)
  • Travel & Entertainment: Capital One QuickSilver 5%+ when purchased through Capital One Portal
  • Amazon: Amazon Prime Store Card 5%
  • Groceries: AmEx BCP 6% (DW) / Verizon Card 4% (me) - DW does most of the grocery shopping. I'm blacklisted from AmEx
  • Gas: Citi Custom Cash 5% - under DW but I am an AU
  • Utilities (electric/nat gas): Elan Max Cash Preferred 5% / U.S. Bank Cash+ 5% - selector cards 1st category, I use both cards because I have 2 houses and utility spend exceeds $2k/quarter in winter. MCP is via a local credit union
  • Verizon FiOS/Cell Phone: Verizon Visa 2% + $10 per line/plan discount - great card, also gives 4% on gas/groceries and 3% dining
  • Internet other than FiOS: Elan Max Cash Preferred 5% - selector card 2nd category
  • Sporting Goods: U.S. Bank Cash+ 5% - selector card 2nd category
  • Online Shopping: BoA CCR 3.75% - will be 5.25% when I achieve Platinum PR Status
  • Dining: BoA NWF CCR 3.75% - will be 5.25% when I achieve Platinum PR Status
Miscellaneous -
  • I have a Discover It card and use it when the rotator categories are advantageous.
  • I'll also switch the BoA CCR card to other categories like Home Improvement during a spike in that spend.
  • I will not be able to get cards from BK sensitive issuers (like Chase/Citi) until 2024 but can have DW apply and add me as an authorized user
  • I'm blacklisted from AmEx, which will not issue me even an AU card.
Way too complicated for me. How much does this net you a year vs. a straight 2% back card?

I try to keep it simple using the Citi Double cash back for just about everything. If there is a bonus category for a card I have and I think I am going to spend a fair amount in that category I'll use that card. For example, Discover had 5% on Paypal this quarter and I bought an outdoor sectional, new grill and a few other not so small priced items so I used Paypal. I spent $800 on gas last year so I'm not going to complicate my life to save $20.
My utilities spend in the past 12 months (just electricity and natural gas) across 2 houses was over $6,500. I'll reduce those costs through energy efficiency improvements but that will take time and investment.

The extra 3% on utilities yields $200 extra a year. I also got 24 months interest free on purchases from U.S. Bank. Figure an average balance during that time of $7000 with the money set aside in accounts earning an average of 3% interest (possibly more if fed rate hikes continue). If I put that money in I Bonds, that's more like 7%+ over 12 months. That's another $200-500. So $400-700, just for utilities, as a conservative estimate. Electric and gas rates are about to skyrocket this winter also.

Verizon card - $10/statement across 2 lines and one fios plan. $360/year.

Restaurants/Dining - average annual spend of $8k yields an extra $240 for the extra 3%.

Groceries - annual spend of $6k with an extra 4% yields an extra $240 for the extra 4%.

The Capital One travel and entertainment portal seems to yield benefits beyond the 5%. I have found concert tickets selling there far cheaper than elsewhere. So that is harder to quantify.

One of the BoA cards has a 15-month no-interest promo. So I get the extra 1.75% on online shopping (eventually 3.25%) while making minimum payments and parking the cash that I'd pay those bills with in money market funds earning nearly 3% now. And that money counts towards my Bank of America PR status.

It all adds up. And it's a fun hobby/game for me.
I can't do auto pay with my electric and gas. I can go in manually each month and use a credit card. I looked and spent $2100 in the last year. So logging in and doing that 24 times would have yielded me $42 at 2%. Don't get me wrong, I get at least 2% cash back on everything I charge and I charge every purchase I easily can.

I prefer credit card bonuses as it is pretty effortless. I don't go for ones less than $500. I am doing a Citi Premier now for $800. Of course, those have limitations that seem to get stricter all the time.
boston10
Posts: 164
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Re: What's Your Credit Card Rewards Strategy?

Post by boston10 »

FedGuy wrote: Sun Sep 25, 2022 10:00 am
boston10 wrote: Sun Sep 25, 2022 9:54 amIt all adds up. And it's a fun hobby/game for me.
Agreed. For those of us who want to be as efficient with our finances as possible, and who enjoy geeking out about these things--a demographic that is probably over-represented on this forum--trying to optimizing cash back via credit card spend is fun and interesting even if others who might not share that interest might reasonably deem the amount of money saved to be too small to be worth the effort.
Thinking about both your spending and saving in a rigorous, systematic, and principled way also scales well over time.

When I was in my early 20's I learned tax prep. Now my taxes are complicated and still I do them myself. I plan to pay only the minimum in taxes during the year that are required by law to avoid penalties. I keep the extra money earning interest until April 15th.

When I first got into investing ~7 years ago at age 25 or so I obsessed over my employer's horrific 401(k) plan and its disgusting fees that added 2%+ in costs. At the time I had maybe $5k to my name and far less than that in my 401(k). The extra fees were well under $100/year. Dollar amounts didn't matter to me because it was about the principle. I learned the principles and now I can easily apply them to a far larger 401(k) and IRAs.

Eventually if you catch a break in the form of some kind of windfall, you've set yourself up for success because you know how to put that money to work immediately and not lose out on any earnings. If not, hopefully you continue to rapidly accrue wealth and increase your income over time. The things you learn early on when you had more time and less money can now easily be applied when you have more money and less time.

Credit card spending is certainly part of this equation. I think of it as increasing my net income by a few percent each year. Same thing with churning bank, brokerage, and credit card bonuses.
boston10
Posts: 164
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Re: What's Your Credit Card Rewards Strategy?

Post by boston10 »

michaeljc70 wrote: Sun Sep 25, 2022 10:12 am I can't do auto pay with my electric and gas. I can go in manually each month and use a credit card. I looked and spent $2100 in the last year. So logging in and doing that 24 times would have yielded me $42 at 2%. Don't get me wrong, I get at least 2% cash back on everything I charge and I charge every purchase I easily can.

I prefer credit card bonuses as it is pretty effortless. I don't go for ones less than $500. I am doing a Citi Premier now for $800. Of course, those have limitations that seem to get stricter all the time.
My utility providers also don't allow credit card autopay, and one of them charges a flat fee of $1.75 for credit card payments. So I go in and (over)pay an estimated 3 months' worth of costs to minimize the impact of the fee and the hassle associated with it. I do this well after the due date because my state does not allow late fees, so I'm essentially paying 2 months in arrears and 1 month in advance. In times when the bills are extraordinarily low (natural gas in the summer) I sometimes do ACH push payments to avoid the fee.
tj
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Re: What's Your Credit Card Rewards Strategy?

Post by tj »

boston10 wrote: Sun Sep 25, 2022 10:43 am
michaeljc70 wrote: Sun Sep 25, 2022 10:12 am I can't do auto pay with my electric and gas. I can go in manually each month and use a credit card. I looked and spent $2100 in the last year. So logging in and doing that 24 times would have yielded me $42 at 2%. Don't get me wrong, I get at least 2% cash back on everything I charge and I charge every purchase I easily can.

I prefer credit card bonuses as it is pretty effortless. I don't go for ones less than $500. I am doing a Citi Premier now for $800. Of course, those have limitations that seem to get stricter all the time.
My utility providers also don't allow credit card autopay, and one of them charges a flat fee of $1.75 for credit card payments. So I go in and (over)pay an estimated 3 months' worth of costs to minimize the impact of the fee and the hassle associated with it. I do this well after the due date because my state does not allow late fees, so I'm essentially paying 2 months in arrears and 1 month in advance. In times when the bills are extraordinarily low (natural gas in the summer) I sometimes do ACH push payments to avoid the fee.
I just have the electric and gas companies pull from my account. It's not enough to bother with paying CC fees and manually paying. (approx $100/mo in summer and $40/mo in winter for electric, gas is like $20/mo most of the time except maybe closer to $50/mo in winter)
Nyc10036
Posts: 1663
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Re: What's Your Credit Card Rewards Strategy?

Post by Nyc10036 »

michaeljc70 wrote: Sun Sep 25, 2022 10:12 am I prefer credit card bonuses as it is pretty effortless. I don't go for ones less than $500. I am doing a Citi Premier now for $800. Of course, those have limitations that seem to get stricter all the time.
Are you doing anything special for the $4000 spend in 3 months requrement?

The $4000 spend is more like my expenses for 6 months unless it is May.
That is when the bundled premiums for my home, auto, and umbrella insurance is due.
michaeljc70
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Re: What's Your Credit Card Rewards Strategy?

Post by michaeljc70 »

Nyc10036 wrote: Sun Sep 25, 2022 11:07 am
michaeljc70 wrote: Sun Sep 25, 2022 10:12 am I prefer credit card bonuses as it is pretty effortless. I don't go for ones less than $500. I am doing a Citi Premier now for $800. Of course, those have limitations that seem to get stricter all the time.
Are you doing anything special for the $4000 spend in 3 months requrement?

The $4000 spend is more like my expenses for 6 months unless it is May.
That is when the bundled premiums for my home, auto, and umbrella insurance is due.
No. My typical credit card spend is around $2500 a month so it was easy. I find I can charge around 70% of my expenses without fees. The main things I can't charge easily w/o fees is property taxes and gas/electric.
Nyc10036
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Re: What's Your Credit Card Rewards Strategy?

Post by Nyc10036 »

michaeljc70 wrote: Sun Sep 25, 2022 11:14 am
Nyc10036 wrote: Sun Sep 25, 2022 11:07 am
michaeljc70 wrote: Sun Sep 25, 2022 10:12 am I prefer credit card bonuses as it is pretty effortless. I don't go for ones less than $500. I am doing a Citi Premier now for $800. Of course, those have limitations that seem to get stricter all the time.
Are you doing anything special for the $4000 spend in 3 months requrement?

The $4000 spend is more like my expenses for 6 months unless it is May.
That is when the bundled premiums for my home, auto, and umbrella insurance is due.
No. My typical credit card spend is around $2500 a month so it was easy. I find I can charge around 70% of my expenses without fees. The main things I can't charge easily w/o fees is property taxes and gas/electric.
I forgot about property taxes. Mine is quarterly.
Does paying property taxes count against the $4000 required spend?


.
michaeljc70
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Re: What's Your Credit Card Rewards Strategy?

Post by michaeljc70 »

Nyc10036 wrote: Sun Sep 25, 2022 11:42 am
michaeljc70 wrote: Sun Sep 25, 2022 11:14 am
Nyc10036 wrote: Sun Sep 25, 2022 11:07 am
michaeljc70 wrote: Sun Sep 25, 2022 10:12 am I prefer credit card bonuses as it is pretty effortless. I don't go for ones less than $500. I am doing a Citi Premier now for $800. Of course, those have limitations that seem to get stricter all the time.
Are you doing anything special for the $4000 spend in 3 months requrement?

The $4000 spend is more like my expenses for 6 months unless it is May.
That is when the bundled premiums for my home, auto, and umbrella insurance is due.
No. My typical credit card spend is around $2500 a month so it was easy. I find I can charge around 70% of my expenses without fees. The main things I can't charge easily w/o fees is property taxes and gas/electric.
I forgot about property taxes. Mine is quarterly.
Does paying property taxes count against the $4000 required spend?


.
Yes. I didn't need to do it to get to my spend though. My county charges a 2.1% fee, so on a 2% card it is basically a wash. Mine are twice a year and it isn't that easy to plan when they are due as our county is perpetually unable to get the bills out on time. The city/county are basically broke and they cannot produce the bills on time. :oops:
lakpr
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Re: What's Your Credit Card Rewards Strategy?

Post by lakpr »

boston10 wrote: Sat Sep 24, 2022 2:09 pm Current strategy - open to adjustments if anyone has suggestions. My goal is to hit 5% on most spend and 2%+ on everything else.
  • General Spend: Fidelity Visa 2% (planning to switch to BoA UCR 2.625% when I achieve Platinum PR Status)
  • International Spend: Capital One QuickSilver 1.5% (no Foreign Transaction Fee)
  • Travel & Entertainment: Capital One QuickSilver 5%+ when purchased through Capital One Portal
  • Amazon: Amazon Prime Store Card 5%
  • Groceries: AmEx BCP 6% (DW) / Verizon Card 4% (me) - DW does most of the grocery shopping. I'm blacklisted from AmEx
  • Gas: Citi Custom Cash 5% - under DW but I am an AU
  • Utilities (electric/nat gas): Elan Max Cash Preferred 5% / U.S. Bank Cash+ 5% - selector cards 1st category, I use both cards because I have 2 houses and utility spend exceeds $2k/quarter in winter. MCP is via a local credit union
  • Verizon FiOS/Cell Phone: Verizon Visa 2% + $10 per line/plan discount - great card, also gives 4% on gas/groceries and 3% dining
  • Internet other than FiOS: Elan Max Cash Preferred 5% - selector card 2nd category
  • Sporting Goods: U.S. Bank Cash+ 5% - selector card 2nd category
  • Online Shopping: BoA CCR 3.75% - will be 5.25% when I achieve Platinum PR Status
  • Dining: BoA NWF CCR 3.75% - will be 5.25% when I achieve Platinum PR Status
Miscellaneous -
  • I have a Discover It card and use it when the rotator categories are advantageous.
  • I'll also switch the BoA CCR card to other categories like Home Improvement during a spike in that spend.
  • I will not be able to get cards from BK sensitive issuers (like Chase/Citi) until 2024 but can have DW apply and add me as an authorized user
  • I'm blacklisted from AmEx, which will not issue me even an AU card.
If you can become a member of Alliant Credit Union, and keep $1000 in their checking account at all times, AND get their Visa Signature card, you can cull both the Capital One QuickSilver and the Elan Fidelity Visa. You get 0.5% more to 1% more in rewards for the same no annual fees and no foreign transaction fees.

Given that you are anticipating qualifying for BofA Platinum Rewards tier, I would think parking a measly $1000 in a checking account would be a breeze. Not sure about that bankruptcy you mention, though, that may prevent you from being offered the Visa Platinum card.
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anon_investor
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Re: What's Your Credit Card Rewards Strategy?

Post by anon_investor »

Nyc10036 wrote: Sun Sep 25, 2022 11:42 am
michaeljc70 wrote: Sun Sep 25, 2022 11:14 am
Nyc10036 wrote: Sun Sep 25, 2022 11:07 am
michaeljc70 wrote: Sun Sep 25, 2022 10:12 am I prefer credit card bonuses as it is pretty effortless. I don't go for ones less than $500. I am doing a Citi Premier now for $800. Of course, those have limitations that seem to get stricter all the time.
Are you doing anything special for the $4000 spend in 3 months requrement?

The $4000 spend is more like my expenses for 6 months unless it is May.
That is when the bundled premiums for my home, auto, and umbrella insurance is due.
No. My typical credit card spend is around $2500 a month so it was easy. I find I can charge around 70% of my expenses without fees. The main things I can't charge easily w/o fees is property taxes and gas/electric.
I forgot about property taxes. Mine is quarterly.
Does paying property taxes count against the $4000 required spend?


.
When you get BoA PR PH, will you get a BoA UCR to raise your CC CB floor to 2.625%?
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tooluser
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Re: What's Your Credit Card Rewards Strategy?

Post by tooluser »

tooluser wrote: Mon Aug 22, 2022 11:49 am I am saddened to see that the AAA Member Rewards Visa will be transferred from BofA to Comenity Bank in October. With BofA Preferred Rewards (PR) the AAA card was very good for domestic travel and groceries, and I could transfer points from my BofA Travel Rewards Visa to get better redemption values. The PR bonuses will no longer apply, leaving only a 5% gas rebate as worthwhile. Time to re-evaluate my cards to see what the best mix is now.
I finally completed a personal analysis of what cards to hold, and surprisingly I found that I will probably stick with the ones I have, including the new Comenity AAA card. Relative to my old mix of cards, I will lose a little on groceries and travel, but gain a little on gas. I will also lose the ability to transfer points from my BofA Travel Rewards card. But I will be able to use just two cards instead of three to get my personal best in all my spending categories, with the Comenity card being primary. I looked at other cards and decided I still like to avoid annual fees, rotating categories I don't have control over, and selectable categories that can only be used one at a time. Low hassle factor counts for something. I also have enough cards, I don't really want any new ones.
Like good comrades to the utmost of their strength, we shall go on to the end. -- Winston Churchill
mini1
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Re: What's Your Credit Card Rewards Strategy?

Post by mini1 »

Can anyone answer for sure who has the PenFed Plat Rewards Visa?

Does the Penfed card get you 5% at a warehouse gas station? There is no disclaimer specifically stating this on their website, only that Visa makes the determination.

Does the 3% back work at WalMart Supercenter and Warehouse clubs? The disclaimer says "most Walmart locations"....warehouse is not covered.
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enad
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Re: What's Your Credit Card Rewards Strategy?

Post by enad »

d0gerz wrote: Fri Aug 19, 2022 1:05 am Hello, I'm looking at freezing either my TransUnion or Experian report. The reason being I'm hoping to apply and get approved for a Capital One Venture credit card for the bonus offer. Capital One are known to pull all three reports during the credit check, so freezing one report should minimize the hard inquiries.

My question is: how long does it take for the freeze to go into effect e.g. can I place a freeze online and apply for the credit card 15 minutes later? Or do I have to wait a day or two?

On a different note, a few weeks ago I tried applying for the Citi Prestige card and was denied. I have an 800 or thereabouts credit score, all accounts in good standing, always pay my statement balances in full by the due date, so was a bit surprised by the denial. They sent me a letter in the mail saying the main reason I was denied was that I wasn't using much of my available credit lines (low utilization). This had me really puzzled. I thought it's a GOOD thing to have low utilization, as it helps your credit score. Anyway, it was a hard pull wasted. I tried their reconsideration line a couple of times but the reps each time were pretty adamant that they couldn't do anything to override the denial.

Today I saw Citi sent me an offer in the mail for the same card they just denied me for, saying I'm pre-approved. I'm guessing this pre-approval means nothing right? i.e. If I tried re-applying I'll probably be denied for the same reason?
I closed several accounts a few years ago and took a big hit on my credit score which took about 18 months to clear up although nothing changed. A big mistake was to close one of my oldest accounts that I seldom used i.e. once every 6 months), but as a result my utilization is now higher even though my spending hasn't changed much outside of inflation

With so much credit available to you, what is it that you are trying to achieve by opening up new lines of credit i.e. what exactly is the bonus offer being offered?

I use two cards that close about 15 days apart and charge each one to get the maximum float. One gives money back as cash which I deposit into the bank, the other rewards to spend on Amazon since these days you can get almost anything you want on Amazon and on your doorstep in short order.
What Goes Up Must come down -- David Clayton-Thomas (1968), BST
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tooluser
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Re: What's Your Credit Card Rewards Strategy?

Post by tooluser »

mini1 wrote: Sun Oct 02, 2022 5:37 pm Can anyone answer for sure who has the PenFed Plat Rewards Visa?

Does the Penfed card get you 5% at a warehouse gas station? There is no disclaimer specifically stating this on their website, only that Visa makes the determination.

Does the 3% back work at WalMart Supercenter and Warehouse clubs? The disclaimer says "most Walmart locations"....warehouse is not covered.
Not a direct answer, but I was curious so I looked it up. Bankrate.com has a page with some ideas on how to find out:
https://www.bankrate.com/finance/credit ... gory-code/
Like good comrades to the utmost of their strength, we shall go on to the end. -- Winston Churchill
Jags4186
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Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 »

Received another round of GGR offers on our SYW Mastercards:

20% back GGR, spend $400 minimum, max $85/mo credit 10/1-12/31
10% back GGR, spend $600 minimum, max $125/mo credit 10/1-12/31

This along with the usual $40/$1000 spend per month and $70/$1000 offers I have been getting, as well as the $40/6x $50 spend per month offers means I’m going to have to be awfully creative over the next 3 months to maximize.

I already have several thousand in grocery store gift cards, so I’m reluctant to purchase more until I spend those down. I’ll probably cave and buy some Visa gift cards at the local gas station for the usual 5% back and then spend those down on non-bonus spend bills. If anyone has any liquidation methods for the NY Metro area you want to PM me I would be very appreciative.
michaeljc70
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Re: What's Your Credit Card Rewards Strategy?

Post by michaeljc70 »

I need to make an estimated tax payment. I was considering using a credit card. One of the providers (to the IRS) allows Paypal. I am sorry I didn't know that as last quarter Paypal w/Discover had 5% cash back bonus. The fee is 1.87%. Of course, the bonus tops out at $75. But still a good deal if you can hit the sweet spot of getting the $75 (and not going over and getting only 1% back on the rest). I'll still make the cc payment since I get 2% back and it is easy.
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plutoblackhole
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Re: What's Your Credit Card Rewards Strategy?

Post by plutoblackhole »

michaeljc70 wrote: Thu Oct 06, 2022 11:33 am I need to make an estimated tax payment. I was considering using a credit card. One of the providers (to the IRS) allows Paypal. I am sorry I didn't know that as last quarter Paypal w/Discover had 5% cash back bonus. The fee is 1.87%. Of course, the bonus tops out at $75. But still a good deal if you can hit the sweet spot of getting the $75 (and not going over and getting only 1% back on the rest). I'll still make the cc payment since I get 2% back and it is easy.
Last quarter I split it and put $1,500 on Discover, and the rest on the 3% PayPal Mastercard.
michaeljc70
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Re: What's Your Credit Card Rewards Strategy?

Post by michaeljc70 »

plutoblackhole wrote: Thu Oct 06, 2022 12:01 pm
michaeljc70 wrote: Thu Oct 06, 2022 11:33 am I need to make an estimated tax payment. I was considering using a credit card. One of the providers (to the IRS) allows Paypal. I am sorry I didn't know that as last quarter Paypal w/Discover had 5% cash back bonus. The fee is 1.87%. Of course, the bonus tops out at $75. But still a good deal if you can hit the sweet spot of getting the $75 (and not going over and getting only 1% back on the rest). I'll still make the cc payment since I get 2% back and it is easy.
Last quarter I split it and put $1,500 on Discover, and the rest on the 3% PayPal Mastercard.
I just realized Chase Freedom has 5% with Paypal this quarter. I already made the payment for 2% cash back though.
Ependytis
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Re: What's Your Credit Card Rewards Strategy?

Post by Ependytis »

The four best cash back cards that I’ve been able to find with no gimmicks are Pen Fed Cash Rewards, American Express Preferred, Uber, and Citibank Double Cash. When I say no gimmicks, I mean no rotating categories or limited time offers. With these cards and just my spending, I can get about $750 a year back above and beyond the annual fee for the American Express card.

*Pen Fed- 6% back on gas, no foreign transaction fee, no annual fee
*American Express- 5% on groceries and 2% on everything else, $90 annual fee
*Uber- 4% on restaurants and 3% on travel, no annual fee
*Citibank- 2% on everything once you pay the bill, no annual fee
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Re: What's Your Credit Card Rewards Strategy?

Post by plutoblackhole »

Ependytis wrote: Thu Oct 06, 2022 1:50 pm Pen Fed Cash Rewards
Is this a card that no longer exists? PenFed's best gas card that I know of is the Platinum with 5x on gas / EV charging. But standard redemption is 0.85 cents per point, making it 4.25% back.
tj
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Joined: Wed Dec 23, 2009 11:10 pm

Re: What's Your Credit Card Rewards Strategy?

Post by tj »

plutoblackhole wrote: Thu Oct 06, 2022 2:05 pm
Ependytis wrote: Thu Oct 06, 2022 1:50 pm Pen Fed Cash Rewards
Is this a card that no longer exists? PenFed's best gas card that I know of is the Platinum with 5x on gas / EV charging. But standard redemption is 0.85 cents per point, making it 4.25% back.

They discontinued it a long time ago, but didn't force people to convert to a different product.
atdharris
Posts: 2091
Joined: Wed Jan 02, 2019 2:18 pm

Re: What's Your Credit Card Rewards Strategy?

Post by atdharris »

Ependytis wrote: Thu Oct 06, 2022 1:50 pm The four best cash back cards that I’ve been able to find with no gimmicks are Pen Fed Cash Rewards, American Express Preferred, Uber, and Citibank Double Cash. When I say no gimmicks, I mean no rotating categories or limited time offers. With these cards and just my spending, I can get about $750 a year back above and beyond the annual fee for the American Express card.

*Pen Fed- 6% back on gas, no foreign transaction fee, no annual fee
*American Express- 5% on groceries and 2% on everything else, $90 annual fee
*Uber- 4% on restaurants and 3% on travel, no annual fee
*Citibank- 2% on everything once you pay the bill, no annual fee
I don't think the Uber card exists anymore. It was great many years ago, but they changed it to only allowing you to redeem points for Uber credits and then I think got rid of the card entirely.
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