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Old 01-15-2019, 10:44 PM   #61
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How does that affect your credit?
My credit score varies due to the signup and the canceling of a short term card. Understand I have 6 or 7 other cards that are no fee, rarely used, and I pay off my cards every month, and never miss a bill.

My score varies from 800 -> 780 and the "hit" I take for canceling and getting a new card is 20 points, so it goes down to 780, then in about 3 months, it's back up to 790, then upwards.

I don't really pay attention to the score, as it doesn't vary much.
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Old 01-15-2019, 11:18 PM   #62
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Discover Card. no fees, cashback bonus each month can be applied to your balance, used at amazon or direct deposited to a bank account.
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Old 01-15-2019, 11:18 PM   #63
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Originally Posted by Amethyst View Post
I was suspicious for several years, and let some attractive signup incentives and cash-back go by.
I honestly never gave them much thought. We already had credit cards so I simply tossed any offers that came my way unopened. I didn't pay any attention to cash rewards or other incentives.

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Originally Posted by Amethyst View Post
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.
The $5300 limit is MORE than adequate for our needs. I can't remember a time we've ever had more than $2000 on our cards, it's usually a few hundred or less.

Our current cards have 20K limits if some emergency came up, but I highly doubt we would charge that kind of money. I never asked for the higher limits, they just raised them over time.
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Old 01-15-2019, 11:47 PM   #64
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What kill's me is when I'm in line at Costco or some similar place and the people ahead of me are paying in cash for these huge bill's. Such a waste!

I think for many people they can't trust themselves to pay these cards off every month so they don't play the game. I'm guessing the majority of us that do it are well disciplined with financial matters and probably represent the 800 club of credit scores. You don't necessarily need to be wealthy to make this free money.
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Old 01-15-2019, 11:51 PM   #65
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Originally Posted by Cobra9777 View Post
I love this topic because it is, in fact, free money.
I'm another credit card user, I juggle 5 cards to try to optimize my "cash back".
One of the common questions and misconceptions about cash back cards is that
credit card issuers are setting a trap to get people to carry a balance and pay
interest and that is what funds "cash back". If you do the research, that really
isn't the case. Of course, CC companies are happy to collect interest, but the
financing of "cash back" is actually more nefarious than trapping unwitting card
holders into debt. Credit card issuers have managed to become so entrenched in
the payment of transactions that all transactions have a hidden fee to pay for
credit card usage - whether a card is used or not. Credit card issuers have contractual
language in the merchant agreements that prevent charging less for cash transactions.
Gasoline is one exception, but there aren't many others. The "cash back"
people love is actually just a return of a built in charge. The nefarious part
is that even people who don't use cards pay the hidden fees.
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Old 01-16-2019, 12:00 AM   #66
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"Credit card issuers have contractual language in the merchant agreements that prevent charging less for cash transactions"

I ran into that recently, I spent $9,800. on a single purchase and I ask the merchant if he'd give a discount for cash instead of using a credit card and he said no. Sort of surprised me.
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Old 01-16-2019, 08:43 AM   #67
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Haven't read the entire thread...apologies if it's already been mentioned: Fidelity Visa. 2% back on everything.
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Old 01-16-2019, 08:43 AM   #68
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After years using one of those worthless points-based rewards CC, I switched to a cash-back one about 4 years ago through my home bank, the one I do my checking with and had just begun using its online banking.


I don't charge a lot of stuff, but this change resulted in my using my new CC for supermarket trips, my most frequent spending. Doing this saves me one monthly trip to the ATM and allows me to buy as much as I want at the store, a handy feature now that I often do some food shopping for my ladyfriend and she pays me back later. Combining our food shopping often allows me to use a $5 store coupon I wouldn't be able to use otherwise, an added savings worth more than the cash back.


The cash-back card gives me 2% on those supermarket trips but only 1% on everything else. I don't use it for gas (3% cash back) because my local gas station charges about 10% more if you don't use cash. So, I get about $30 back every 6-9 months and it's nice and easy to pay the CC bill with my online banking.
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Old 01-16-2019, 09:09 AM   #69
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I don't really pay attention to the score, as it doesn't vary much.

I always thought it was odd the way a "credit scores" bias of just one number effects people different.


For instance DW is about 5% higher than mine and always has been, yet I've had WAY more debt that I've repaid, but also carry higher debt as she has none and I have "some" with mortgage note and revolving credit debt (admittedly I do carry 0% balances sometimes if the market is low, so I had some here when I upped my 401k a bit and will repay that loan to myself come bonus..ahh market timing right? or buying low).


I've owned and sold multiple homes, cars etc...but yet DW has ALWAYS been higher. Truly I was the one able to manage more credit, more effectively than her, but that credit score says otherwise...


As long as I am in the top 10% of of 850 so 773 or better I sleep well. I figure I am getting an A, so yay for me!
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Old 01-16-2019, 09:43 AM   #70
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We just got $472 from our Costco Visa. Another $200 from the Costco membership. 4% back on gas. 2% at Costco.

I charge college tuition for our college age kid (the college doesn't take checks Doh).

Amazon Prime (5% back on Amazon purchases is another)

Depends on what rewards you want. We used to be primarily cash. We now charge most everything. Easier to track in Personal Capital and the rewards are free money.
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Old 01-16-2019, 09:56 AM   #71
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Uber Visa card: 4pct cashback in dining, 3pct on hotels and airlines. Plus they credit you a certain amount towards suscriptions like Netflix each year. No annual fee. No foreign transaction fee. No catches. Has the uber logo on it. I rarely use uber. I just like the high cashback.
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Old 01-16-2019, 10:47 AM   #72
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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.
If one has the BOA Travel or Premier card with 100k investments, the minimum one gets back is 2.625%.
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Old 01-16-2019, 11:00 AM   #73
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Cash back cards are great! But instead of buying gift cards or other merchandise with the points, just use them as statement credits periodically.


I have my bill pay set to automatically pay the balance of each card when it's presented. There is a feature in bill pay that lets you set that up and there is only one bank I know of that doesn't work with bill pay: Chase. In this case, I have autopay setup on the Chase site.
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Old 01-16-2019, 11:24 AM   #74
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If one has the BOA Travel or Premier card with 100k investments, the minimum one gets back is 2.625%.
Thanks, I knew it was something over 2%. As for that $100,000. deposit threshold for the highest reward tier, BofA counts any accounts/deposits associated with your account.

I my case, my three 20+ year old kids still have their accounts linked to my account from college years plus I have my elderly mothers account linked as a co-signer. Add those to our 2 checking accounts and reaching that higher tier isn't hard. Most of my real cash is in higher earning CD's at different banks.
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Old 01-16-2019, 11:42 AM   #75
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Cash back cards are great! But instead of buying gift cards or other merchandise with the points, just use them as statement credits periodically.

.....
This reminds me, for some credit cards taking the cash back or credit statement is less value than taking a gift card.
Yet others (Bank of America Travel card, or Barclay Arrival + card) taking the statement credit on actual travel purchases after the fact is worth a lot more than taking a gift card or simple statement credit (not applied to travel).

So depending upon the card, a person can maximize the benefit during redemption.
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Old 01-16-2019, 11:54 AM   #76
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Cathy63, I recently signed up for the Costco Citi Visa card. I thought it only paid back a percentage on Costco purchases and gas, and the annual fee is basically your Costco membership. Are you saying this card also pays back a percentage on everything?
Thanks, JP
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Old 01-16-2019, 11:55 AM   #77
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This reminds me, for some credit cards taking the cash back or credit statement is less value than taking a gift card.
Yet others (Bank of America Travel card, or Barclay Arrival + card) taking the statement credit on actual travel purchases after the fact is worth a lot more than taking a gift card or simple statement credit (not applied to travel).

So depending upon the card, a person can maximize the benefit during redemption.
I actually use the BOA Travel card for our recurring automated bills and typically not for travel.
I maximize the points by transferring the points to my BOA Premier card and then redeem it for cash through that card.
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Old 01-16-2019, 12:00 PM   #78
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Cathy,
I just checked their website. I'm answering my own question:
4% on "eligible" gas.
3% on "eligible" travel.
2% on Costco purchases.
1% on everything else.


This is my backup card. I've been using it at Costco and for gas. I'm using a Capital One (1.5% on everything) card for all other purchases.


I might switch over to the Citi Double Back visa through Fidelity (2% on everything.)


Thanks, JP
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Old 01-16-2019, 12:31 PM   #79
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We’ve basically switched from using a miles card to using our Costco Visa card for most purchases. The miles card is now used mainly for air travel. As a result, we’ve gotten back cash in excess of $1,000.
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Old 01-16-2019, 01:05 PM   #80
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Originally Posted by Sunset View Post
This reminds me, for some credit cards taking the cash back or credit statement is less value than taking a gift card.
Yet others (Bank of America Travel card, or Barclay Arrival + card) taking the statement credit on actual travel purchases after the fact is worth a lot more than taking a gift card or simple statement credit (not applied to travel).

So depending upon the card, a person can maximize the benefit during redemption.
Very true. I take the travel credit instead of cash which in the end pays me more cash back. Sort of a confusing card but once you figure it out it's easy to use.
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