Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-15-2019, 04:55 PM   #41
Thinks s/he gets paid by the post
Ready's Avatar
 
Join Date: Mar 2013
Location: Southern California
Posts: 3,685
As others have stated, there is no reason to use a credit card that doesnít pay a minimum of 2% cash back, and it sounds like there may be a few that pay more than 2%, with some caveats. I canít imagine why youíve waited so long to make the switch. You have left a lot of money on the table.
Ready 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 01-15-2019, 04:58 PM   #42
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 29,159
Quote:
Originally Posted by Tiger8693 View Post
So you set up the Fido Visa as a Payee in your Fidelity Cash Management account? Any tips on doing that? I haven’t seen a way to do it so far....

Thanks
Quote:
Originally Posted by gwraigty View Post
There is no difference in setting up the Fidelity VISA as a payee vs. setting up any other payee. Do you have other payees set up in Fidelity BillPay?
There is a convenient link to Fidelity BillPay from the Credit Card view.

I go over to the credit card view (select in account list on left side), then in the payment Payment Summary section I select Fidelity Billpay, and it lets me select an account, the amount (I choose last statement balance), and the date when to pay "deliver by".

Then press the "Pay with BillPay" button.

It's added to the Fidelity Billpay list.

There maybe something extra to enter like the credit card number the first time you do this.


Ooops - didn't understand your question. I answered your clarifying post below.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 01-15-2019, 05:00 PM   #43
Thinks s/he gets paid by the post
 
Join Date: Nov 2016
Location: Washington State
Posts: 1,727
Quote:
Originally Posted by pb4uski View Post
We have had the Citi Double Cash card for a couple years now. DS has one as well, in fact, he is how we became familiar with it. Nothing to be nervous about... we pay our balance in full every month so I have an auto-pay set up where they draw the balance from our local checking account each month.
I took the plunge today and applied for the Citi Double Cash card. Hopefully it works out with my style of paying bills. If not, I suppose I can always cancel it. They're only giving us a $5300 credit limit, but that's way more than we'll ever need.

I can't even remember the last time we applied for a credit card. Still makes me nervous for some reason.
mountainsoft is offline   Reply With Quote
Old 01-15-2019, 05:02 PM   #44
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 29,159
Quote:
Originally Posted by Tiger8693 View Post
Iím assuming I have read something wrong in the previous posts, since no one is replying to my question.

Does anyone have a CC set up as the Payee in their BillPay. Meaning, that bills set up to be paid through BillPay, are paid by the CC?

TIA
No - if you are trying to pay bills with the credit card, this is done not done through Fidelity BillPay, but by going to whichever provider of the bills you want to pay and adding the Fidelity VISA credit card number to the provider automated payment setup.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 01-15-2019, 05:04 PM   #45
Dryer sheet aficionado
 
Join Date: Jun 2016
Location: Jollyville
Posts: 41
We have recently received several offers of cash back rewards cards that also come with a one time cash bonus after a certain spend and 12 months of 0% interest. I've decided to take advantage of them, at the same time consolidating my spend from several other rewards cards down to one or two.

We have some upcoming purchases that we could pay for from savings, but I'll use these cards to reap the rewards and cash back bonuses and pay them off over a 6-12 month period.

The key is, you have to make sure you're set up on autopay (either from your bank or the CC company directly) because missing a payment will usually net you more penalties than the rewards are worth.

We signed up for the Capital One 1.5% cash back with a $250 bonus last year - I'm really curious to see if I get a 1099 from them for the bonus - does anyone know if this is the case?
AnneG is offline   Reply With Quote
Old 01-15-2019, 05:22 PM   #46
Recycles dryer sheets
 
Join Date: Nov 2017
Location: Green Bay
Posts: 201
Main card Capital One Quicksilver with 1-1/2% cash back automatically credited to account, no foreign currency exchange fees, excellent customer service.

Backup card Chase Freedom with 5% rotating categories quarterly. Need to request cash back be applied to account periodically.

Also have an Elan Visa that is only used for on-line purchases. No fees, no cash back.

All cards set to autopay in full on due date using bank bill pay.

Not a Fido or Costco customer so those cards are not options. However, the Citi Double Cash Back card sounds like a good deal. May need to change things up.
Splash is offline   Reply With Quote
Old 01-15-2019, 05:24 PM   #47
Recycles dryer sheets
 
Join Date: Apr 2015
Posts: 282
I haven't read all these replies but yes getting a cash back credit card is like free money, much better then airline credit cards also.

I have the BofA Travel Rewards Visa card and easily get $2,000. back each year in cash. No annual fee and no foreign transaction fee either. My reward points are based on my total BofA deposits, higher the amount of deposits, the higher the reward points are.

And like many here I literally charge EVERYTHING and pay it in full each month. Haven't paid a cent in finance charges in years.

There is no perfect cash reward card for everyone. Do your homework.
Drake3287 is offline   Reply With Quote
Old 01-15-2019, 05:27 PM   #48
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Elyria, OH
Posts: 1,937
Quote:
Originally Posted by Tiger8693 View Post
Iím assuming I have read something wrong in the previous posts, since no one is replying to my question.

Does anyone have a CC set up as the Payee in their BillPay. Meaning, that bills set up to be paid through BillPay, are paid by the CC?

TIA
I did reply to your question. You're mixing up the terminology, IMO. A payee in Fidelity BillPay, is a company/individual that you've set up with your bank for the purpose of paying them electronically via your checking account.

To mountainsoft, I have a couple of utility bills automatically charged to my Fidelity VISA, like audreyh1 described. I have my Fidelity VISA set up as a payee with Fidelity BillPay. When I get my electronic VISA bill, I review it, then go to Fidelity BillPay, enter the amount due and the date I want it to be paid. It's that simple. You should be able to do the same with your existing checking account and any of your credit cards if you have access to online billpay.
gwraigty is offline   Reply With Quote
Old 01-15-2019, 05:32 PM   #49
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 9,962
OP, I was suspicious for several years, and let some attractive signup incentives and cash-back go by. But the ER Forum convinced me to go after them, and now we use them for everything.

The Citi 2X Master Card is the all-around favorite. No fuss, no muss, everything's managed online.

Some day the CC companies will decide to end the gravy train, so get on it while it's running!

EDIT: Oh- just saw your post about the low credit limit. They will raise it a bit every 6 months, if you ask via the web site. Ours is up to $30K, but it took a few years.

Quote:
Originally Posted by mountainsoft View Post
We have a simple Visa credit card through our local US Bank. No bonuses, no cash back, but we've had it for most of our adult life. We always pay our balance off every month (usually every week or two).

I recently started looking at cash back credit cards. They sound like free money, earning some cash back for things we're buying anyway. But when things sound too good to be true I start to get nervous.

Most of the cards I've seen sound too complicated, with annual fees, or having to pick categories (or have them chosen automatically), or caps on earnings. That sounds like too much work for my liking.

I'm currently looking at the Citi Double Cash credit card. Supposedly 2% on all purchases (1% when buying, 1% when paying off), no caps, no annual fees. Sounds good, but again, that makes me nervous.

One of the things that concerns me is the logistics of managing the card. My current Visa card is at the same bank I have my checking account, so it's easy to log on and transfer money to pay off the card. I'm not sure how I would handle this with a credit card at a different bank than I use for my checking account (I want to keep my current checking account so we have access to the safe deposit box at my local branch).

My local US Bank does offer a cash back card, but it has all of those categories and caps and stuff that I would rather avoid.

Anyway, I'm curious who uses these cash back credit cards and how they work for you. Any down sides the reviews and promotional information fail to mention?
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success Ė to be able to spend your life in your own way.í Christopher Morley.
It involved a mannequin hand, and an electric shaver taped to a golf club! - "The Other Guys"
Amethyst is offline   Reply With Quote
Old 01-15-2019, 05:44 PM   #50
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 2,509
Quote:
Originally Posted by audreyh1 View Post
No - if you are trying to pay bills with the credit card, this is done not done through Fidelity BillPay, but by going to whichever provider of the bills you want to pay and adding the Fidelity VISA credit card number to the provider automated payment setup.
Yeah, you have to use the card to get the cash back. Then use Bill Pay to payoff the card either manually or auto pay.
foxfirev5 is offline   Reply With Quote
Old 01-15-2019, 05:52 PM   #51
gone traveling
 
Join Date: Sep 2018
Location: Washington, DC
Posts: 576
Yep, I think it was a terminology thing (for me). I was considering the Payee as the account the bills are being paid FROM. OK, all clear! Would have been great to bypass those companies that don't want you to pay by credit card through using BillPay. In my case, only a couple of recurring bills allow the CC to be used.


Thanks all that answered!
Tiger8693 is offline   Reply With Quote
Old 01-15-2019, 06:37 PM   #52
gone traveling
 
Join Date: Apr 2011
Posts: 3,375
Quote:
Originally Posted by Ready View Post
As others have stated, there is no reason to use a credit card that doesnít pay a minimum of 2% cash back, and it sounds like there may be a few that pay more than 2%, with some caveats. I canít imagine why youíve waited so long to make the switch. You have left a lot of money on the table.
I haven't seen/heard of a card that pays over 2% cash back on everything without also having a card fee. If anyone knows, I'm all ears.
gerntz is offline   Reply With Quote
Old 01-15-2019, 07:06 PM   #53
Thinks s/he gets paid by the post
ownyourfuture's Avatar
 
Join Date: Jun 2013
Posts: 1,087
My credit card history is similar to yours. Up until about 5 years ago, I had a simple Visa card (no cash back) through Fidelity. Only used it for íbig ticket itemí purchases. Refrigerators, new sets of tires, hot water heater, etc.

About 5 years ago while logging into Fidelity, I saw a promotion for a new Visa Rewards Card. No annual fee, & 2.00% cash-back on everything. Like you, I was somewhat leery, but it's 100.00% on the up & up. 2.00% cash-back on everything, & zero fees.

If you decide to go that route, I should mention one thing that was confusing to me initially. Fidelity only pays you 1.00% on your rewards points, but you get 2 points for every dollar spent. So if you spend $100.00, you get 200 points.

When you go to cash in those 200 points, you'll only get $2.00 or 1.00%
But you only had to spend $100.00 to get the $2.00, so it's actually 2.00%
__________________
"No beast so fierce but knows some touch of pity, but I know none, therefore am no beast"
ownyourfuture is online now   Reply With Quote
Old 01-15-2019, 07:12 PM   #54
Thinks s/he gets paid by the post
ownyourfuture's Avatar
 
Join Date: Jun 2013
Posts: 1,087
Quote:
Originally Posted by audreyh1 View Post
There is a convenient link to Fidelity BillPay from the Credit Card view.

I go over to the credit card view (select in account list on left side), then in the payment Payment Summary section I select Fidelity Billpay, and it lets me select an account, the amount (I choose last statement balance), and the date when to pay "deliver by".

Then press the "Pay with BillPay" button.

It's added to the Fidelity Billpay list.
Exactly what I do. I pay my Fidelity Visa, Capital One MasterCard, American Express, & truck payment (Chase) through Fidelity BillPay.

Simplicity is beauty
__________________
"No beast so fierce but knows some touch of pity, but I know none, therefore am no beast"
ownyourfuture is online now   Reply With Quote
Old 01-15-2019, 07:14 PM   #55
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 7,979
Quote:
Originally Posted by Drake3287 View Post
I haven't read all these replies but yes getting a cash back credit card is like free money, much better then airline credit cards also.

I have the BofA Travel Rewards Visa card and easily get $2,000. back each year in cash. No annual fee and no foreign transaction fee either. My reward points are based on my total BofA deposits, higher the amount of deposits, the higher the reward points are.

And like many here I literally charge EVERYTHING and pay it in full each month. Haven't paid a cent in finance charges in years.

There is no perfect cash reward card for everyone. Do your homework.
This is a good card, plus BOA has upgraded their Cash Rewards card. If one keeps 100k with ML for example, one can receive 5.25% on various choices of categories for 2500 quarterly.
This card pairs nicely with their Travel and/or Premier card.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 01-15-2019, 07:51 PM   #56
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 5,826
Only on ER forum would the term ďpairs nicely withĒ be used in reference to credit cards.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Old 01-15-2019, 08:06 PM   #57
Recycles dryer sheets
 
Join Date: Nov 2013
Posts: 172
I have the Costco 4/3/2/1% Visa and Fido 2% Visa but now mostly use the Alliant Visa Signature card. Pays 3% on everything with no fee the first year, then reverts to 2.5% with a $59 annual fee. The extra 0.5% cashback (compared to a free 2% card) covers the annual fee once you spend $11,800 per year. No foreign transaction fee.

https://www.alliantcreditunion.org/b...signature-card
Done is offline   Reply With Quote
MultiCards
Old 01-15-2019, 08:12 PM   #58
Recycles dryer sheets
 
Join Date: Mar 2014
Posts: 64
MultiCards

Quote:
Originally Posted by Sunset View Post
I do each year sign up for an annual free (but free the first year) card, use it for 11 months, get the $500->$600 bonus, then cancel the card.
How does that affect your credit?
Kim451 is offline   Reply With Quote
Old 01-15-2019, 08:51 PM   #59
Recycles dryer sheets
 
Join Date: Apr 2015
Posts: 282
Quote:
Originally Posted by Dtail View Post
This is a good card, plus BOA has upgraded their Cash Rewards card. If one keeps 100k with ML for example, one can receive 5.25% on various choices of categories for 2500 quarterly.
This card pairs nicely with their Travel and/or Premier card.
Exactly, and for anyone having a considerable about of money with BofA it's a great deal. Not sure of the exact percentage I get back but it's over 2% on anything.

The secret to these cards is to charge everything. There are only a few things in life that can't be charged. For a couple of years my kid's colleges allowed me to charge tuition until they figured out how much it was costing them.
Drake3287 is offline   Reply With Quote
Old 01-15-2019, 10:32 PM   #60
Thinks s/he gets paid by the post
Cobra9777's Avatar
 
Join Date: Jul 2012
Location: Texas
Posts: 2,328
I love this topic because it is, in fact, free money. Here's our current routine:

1. All Amazon purchases go on the Amazon/Chase 5% VISA. No annual fee.
2. All grocery/gas/drug purchases go on a grandfathered 5% AMEX Blue Cash. No annual fee.
3. Everything else goes on the Fidelity/Elan 2% VISA. No annual fee.

I just checked our 2018 actual spending.... the only items that DIDN'T go on cash-back CCs are: federal tax, property tax, and our health insurance premiums, which are required to be paid by bank debit to our former employers. Fed tax and prop tax can be paid by CC but the fees exceed our cash-back. So that's a no-go. Most bills are paid with the 2% Fidelity VISA. For 2018, 77% of spend went on cash-back CCs. Our weighted-average cash-back was 2.6%. We're trying to get that up by shifting more from the Fidelity 2% card to the 5% Amazon card.
__________________
Retired at 52 in July 2013. On to better things...
AA: 55% stock, 15% real estate, 27% bonds, 3% cash
WR: 2.7% SI: 2 pensions, some rental income, SS later
Cobra9777 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
Cash back credit cards Tailgate FIRE and Money 53 09-19-2015 08:49 AM
Best Bonus for Credit Card Expenitures -Frequent Flyer cards or Cash-back card? ScaredtoQuit FIRE and Money 19 04-21-2007 03:29 PM
Cash, Checks or Credit Cards education FIRE and Money 18 11-26-2006 03:33 PM
Credit Cards and Credit Matuski Other topics 21 08-14-2006 12:40 PM
Best cash back credit cards? LRAO Other topics 27 10-15-2004 10:37 AM

» Quick Links

 
All times are GMT -6. The time now is 01:47 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.