Credit Card Mastery / Cash Back Systems

Discussion in 'Off-Topic' started by khardbored, May 23, 2019.

  1. aeroclone

    aeroclone Well-Known Member

    Oct 30, 2006
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    I keep it simple right now. Fidelity Rewards Visa. 2% cash back on everything, no cash back limits and no fees. Could do better juggling cards but not sure I want to deal with the hassle.
     
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  2. usedcarguy

    usedcarguy Well-Known Member

    Apr 12, 2008
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    I use a capital one spark. The first offer they sent was 1.5% cash back on everything with a $500 bonus with a 3 month spend of $3000. Then they offered a another $500 on a 2% cash back card with the same spend. Didn't think they'd be dumb enough to send me another $500 but they did. That one has a $60 annual fee, but I spend around $7000 per month so it's more than worth it. (mostly thru business) Adds up quick.

    I will never ever do business with Chase for as long as I live.
     
  3. Cycsk

    Cycsk Well-Known Member
    SuperFanatic SuperFanatic T2

    Aug 17, 2009
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    For a long time, we used a Choice Privileges card because they always run specials and easy ways to earn bonus points. We got 10+ free nights per year at Quality Inn type hotels.
     
  4. IASTATE07

    IASTATE07 Well-Known Member
    SuperFanatic SuperFanatic T2

    May 30, 2016
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    Why?
     
    • Agree Agree x 1
  5. khardbored

    khardbored Well-Known Member

    Oct 20, 2012
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    Even better - 6% on streaming services. :cool:
     
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  6. CysRage

    CysRage Well-Known Member

    Oct 18, 2009
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    Right you are! 6% is pretty dang good if you are a cord cutter.
     
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  7. Dopey

    Dopey Well-Known Member

    Nov 2, 2009
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    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
     
  8. GrappleCy

    GrappleCy Well-Known Member

    Aug 7, 2018
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    Rewards or not, never use a debit card. If fraud happens a debit card is your money on the line. A credit card is the banks money. The only thing a debit card should be used for is the ATM.
     
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  9. cowgirl836

    cowgirl836 Well-Known Member

    Sep 3, 2009
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    if you ever travel much, Discover doesn't seem to be widely accepted in the UK/Canada.
     
    • Informative Informative x 1
  10. mkadl

    mkadl Well-Known Member

    Mar 17, 2006
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    NOPE
     
  11. khardbored

    khardbored Well-Known Member

    Oct 20, 2012
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    I've decided to go with this 3 card strategy for the time being:

    • 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.
    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!

    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?
     
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  12. CycloneNorth

    CycloneNorth Well-Known Member

    Mar 29, 2010
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    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?
     
  13. DSMCy

    DSMCy Well-Known Member

    Feb 1, 2013
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    That will ding your credit score, closing an account that soon.
    If there's no annual fee, you might as well keep the account open. No real downside there.
     
    • Agree Agree x 1
    • Disagree Disagree x 1
  14. matclone

    matclone Well-Known Member

    Nov 13, 2016
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    Well, 1. anytime you apply for new credit, such as this offer, it dings your credit score. It may not be a major hit, like not paying on time, but there is a ding. The ding may not matter if your credit is good otherwise. 2. Is the $200 bonus worth your time and energy? 3. Would you be tempted to "buy more" or buy something you might not otherwise get in order to satisfy the $500 by February requirement? If so, I would question it's utility.
     
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  15. CysRage

    CysRage Well-Known Member

    Oct 18, 2009
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    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.
     
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  16. khardbored

    khardbored Well-Known Member

    Oct 20, 2012
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    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
     
  17. CycloneNorth

    CycloneNorth Well-Known Member

    Mar 29, 2010
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    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.
     
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  18. khardbored

    khardbored Well-Known Member

    Oct 20, 2012
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    Ha! I also have an iPhone 5! (mine is just a 5, not even a 5s!) It's hanging in there ... barely!
     
  19. stvfarmboy

    stvfarmboy Member

    May 20, 2006
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    Traffic Engineer
    Ames, IA
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    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.
     
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  20. khardbored

    khardbored Well-Known Member

    Oct 20, 2012
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    Awesome, thanks!
     

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