How to get 6% on everything

All about maximizing your rewards!
Members share tips and tricks for getting the most miles, & points.
16 posts
MB131174
Centurion Member
Centurion Member
 
Posts: 512
Joined: Mon Mar 05, 2012 10:58 am
Location: PA

Postby MB131174 » Thu May 01, 2014 4:12 pm

Seriously, where's it going to end? "If you're not getting 29% back on all your purchases, you suck!"? Hyatt points are simple and something I actually use, as Hyatt is in a lot of the places I travel despite their small foot print. I've seen close to a 4% return on my points for some bookings when done properly. Considering restaurants earn double points, my restaurant spend has been over 7% back. To optimize cash back you have to have an army of cards and sometimes you need a spreadsheet to keep track of what card to use for what. You then need another spreadsheet to track your balances (for those who pay in full). I used to do cash back, until I found juggling many cards caused me to spend more than normal because I didn't have a quick snapshot of my balance on one card. When I go pay for something I always know which card I'm paying with: the Hyatt Visa. $15,000 CL, no FTF's, soon to be chip and pin, plus points for my favorite hotel chain. Why wouldn't I?
stalk me
KIK: WMB1974


lexrj
Centurion Member
Centurion Member
 
Posts: 169
Joined: Fri Sep 14, 2012 12:59 pm
Location: San Diego

Postby lexrj » Thu May 01, 2014 6:00 pm

MB131174 wrote:Seriously, where's it going to end? "If you're not getting 29% back on all your purchases, you suck!"? Hyatt points are simple and something I actually use, as Hyatt is in a lot of the places I travel despite their small foot print. I've seen close to a 4% return on my points for some bookings when done properly. Considering restaurants earn double points, my restaurant spend has been over 7% back. To optimize cash back you have to have an army of cards and sometimes you need a spreadsheet to keep track of what card to use for what. You then need another spreadsheet to track your balances (for those who pay in full). I used to do cash back, until I found juggling many cards caused me to spend more than normal because I didn't have a quick snapshot of my balance on one card. When I go pay for something I always know which card I'm paying with: the Hyatt Visa. $15,000 CL, no FTF's, soon to be chip and pin, plus points for my favorite hotel chain. Why wouldn't I?



Everyone has dif. spending patterns and preferences. I for instance hate rewards programs that have restrictions, I travel dif. airlines, stay on dif. hotels every time and I don't like to depend on programs availability to book anything so they don't work at all for me. Any rewards strategy can be complicated, as a matter of fact if you think about it, points are usually more complicated because you have to have a redeem strategy also as opposed to cashback where is just statement credits or cash.
At the end of the day it's up to you to decide how much work you want to put in on your rewards strategy and what works best for you.
I use cashback and I made it very simple: 2 cards only, groceries and gas on my Amex BCP, everything else on Barclays Arrival. No spreadsheets, no complication, when I reach an amount of cashback enough to pay for a trip I want I just book and apply the cashback credit towards my statement.
When going abroad I take the Arrival (no FTF) as the main card and my Charles Schwab debit card for cash withdrawals and as a backup card.
---------------------------------------
Current in my Wallet
Amex BCP - 25K (02/12)
Barclaycard Arrival WMC - 15K (10/13)

Future
US Bank Cash +

Socks drawer
Crap One Quicksilver - 1.7K (04/11)
CSP - 15K (03/13)

Scores
FICO EX 772 / TU 765 / EQ 762 - (09/14)
AAoA 2.1

MB131174
Centurion Member
Centurion Member
 
Posts: 512
Joined: Mon Mar 05, 2012 10:58 am
Location: PA

Postby MB131174 » Thu May 01, 2014 6:28 pm

Actually the Hyatt has a very simple redemption. I'm usually staying at the Dulles Hyatt and I can get a room there for 5,000 points, or 2,500 points and $50 cash. Just depends on the value of the room the night I'm staying which option I go with. Sometimes all points is better, other times cash & points is better.

I do, however, see your point in a simple cash back redemption. You're making it easy on yourself by sticking to 2 cards and knowing what categories you spend on them. Other folks carry a briefcase of cards. That's not my style and clearly it's not yours either. We both seem to want simplicity in rewards. The thought of having to go buy cards to get rewards? Gah. Too much work, especially when trying to redeem them and not leave 93 cents on them.
stalk me
KIK: WMB1974

mrow
Platinum Member
Platinum Member
 
Posts: 85
Joined: Sun Apr 06, 2014 9:13 pm
Location: Wilmington, DE

Postby mrow » Thu May 01, 2014 11:31 pm

The Wallaby app for iOS makes it pretty easy to know which card to spend on to maximize rewards. You link all your cards in to it too so you know all your balances as well. You just plug in where you're going to spend and it tells which of your cards is the best to use, from most rewards to the least. It even keeps track of revolving category cards, so it knows to tell me to use my Chase Freedom card at any restaurants or at Lowe's this quarter. Doesn't solve the problem of multiple cards but if you can narrow down the 4 or 5 best cards to cover your typical spending habits it really helps.

WilliamJefferson
Green Member
Green Member
 
Posts: 21
Joined: Thu Jun 19, 2014 3:59 pm
Location: Near one of those big lakes

Postby WilliamJefferson » Fri Jun 20, 2014 3:29 pm

I'm intrigued so please let me know if I'm understanding this right.

I get this card, buy Amex prepaid card and get 6 points/dollar but spend $13 on shipping, get square and use it to put money back in my checking account (paying 2.75% fee) then pay off the credit card before any interest is due.

So say I did this with $3000, I would pay $13+.0275*$3000=$95.50 to do this, but I end up with 18,000 points, which could be transacted to $180 travel credit ($198 with the 10% back), thereby turning $95.50 in liquid money into $198 in travel applicable money. Since there's no limit (I didn't find one) on rewards, I can do this infinitely, correct? Given, I need a few days each time (and I'm not going to necessarily want to do this as much as possible), but that's all I have to do to get a little more than half-off any vacation?

Is there a flaw in my thinking? Seems there would have to be.

freyj6
Platinum Member
Platinum Member
 
Posts: 82
Joined: Tue Jan 28, 2014 5:29 am
Location: United States

Postby freyj6 » Sun Jun 22, 2014 12:52 pm

^I don't know they might catch on. I think people do something similar with Amazon payments. However, I don't think Barclay's is still offering AMEX gift cards.

There are plenty of other ways to do things like that. I guess it just depends on if you're cool with legally stealing.
Current Strategy

Chase Freedom + Discover IT + Churning



Return to “Rewards”

Who is online

Users browsing this forum: No registered users and 0 guests