Older threads were dead.

I wanted to post this in OS since most of us (in theory) have been out of school for a while, established some credit, and have access to higher ranks of credit cards because of good credit.

I would like a card with cash back rewards instead of a point system, because I have one card now (through CitiBank) that is a reward program and I rarely use it.

I've tried to find some reviews online, but also wanted to get some real world experience from some of yall.

This can also turn into a "Best Credit Card" thread as well if needed.

2/18/2008 1:30:47 PM

Citi rewards is a good one.

2/18/2008 2:17:15 PM

Citi Platinum Dividend was the best but they cut their cashback rate. I'm not completely sure what it is now.

2/18/2008 6:45:28 PM

if you have usaa you can get their black amex and it gives you 5% back on everything right now, interest rate is 9%, huge credit limits

2/18/2008 9:47:53 PM

^ thanks,im gonna have to check that out

2/19/2008 7:04:57 AM

^^ ok thats not even remotely accurate.

its:

Quote :

"5% cash rebate on your first $650 of gas, grocery and dining purchases each month for the first year"

after that its like .35% and scales up to a total of 1.5% (woo-hoo) of everything you spend over $15k.


https://www.usaa.com/inet/ent_utils/McStaticPages?key=bank_credit_cards_amex&order=1,7000&offerName=pubHomeBnr_creditcard_AMEXdoublepts

2/19/2008 7:15:32 AM

I just got a chase business


3% Cash Back** for purchases at restaurants, gas stations, office supply stores, building supply stores, hardware and home improvement stores
1% Cash Back on all other purchases

**20K Max

2/19/2008 8:42:44 AM

Good timing

7 ways to spot unrewarding rewards cards

http://bankrate.com/brm/news/cc/20080219_rewards_card_terms_a3.asp

2/19/2008 8:46:39 AM

I like the Amex Blue Cash...

For the first 6500, it's not that great. 1% (gas/groceries/drugs) and 0.5% (everything else)

After 6500, it's 5% (gas/groceries/drugs) and 1.5% (everything else)

2/19/2008 9:43:55 AM

Quote :

"For the first 6500, it's not that great. 1% (gas/groceries/drugs) and 0.5% (everything else) After 6500, it's 5% (gas/groceries/drugs) and 1.5% (everything else)"

thats pretty decent...I assume that 6500 is yearly, based on your join date?

2/19/2008 10:46:13 AM

Yes, it's yearly. I dunno when your year starts... but I'm guessing it's based on when you sign up.

2/19/2008 4:10:35 PM

I got a Blue Amex Cash just for big purchases. I bought 7k in new furniture and put it on that. Thats about all that I've done with it.

Does it help your credit to have a card that you never use?

2/19/2008 8:09:02 PM

Yes, especially if its old.

2/19/2008 10:47:28 PM

Costco AmEx TruEarnings Personal Card has 3% back on Gas

This new benefit on the Personal card started in Feb. I had gotten a mailer about it but couldn't confirm it on the web-site before. It is there now:

http://www.costco.com/Service/FeaturePage.aspx?ProductNo=11264812&cm_re=1-_-Right_Nav-_-Amex

The Business card has 5% back on gas as before.

Note that if you have old Costco AmEx card, you can switch to this card just but calling them.

2/20/2008 1:20:02 AM

I've been toying with the idea of buying everything for my house that I'm planning to build with a credit card and then transferring the balance to one that does interest free for 12 months so that I don't have to make interest payments on a credit card.

I think I'm too scared to attempt it though.

2/20/2008 5:59:06 AM

I use the BP Visa...5% on BP/Amoco gas, 2% travel&dining, 1% everything else, with no max, and rebates are awarded whenever you want (and have $25 increments). The really nice thing is for the first 60 days you get double rebates, so you get 10% on gas, etc for the first 60 days. and they also sent me $75 in BP gift cards when I signed up, but I'm not sure if they do that anymore.

2/20/2008 9:05:38 AM

Quote :

"I've been toying with the idea of buying everything for my house that I'm planning to build with a credit card and then transferring the balance to one that does interest free for 12 months so that I don't have to make interest payments on a credit card."

how much $ you thinking?

they'll get you on the balance transfer fee. its like 3% or something like that.

2/20/2008 9:06:35 AM

Yeah, but it's usually capped at $75.

2/20/2008 9:47:08 AM

oh ok if thats the case then no biggie.

here's the latest reward card roundup: http://bensbargains.net/deal/56715/

Looks like the Citi® Diamond Preferred® Rewards Card is the best, with 5% on gas/groceries/drugs but the catch is you only get the 5% for 12 months, then its 1% after that.

2/20/2008 9:54:00 AM

^that's POINTS, not cash back, I doubt 100 points = 1 dollar, and most likely it will come on a gift card of some sort.

Pretty much all cash back cards are 1% cash back.

I have a REI Visa that's 1% cash back, 5% rebate on REI purchases, plus the full member dividend (10%) on REI purchases.

I also have the CostCo AMEX, 3% back on gas, 3% back on restaurants, 2% on travel, 1% cashback everywhere else.

I also have a CapitalOne NoHassle Miles card, 1.5 miles for every dollar, flights as low as 15,000 miles to 35,000 miles, no blackout dates, any airline, no expiration of miles, no annual fee.

All of these are no annual fee, but some require excellent credit.

[Edited on February 20, 2008 at 8:50 PM. Reason : /]

2/20/2008 8:46:33 PM

Chase Freedom on Cash:

3% cash back at the top 3 types of places where you spend the most each month.

1% cash back on ALL other purchases.

Let your cash back reward build up to $200 before redemption and redeem for $250.

Based on my spending, that last statement will represent the equivalent of a 25% return in less than two years. That is not something they advertise much, but if you are restrained enough to let the bonus build-up, that's the best game in town. My father has already done it once, and I am almost there (~$175 balance at last statement).

2/20/2008 10:10:52 PM

Wow. That's pretty tasty. Do they ever expire? Any annual fee?

2/20/2008 10:36:08 PM

I can't fathom having more than one credit card. I'm a simple man.

2/20/2008 11:16:54 PM

Both of my MasterCards were shut down today because of a "massive compromise".

They said they don't know what happened, the police just called them with a list of numbers and told them that they'd been compromised. Hopefully my replacements will get here soon.

2/21/2008 12:37:31 AM

^^^^I have that card as well...not a bad gig at all

2/21/2008 1:12:58 AM

^5x

That may be the one I check into then

So do they basically look at your statement each month, and pick the top three places that you've spent the most and credit 3%? Or do you have to specifiy (almost like a "my circle" type deal) what 3 places you'd like to earn cash back from?

Is it also a genre, or specific place? If I spend $100 at Food Lion, $200 at Harris Teeter, and $300 at Fresh Market, would those count as my three highest, or would "grocery store" become my top spot with $600, and two other types below that?

2/21/2008 8:31:57 AM

^You don't have to pick the 3 categories, it is done automatically. BUT there is a list of categories that are eligible, so not all purchases are eligible for 3% cash back.

and it is done by category. A grocery store is a grocery store, a bookstore is a bookstore. Some places might not be coded correctly, however so watch out for that. If this particular Harris Teeter didn't register themselves as a grocery store, it might just show up as "merchandise" and you won't get the 3%.

for me, the Freedom card is extremely hit or miss when it comes to getting all the cash back you deserve. YMMV.

Quote :

"how much $ you thinking? they'll get you on the balance transfer fee. its like 3% or something like that."

if he does it with a Citi card, they usually don't have a transfer fee on their 12 month offers.

Quote :

"of a 25% return in less than two years."

huh? might wanna check your math.

ALSO, it's not a cash back card but I'm going to continue to pimp the AmEx Starwood card. It's got (by far) the most flexible rewards system. Can redeem points for cash, gift cards (better exchange rate), frequent flyer miles on (almost) ANY airline, free nights at their hotels etc etc. For me it's just as good as cash, cuz I like to travel.

2/21/2008 9:59:55 AM

[Edited on February 21, 2008 at 10:41 AM. Reason : ]

2/21/2008 10:16:28 AM

^^

Quote :

"for me, the Freedom card is extremely hit or miss when it comes to getting all the cash back you deserve. YMMV."

could you elaborate? Do you mean because of the categorization of places you shop, or they just aren't giving you the correct percentage?

2/21/2008 10:28:20 AM

I've heard the same thing b/c of the way some stuff is categorized.

2/21/2008 10:35:59 AM

With some extra work, can you modify how things are sorted either online or by calling a Chase rep?

2/21/2008 10:44:57 AM

I doubt it. Then you could fraud the system.

2/21/2008 10:47:21 AM

ah, true

2/21/2008 11:06:15 AM

no, it's entirely up to them + the retailer. And they aren't going to change anything if you call in. For some reason, Chase seems to be the worst when it comes to getting their categorizations straight.

I used a Freedom for 2-3 months, and the cash back never added up correctly so I stopped using it. I never really tried to break the bill down to figure out what happened, I just know it wasn't right (and most of the time it was off by a lot).

On top of this, it may seem that there are lots of eligible categories that get 3%, but the reality is that there are other cards which cover these categories and offer more than 3%. So if you don't mind carrying more cards, I would recommend going that route. My general breakdown:

Citi mtvU - 5% on restaurants, bars, record stores, bookstores (Citi ThankYou points)
Chase Cash Rewards (now discontinued) - 5% on Gas, groceries, drugstores (Cash)
Advanta Business - 5% on utility bills, office supplies, computer supplies (Cash)
Starwood Amex - anything that doesn't fall in these categories.

2/21/2008 11:13:05 AM

Quote :

"Wow. That's pretty tasty. Do they ever expire? Any annual fee?"

No annual fee. I think they start to expire on a month-by-month basis if you have not redeemed them within 2 (or maybe 3) years.

Quote :

"A grocery store is a grocery store, a bookstore is a bookstore. Some places might not be coded correctly, however so watch out for that. If this particular Harris Teeter didn't register themselves as a grocery store, it might just show up as "merchandise" and you won't get the 3%."

It can work the other way as well, though probably less frequently. There was a Wal-Mart Supercenter around here that was coded as a grocery store, so got 3% back on a new DVD player. I think they wised up.

Quote :

"huh? might wanna check your math."

I was attempting to show that leaving your reward balance unredeemed until it hit $200 was probably a better investment than redeeming four times @ $50 each and trying to earn the extra $50 somehow. $200 + 25% = $250. What's wrong with that math?

2/22/2008 1:49:31 AM

oh ok. I wasn't really too sure what you were saying.

Re: Walmart being mis-categorized. The Citi mtvU card I mentioned has ALL Amazon purchases coded as bookstore, so I et 5% on anything there (best. card. ever)

2/22/2008 7:31:23 AM

Interesting. Still, I'd prefer not to juggle multiple cards because I won't be able to build up sizable redemption amounts before the points start expiring. Plus, my wallet is already jammed full of crap. I feel like George Costanza.

2/23/2008 12:04:32 AM