Does a 4% CashBack card toward Groceries exist??

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17thWhitePrince
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Does a 4% CashBack card toward Groceries exist??

Postby 17thWhitePrince » Fri Sep 09, 2016 5:14 am

So I've had the Amex BCP for about six months now and I have no real issues with the card. It's been great really. However amex did raise the annual fee to $95 and tho it won't hit me for a bit, I've already done the math and I've crunched the numbers and I'm gonna be just barely above the Blue Cash Everyday card and I'm wondering for future reference' sake if any cash back card out there offers 4% toward groceries year round with no AF
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|EX 738 | TU 742 |

In 2016 I've increased total CL by $21,000
Only c/c not shown is 'ArtVan' which will be cancelled once it is paid off by Feb 2018

2017 Possibilities - Discover It 'NHL' (or just a Discover It) & Huntington Voice Rewards World MasterCard


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CarefulBuilder14
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Re: Does a 4% CashBack card toward Groceries exist??

Postby CarefulBuilder14 » Fri Sep 09, 2016 9:43 am

Sallie Mae Rewards was close...but it's been closed to new applications for about a year. 5% on $250 of groceries per month, no AF.

Keep in mind an extra 1% on $6k per year is only $60. That's small potatoes compared to a nice bonus.

Sometimes Amex takes longer than 12 months to increase everyone's annual fee, so it's possible (far from guaranteed, though) that you'll pay $75 in March/April 2017...but you will definitely face the AF hike eventually.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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Re: Does a 4% CashBack card toward Groceries exist??

Postby Bacon » Fri Sep 09, 2016 3:18 pm

The closest card I know of is the Bank of America cash rewards, which I think you have, - but here is the but. You need to qualify for the top tier of their preferred rewards program to get a 1.75x bonus on top of the typical 2% cash back on groceries. So that is 3.5% cash back on groceries. To qualify you need 100,000 of balances of stock, CDs, etc at Bank of America. A high hurdle. You can get a 1.25x bonus with 20,000 of balances.

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Re: Does a 4% CashBack card toward Groceries exist??

Postby CarefulBuilder14 » Fri Sep 09, 2016 5:42 pm

Bacon wrote:The closest card I know of is the Bank of America cash rewards, which I think you have, - but here is the but. You need to qualify for the top tier of their preferred rewards program to get a 1.75x bonus on top of the typical 2% cash back on groceries. So that is 3.5% cash back on groceries. To qualify you need 100,000 of balances of stock, CDs, etc at Bank of America. A high hurdle. You can get a 1.25x bonus with 20,000 of balances.

If you have $100k of cash laying around, it's not hard to earn about 1% on a savings account. I get 0.95% at Discover. BofA pays 0.06%, last I checked.

If you have $100k in other securities, there are other promotions to enjoy. $100k at e*trade for 6 months pays $500 cash.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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17thWhitePrince
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Re: Does a 4% CashBack card toward Groceries exist??

Postby 17thWhitePrince » Fri Sep 09, 2016 11:17 pm

Yeah I do have a BofA CashRewards Visa but I don't have an extra 100k (or 20k for that matter) just lying around.
Wish I did ..but I don't.

At the beginning of this year I was actually planning to start investing come next year
..but my financial situation isn't the greatest ..so yeah that's now on the backburners for another year at least =(



Ps. Where's that red 'Staples' button at .. cuz .. I'd like to press it lol
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|EX 738 | TU 742 |

In 2016 I've increased total CL by $21,000
Only c/c not shown is 'ArtVan' which will be cancelled once it is paid off by Feb 2018

2017 Possibilities - Discover It 'NHL' (or just a Discover It) & Huntington Voice Rewards World MasterCard

kdm31091
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Re: Does a 4% CashBack card toward Groceries exist??

Postby kdm31091 » Sat Sep 10, 2016 8:23 am

There really are not many (if any) grocery cards besides BCP that pay more than 2-3%.

takeshi
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Re: Does a 4% CashBack card toward Groceries exist??

Postby takeshi » Tue Sep 13, 2016 7:52 am

17thWhitePrince wrote:I've already done the math and I've crunched the numbers and I'm gonna be just barely above the Blue Cash Everyday card

If that's the case then you were probably barely above the BCE before the AF hike.

How much of a gain in dollars is 1% for your spend anyway? Is that amount worth worrying over? As CarefulBuilder14 points out above, even at the $6K cap for the BCP, 1% is only $60 for the year.

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17thWhitePrince
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Re: Does a 4% CashBack card toward Groceries exist??

Postby 17thWhitePrince » Tue Sep 13, 2016 11:54 pm

takeshi wrote:If that's the case then you were probably barely above the BCE before the AF hike.

How much of a gain in dollars is 1% for your spend anyway? Is that amount worth worrying over? As CarefulBuilder14 points out above, even at the $6K cap for the BCP, 1% is only $60 for the year.

I'm just looking to maximize my return on CB that's all. At worst before the hike I was gonna make $112 at the end of the year after AF was paid but now going forward that number shrinks to $92 after AF and with the BCE I could make $93 with no AF. I know that's the numbers for lowest spend possible but still I take that into account. Sure as my income increases I'll be able to increase spend on groceries as needed thus increasing my return. At end of years I would like to combine my CB and use it for like a weekend getaway or whatever with my family. I work anywhere between 50 & 60 hours a week just to cover the expenses and pay the bills. I barely make enough for even that. For you $20 dollars might not mean so much but to me it means a lot more.

(smiley-face)
ImageImageImageImageImage

|EX 738 | TU 742 |

In 2016 I've increased total CL by $21,000
Only c/c not shown is 'ArtVan' which will be cancelled once it is paid off by Feb 2018

2017 Possibilities - Discover It 'NHL' (or just a Discover It) & Huntington Voice Rewards World MasterCard

Bacon
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Re: Does a 4% CashBack card toward Groceries exist??

Postby Bacon » Wed Sep 14, 2016 10:31 am

CarefulBuilder14 wrote:
Bacon wrote:The closest card I know of is the Bank of America cash rewards, which I think you have, - but here is the but. You need to qualify for the top tier of their preferred rewards program to get a 1.75x bonus on top of the typical 2% cash back on groceries. So that is 3.5% cash back on groceries. To qualify you need 100,000 of balances of stock, CDs, etc at Bank of America. A high hurdle. You can get a 1.25x bonus with 20,000 of balances.

If you have $100k of cash laying around, it's not hard to earn about 1% on a savings account. I get 0.95% at Discover. BofA pays 0.06%, last I checked.

If you have $100k in other securities, there are other promotions to enjoy. $100k at e*trade for 6 months pays $500 cash.



Yes, Merrill Lynch was running the same program to get brokerage accounts, they paid up to $600 to move accounts to them. Which is how I became aware and a part of the Bank of America preferred rewards program.

kdm31091
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Re: Does a 4% CashBack card toward Groceries exist??

Postby kdm31091 » Thu Sep 15, 2016 8:18 am

17thWhitePrince wrote:
takeshi wrote:If that's the case then you were probably barely above the BCE before the AF hike.

How much of a gain in dollars is 1% for your spend anyway? Is that amount worth worrying over? As CarefulBuilder14 points out above, even at the $6K cap for the BCP, 1% is only $60 for the year.

I'm just looking to maximize my return on CB that's all. At worst before the hike I was gonna make $112 at the end of the year after AF was paid but now going forward that number shrinks to $92 after AF and with the BCE I could make $93 with no AF. I know that's the numbers for lowest spend possible but still I take that into account. Sure as my income increases I'll be able to increase spend on groceries as needed thus increasing my return. At end of years I would like to combine my CB and use it for like a weekend getaway or whatever with my family. I work anywhere between 50 & 60 hours a week just to cover the expenses and pay the bills. I barely make enough for even that. For you $20 dollars might not mean so much but to me it means a lot more.

(smiley-face)


Of course, note that with the Amex cards, you cannot redeem $20, so it may as well not exist! You can only redeem $25, $50, $75, etc in those increments so you will always have some rewards you cannot redeem. Keep this in mind when deciding the value.



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