OT: Best Rewards card....
Wondering if there is a better one out there than what i have.....
Speedy Rewards Credit Card.
- upon issuance of card, if you spend $500 within 3 months (and make the payment) you received 25k free points.
- each $1 spent at Speedway gives 50 points
- each $1 spent elsewhere gives 10 points
- turn in 128,000 for $100.00 (vanilla visa card).
- tons of bonus points - for example, each month i pick a perk that gives 100 points for each fountain drink (i refill a 32 ouncer that costs .69 - and my 7th one is free).
Point rack up fairly fast. I seem to get between $200 and $300 a year free - which buys me 2 nice 10' kayaks on black friday, or a 55" LCD on black friday each year.
Anyone have a better rewards card?
Citi Double Cash Card - you get 1% when you buy an item and 1% when you pay it off so a total of 2% on all purchases. Card has no fee.
Coupled with that we use our Sam's Club MasterCard which gives 5% for gas and 3% for travel and dining. Included with Sam's Club membership, and no foreign exchange fees when used overseas. Also have a Costco Visa Card which is similar, think it is only 4% back on gas.
Odd, same exact combo here. 2x cash and Sam's. Minimum of 2% on everything you buy is several $100 each year between the two.
What if you don’t want to pay it off?
Then you shouldn't be using a credit card at all, they have astronomical interest rates. If you are carrying a credit card balance you should look at getting a personal loan from a bank and using that to pay it off.
Same here, except I also use the Fidelity Rewards card which also returns 2% on all purchases. The statement closing dates for the Citi Double Cash is 2 weeks after the Fidelity Rewards, so I stop using both cards 2 weeks after the new statement period begins, and I get a full 6 weeks of grace period on each. $615 rewards on these cards in 2018.
Also, Amazon Rewards Card returns 5% on all Amazon purchases.
These are the two that I use:
- Alliant Credit Union Visa Signature: https://www.alliantcreditunion.org/bank/visa-signature-card. You get 3% back on ALL purchases in the first year, and then 2.5% back on all after that. No need to mess with points, can take your reward as cash or a statement credit.
- Amazon Prime: 5% back on all Amazon purchases.
Came here to recommend Alliant Credit Union Visa Signature. We prefer to have one card where we do all of our transactions and 3% cash back is pretty compelling.
As an FYI, the annual fee went up to $99 for new cardholders after year one. This means that you need to get about 20k on the card each year to make money over a 2% card.
Hopefully, Alliant grandfathers you!
They don't, at least from my experience
https://thepointsguy.com/cards/
https://www.doctorofcredit.com/credit-cards/
https://www.nerdwallet.com/credit-cards?trk=nw_gn_4.0#
$200-$300 in rewards yearly seems a little low if you're looking for the ideal 'best card', but obviously the amount of money you spend dictates your rewards potential.
For somebody who is fiscally responsible (pays off entire credit card balance monthly), I can never wrap my head around those who insist on using a debit card. The rewards and 0 fraud liability of a credit card are always going to be better than a debit card.
EDIT: As below poster pointed out, many of the card comparison sites get paid based on sign ups. However, they are good as a starting point to quickly compare multiple cards and their rewards. You will have to do a little deeper investigation and calculations of your own finances to ultimately find the best card for your situation.
I personally would stay away from the points guy. Travel reviews are decent but they tend to push the card where they get paid the most not the best earning cards
Totally agree with you, but it is a good starting point to quickly compare multiple cards. Any of the sites that compare cards (Nerd Wallet, etc.) are all going to have some bias based on who pays them to endorse their card.
yeah thats true. I find DoC to be the one who provides the best non-biased information.
Also there is the reddit route as well, but depending on which sub you go to it can be a tough crowd
I've had some darkly enjoyable conversations with debit card users. Unless it's your only option, I'll probably judge you harshly if you use one.
For debit cards, totally depends on your financial institution. Some providers offer some % increase in account interest rate if you have minimum of X transactions /month.
Make those small transactions at a trusted merchant and well worth it.
Jesus, sounds like I need a Speedy Rewards Card.
Best I have is my Starbucks card/app that gets me a free coffee every now and then.
I'm currently in the midst of getting every credit card available, doing whatever is necessary to qualify for their bonus, and then cancelling the card afterwards. I literally have not paid for an airline ticket in the past four years doing this and I travel three, four times a year for pleasure.
The next free thing I'm taking is money from banks. Citizens bank here in Northern Ohio offered a $600 bonus if you direct deposit more than 3K and then let the money sit for three months. I'm no math major but I'm pretty sure that works out to about a 25% rate of return on my 3k investment. Fifth Third offered $250 for opening a checking account and then making two additional deposits of $100 and Key Bank offered $500 for depositing $2,500 in savings and letting it sit for four months. Once I hit the threshold I close the account and move the money back to my primary bank.
I mean if the people running credit cards and banks want to give me free air travel and money who am I to say no?
one warning, I would keep the cards open for a little bit. Cancelling a cared <1 yr old can get you on the card companies black list. Amex is really spiteful about that and chase is becoming spiteful.
Strategy is good just don't close immediately
This isn't totally true. You can read about the Chase 5/24 rule ad nauseam if you want, but past that there isn't a "black list".
And if you're worried about credit scores, credit length is only a minor factor in your credit score. Available credit is a much bigger factor, so having more credit cards is a benefit even if you close them regularly.
go ahead and good about "chase shutdowns" and "amex pop-up"
Yes 5/24 is the prevailing binding constraint but they do close out people from time to time. Again Amex is the toughest, but I wouldn't view chase as totally blind
I can only speak from my experience, but I have opened and closed probably 20 credit cards in the last 4-5 years and I've not experienced anything like you describe. I do think it's safe to say this is only an issue for people who are really gaming the system and that doesn't sound like what the OP was asking about.
I fully agree. I have done fairly high volume as well. Not trying to say it will be a guarantee, just saying that pacing yourself and not closing cards immediately after bonus would be wise as banks have increased the scrutiny on this over the last few years.
Yes the OP was not talking about this and this likely will not be an issue for them, just putting a warning out there to all on the board that before they just start opening and closing they should understand the difference nuances of banks and how likely they are to get burned by some.
Chase is easier to get out of the penalty box, but it sounds like once you get an Amex pop-up its a long way back to getting bonuses from them.
Good point!!
Available credit can hurt your score. As I understand the process, the maximum credit available for each card, regardless of your credit balance, is summed and if it is too high for your income, your credit score drops.
opposite. more credit is good. You want your utilization to be quite low.
Some banks if you have too much credit with that singular bank they will cap you, but overall across all banks, more available credit is better
It's not that simple. Here's a link to a good summary:
it is actually that simple. they note quite clearly that too many cards is only bad if:
- You have so many payments that you haven’t been able to keep up with all them
- Your outstanding debt is more than 30% of your total available credit
- You have added too many cards in too short a time
- You lack diversity in your credit accounts
The above is true no matter the number of cards you have. If you miss payments, have too much outstanding or open a lot of cards that is bad. recent inquiries is its own category.
I have more cards open than I can even remember and my score is generally in the 800s. So long as you are not paying fees, and pay your balance in full, there is no reason to close a card. Closing a card does not help your credit. At best its neutral, at worst its a decrease because it lowers your available credit and potentially AAoA
Amex can go fuck themselves. They tripled the interest rate on my card back in 08 for no reason other than "we need money so fuck you, read your terms and conditions". I carried a big ass balance on that card and had to scramble to avoid paying 25% interest. Which was unheard of back then unless you had shit credit, but is apparently normal now.
Cunts.
Tou may have overreacted. If this happens, call the CC company and inform them that you do NOT accept the revised terms and are therefore closing your account. They have no choice but to comply and you’ll be obligated to pay off the balance at the “original” interest rate. They can’t force a new rate on you.
Well thats not entirely true, it depends on your original T&C. You may have a card that is Prime rate based, or a variable APR, and so as that rate changes the rate on your card will as well. If you have a fixed rate card and they re-price you thats different, but all that has changed due to the CARD act.
And I am guessing that they raised rates because they notice that people that had balances were defaulting at an abnormally high rate, financial crisis and all, so the risk / reward had to be adjusted. Charging 8% interest with a 15-20% default rate won't end well for them.
Maybe this is a wives tale, but I had always heard it's best to not close the account at all because your credit score looks at how much $ you have available to you in aggregate.
That’s true it’s a balancing game though. Available credit is good for your score. Too much available credit at one bank may cause them to cut limits.
You should always close a card that has a fee that you don’t use, best option is to usually downgrade to a no fee card. Average age of accounts is also a factor. That is a smaller factor though compared to credit utilization.
This. At least regarding credit cards, bonuses are where it's at. If you generally spend >$3k on credit cards in 3 months, look for cards that offer no annual fee for the first year and a generous bonus. For example, there are regularly 100k point bonus offers for AmEx and Chase credit cards. Chase in particular is lucrative because you get a discount on travel, so 100k points ends up with about $1,250 in travel value when you book through their site.
Points guy (linked above) is a good place to review what good deals are available right now.
All of this assumes good credit.
warning on the chase site; some times the prices will be higher on their end then they would be at orbitz. Its still better because its points vs. money out of pocket but don't always assume its a better deal.
Also see my note above on the points guy
FWIW these are all no fee cards for the first year. I cancel them once they try and levy an annual fee which I avoid.
I spend a LOT monthly on credit cards and pay the bill, in full, every month. It literally seems like once a month either Chase or Citi or Capital One or Bank of American wants me to have a card from them. So I take it.
Recently Citi offered me 100,000 miles on American for spending 6K in three months and then turned around and offered my wife 100,000 miles on American for spending 6K in three months. So we got both cards, both rewards and are now flying first class to Antigua to celebrate our 10 year wedding anniversary next December compliments of Citi Bank.
as you should your playing it the right way. usually if you cancel after the AF hits within 30 days they will fully refund you. Cancelling right after you get the bonus could draw attention.
citi is the one that you can apparently do again and again and again so long as they are mailing you the offers.
well done and enjoy the trip!
I'm currently in the process of picking up 60,000 bonus miles from AA for spending $3000 in three months. I think that they offered me $16,000 in credit. I called and reduced that down to $2500 to optimize my amount of available credit (already have sufficient credit available on other cards). After I spend the $3000, I'll throw the card in a drawer until the end of the year and then cancel it sometime before I hit the one year mark next spring (and avoid the annual fee). 60,000 points should be worth two plane tickets.....or $700 - 800 on my normal travel.
I've always been a fan of the Marriott card. They were recently offering 80,000 bonus points. I rarely have to pay for hotels and that saves about $150 each time.
it really depends on a lot of factors. How much do you spend and where? Do you want cash or points. Do you want one card that does it all or are you happy to spread it out. Do you have any investments you can move to a bank (BofA and Chase will give CC points if you have some brokerage accounts there). Are you willing to pay a fee
The short answer is whatever it is you should be getting at least 2% back on everything.
As someone noted the citi 2% is a good baseline. If done right you can easily get to 2.5%+ on average if not higher depending on where you spend the most. May not sound like a big difference but on your annual spend it adds up
If you fly United, I recommend their Club Card. It's got a hefty annual fee, but it has outstanding perks. You get what you pay for.
Those points are less than 1/10 of 1 cent when redeemed for gift cards (100/128,000). That means you are at basically under 5% at Speedway and under 1% everywhere else.
Generally, points are worth between 1 and 2 cents per point, so its a bait and switch. Unless you have a semi fleet, its a bad call.
If you want no annual fee consider some of the following:
Citi Double Cash- 2% on everything
Costco Visa or PNC Cash rewards- 4% at ANY gas station
Uber Visa- 4% on dining
Amex Blue Cash or B of A Cash card - 3% groceries.
This is a great tip. However, remember Speedway does give a ton of bonus points out for other things. But overall, i think you are correct that they 2% on everything may indeed be better.
Ultimately, the best card will be determined by your spending pattern and annual fee tolerance. A solid 2% base card will always have a role for categories that don't normally have bonuses (utilities, miscellaneous shopping) and will limit the total number of cards you need because any card that doesn't give 3% in a major spend category won't be worth keeping.
Ive used amex blue cash preferred for 5+ years now. The $99/yr fee ends up paying for itself because I’m getting 3% on gas and 6% on groceries. I know some other rewards cards get better perks, but amexs customer service keeps me around. They take good care of you
I use a Bank of America Cash Rewards card. If you have enough money with them (I have my IRA at their broker arm Merrill Lynch) you get a 75% bonus and you can set your categories so I get...
5.25% (3% plus 75% bonus) on all online purchases
3.5% (2% plus 75% bonus) on all groceries
1.75% (1% plus 75% bonus) on everything else.
No annual fees, no churning cards, no trading in points, just simple cash back.
you should consider pairing that with the premium rewards card. It has a small fee but I bet you out earn the difference on your spend. I think their everything else would be 2.625% after the 75% bonus. Breakeven on that category alone is about 1100/month. Food for thought
Big fan of the Chase Sapphire Reserve depending on your budget and definition of a rewards card. The annual fee is steep at $450 but you immediately get $300 back in travel credit. The sign-on bonus is 50,000 points which is $500 but turns into $750 if spent on travel (1.5% point redemption). Point accrual is 1 for every dollar spent and 3x on Travel and dining and no foreign transaction fees. Its a good place to store points for an "emergency fund" trip as well.
if going this route definitely pair with a freedom and freedom unlimited. well worth it
I use the Chase product line for most my spending (when not needing to meet a new sign up bonus) which works well when paired with the Sapphire Reserve.
- Sapphire Reserve: 3% on travel and dining
- Freedom: 5% on rotating categories
- Freedom Unlimited: 1.5% on every purchase
- Chase Ink Cash (Business Card): 2% on gas and 5% on cable/internet
The Sapphire Reserve gives a 1.5x multiplier when redeeming for travel and you can transfer points between cards. With this stack the lowest you would ever see is 2.25% cash back (when redeemed for travel).
I use Chase Sapphire Reserve and the annual fee is a bit eye-popping until you realize it is knocked down to $150 (provided you use $300 in travel each year, which their definition includes Uber, Lyft, etc. in addition to, say, airfare and hotel).
I pair this with the Freedom card (with rotating 5% rewards). It works for me. So far I paid for two tickets from Detroit -> St. Thomas and am already back up to about $900 in travel credit.
Two things I would add though: I put everything on my card and then pay the balance in full each month, and I also get to expense a decent amount from work (I pay up front with my card and get the points and then get reimbursed on my next paycheck), that really helps with this card.
If you don't do a lot of travel, but do a lot of eating out and entertainment, the Capital One Savor card looks good. It has unlimited 4% back on dining and entertainment, 2% back on groceries, and 1% back on everything else. The fee is $95 / year. The intro offer isn't the best ($300 in cash if you spend $3000 in the first 3 months).
Shh we don't want airport lounges to get more crowded.
If you have a relationship with Bank of America (checking/savings account, or investments including IRAs with Merrill), their cash rewards card is really great for a no-fee card.
It’s 1% back for purchases, but 2% back for groceries and 3% back for a category of your choice that you can change every quarter (categories include travel, restaurants, home improvement stores, gas, drugstores, and a few other things). Furthermore, depending on the extent of your relationship with BoA/Merrill, you get between a 10% and 75% bonus if you deposit your cash back into an account you have with them.
So, for example, if you know you’re going to do some significant home improvement this summer, as we do, then we can get 5.25% back (3% plus the 75% bonus) on those purchases. In the fall, as we purchase ticket for holiday travel, we can switch to travel as our preferred category and get 5.25% back there. 3.5% back on groceries is also hard to beat, and 1.75% back for other purchases is solid, although we typically use other cards that give bonuses for spending a certain amount in a year. And as my wife and I both have a card, we can effectively choose two categories any quarter. I think they recently announced an MLB-affiliated MasterCard with the same reward scheme, so it’s possible we’ll each get those as well and essentially have four categories at 5.25% assuming we’re allowed to have both their Visa and MasterCard.
The sign-up bonus is typically $200-$300 back after spending only $500 over 3 months, so that tends to be a good deal too, even if you don’t have a Bank of America relationship.
EDIT: Nickel agrees above, apparently.