I will never ever do business with Chase for as long as I live.
Amex Blue Preferred for 6% back on Groceries, 3% back on gas, and (this is a new feature) 3% back on streaming app services such as YoutubeTV or Netflix.
Citi Double Cash Back card for 1% back everything else and an additional 1% back when you pay the card balance (Essentially 2% total cash back)
Never carry a balance beyond the grace period.
Right you are! 6% is pretty dang good if you are a cord cutter.Even better - 6% on streaming services.
I use Discover. Usually redeem points for Lowe's gift cards.
On the off chance someone doesn't take Discover, my debit card is a Visa.
I don't bend over backwards to maximize rewards
I use Discover. Usually redeem points for Lowe's gift cards.
On the off chance someone doesn't take Discover, my debit card is a Visa.
I don't bend over backwards to maximize rewards
About 5 years ago I did this for some unexpected expenses as opposed to pulling money out of savings. In my limited experience, companies seem to be using balance transfer fees and/or reduced credit limits to remove any advantage.
My question: have any of you noticed dings on your credit score for number of open lines and/or closing lines?
That will ding your credit score, closing an account that soon.I have an offer on a new credit card through my bank. Spend $500 by the end of February and get a $200 cash bonus.
Any downside to opening this and closing it out after the reward?
If you are not looking to get a mortgage or finance a vehicle in the next year, I say go for it. But more credit inquiries before a home or vehicle purchase can keep you from getting the best rate possible.I have an offer on a new credit card through my bank. Spend $500 by the end of February and get a $200 cash bonus.
Any downside to opening this and closing it out after the reward?
I have an offer on a new credit card through my bank. Spend $500 by the end of February and get a $200 cash bonus.
Any downside to opening this and closing it out after the reward?
There are all kinds of offers like that. Nothing wrong with it as long as you have the willpower to only buy things you would have bought anyhow. (ie - you can pay your car insurance on a credit card, utility bills, groceries, etc) & pay it off at least monthly.
Are you planning to be a "player" in the near future in credit card rewards? If so, look into the Chase 5/24 rule first. If not, go for it. Feel free to message me if questions.
Re: closing a card hurting your credit? Probably not.
Here's a good video that explains it: link to video
Thanks. Just going to use it to buy a new phone (I’m currently using an iPhone 5S I bought in January 2014) and will probably use the extra $200 on groceries.
No big purchases coming up so it looks like I should be fine.
I've decided to go with this 3 card strategy for the time being:
If anyone is thinking about the Amex BCP, I would get a refer-a-friend credit if you use this link when applying, so that would make me happy!
- Amazon Prime Visa: 5% on Amazon.com, 2% on restaurants & drugstores
- Amex Blue Cash Preferred (Amex BCP): 6% on Groceries up to $6,000 (includes Walmart grocery!), 6% on Streaming, and 3% on Gas - $95 fee, but worth it! ($265 net per year on groceries alone) AND will give a $250 sign on bonus (my custom offer was $300!) with $1,000 spend in first 3 months. Could downgrade after year 1 to avoid that fee, but prob. won’t.
- Citi Rewards + / Citi Double Cash (Citi): The only reason I got the Citi Rewards + was just to get the $150 sign on bonus. For that I need $1,000 spend in the first 3 months. Then I will convert to Citi Double Cash and get 2% cash-back on everything. This is the “EE” (Everything Else) card.
Would anyone be interested in an explanation of what I've done / how I will use them in a video - esp on how to get the 6% back on Wal-Mart grocery orders?
I used your link to apply for the Blue Cash card, so you should be getting a credit. If anyone else is interested in the Blue Cash card, my referral link is: LINK
I've been thinking about getting a different card for rewards, and this thread helped decide which one to get. Thanks all for the information.