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Best Reward Credit Cards
Old 07-18-2009, 11:54 PM   #1
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Best Reward Credit Cards

I have the Discover More card for 5% back on various purchases at certain times of the year, a Capital One Mastercard that has 1% back on everything and 2% back on groceries, and I'm planning on applying for a Penfed card for 1.25% cash back on everything. I'm also thinking about the Discover Miles card because of a special where you can get 12,000 miles in the first 12 months of using the card.

What other cards are out there?

Does anyone know if the Associated Bank card offering 5% back is real?
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Old 07-19-2009, 12:30 AM   #2
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AB card is 5% on market, gas, drugstores, 1% on rest.

Schwab card is 2% on everything; no foreign fees.
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Old 07-19-2009, 08:22 AM   #3
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2% back on everything! I wouldn't have applied for the Capital One card if I knew about the Schwab. The Schwab and AB cards are next on my list. Am also going to get a TJX card for what amounts to 5% back on purchases at Marshall's, TJ Max, A.J. Wright's. Thanks for the info.
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Old 07-19-2009, 01:28 PM   #4
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Citicards had a big bait-and-switch with a 5% card awhile back, I don't recall the exact specifics but soon after everyone signed up they greatly reduced the reward.
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Old 07-19-2009, 02:33 PM   #5
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Citicards had a big bait-and-switch with a 5% card awhile back, I don't recall the exact specifics but soon after everyone signed up they greatly reduced the reward.
Not sure I'm thinking about the same one....but I wouldn't call it a bait-and-switch. Rules were there from the start.....a short (90 day??) period of 5% on everything, then 1%. Came just at the right time....sent DD a card
to put wedding expenses on, including the reception. Two can play that game.
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Old 07-19-2009, 02:41 PM   #6
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Hah! I just noticed your name.

I went to Kaneohe Elementary School when living in Kailua as a boy.
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Old 07-19-2009, 02:48 PM   #7
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I loved to walk/fish that reef in the Bay there.
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Old 07-19-2009, 03:03 PM   #8
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Not sure I'm thinking about the same one....but I wouldn't call it a bait-and-switch. Rules were there from the start.....a short (90 day??) period of 5% on everything, then 1%.
There was one that had 5% on gas, grocery, drug stores, 1% everything else. Then after a year or so they revised it to make it much crappier. And they rejiggered the point values required to redeem for gift cards, essentially making the reward worth even less.

I just got a new 2% cashback fidelity rewards card. It is American Express, so not accepted everywhere. We also use a Chase Freedom for 3% back at gas, groceries, restaurants (actually any top 3 spending categories of 15 different categories, those are just the ones we typically qualify for). The chase freedom has a deal where you redeem $200 in cashback for a $250 check.

The Amex and the Chase Freedom both have referral programs where you go online, click through their site to tons of different retailers to get even more points back. Walmart.com, target.com, orbitz.com, Southwest Airlines Vacations come to mind with 2-3%+ extra rewards for each place typically.
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Old 07-19-2009, 03:08 PM   #9
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There was one that had 5% on gas, grocery, drug stores, 1% everything else. Then after a year or so they revised it to make it much crappier. And they rejiggered the point values required to redeem for gift cards, essentially making the reward worth even less.
Yeah, that one. I remember there was a thread in here about it, outstanding deal for awhile but short lived.
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Old 07-19-2009, 03:29 PM   #10
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I just got a new 2% cashback fidelity rewards card. It is American Express, so not accepted everywhere. We also use a Chase Freedom for 3% back at gas, groceries, restaurants (actually any top 3 spending categories of 15 different categories, those are just the ones we typically qualify for). The chase freedom has a deal where you redeem $200 in cashback for a $250 check.

The Amex and the Chase Freedom both have referral programs where you go online, click through their site to tons of different retailers to get even more points back. Walmart.com, target.com, orbitz.com, Southwest Airlines Vacations come to mind with 2-3%+ extra rewards for each place typically.
Chase Freedom may be in its' last days although there may be so many users that it's hard to shoot all of us at once
Chase Freedom Card is being downgraded
Maybe if you're a "good" user who puts everything on the card
(not just the 3%), you'll have a longer life. The word on the street is to get to $200 ASAP so you can get the $250 before that option disappears.

The Schwab card is VISA so pretty much accepted anywhere.
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Old 07-19-2009, 04:20 PM   #11
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Chase Freedom may be in its' last days although there may be so many users that it's hard to shoot all of us at once
Chase Freedom Card is being downgraded
Maybe if you're a "good" user who puts everything on the card
(not just the 3%), you'll have a longer life. The word on the street is to get to $200 ASAP so you can get the $250 before that option disappears.

The Schwab card is VISA so pretty much accepted anywhere.
I had heard about the freedom being downgraded from a thread here at the ER forum. But I still haven't received any notice of that. I do put almost everything on that card (up until last month). I should push over the $200 rewards amount this month with some upcoming airline ticket purchases.
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Old 07-19-2009, 08:38 PM   #12
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This blogger specializes in airline mileage cards, but also mentions PenFed and other cash back cards. The site has exhaustive comparisons if you are interested in travel benefits:

Free Frequent Flyer Miles Credit Card Intro

He particularly likes the Starwood Amex card because the points can either be used for nights at the Sheraton / Westin family of hotels or converted to airline miles at 25,000 miles per 20,000 points. Like most points cards, it has sign-up bonus.
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Old 07-20-2009, 07:29 AM   #13
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We recently received a USAA AmEx w/ the 5% on groceries/gas/etc. (limit $600/mo. for the first year I think?) then 1.5% on everything else. Cash is just credited to you annually. Beats what we had w/ our Wells Fargo debit card.
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Old 07-20-2009, 08:20 AM   #14
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Good article in the paper Sunday says one should use a cash back card instead of points or airline mileage cards because the new trend is for card companies to change the rules regarding awards. Get your cash back at the end of every month is the only way to go. Before you get a chance to use airline miles, they will probably have changed the rules. I have a American Express Small Business card that went from 5% to 3% cash back on gasoine and 1% on everything else. I like the sounds of the USAA AmEx card but not enough to change cards. Anyone else have a great cash back card?
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Old 07-20-2009, 08:24 AM   #15
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We use the 2% Schwab card for most of our purchases. Like dividends being real cash in investing, cash back is a bird in the hand rather than "promises" with points and miles that tend to get watered down in value over time.
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Old 07-21-2009, 04:00 PM   #16
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I have a Chase Freedom card and it gives 1% on everything you buy but your most purchased 3 categories get 3%. The categories are pretty large too. Most of the stuff I buy gets 3%.
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Old 07-21-2009, 04:27 PM   #17
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We use the 2% Schwab card for most of our purchases. Like dividends being real cash in investing, cash back is a bird in the hand rather than "promises" with points and miles that tend to get watered down in value over time.
The hassle free nature of the Schwab card rebate is one of the nicest benefits. Every month 2% of your purchases get added back to your Schwab account balance.

I still have unused miles from an old United Airline card, worthless Sharper Image gift cards from my Discover card rebate, and even the Costco Amex card isn't completely hassle free. I got the Amex/Costco rebate check and had it in my wallet for several weeks by the time I got around to cashing it, the check barcode was unreadable. This meant I had to have the check reissued, the process was surprisingly painless but still not hassle free.
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Old 07-22-2009, 10:36 AM   #18
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We should state whether these cards are annual fee or not.

Schwab and Discover More have no annual fee.

Starwood American Express - annual fee

Does the Chase Freedom have one?
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Old 07-22-2009, 10:55 AM   #19
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We should state whether these cards are annual fee or not.
Perhaps. I would assume most of us here have categorically ruled out cards with an annual fee. I know I won't pay one, and I think I'm far from alone.
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Old 07-23-2009, 10:00 AM   #20
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Perhaps. I would assume most of us here have categorically ruled out cards with an annual fee. I know I won't pay one, and I think I'm far from alone.
Hence why we need to specify whether the card has an annual fee. I would not pay one either and have only mentioned no annual fee cards, but there are some other ones mentioned in this thread.
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