CC Deville wrote:You already have an AMEX BCP, Chase Freedom and US Bank Cash +....what do you hope to gain with another cashback card that you are not already getting from these prime cards? In my humble opinion, both Barclays and Capital One are a step back....
I can answer that. When I looked at all of my transactional purchase data for 2012 in Quicken, I organized everything my major spending categories, much like we get from Chase Freedom, Discover IT, US Bank Cash +, etc. It allowed me to prioritize the cards I was going to app for. But then I noticed a very big category I hadn't counted on...the "uncategorized" section of my spending.
Here's what my major categories looked like:
Groceries: $20K (including beer/wine)
Utilities: $9K (Power, Gas, Cell Phone, Internet, etc)
Insurance: $5.3K (not counting home owners rolled into the mortgage)
"Uncategorized stuff": $40K
Yup, all that stuff that didn't fit into one of those credit cards' cash back categories was my largest spending hole by far. That means a "catch-all" all card that does better than 1% cash back and make a sizable difference. In my case, having the Fidelity Amex 2% cash back card changes the $400 a year for cash back to nearly $800 (not everyplace takes Amex, I use the BofA card at 1.1% for those situations). And that means that just choosing the right card to app for might make a decent difference in your rewards dollars over a year.