Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
"CC debt" add on: best card for rewards?
Old 12-29-2008, 10:17 AM   #1
Full time employment: Posting here.
tightasadrum's Avatar
 
Join Date: Aug 2006
Location: athens
Posts: 802
"CC debt" add on: best card for rewards?

The link on credit card debt made me wonder what company has the best rewards program.

My bank gives me "points" for using my debit card as a credit card. The points are one point per dollar. But the rewards points are matched to a huge list of things that require a huge number of points to redeem anything. They control the point levels.

Who has the best card for rewards?
__________________

__________________
Can't you see yourself in the nursing home saying, " Darn! Wish I'd spent more time at the office instead of wasting time with family and friends."
tightasadrum is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-29-2008, 10:25 AM   #2
Recycles dryer sheets
tgotch's Avatar
 
Join Date: Oct 2007
Posts: 119
I have been looking into this card from Schwab. 2% rebate, no spending limits, and not not a bunch of restrictions...

Schwab Has New Rebate Card - WSJ.com
__________________

__________________
tgotch is offline   Reply With Quote
Old 12-29-2008, 10:28 AM   #3
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,078
This has been discussed numerous times on the forum. Pentagon FCU is hard to beat and anyone can join:

Visa Platinum Gas Cash Reward
  • Earn 2% cash back on supermarket purchases*
  • Earn 5.00% cash back from gas purchases paid at the pump*
  • Earn 1.25% cash back from all purchases** you make with the card during each billing cycle
  • Up to $50,000 limit
  • No Annual Fee
  • Cash Rewards credited each month
  • No special restrictions to earn your cash rewards
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 12-29-2008, 10:31 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,616
There is no single "best" card or card company. One has to think about what their personal usage is and how they will use the rewards to get the best deal.

For example:

(1) we use the Citibank dividend card which gives 2% cash back on gas and groceries. We ONLY use this card for gas and groceries and nothing else.

(2) We use a Continental miles card for restaurants because we live near a Continental airport and my work-related travel makes me fly on Continental quite a lot. With my credit card, I get companion ticket, a couple of airport lounge tickets and miles. The miles help top up my FF miles from business travel so that my family can enjoy free air travel when we go on vacation.

(3) A CapOne card for foreign credit card transactions. This has 1% cash-back that can be used for airtravel as well. So the 1% cash-back plus the no-added-fee on foreign transactions is like a 2%-cashback card.

(4) A USAA card for the 0% interest rate and 5%-return on stoozing.

I heard that Amex Blue is one of the best if you charge more than $6000 a year.
__________________
LOL! is offline   Reply With Quote
Old 12-29-2008, 01:08 PM   #5
Thinks s/he gets paid by the post
Goonie's Avatar
 
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,198
Quote:
Originally Posted by LOL! View Post
There is no single "best" card or card company. One has to think about what their personal usage is and how they will use the rewards to get the best deal.
Agree completely. I use an Amazon VISA rewards...earns points on all purchases, and triple points on all Amazon purchases. Most of my 'online' shopping is done at Amazon, therefore this one works quite well for me. YMMV.
__________________
Goonie is offline   Reply With Quote
Old 12-29-2008, 01:28 PM   #6
Moderator Emeritus
CuppaJoe's Avatar
 
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,866
Quote:
Originally Posted by Goonie View Post
Agree completely. I use an Amazon VISA rewards...earns points on all purchases, and triple points on all Amazon purchases. Most of my 'online' shopping is done at Amazon, therefore this one works quite well for me. YMMV.
Me, too.

The "cheap b*stard" in me, however, pays attention to the fact that their reward coupons are $25.00 and free shipping starts at $25.00 but is is very difficult to find one or two items that add up to that amount. I usually wind up spending an extra $11.00 which goes on the Amazon card for a future reward.

Forget about those websites that tell you how to fill in the odd extra amount. Like buy a spatula for $1.50, nine times out of ten, it will be available only thru an outside vendor for an extra shipping fee. Sometimes I just pick up some groceries on the $25.00 coupon, their Beethoven ground coffee is pretty good.

Edit: The books I buy from them are often the ones I re-sell thru their website, haven't done the math but that can be a way to eventually turn the coupons into cash.
__________________
CuppaJoe is offline   Reply With Quote
Old 12-29-2008, 03:28 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
I just got the Schwab card. It is similar to the existing Schwab Visa card (or any of the "World Points" cards) with the exception of that you don't have the option to get Airline/Hotel rewards. Instead 2% of your purchases get rebated to your Schwab One account. I don't know how it works for none Schwab customers, in my case I always redeemed my points for cash, so it was no brainer.

APR 14-15%, interestingly my credit limit was cut in 1/2 on the new card.
__________________
clifp is offline   Reply With Quote
Old 12-29-2008, 03:40 PM   #8
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by clifp View Post
I just got the Schwab card. It is similar to the existing Schwab Visa card (or any of the "World Points" cards) with the exception of that you don't have the option to get Airline/Hotel rewards. Instead 2% of your purchases get rebated to your Schwab One account. I don't know how it works for none Schwab customers, in my case I always redeemed my points for cash, so it was no brainer.
Non-Schwab customers can get the card, but unless they have a Schwab One account to link it to, they won't get the rewards.

I have the Schwab World Points card, and it would be nice if we could just call and convert our old accounts without needing to apply for credit again, without getting a new inquiry on the credit report and all that stuff. As a result I probably won't bother, but 2% is pretty tempting. Since we probably charge about $20-25K a year for as many regular expenses as we can, that would be an extra $200-250 per year...
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 12-29-2008, 03:52 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,017
Take a quick look at National City Everyday Rewards (4-3-2-1). No annual fee. Full balance payback within the billing cycle makes the interest rate a non-issue. We use it for all normal expenses that were once handled with a debit card.
It was nice to get that 4% cashback on gasoline and automotive related purchases. we have 2 older cars that needed a lot of wear and tear repairs.
During the oil bubble, $4 plus per gallon at the pump really added up to the $250 monthly limit very quickly.
2% on groceries and restaurants over an entire year adds up nicely also.
It is not offered everywhere in the country. I managed to get 2 of these cards before they limited the geographical area of the offer.
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 12-29-2008, 03:52 PM   #10
Thinks s/he gets paid by the post
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 3,240
DW and I try to get the most cash-back within the bounds of having Visa, Discover and Amex cards. By switching around our usage, we never get less than 1 % CB and often get as much as 5% back on such things as gas. The "points" cards tend to be rip offs, IMHO. In the good old days (say 2004?) we could convert, say, Visa points for roughly double on restaurant gift cards. That worked out to roughly 2% cash back equivalent. Now, most redemption is at about 20% discount on a restaurant or other gift card. So points are only accumulated when no one will take a card which pays CB. A bird in the hand, etc., etc.

YMMV
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 12-29-2008, 03:55 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
Quote:
Originally Posted by ziggy29 View Post

As a result I probably won't bother, but 2% is pretty tempting. Since we probably charge about $20-25K a year for as many regular expenses as we can, that would be an extra $200-250 per year...
I agree it would be smart for Schwab just to offer an option to convert but... Ziggy pick up the phone. I did the whole thing over the phone total time from calling Schwab to getting approval was 10-15 minutes. I know you Wall St types make good money but prolly not more than $1K/hour....
__________________
clifp is offline   Reply With Quote
Old 12-29-2008, 03:56 PM   #12
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by Koolau View Post
The "points" cards tend to be rip offs, IMHO. In the good old days (say 2004?) we could convert, say, Visa points for roughly double on restaurant gift cards. That worked out to roughly 2% cash back equivalent. Now, most redemption is at about 20% discount on a restaurant or other gift card. So points are only accumulated when no one will take a card which pays CB. A bird in the hand, etc., etc.
So now points are "only" 1% in cash back. How is that a ripoff? It may not be the deal it used to be, but it isn't a "ripoff."

I have two rewards cards that issue "points" -- and both of them allow redemption for cash rebates at the rate of 1 cent per point (i.e. $100 per each 10,000 points). That's why the Schwab 2% deal sounds better (especially since I already have a Schwab account to link this to), but I don't want to have to apply for another card and it seems silly that I can't just convert my existing Schwab Visa.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 12-29-2008, 03:57 PM   #13
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by clifp View Post
I agree it would be smart for Schwab just to offer an option to convert but... Ziggy pick up the phone. I did the whole thing over the phone total time from calling Schwab to getting approval was 10-15 minutes. I know you Wall St types make good money but prolly not more than $1K/hour....
I'm not a Wall Street type -- I'm in IT.

Did they have to issue a hard pull of your credit report? If not, I'm willing to invest the time. It's the hard pull on the credit file I'd rather avoid.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 12-29-2008, 04:06 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
A hard pull. So minus ~5 points to your FICO score for ~6 months... But your total credit availability will increase which eventually adds to your FICO score. I guess if you are refinancing next year than it would make sense not to bother applying otherwise :confused:
__________________
clifp is offline   Reply With Quote
Old 12-29-2008, 04:25 PM   #15
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Posts: 3,862
Fidelity has a new 2% cash back card. I'm still making due with the old 1.5% cash back card because I didn't want a new CC. Cash back for all purchases directly into your Fidelity account. I assume no Fidielity account means no cash back, but I would think other brokerages would have something similar.
__________________
Animorph is offline   Reply With Quote
Old 12-29-2008, 05:59 PM   #16
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by clifp View Post
A hard pull. So minus ~5 points to your FICO score for ~6 months... But your total credit availability will increase which eventually adds to your FICO score. I guess if you are refinancing next year than it would make sense not to bother applying otherwise :confused:
Just went ahead and bit the bullet after thinking on it more and did it -- hope they keep this 2% deal in place. My FICO was around 810 last I checked, so I'm not that concerned and I don't see us taking out any installment loans in the next year or two anyway.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 12-29-2008, 06:32 PM   #17
Thinks s/he gets paid by the post
Goonie's Avatar
 
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,198
Quote:
Originally Posted by CuppaJoe View Post
Me, too.

The "cheap b*stard" in me, however, pays attention to the fact that their reward coupons are $25.00 and free shipping starts at $25.00 but is is very difficult to find one or two items that add up to that amount. I usually wind up spending an extra $11.00 which goes on the Amazon card for a future reward.
I usually wait until I have 2 or 3 $25 rewards coupons, then buy ink for one or more of my printers. If I run the bill a little past the total coupon amount, like you say, it goes towards more points. Come to think of it, I have 3 coupons (or is it 4?) and I'm needing to order ink....one of the printers whined to me about the other day!
__________________
Goonie is offline   Reply With Quote
Old 12-29-2008, 06:57 PM   #18
Thinks s/he gets paid by the post
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 3,240
Quote:
Originally Posted by ziggy29 View Post
So now points are "only" 1% in cash back. How is that a ripoff? It may not be the deal it used to be, but it isn't a "ripoff."

I have two rewards cards that issue "points" -- and both of them allow redemption for cash rebates at the rate of 1 cent per point (i.e. $100 per each 10,000 points). That's why the Schwab 2% deal sounds better (especially since I already have a Schwab account to link this to), but I don't want to have to apply for another card and it seems silly that I can't just convert my existing Schwab Visa.
Ziggy,

Guess "rippoff" is in the eye of the beholder and dependent upon which card you hold and how you use it. I don't want to go to the hassle (and possible credit score dilution) of getting a "better" card which offers "better" points redemption. For one thing, the redemption rate and availability may change - it certainly has for my card over the years as I explained in my original reply.

I say "ripoff" because you don't know when you earn the points what they will be worth by the time you save up enough points to redeem them. Yeah, it could be a "good" deal if you could redeem saved points for more than the typical 1% you get from virtually everybody. But in my experience the higher than 1% deals are for something I don't want or don't use or can't use.

Finally At BEST my card allows redemption for cash of only 1% - again that's AT MOST. It also requires accumulation of relatively large amounts of points before you get the 1% (Redemption delayed is redemption denied... or something like that.)

Maybe I just prefer to know what the deal is up front - and not for some teaser period of time. Ripoff is the term I use when the card provider gets to set the terms AFTER I use their card instead of before - especially when they use points to get you to use THEIR card and then change how they redeem the points later.

I don't mind if a card gives, say 5% cash back for gasoline for 3 months and then goes back to 1%. They tell you that up front and you DO actually get the cash back for that period of time. You don't have to redeem anything. But if the points redemption rules changes as time goes on - after I've finally earned enough points to get the original deal - that's what I object to.

Again and as always, YMMV.
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 12-29-2008, 07:15 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,459
Quote:
Originally Posted by Koolau View Post
... the redemption rate and availability may change - it certainly has for my card over the years as I explained in my original reply.

I say "ripoff" because you don't know when you earn the points what they will be worth by the time you save up enough points to redeem them. Yeah, it could be a "good" deal if you could redeem saved points for more than the typical 1% you get from virtually everybody. But in my experience the higher than 1% deals are for something I don't want or don't use or can't use.

Finally At BEST my card allows redemption for cash of only 1% - again that's AT MOST. It also requires accumulation of relatively large amounts of points before you get the 1% (Redemption delayed is redemption denied... or something like that.)

Maybe I just prefer to know what the deal is up front - and not for some teaser period of time. Ripoff is the term I use when the card provider gets to set the terms AFTER I use their card instead of before - especially when they use points to get you to use THEIR card and then change how they redeem the points later.

I don't mind if a card gives, say 5% cash back for gasoline for 3 months and then goes back to 1%. They tell you that up front and you DO actually get the cash back for that period of time. You don't have to redeem anything. But if the points redemption rules changes as time goes on - after I've finally earned enough points to get the original deal - that's what I object to.

Again and as always, YMMV.
Which gets us all the way back around the tree to Penfed. 1.25% on everything but gas, 5% on that, and credited to your account each billing cycle. No lost rewards. simple.
__________________
calmloki is offline   Reply With Quote
Old 12-29-2008, 07:16 PM   #20
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,078
Quote:
Originally Posted by calmloki View Post
Which gets us all the way back around the tree to Penfed. 1.25% on everything but gas, 5% on that...
Don't forget it pays 2% on groceries.
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Credit Card "Rewards" TromboneAl Other topics 18 05-14-2008 06:19 PM
"Piglet Sodomizer" on debt PART 2 camberiu FIRE and Money 0 05-15-2007 05:11 AM
"Piglet Sodomizer" on debt camberiu FIRE and Money 9 05-14-2007 11:35 AM
Secured debt (HELOC) vs Unsecured debt (credit card) Sue J FIRE and Money 6 03-07-2007 11:02 PM
Add back spending "shortfall?" halo FIRE and Money 4 01-01-2006 01:01 PM

 

 
All times are GMT -6. The time now is 11:24 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.