My new credit card

All about maximizing your rewards!
Members share tips and tricks for getting the most miles, & points.
9 posts
sweeper
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My new credit card

Postby sweeper » Tue Mar 18, 2014 7:25 pm

So i am looking for a credit card with no AF and my expenses should be anywhere from $2,000 + a month.

I will be using it for almost $600 in gas, $150+ for utilities like land lines etc, $300 + for restaurants/eating, and the rest for purchases of all sorts roughly.

I have spent 4 days and now i am drained!

I feel that a rewards card will have better/higher returns than a cash back card. For ex. if I spend $50,000 in 6 months, i feel the cash back might give me returns of only $500 where as i can get more from a rewards card.

Any tips or help?


MemberSince99
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Postby MemberSince99 » Tue Mar 18, 2014 9:47 pm

Because your spending is such a mix you pretty much need a mix of cards to get "optimal" amounts back in other words every single penny. I don't know of one card that is totally optimized for your spending in terms of getting back every possible cent.


If you insist on one card, with no annual fee, the Fidelity Amex at a straight 2% across the board could be your best overall bet, provided you can use Amex for your spending. Otherwise the US Bank Cash + card has categories and you could select gas and restaurants for your higher categories. The Fidelity card is BofA and will require at least good credit and the Cash + will require excellent credit with long history AND US Bank must be in your area. Also if you don't qualify for the card they may give you a downgraded card with a lower limit.


So trying to find that "perfect" card for what you want isn't so easy. It just depends. Both of those have no annual fee and might fit the bill.


If they don't, maybe just go for a generic card with 5% rotating categories like Chase Freedom and/or Discover IT. They are relatively easy to qualify for.


I think in the end if you are really worried about every possible penny you're just going to have to use multiple cards. Not necessarily a bad thing as 2 to 3 gets you the best score anyway.

linuxmachine
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Postby linuxmachine » Wed Mar 19, 2014 12:18 am

The only no fee card that earns points worth using is the amex everyday, and it's not available till April. All other cards accrue lesser point types. The other options are cobranded hotel or airline cards with no fee, but they are less flexible

beef.stu
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Postby beef.stu » Wed Mar 19, 2014 2:20 am

I agree with member that the way to get the best returns would most likely require the use of multiple cards. I think the US Bank Cash+ would be a good option if you would like to stick to a single card, as member also suggested, since you can pick your bonus cash back categories to suit your spending pattern
(01/10) - Wells Fargo VISA Platinum
(05/10) - Techron Advantage
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae WMC
(09/15) - Citi Double Cash WEMC
(09/16) - US Bank Cash+ VISA Signature

sweeper
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Postby sweeper » Wed Mar 19, 2014 2:32 am

I looked into the arrival but I'm hearing its mainly good for travelers only so not sure where that stands.

I also looked into the Chase Ink and Amex blue cash everyday as I heard its the best cash back card.

sweeper
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Postby sweeper » Wed Mar 19, 2014 3:04 am

Isn't the amex blue cash everyday the best cash back card currently? I read that and the chase ink are like heads up?

I'll look into the US bank Cash + I haven't checked into that one yet.

Also have interest in the barclays arrival if it isn't mainly only good for traveling. I don't mind an AF card because i heard sometimes they can void it if you they see you are on top of the card with great credit history. I am near 800 rating so i should be fine i believe.

takeshi
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Postby takeshi » Wed Mar 19, 2014 8:13 am

sweeper wrote:So i am looking for a credit card with no AF and my expenses should be anywhere from $2,000 + a month.

Definitely consider total cost versus benefit instead of just being AF averse or you run the risk of missing out on cards that might suit you. As indicated above, no one card will offer maximum rewards for all your spend so you need to determine where you're willing to compromise.

sweeper wrote:I feel that a rewards card will have better/higher returns than a cash back card.

Do the math. Don't rely on "feel". Look at how cards earn rewards (whether cash back, miles or points) and compare to your spend. You also need to look at how the rewards cards you're considering handle redemption as that can affect rewards value.

linuxmachine wrote:The only no fee card that earns points worth using is the amex everyday

Worth is always highly subjective. MR cards aren't worth it to me given their transfer partners. However, the Freedom paired with a CSP is worth it to me given UR's transfer partners.

sweeper wrote:my expenses should be anywhere from $2,000 + a month.

sweeper wrote:For ex. if I spend $50,000 in 6 months, i feel the cash back might give me returns of only $500 where as i can get more from a rewards card.

Given the former the latter seems impossible. There's always the risk of devaluation with miles and points -- especially if it takes you a long time to accrue them for redemption. For lower spend, cash back is generally better but it really depends on the specific situation.

linuxmachine
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Postby linuxmachine » Wed Mar 19, 2014 10:51 am

The CSP is a fee card, which failed to meet the original requirement.

Also, no voiding the fee for good history. Typically you can try to get first year fee waived as signup deal or get it waived by threatening to cancel. Of course they could just say no.

A good multi card cash back combo could be freedom/discover it/cash+

beachminter
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Postby beachminter » Mon Mar 24, 2014 11:33 pm

If you don't want to mess with the rotating categories and only want one card, the Quicksilver card for Capital One provides 1.5% on all purchases.



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