Credit Card Mastery / Cash Back Systems

[khardbored]

After realizing that I've had the same 3-4 low rewards or no rewards credit cards for many years, I've decided to research getting something better. A few searches of YouTube show that there are some people who really "master" the cash back system.

Wanted to spur some discussion on what your favorite rewards credit card is and why? Do you use multiple cards in a system?

(Note that I assume balances are paid off in full each month so interest is never paid. Not intending this to become a discussion on "should you own credit cards," just a discussion for those who have enough will power to only spend within their limits.)

It may take several months to implement, but I want to have a 4-5 card "system" that gets me 3-6% cash back on almost everything I buy:

Get these 4 going:

• Amazon Prime Visa: 5% cash back on Amazon.com, restaurants (2%), and drug stores (2%)
  
  
• Uber Visa: 4% on dining, 3% on hotel and airfare, 2% online purchases, and 1% all else.
  
  
• Bank of America Cash Rewards Mastercard (BOACRM): 3% on your choice of two non-rotating categories: Gas, online shopping, dining, travel, drug stores, or home improvement; and 2% (always) at grocery stores and wholesale clubs; 1% everywhere else
  
  
• Amex Blue Cash Preferred (ABCP): 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 if you max spend the $6,000) AND a $250 sign on bonus (my custom offer was $300!). [I just got approved for this recently!]

Choose One of These for The “Everything Else” (EE):

• Citi Double Cash – 1% on purchase, 1% at payment. 2% total. Simple.
  
  
• PayPal Mastercard – 2% on everything. Must be linked to your PayPal account. Simple.
  
  
• Chase Freedom Unlimited - 3% on everything first year (up to $20K); 1.5% thereafter
  
  
• HSBC Cash Rewards Mastercard - 3% on everything first year (up to $10K); 1.5% thereafter
  
  
• Capital One Quicksilver - 1.5% on everything - (I already have this, I had a no-rewards Cap 1 card and got upgraded just by asking.)
  

Better credit cards out there? What do you like? Do you play the hotel/flight/travel game? Discuss!

 

[cowgirl836]

You should utilize Ebates (Ratuken or something like that now) for online shopping as well. 1% at Target online + 5% Redcard means I'm always getting 6% there.

I have that Citi 2% card and we use it for just about everything. We don't get into to much of the game, but spouse has a Citi and Discover that do 5% categories each quarter, then I have a Chase that does the same. Pretty much always have 5% on gas then. Just renewed our gym membership and that was a category this time so it was nice to basically get a month free via that.

 

[ianoconnor]

If you're into travel, the way to rack up points is with sign-up bonuses. I'd check out sites like The Points Guy or r/churning.

 

[SoapyCy]

I don't have the willpower to use multiple cards, so we have a Sam's Club MasterCard. 1% on everything. 3% on food and travel. 5% on gas.

 

[benman82]

Avoid reading the points guy, he really sold out and gives the advice that makes himself money, not advice that is best for you. Doctor of credit is the most respected blogger in this space.

Before you apply for any new cards (especially if you want it for travel), research Chase 5/24, Southwest companion pass modified double dip, the reddit churning flow chart, and manufactured spending. My advice is to only open Chase cards until you're past 5/24.

As someone with 15+ cards, the real value is in the signup bonuses unless you spend tons of money normally. My favorite underrated card is the US Bank Altitude Reserve, which gives 3% as cash or 4.5% as travel on everything you spend from apple pay, android pay, samsung pay, etc. If you spend a lot, it could be worth getting a Samsung phone or watch with MST, as MST can be used almost anywhere while the other phone payment systems need the upgraded tap to pay terminals.

 

[matclone]

In addition to the requirement of paying the card in full each month, I think it's worthwhile only if you resist buying something you won't buy otherwise (and the cos. put a lot of pressure on you to do so). To that end, I only have cards that pay points in cash, and I only use the cash option (the rewards go into savings).

Also, don't overlook Store-only cards or rewards, for example, Target (5% off everything) and maybe your grocery store.

 

[Shawker]

If you like to travel I recommend the Chase Sapphire Reserve card. You get 2x points on all travel and dining. I rack up a lot of points that I can turn around and put towards future travel. The next step down is the Chase Sapphire Preferred which is also a very good card if you like to travel and dine out.

 

[cyclonedave25]

My 2 main cards are:
Citi Double Cash (2% on everything)
Bank of America Cash rewards (3% on gas and 2% on groceries)

 

[LeaningCy]

If you like to travel I recommend the Chase Sapphire Reserve card. You get 2x points on all travel and dining. I rack up a lot of points that I can turn around and put towards future travel. The next step down is the Chase Sapphire Preferred which is also a very good card if you like to travel and dine out.

Another vote for Chase Sapphire Reserve. About to leave for a two week vacation with almost the entire thing paid for using Chase rewards.

 

[Cycsk]

I paid for flights and hotel for 3 to the Alamo Bowl with points earned on my old Capital One Spark business card. Haven't done comparisons with other cards, but I felt pretty good. Still lots of points left too.

 

[mkadl]

Amex Blue cash preferred. Have had it for years. I am fortunate enough to always be able to paying off the monthly balance. There are only 2 in our household and everything possible goes on American Express. I pay it off weekly, download charges into quicken, ad up the unpaid balance and pay it off. I have no other cards. BUT I am always on the lookout for cash bonus cards. Last year I have had and canceled the Marriott rewards card (two free nights and $200.00 cash bonus) Also a First Bank Card $200.00 cash back and a Wells Fargo Card cash back card. I figure the $200.00 for opening and closing accounts with those companies is good pay for the one hour I spend opening and closing those accounts. Believe me I am not well paid, just like me money!

 

[dmclone]

Last year my wife got the CSR and I got the CSP. Then after 12 months, I transferred all the points from the CSP to the CSR and downgraded to a Chase Freedom, which doesn't have a yearly charge. Also used the CSR for a free global entry. I bet just getting those two cards have saved us $2k in one year.

 

[CycloneSarah]

AmEx Blue Cash Preferred has been my go-to for years and just recently added the Chase Sapphire Reserve for travel and dining. Got married at a resort in Mexico so we put everything on the Chase card and will be able to pay for a decent chunk of our honeymoon with the points. Plus we just moved and are getting our new mortgage with Chase and will get even more points with that.

Another perk of the AmEx is a free Shop Runner account which lets you get free 2 day shipping and free returns for online purchases at select stores.

 

[dualthreat]

Post 14 an no one has mentioned Dave Ramsey


Seriously though, I joined the credit card game recently and I'm pleasantly surprised by how much cash back I've already received. Roughly $20-25 a month of free money and I hardly use the card. They also just approved me for a $200 amazon gift card in June.

 

[Cyched]

I have the Blue Cash Preferred as well. Using it for gas and groceries adds up quick, and nicely. I just saw they extended the 3% to rideshare, so I'll need to start using it for Uber and Lyft.

 

[mj4cy]

If you shop Target, definitely use the redcard. You get 5% savings for doing what you'd normally do.

 

[dmclone]

I follow the points guy and also https://www.doctorofcredit.com/

 

[Cyched]

If you shop Target, definitely use the redcard. You get 5% savings for doing what you'd normally do.

Have this as well. I’ll add it’s a good card for people fresh out of college looking to build credit.

 

[rudiskilz]

We are still relatively new in the CC game but we just use Citi Double Cash (2% on everything) for all of our purchases and we pay it off each month. Wife deals with all that and we have a separate checking account that we just transfer money into each week for what we spent on the CC.

 

[jdcyclone19]

We have chase freedom unlimited and pair that with the sapphire preferred. We use the freedom for most purchase unless its travel related, then we use the sapphire. We then transfer all the freedom points to the sapphire. The Sapphire has a yearly fee but it easily pays for itself.

The sapphire has PRIMARY rental car insurance as well.