Are the rewards worth the interest?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
4 posts
pc510
 
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Are the rewards worth the interest?

Postby pc510 » Fri Dec 07, 2012 11:50 pm

Hello everyone,

I have been using chase freedom for about 2 years now. It was great for the first 6 - 10 months but lately since I haven't been using it as frequently I haven't been accumulating any rewards at all and am thinking it may be time to move on because with this freedom I don't think the rewards are worth the interest.

I am new to credit cards, but not a complete stranger. I have had two cards for the past five years and am sure I have a good payment history. I was wondering if anyone could recommend a solid overall card for me. I am a 24 year old PhD student and am not really looking for rewards or low interest or anything like that. I am looking for a good overall card that is a bit better than Chase Freedom.

Thanks everyone. Please forgive my ignorance here!


FutureBillionaire
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Postby FutureBillionaire » Mon Dec 10, 2012 1:32 pm

Rewards are negated if you pay interest. Charge just what is in your budget. You may want to charge just gas purchases and other staples until you get to the point you can pay your balance in full every month.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

silver6054
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Postby silver6054 » Mon Dec 10, 2012 1:39 pm

FutureBillionaire wrote:Rewards are negated if you pay interest. Charge just what is in your budget. You may want to charge just gas purchases and other staples until you get to the point you can pay your balance in full every month.


Right. And then, best credit card for you will depend on your purchasing profile. Generally, for common categories such as groceries, gas, dining, you can get cards that offer up to 5 or 6%back , either all the time or for rotating quarters. There are also other types of card that will give 1.5-2% on all purchases. As these have no annual fee, they make good choices for those who don't heavily hit specific categories.

But as FB says, avoid interest, and often, unless you can justify it with savings, avoid annual fee cards.

MemberSince99
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Postby MemberSince99 » Fri Dec 14, 2012 12:41 pm

You say you don't care about rewards or low interest but want a 'better" card than Chase Freedom. Better as in...how? I guess what is it that you don't like about Freedom and what part of that do you want to be better?

Freedom is honestly a very good card. But for us to make any recommendation we have to know what it is you want improved.



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