2% credit card?

[dr150]

As of March 1, SallieMae 5% cash back becomes just 2%!

So, I get a letter from my credit card company. The card is a SallieMae Rewards Mastercard. Up to $250 I get a 5% cash back for groceries, gas or books when purchased from retailers specializing in those categories.

The letter says that on March 1, 2017 they are starting a new program and cancelling the old one. The new one is a Commence SallieMae card and features just 2% in those categories but no limit. The no limit has no appeal for me because I never get close to the current $250 limit. I may never use the SallieMae card again if the rebate is only 2%, I'll likely just use my Citi Double Cash, it's practically the same thing and I don't have to sweat weather my purchase is at an eligible retailer.

Yup. Got that same letter.

I cashed my rewards and closing the card.

 

[Muse]

FYI: If you have a Sallie Mae card: We were getting 5% rebate on grocery store purchases. I got a letter from them maybe 4-6 weeks ago saying the terms are changing drastically. As of the end of this month (i.e. tomorrow at midnight), I believe you'll only get 1% back on grocery store purchases.

Edit: I see that the last post states the situation perfectly. Well, this is a reminder, March 1st is 31 hours away.

 

[JEDI]

FYI: If you have a Sallie Mae card: We were getting 5% rebate on grocery store purchases. I got a letter from them maybe 4-6 weeks ago saying the terms are changing drastically. As of the end of this month (i.e. tomorrow at midnight), I believe you'll only get 1% back on grocery store purchases.

Edit: I see that the last post states the situation perfectly. Well, this is a reminder, March 1st is 31 hours away.

what card to switch to for Super Walmart?

 

[Svnla]

Last month was a slow month. I only made $533 plus changes as cash back on my Citi 2% CB CC. Need to get back to the $800 per month range. What a lazy bum that I was.

 

[JEDI]

Last month was a slow month. I only made $533 plus changes as cash back on my Citi 2% CB CC. Need to get back to the $800 per month range. What a lazy bum that I was.

1st world problem thread that way ---------------->

 

[Triumph]

Last month was a slow month. I only made $533 plus changes as cash back on my Citi 2% CB CC. Need to get back to the $800 per month range. What a lazy bum that I was.

Sooo...you are spending $27,000 a month to get a free $533. I hope you are using it as a business card.

 

[RossMAN]

@Muse and whoever else applied for the BOFA BBR cards, be glad you did.

http://www.doctorofcredit.com/bank-...ing-applications-better-balance-rewards-card/

I love getting $100/yr with no annual fee and virtually zero effort.

 

[RossMAN]

http://milestomemories.boardingarea.com/hsbc-cash-rewards-credit-card-review-details/

Earning Structure
The card is a simple cash back card with the following earning rates:

• Get 2% cash back on all purchases for the first 6 months of card membership
• Get 1.5% cash back on all purchases after the first 6 months
• 10% anniversary bonus on all cash rewards earned each year. Which means the card earns 2.2% for the first 6 months.

 

[Orsorum]

I'm a huge fan of the Fidelity rewards program, 2% back if deposited into a Fidelity account, no limit. I put $1,500 a year into a 529 just using rewards.

Sent from my SM-G935V using Tapatalk

 

[Muse]

I'm a huge fan of the Fidelity rewards program, 2% back if deposited into a Fidelity account, no limit. I put $1,500 a year into a 529 just using rewards.

Sent from my SM-G935V using Tapatalk

What is that? Is it insured in any way? How safe is the money? Would it work as a savings account, for a large amount of cash?

 

[uhohs]

The new Uber card is good for restaurants/dining. 4%

 

[Orsorum]

What is that? Is it insured in any way? How safe is the money? Would it work as a savings account, for a large amount of cash?

So you get 2 points for every dollar spent on the card, you can choose from a range of Fidelity accounts (I believe you could do a retirement-specific like IRA or Roth IRA, regular checking or savings, and other accounts like 529 plans). Whether the amount is insured under FDIC or SIPC rules depends on the type of account and investment chosen. I have 100% of my kids' college fund in a low-cost market index fund so value can fluctuate but I benefit from SIPC protection like any other investor. If you were so inclined you definitely could use this as a savings account if you wanted to, say, go back to college yourself in a few years (that's actually why I started my 529 in the first place). Keep in mind that the same tax rules apply to 529s funded this way as a regular cash contribution - earnings are tax-free so long as they're used for qualified expenses, but no deduction is allowed for the contributions themselves.

If you really just want a savings account, then I'd suggest just opening up a Fidelity savings account.