Need a new credit card

[stepford]

My favorite credit card for the last few years has been the Sallie Mae MasterCard (learned about on these forums - thanks folks). No annual fee and 5% cash back on gas and groceries. Anyway, this was apparently too good a deal to last and cardholders have been informed that this card will go away on 3/1/2017 to be replaced by a card with a far inferior rewards program.

At that point I'll just go back to using my Fidelity rewards card (2% back on everything - no annual fee) for all purchases, but if the Early Retirement brain trust knows of some better options I'd love to hear them.

Thanks again!

 

[Walt34]

Consumer Reports has a beta of a cc comparison tool online. I ended up with a Chase Sapphire Preferred despite the $95 annual fee. In the first quarter I had it I had enough points to get an Amazon gift card for that much.

Credit Card Comparison Tool - Consumer Reports

 

[jonat]

A lot depends on what you buy. If you spend a lot on travel and restaurants, the Chase Sapphire cards are good (especially Sapphire Reserve). Otherwise I would say your Fidelity card is fine.

 

[braumeister]

If you do a lot of driving (as I do), look at the PenFed Platinum Cash Rewards Visa. 5% cash back on gas at the pump. The nice thing about this card is that the cash reward for the month is automatically applied to your bill the same month. No need to jump through any redemption hoops.

Between the two of us, we spend well over $2K a year on gas, so that's an easy $100 or more.

 

[broadway]

I never had the Sallie Mae card.

I mainly use 3:
1. Chase Freedom with the rotating categories
2. Chase AARP for restaurants 3% and gas 3%
3. Fidelity Visa for everything else

 

[calmloki]

Hear you on the Sallie Mae card - that 5% on "bookstores" (like Amazon), groceries and gas was/will be hard to beat. Fidelity gets a lot of our business because that 2% deposited to our Fidelity account every month is just so brain-dead easy.

Anyone know of a 5% back on Amazon purchases card? rotating category? Really don't want an Amazon card just for Amazon.

 

[CaliKid]

Hear you on the Sallie Mae card - that 5% on "bookstores" (like Amazon), groceries and gas was/will be hard to beat. Fidelity gets a lot of our business because that 2% deposited to our Fidelity account every month is just so brain-dead easy.

Anyone know of a 5% back on Amazon purchases card? rotating category? Really don't want an Amazon card just for Amazon.

Just get the Amazon store card. It's NOT their credit card. It just keeps track of your Amazon charges and then pulls from your bank account once a month to pay it. 5% back. Plus, at least for me, I prefer having one monthly charge rather than 20 small ones cluttering up my credit card.

 

[kaneohe]

Just get the Amazon store card. It's NOT their credit card. It just keeps track of your Amazon charges and then pulls from your bank account once a month to pay it. 5% back. Plus, at least for me, I prefer having one monthly charge rather than 20 small ones cluttering up my credit card.

a few other details.....you need to be an Amazon Prime member (annual cost
about $99/yr) to get the Amazon Prime Store card. The Amazon Store card doesn't get 5% unless upgraded w/ the Prime membership.
New Amazon Prime Credit Card Offers 5% Cash Back | Credit.com
It's a store card so only works at Amazon.

 

[kaneohe]

I never had the Sallie Mae card.

I mainly use 3:
1. Chase Freedom with the rotating categories
2. Chase AARP for restaurants 3% and gas 3%
3. Fidelity Visa for everything else

1A)Discover IT w/ rotating 5% categories and perhaps 2X for 1st yr promotion
1B)If you have Citi Costco VISA, 4% gas, 3% restaurants & travel
1C)AMEX Blue Everyday 3% markets

 

[calmloki]

Just get the Amazon store card. It's NOT their credit card. It just keeps track of your Amazon charges and then pulls from your bank account once a month to pay it. 5% back. Plus, at least for me, I prefer having one monthly charge rather than 20 small ones cluttering up my credit card.

I see they differentiate between the store card and the Amazon Visa - but it looks like you need to get card approval from Synchrony Bank on either one. We are Prime members, but I don't want to have a new hard pull or credit card show up on my credit report. I don't know how a "store card" is seen by credit reporting agencies. Quicken is complicated enough and I like my cards to have fat bonus/rewards for the ones I get.

 

[audreyh1]

I see they differentiate between the store card and the Amazon Visa - but it looks like you need to get card approval from Synchrony Bank on either one. We are Prime members, but I don't want to have a new hard pull or credit card show up on my credit report. I don't know how a "store card" is seen by credit reporting agencies. Quicken is complicated enough and I like my cards to have fat bonus/rewards for the ones I get.

A store card looks like a credit card (or revolving credit) to the credit reporting agency, although Amazon says there is no credit limit, so I don't know how that is handled. But 5% off on pretty much all Amazon purchases? That's really sweet!

 

[audreyh1]

A lot depends on what you buy. If you spend a lot on travel and restaurants, the Chase Sapphire cards are good (especially Sapphire Reserve). Otherwise I would say your Fidelity card is fine.

The Costco VISA has 3% off travel and dining and 4% off gas for no annual fee. If you shop at Costco that's hard to beat. Cash back is paid annually, and has to be redeemed at a Costco in cash or used for purchases. Minor inconvenience, IMO.

 

[travelover]

......Cash back is paid annually, and has to be redeemed at a Costco in cash or used for purchases. Minor inconvenience, IMO.

I've just cashed the check at the service counter, or purchased an inexpensive items and gotten the remainder in cash at Costco.

 

[GalaxyBoy]

I'm pretty happy with my combination of the Amex blue cash preferred giving 6% back on groceries ($75 fee) and the capital one card giving 1.5% back on everything. Amex also gives 3% back on gas, but not if the gas pumps are attached to a grocery store. We buy various gift cards for other stores at Kroger when they run the 4x fuel point specials, and get the 6% cash back on those.

 

[broadway]

I just received an offer in an email.
No initial sign-up bonus though which kills it for me.

Sears Mastercard (Sears MasterCard )
5% gas
3% restaurants and supermarkets
2% Sears, Kmart
1% everything else
for a maximum of $10,000 a year

 

[Chuckanut]

Over the past few weeks I have been reviewing the rewards programs offered by airlines and hotels. My conclusion is simple: for me they devalue points all to often to make them worthwhile.

So, now I use my cashback cards almost exclusively - getting at least 2% back and sometimes as much as 5% back for certain targeted expenses. I take my reward as a credit against my bill. Then, I deposit the credit amount into a special savings account I opened just for that purpose. I use the money to pay for extras when I travel - Economy Plus seats with more legroom, an upgraded hotel room, etc.

I keep one travel card only - because it offers me a free night's stay once a year and the card fee is less than the cost of the vast majority of hotels I have stayed in.

 

[broadway]

My conclusion is simple: for me they devalue points all to often to make them worthwhile.

How do you explain the bloggers who get the free international first class trips and hotels with the rewards?

Or is it that we are not quite motivated enough to do the points churning to get the results?

 

[audreyh1]

I've just cashed the check at the service counter, or purchased an inexpensive items and gotten the remainder in cash at Costco.

I always take the rebate in cash, because I always use a rewards credit card for Costco purchases.

 

[audreyh1]

How do you explain the bloggers who get the free international first class trips and hotels with the rewards?

Or is it that we are not quite motivated enough to do the points churning to get the results?

The latter. It's a lot of work.

 

[Dave J]

I just received an offer in an email.
No initial sign-up bonus though which kills it for me.

Sears Mastercard (Sears MasterCard )
5% gas
3% restaurants and supermarkets
2% Sears, Kmart
1% everything else
for a maximum of $10,000 a year

I just looked at your link. This is only good for a year, and it does not say what after a year, so I'd assume 1%. Don't know if you noticed that.

 

[audreyh1]

I'm pretty happy with my combination of the Amex blue cash preferred giving 6% back on groceries ($75 fee) and the capital one card giving 1.5% back on everything. Amex also gives 3% back on gas, but not if the gas pumps are attached to a grocery store. We buy various gift cards for other stores at Kroger when they run the 4x fuel point specials, and get the 6% cash back on those.

I finally got that card this (last) year. I took max advantage of their 10% back on US mobile category until 12/31, even buying an iPhone.

I think their annual fee went up to $95 though.

 

[karen1972]

I agree it all depends on where you spend your money.

I use the Amex Blue the most as the #1 spending category is food, so 6% cash back is the best deal out there. I take advantage of many of their deals each year like 10% off your wireless bill up to $30 and basically free BJs membership to replace Costco.

I then use my Discover card and take advantage of the rotating deals. 5% on Amazon and Walmart over the holidays was a great deal for me, 5% on gas and wholesale clubs this quarter is sweet too.

I did recently pick up a quicksilver 1.5% flat card due to the free cash offer and with no fee it will be replacing one of my miles cards.

 

[karen1972]

I finally got that card this (last) year. I took max advantage of their 10% back on US mobile category until 12/31, even buying an iPhone.

I think their annual fee went up to $95 though.

Yes it did as I looked at their no fee card that gives 3% back at grocery stores, so it depends on if you max that category out or not.

 

[MJ]

I currently use Citibank Mastercard which offers 1% off the statement balance and 1% off your payment. I know various CCs have different benefits. I have taken advantage of their price rewind several times saving several hundred dollars. They search for the lowest possible price within a set time. Because I don't rely of their searches, I also check for lower prices myself. They seem to ignore Amazon for lower pricing. They, as other cards, have warranty extensions which adds another 1 year to your warranty. My Monster headphones started falling apart 16 months after I purchased it and I got my $90+ back, no questions asked for under $100.
I also use PFCU cash CC to get 5% off gas.

 

[Sunset]

I've just cashed the check at the service counter, or purchased an inexpensive items and gotten the remainder in cash at Costco.

Do you need to have a costco membership ?