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Re: Getting the most from Rewards Cards

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Message 11 of 26

"Nothing is free".  "There's a sucker born every minute".

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Re: Getting the most from Rewards Cards

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Message 12 of 26

Anyone who does not use reward cards to the maximum is just plain crazy.  It's a competitive business, so take full advantage of it.  I don't like cards that give points for travel, etc.  Cash impresses me a whole lot more.  It may take some research to determine which cards give the most value, but it's well worth a few minutes to decide what works best.  If you travel, be sure to use only cards that don't charge a currency exchange fee.  Also look for cards that have a rental car insurance program that saves money.  Remember, your regular auto insurance probably doesn't cover you outside the U.S.  Two or three credit cards should be enough for just about anybody, so make sure they each have something to add value to carrying them.  Never, never, never own a debit card; that's the biggest ripoff ever.  Always, always, always pay off your credit cards in full before the due date each month.  Keep in mind that different credit card companies have very different policies when it comes to dispute resolutions (AMEX seems to be by far the most consumer friendly; VISA is very merchant friendly.)  Watch for warranty automatic extensions where available.  Be smart, save money.  Most people would be astounded at how much it all adds up to.

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Re: Getting the most from Rewards Cards

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Message 13 of 26

You're sadly mistaken if you think all credit cards are the same.  I get back hundreds of dollars every year to prove it.  With a verey little bit of homework, you can save a bundle.

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Re: Getting the most from Rewards Cards

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Message 14 of 26

@jd88875776 wrote:
I'd like to know the name of the credit card

Costco Anywhere Visa by Citi  - Free with paid Costco membership.

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Re: Getting the most from Rewards Cards

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Message 15 of 26

I find it advantgeous to have many cards. We travel. One card gives me gold status at one hotel chain. Another gives gold status at another chain. Two give 2% cashback on everything. Several give 5% in various categories and for various merchants that change each quarter. Airline cards let you fly business or first class for a little tax (if you are willing to plan ahead and work at it). One gives 3% cashback for travel (including cruises). One gives 3 points per $ for chaitable contributions. Several have no foreign transaction fees. Most of them come with benefits like extended warranties, travel insurance, etc. with some significant differences between cards. 

For most of the cards, either they have no annual fee or you can call and say you are thinking of cancelling and they will offer to waive the annual fee. You have to be willing to follow through and cancel, but if you have several cards you will not have a problem with that.

Obvously you have to pay all card balances every month so you don't have interest charges.

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Re: Getting the most from Rewards Cards

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Message 16 of 26

FYI, your points or rewards are not given to you by the credit card companies. The stores or services where you use these cards are charged MORE in percantages than non-reward cards. Why do you think some gas stations charge a higher price if you do not pay with cash? Or why Walmart took so long to take credit cards? Yes, trips or points may be nice, but you force the retailers to charge more for their goods, probably wiping out your real savings on that trip/car/cashbacks.

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Re: Getting the most from Rewards Cards

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Message 17 of 26

Hmm, do you know any top notch cruise lines that charge less if you pay cash? Maybe Amazon (or Walmart) charges you less for paying cash? Hotels? So, if you do not get a break for paying cash at most places, and you do get rewards, why would anyone pay cash?

Do merchants that accept cards pay fees? Certainly. Do they incorporate those fees into the cost of doing business and extract it from all of their customers? Most certainly, regardless of how they pay. So one can run around looking for places that give a discount for cash, but in this day and age, they are few and far between.

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Re: Getting the most from Rewards Cards

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Message 18 of 26

It is worth remembering the subject of this conversation was "Getting the most from Rewards Cards". In most cases when one wants to buy something the choice given for payment is "Do you want to pay in cash or with a credit card?" Not, "Do you want to pay with a credit card or pay less in cash?" (Some gas stations are the rare exceptions.) In my experience, stores that only accept cash have some reasons for doing that other than to offer a lower price (e.g. they are the only game in town). So, given the choice between paying cash or the same price on a credit card, it only makes sense to get the best kickback you can by using the credit card. Given the competitive nature of the credit card business, that is often more than the card company is charging the merchant due to promotions of one sort or another and this thread is about maximizing that return.

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Re: Getting the most from Rewards Cards

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Message 19 of 26

@wc9965606 wrote:

Can we have the name of the credit cards mentioned and their respective annual fees (if any) indicated as well. Thnx


The one I mentioned is Blue Cash Preferred from American Express.  They do charge a $75 annual fee, but the increase in grocery store cash back from 3% on their free card to 6% on this card more than makes up for it.  The card also gives 3% cash back at gas stations and "select department stores" and 1% on everything else.

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Re: Getting the most from Rewards Cards

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Message 20 of 26

TALK ABOUT GETTING REWARDS?  MAYBE the focus might be better placed on earning a bonus for taking out new credit cards?  You have to meet the spending requirements - - but with dental expenses, travel, etc, it's pretty easy!  Since March of this year I have collected almost $1700 in bonuses!

  1. 112.18 Chase Promo 4/1 (StatementCredit)
  2. 108.33 CapOne 3/18 (Rcvd check)
  3. 207.50 CapOne Quicksilver 7/22 (Rcvd check)
  4. 217.52 CapOne Quicksilver 7/1 (Rcvd check)
  5. 106.40 CapOne Venture 8/4 (Rcvd check)
  6. 106.00 BofA Cash Rewards 3/8 (StatementCredit)
  7. 105.69 BofA Susan Komen 6/26 (Rcvd check)
  8. 130.00 BofA AmTrak 2/25 (Transfered to my AmTrak acct)
  9. 109.00 Barclay Cash Forward 3/5 (StatementCredit)
  10. 106.52 Barclay NFL 49ers 4/19 (Rcvd check)
  11. 150.00 AMEX Blue 3/10 (StatementCredit)
  12. 117.50 TD Ameritrade 6/4 (Rcvd check)
  13. 110.00 Santander 8/26 (StatementCredit)

------------------------------------------------

 Total.....$1,686.64

AND...to top it all off - - I transferred all of this debt to my new Chase Slate card.  The transfers cost me NOTHING!  And there is no interest being charged on this debt until after July 2017!  Of course, you have to have pretty good FICO scores just to get them to issue you their cards.

CAN YOU TOP THIS??

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