2% credit card?

[Muse]

I have a few cards, one has 1 1/2% rebate on all purchases (Capital One Quicksilver), but I read an article the other day that said you shouldn't settle for less than 2% nowadays. It made a suggestion, but I can't remember what it was.

My credit score is in the high 700's. Suggestions? 😎

 

[kranky]

I use the Fidelity Investment Rewards Amex (2% on everything, no cap).
Another option is the Citi Double Cash (1% on net purchases, 1% on payments, no cap).

Some people nitpick the Citi Double Cash because if you take your cashback as a statement credit, that doesn't earn 1% like a regular payment would, so your effective cashback is a hair less than 2%.

 

[NikolaeVarius]

Citi Double Cash, but I rotate Chase Freedom and Discover IT according to what their 5% category is.

 

[IndyColtsFan]

I use the Chase Freedom and Amazon Rewards VISA, depending on which one gives more rewards for a given category. Chase rotates categories every quarter but their categories give 5% rewards (generally including Amazon in the category during the holiday season). Amazon is 3% on Amazon purchases, 2% on restaurants, gas, and drug stores, and 1% on everything else IIRC.

 

[Muse]

Citi Double Cash, but I rotate Chase Freedom and Discover IT according to what their 5% category is.

Yeah, I have the Chase Freedom and Discover (What's IT?), have been enjoying 5% back on grocery shopping (until end of this month) with the Chase.

 

[Muse]

I use the Fidelity Investment Rewards Amex (2% on everything, no cap).
Another option is the Citi Double Cash (1% on net purchases, 1% on payments, no cap).

Some people nitpick the Citi Double Cash because if you take your cashback as a statement credit, that doesn't earn 1% like a regular payment would, so your effective cashback is a hair less than 2%.

I see what you're saying about the nitpick.

I have an Amex card through Costco. The only drawback would be that some places won't take an Amex card.

The Citi card, is it Visa? Mastercard?

I use the Chase Freedom and Amazon Rewards VISA, depending on which one gives more rewards for a given category. Chase rotates categories every quarter but their categories give 5% rewards (generally including Amazon in the category during the holiday season). Amazon is 3% on Amazon purchases, 2% on restaurants, gas, and drug stores, and 1% on everything else IIRC.

I have an Amazon Rewards too. I think the Discover card also features 5% on Internet shopping in the last quarter.

 

[jaedaliu]

BofA's platinum visa signature gives 1% on all, 2% on drug store & grocery, and 3% on gas.

There's an annual fee, but if you have enough in BofA+Meril lynch, the fee is waived, and you get up to a 75% bonus on your cash back. (goes to 1.75%, 3.5%, and 5.25%)

 

[Vdubchaos]

BofA's platinum visa signature gives 1% on all, 2% on drug store & grocery, and 3% on gas.

There's an annual fee, but if you have enough in BofA+Meril lynch, the fee is waived, and you get up to a 75% bonus on your cash back. (goes to 1.75%, 3.5%, and 5.25%)

BOA and most cards have crappy caps. $1500 limit, which means, even at 3% you are talking $45 bucks.

 

[el-Capitan]

Chase freedom caps at $1500. Thereafter 1%. Chase Sapphire is more interesting for the sign-on bonus ($450 value).

For groceries look at Amex Blue Cash. 6% on groceries up to $6000/pa

 

[NoCreativity]

I have a Chase business ink card (I use it for personal use, I don't own a business) that gets 3% on gas, home improvement stores, office supply stores, and restaurants and 1% on everything else. I don't believe there is a limit on spending either or else it's pretty high.

I also have the Chase freedom but it's a pain getting the wife on board to switch between the two depending on the better cash back deal.

 

[Xonim]

Rotating 5% cards -- Discover IT, Chase Freedom -- each up to $1500/quarter

Sallie Mae Mastercard -- 5% back each month on up to $250 each for gas & groceries, 5% back on bookstores up to $750 each month. Amazon counts as a bookstore.

Citi Double Cash (2%) for everything else, unless you have a SPG AmEx because those points are worth more than 2c each.

 

[s0me0nesmind1]

I use the Fidelity Investment Rewards Amex (2% on everything, no cap).
Another option is the Citi Double Cash (1% on net purchases, 1% on payments, no cap).

Some people nitpick the Citi Double Cash because if you take your cashback as a statement credit, that doesn't earn 1% like a regular payment would, so your effective cashback is a hair less than 2%.

kranky hit it right on the peg.

I'm currently waiting to sign-up for one. I find it annoying when they don't have a starting bonus to sign up for credit card.

Question: For either of those cards can you get the money back in check or EFT transfer? Note: By that I mean NOT a statement credit.

 

[Gunbuster]

Meh, loosing the Amex purchase protection and extended warranty is just not worth it to me for a little extra cash back by switching to another card.

Every claim has been awesome. Usually have the item amount credited next day.

 

[s0me0nesmind1]

I have a Chase business ink card (I use it for personal use, I don't own a business) that gets 3% on gas, home improvement stores, office supply stores, and restaurants and 1% on everything else. I don't believe there is a limit on spending either or else it's pretty high.

I also have the Chase freedom but it's a pain getting the wife on board to switch between the two depending on the better cash back deal.

Hahahaha same. I swear every quarter I have to make labels and tape them to the cards, and even that isn't enough for my wife to take the 2 seconds it takes to distinguish between a few cards when making a transaction.

Why is it so difficult for women to do simple things sometimes?

 

[kranky]

Meh, loosing the Amex purchase protection and extended warranty is just not worth it to me for a little extra cash back by switching to another card.

Every claim has been awesome. Usually have the item amount credited next day.

It's a judgment call. I look it from the other side, figuring that 2% cashback on everything I buy with a card (which of course includes all the things we buy where purchase protection/extended warranty are meaningless like meals) makes up for the times I might benefit from the Amex protections. I think last year we earned over $900 on credit card cash back across a few cards. I'm playing the odds, I'm ahead so far, but that could change.

I've thought about using an Amex card with those protections for big ticket items only, but then those are the purchases that earn the most cash back.

Since you have an Amex, do you look at your account online for the amex offers available on your card? I got close to $100 last year from those.

 

[s0me0nesmind1]

I've thought about using an Amex card with those protections for big ticket items only, but then those are the purchases that earn the most cash back.

My thoughts exactly.

Last year my total cashback was ~$1200. I fed it all year long and cashed in at end of year to see how much I got all at once.

There are plenty of times when you want something like... Furniture, and it will never be a 5% category (or rarely is) to coincide with your time of purchase. Times like that are good ones to use the AMEX for protection benefits, since it will be 1% cashback regardless of what I choose (Well, I don't have a 2% card like some people here).

But there are times like right now where you could use an appliance (refrigerator, washer/dryer, etc...) and right now the 5% categories are going into Home Improvement, so it would be tough to justify the AMEX unless you are really weary of it breaking down.

 

[Gunbuster]

Since you have an Amex, do you look at your account online for the amex offers available on your card? I got close to $100 last year from those.

I sure do, just got the Newegg offer for buying stuff I expensed back to my workplace 😛

 

[RossMAN]

Meh, loosing the Amex purchase protection and extended warranty is just not worth it to me for a little extra cash back by switching to another card.

Every claim has been awesome. Usually have the item amount credited next day.

Most premium VISA and MC credit cards offer free extended warranty and other benefits such as:

PRICE PROTECTION

Should you find a lower price for a new item within 60 days from the date of purchase using your eligible MasterCard card, you may be reimbursed for the price difference.

PURCHASE ASSURANCE

Provides coverage for most items you purchase with your eligible MasterCard card if the item is damaged or stolen within 90 days of the date of purchase.

SATISFACTION GUARANTEE

If you become dissatisfied with a product you purchase using your eligible MasterCard card within 60 days of purchase, and the store will not accept a return, you may be eligible for a refund for the cost of the product up
to $250.

 

[Gunbuster]

Most premium VISA and MC credit cards offer free extended warranty and other benefits such as:

Have you ever filed a claim with one of the other companies? In my experience you fill out the form online at Amex and have your money back the next day. I don't want to deal with the other BS I have heard the competitors put you through.

USB HDD fell off a table: $$$
Lumia Qi case cracked: $$
Cell Phone power button broke: $$

 

[s0me0nesmind1]

Most premium VISA and MC credit cards offer free extended warranty and other benefits such as:

Last I checked, AMEX DOUBLES your manufacturer warranty? Or Adds 2 more years or something like that... Either way, it's not 60/90 days. That is the difference.

 

[Svnla]

Two cards that I use the most right now.

Citi 2% and Cap1 1.5%.

I like them two cards because they do NOT have limit/cap (usually around $1,500) as BoA or Chase or other cards. Plus no annual fee. I love the American Express Platinum but $450 per year is not cheap.

 

[Train]

Amex Blue Cash Preferred - 6% on groceries year round, 3% gas year round, 3% dept stores year round, 1% everything else

Target card: 5% off at Target.

Chase Freedom & Discover More - 5% rotating categories, 1% everything else.

I did the math a couple years ago and figured I was averaging a little more than 3% back overall, which adds up to a lot of money. The only thing I buy that I don't use CC's for is Mortgage payment and water bill.

 

[Muse]

BofA's platinum visa signature gives 1% on all, 2% on drug store & grocery, and 3% on gas.

There's an annual fee, but if you have enough in BofA+Meril lynch, the fee is waived, and you get up to a 75% bonus on your cash back. (goes to 1.75%, 3.5%, and 5.25%)

I have a BofA Visa Signature through the UC Berkeley Alumni Association that has the 1% on all, 2% on drug store & grocery, and 3% on gas. There's no fee. I don't know of any way to get those increased rates you show after ample deposits. The big deal for me is the groceries, the gas is OK, but I usually get my gas at Costco using their Amex card, I think their prices are probably advantageous.

Until the end of March, I'm buying my groceries with Chase Freedom's 5% rebate.

 

[dr150]

As others have said, there's 3 cards to carry in your wallet:
1.) Discover IT (5% categories for the quarter).
2.) Chase Freedom (5% categories for the quarter, usually different categories from Discover).
3.) Citi Double cash (2% all the time). Fidelity AMEX also is 2%, but AMEX isn't accepted everywhere, however the AMEX customer service is loads better than Citi.

Int'l Travel: You must own the Capital One card since it gives a decent 1.5% and NO FX fees. You can also own any "flavor of the month" airline miles card. These cards have largely eliminated the FX fee (1st annual fee as well) while collecting the huge bonus as well after you meet the spending threshold.

If you don't want to mess around with signing into categories every quarter and forget what's what with each card, just get the Citi Double Cash and call it a day.
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(I have the Priceline Rewards 2% as my default cash card as it's more generous than Citi Double, but it's no longer available with the same terms as I have for new applicants. I also own the US Bank Cash+ since it gives 5% in two categories and 2% in one category YOU choose. The past two quarters, they've eliminated restaurants, my chosen 5% category, so I've socked it away for the moment).

 

[zinfamous]

Have you ever filed a claim with one of the other companies? In my experience you fill out the form online at Amex and have your money back the next day. I don't want to deal with the other BS I have heard the competitors put you through.

USB HDD fell off a table: $$$
Lumia Qi case cracked: $$
Cell Phone power button broke: $$

Filing claims with AMEX is amazing. I wish they were accepted everywhere so that I could just use AMEX cards.

GF was trying to get a refund from Air Baltic several years ago because their delayed arrival from Dublin --> Riga caused her to miss the connecting flight from Riga --> Leipaja...which is a more-or-less scheduled delay. That flight is never on time, and always misses one of the two connecting flights that it is supposed to catch every day.

The airline wouldn't budge, so she called AMEX and after ~5 minutes on the phone, they said they would take care of it and refunded the charge within the next couple of days. Follow up was that the airline would not refund AMEX, either, so they just ate the charge. I think that was ~$120 at the time.