The Credit Card thread (Cash Back)

PhrostByte

PhrostByte

CAG Newbie
Maybe I'm just not aware of an already existing Credit Card thread, but it seems like something this site is sorely lacking.. I mean we're CAGs, shouldn't we look for credit cards with good cash back rates?

Anyway.. if I'm just overlooking the thread, let me know.. otherwise, I'll start the discussion.

There's a lot of info on FW, SD, creditboards, but some of those people are highly obsessed.. so I'll just tell you about two cards today. One card I already have and another I'm considering applying for.

The first card I'd like to tell ya'll about is the Pentagon Federal Credit Union Platinum VISA Rewards card. This is the one I have. Here are the details

  • 5% off all gas purchases
  • 2% off all grocery purchases
  • 1.25% off otherwise
  • no rewards cap, instantly applied as a statement credit at the end of your billing cycle
What's the catch? You either have to be military, have a relative in the military, or join some sort of affiliated organization. If you're a student, you can sign up with a co-signer as well. Some of the affiliated organizations include the MOAA, the NMFA, and SAME. I believe signing up for SAME is free. This is an excellent card for its sheer simplicity, and they also have great rates for other loans, such as mortgages and car loans. The website is http://www.penfed.org/ Here's a picture.

penfed-visa.gif


Ok, enough of that. Now I'll tell you about the MTVu STUDENT Platinum VISA Rewards card. You must be a student to get this (although I'm sure you can get it if you're not). This is the one I'm considering. Instead of instant cash back, you get points redeemable for various prizes. Sounds like bullshit right? Well, it's certainly not as easy as the PenFed, but some of the deals make up for it. Here are the details:


  • 5 points for purchases made at bookstores, restaurants (fast food too), movies, movie rental stores, bars, other ones too. The way this is calculated is through the merchant category code, any stores that identify themselves with the above codes qualify. AMAZON IS INCLUDED!!!
  • 10 points/qualifying purchases for the 3 months.
  • 1 point otherwise (might as well use your PenFed for non-qualifying merchants).
  • Points are redeemable at http://www.thankyou.com/ You'll notice that most of the redeemable prizes are not a 1 point : 1 cent ratio. I know this.. There are some, however, that are. Flights are very cheap with this system, also.. amazon.com gift certificates are 1:1. There's also student loan discounts, which are basically checks written out to your bank. A lot of people have successfully cashed these, and this is without a doubt the best way to spend your points.
  • Bonus points for paying your bill on time.
  • Bonus points on a tiered system for faxing in your grades.
  • Bonus points for referals.
Here's the link for applying: http://creditcards.citicards.com/us...2&ProspectID=D08AE5CF4F7B4D29A51EFF3168A6B9F1

Here's a picture:

citi_student_mtvu.gif



As you can see, it's hideous. I'll most likely be applying for this card very soon. If you also want to apply.. let me know and maybe I can refer you? Well, that's all for now. If you have any questions or wish to add anything, post. :)

Extra MTVu info from fatwallet:

You cannot get this card if your total debt(clarification) on all your revolving credit lines is above $10,000. They will not care about the amount of income you have. -Rushnrockt
For GPA bonus:
Grade submission form

5% Qualified Merchants:
Bookstores


          • Amazon.com (certain purchases)(doesn't work on Music store)
          • iTunes
          • Barnes & Noble (in store only, not online)
          • Fast Food (alphabetical)
          • Arby's
          • Burger King
          • Carl's JR
          • Checkers
          • Chick Fil A
          • Dominoes
          • DUNKIN DONUTS
          • Good Times
          • Little Caesars Pizza
          • Jack In The Box
          • Jersey Mikes Submarines
          • Oregon Coast Aquarium Cafe
          • McDonalds
          • Popeyes
          • Qdoba
          • Quizno's
          • Skyline Chili
          • Sbarro
          • Starbucks
          • Subway
          • Taco Bell
          • Taco Del Mar
          • Waffle House
          • Wendys
          • WhataburgerRestaurants
          • Carrabba's Italian Grill
          • China Grand Buffet
          • Dante's Cafe (Portland, OR)
          • Godfather's Pizza
          • Hometown Buffet
          • Olive Garden
          • Papa Johns Pizza B&M / PapaJohns.com
          • Pizza Hut
          • Shari's
          • TGI Fridays
          • Movie Theaters
          • Rave Motion Pictures
          • AMC
          • Edwards/Regal
          • Video Rental Stores
          • Blockbuster online
          • Movielink
          • Music/Video Stores
          • FYE
            face-icon-small-mad.gif
          • Did NOT qualify for 5%
            face-icon-small-mad.gif
          • NetFlix
          • half.com
          • Certain bars (pub in the name has nothing to do with it, it's how an establishment codes itself w/the CC comp.)
          • restaurant.com
          • yourmusic.com
          • Red Robin
          • ch.com
          • DeepDiscountDVD.com
          • Tuna Town (Huntington Beach, CA)
          • Ben and Jerry's Ice Cream(merchandise)
          • TextbookX.com
          • Krispy Kreme (Classed as Merchandise - BAKERIES)
Why didn't my purchase qualify?
Go to Statements-> "Purchases" and click on the amounts that were charged
That will pop up a window with Transaction Details:

Merchant Category Restaurants - DRINKING PLACES-ALCOHOLIC BEVERAGES

Categories that appear to qualify (among others)
Entertainment - VIDEO ENTERTAINMENT RENTAL STORES
Entertainment - MOTION PICTURE THEATERS
Restaurants - EATING PLACE,RESTAURANT
Restaurants - FAST FOOD RESTAURANTS
Merchandise - BOOK STORES
Merchandise - RECORD STORES
Note that some book stores (e.g. B&N online, TextbookX) do not qualify because they categorize themselves as "BOOKS, PERIODICALS, AND NEWSPAPERS" rather than "BOOK STORES".
Rewards Network/I-dine Cash Back rebates do not count against Restauarants Categories -- only 1TY/$1 not 5TY/$1.
Click to expand...
 
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Is it recommended to have three credit cards? I've stayed on top of my Capital One-- but I never did any of those "maintaining debt" tricks to raise my credit score (which is odd my score is at 800) because Capital One's 22% interest rate can go eat a catterpillar sandwich. I just want to maintain my score, not harm it, but at the same time I want these wonderful rewards I see other cards have.
 
cashrewards_special2.jpg


Up to 1.5% cash back on every purchase* (all purchases over $10,001
No annual fee
No caps on the amount of rewards
Rewards never expire
Variable Annual Percentage Rate

Here are some other Navy Federal Credit Cards and details:


nRewards Visa/nRewards MasterCard
**8.90%
Credit Limit from $1000 to $50,000
blank.gif


goRewards Visa/goRewards MasterCard
**9.40%
Credit limit from $1000 to $50,000
(competitive $18 annual fee)
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Flagship Rewards Visa
**9.90%
Credit limit from $1000 to $50,000
(competitive $49 annual fee)
blank.gif


Visa Platinum/Platinum MasterCard
**7.90%
Credit limit from $1000 to $50,000
blank.gif


cashRewards Visa
new1.gif

***Variable
Credit limit from $1000 to $50,000
blank.gif


*Rates are based on an evaluation of credit history, so your rate may differ. Credit card standard
rates apply to purchases, balance transfers, and convenience checks. Credit card cash
advance rates will be up to 2% higher than your standard APR.
** Repayment terms of 2% of outstanding balance or $20, whichever is greater.
*** Your APR may vary. Rate is determined and adjusted monthly (on the first business day) by adding a Margin to the highest Prime Rate published in the Wall Street Journal on the first business day of the previous month. The Margin is determined based on an evaluation of each member's credit history, and will range from 6.4% to 13.4%. Your rate will never be less than 7.9% or more than 18%, regardless of the Wall Street Journal Prime Rate.
-------------------------------------------------------------

I actually have the nRewards card and have redeemed for over $600 worth of NFCU Visa branded gift cards (use anywhere Visa accepted) I love this card and the rate/APR is one of the lowest in the industry.

I highly recommend this new cashrewards card if you are a big spender or planning on buying big ticket items. And if you don't plan on carrying over a balance each month.

The only catch here is similar to Pentagon Federal. You have to either be in the military or a family member of someone who's in the military or was in the military.

http://www.navyfederal.org/about/membership.html

Please see www.navyfcu.org for more info. I've been a member for over 9 years now and have had multiple loans, mortgages and 3 different credit card types at NFCU. All good experiences! Here's proof:

https://eics.navyfcu.org/navyfcunew...A5F5BE85257574004E5522?opendocument&popup=yes
 
Friend of Sonic: I'd say 3 cards is fine... make sure to keep your oldest account active even if you don't charge anything onto it.

Thanks for the post Fraud, my only question is what's the benefit of that card over 2% cards such as the HSBC and Fidelity/Schwabb cards?
 
Thanks for the post Fraud, my only question is what's the benefit of that card over 2% cards such as the HSBC and Fidelity/Schwabb cards?
Click to expand...

The rewards don't come close to those FIA/BofA issued cards from the brokerage firms, but with the way the big banks are rate jacking and CLDing in this economy it is smart to have a good credit union card like Navy Federal as a back up. I just wish they had a loophole around the membership requirements like Penfed.
 
Does have an Uncle who fought in Korea count? I ask that in all seriousness.

And I figure with it being my oldest account I had better keep it open. I've had this since I was an eighteen year old youngin' :D Is it safe to shread it, if I plan on abandoning using the card? Or should I keep it around?
 
I see no reason not to shred it... however, I keep my unused cards locked in a small safe. Also, maybe having an uncle is good enough. I actually signed up for some kind of free promotional month at.... MOAA or something, there's a few organizations that will let you sign up without being in the military. MOAA is one.. the others are listed on PenFed's site.
 
[quote name='PhrostByte']You can just deposit the student loan rebates to your checking account, you don't have to use them for student loan rebates.

Listen, I'll be honest I don't know much about the Sony card. But I know that it doesn't get any respect on finance forums. The reason for this is probably because it's a big short-term-gain-in-short-period-of-time kind of card. Also, the only rewards are Sony products. What you want is a card that'll be good to you for a long period of time. That way, you can build a solid credit history with it, get credit limit raises, etc.[/quote]


I applied for the citi forward but was denied. Reason:
Your total credit obligations, which include outstanding credit lines, are too high to meet our approval guidelines, when compared to your stated income.
Click to expand...
Which is odd because I do not have any credit obligations.

Then I looked at the Sony card, but apparently I can't apply for it unless my annual income isn't over $14,400 (it says "annual household income," but I assumed my parents' income wouldn't count).

I'm not sure what to do at this point. Is it always this difficult to get your first credit card? The Amazon card might interest me, but it's Chase, which is the same as the Sony card, so I assume I wouldn't be able to apply for one either. I'm also assuming other Citi cards would be out of the question as well. Since I bank at WaMu, now Chase, do you think it would be possible for me to secure one of their cards from the bank directly?
 
[quote name='Darklighter']I applied for the citi forward but was denied. Reason:
Which is odd because I do not have any credit obligations.[/quote]

Hmmm, I would suggest you take a peek at your FICO report/score just to make sure nothing bad is on it.
 
Yeah.. also call Citi and ask for a specific reason why you were denied. I'm guessing they can work with you on it.
 
[quote name='Darklighter']I applied for the citi forward but was denied. Reason:
Which is odd because I do not have any credit obligations.

Then I looked at the Sony card, but apparently I can't apply for it unless my annual income isn't over $14,400 (it says "annual household income," but I assumed my parents' income wouldn't count).

I'm not sure what to do at this point. Is it always this difficult to get your first credit card? The Amazon card might interest me, but it's Chase, which is the same as the Sony card, so I assume I wouldn't be able to apply for one either. I'm also assuming other Citi cards would be out of the question as well. Since I bank at WaMu, now Chase, do you think it would be possible for me to secure one of their cards from the bank directly?[/quote]

This disapproval means your DTI (debt to income ratio) is too high. Your monthly debt (loans, cc pymts, student loans, etc) is probably calculating higher than 45%. You may want to check that they had your correct income? Sometimes people who have roomates do not include that fact when they apply, and the person who's reviewing your account didn't ask for any additional household income. I would ask more questions.

Also, I highly recommend people asking companies about secured cards. This is a very good avenue for building your credit, especially if you were turned down previously.
 
[quote name='Friend of Sonic']Does have an Uncle who fought in Korea count? I ask that in all seriousness.

And I figure with it being my oldest account I had better keep it open. I've had this since I was an eighteen year old youngin' :D Is it safe to shread it, if I plan on abandoning using the card? Or should I keep it around?[/quote]

Sorry for the delay in my response. I believe it would have to be closer relative. IE - Father, Grandfather, etc, I don't think your uncle would count. Keep in mind any contracter of the military is within membership as well. General Dynamics, Lockheed Martin, etc. As long as you can provide the contracter relationship exists.
 
[quote name='PhrostByte']Friend of Sonic: I'd say 3 cards is fine... make sure to keep your oldest account active even if you don't charge anything onto it.

Thanks for the post Fraud, my only question is what's the benefit of that card over 2% cards such as the HSBC and Fidelity/Schwabb cards?[/quote]

The HSBC seems ok but I can't really compare it without actually having a HSBC card. I will agree the base HSBC APR seems it could be better but take a look at their default APR - 31.99% ! This means that if you go more than 30 days deliquent then your APR changes to 31.99. And may not go back to your original APR until you show a history of paying on time. The default APR for NFCU is only 18%.

I can't really compare the others either, but I recommend everyone to check and read the credit card agreement/disclosure (don't just throw it away when you get your card). This little bible breaks down all the rules of your card and what the company can do or change about your card. It also provides very good information /details about your card you may have never realized. Most Visa branded cards give you automatic *free* car rental insurance coverage. So you never have to buy that optional car rental insurance. Some also provide extra warranty coverage for products you buy. Some double the warranty coverage, etc. --
 
[quote name='FRAUD_WHATS_THAT']This disapproval means your DTI (debt to income ratio) is too high. Your monthly debt (loans, cc pymts, student loans, etc) is probably calculating higher than 45%. You may want to check that they had your correct income? Sometimes people who have roomates do not include that fact when they apply, and the person who's reviewing your account didn't ask for any additional household income. I would ask more questions.

Also, I highly recommend people asking companies about secured cards. This is a very good avenue for building your credit, especially if you were turned down previously.[/quote]
Turns out I was listed on one of my father's cards for some reason. I've been taken off of that now and I'm just waiting for experian to update, then I'll contact citi again and hopefully be able to get the card.
 
Just a heads up for everyone using citi TYP. The points requirement for getting a student loan rebate check will be going up soon so make sure you cash your points in now. This is why a no threshold monthly cash back card > cards with point systems.
 
There is a thread on fatwallet about it. I called to confirm and the rep told me that it starts on July 5th, although others have reported conflicting dates. I was just about to consider adding the forward card to my daily users and then this happens.
 
For what card Richter? Sometimes you'll get the PIN before the card.

nuugatman, looks like you were right. Thanks so much for letting me know.. I cashed out $100 on the 4th.. and then on the 5th the rates change. Looks like the Forward probably isn't the best card around anymore. :(

$100 student loan rebate now costs 12,700 points. Can we have a moment of silence for the Citi Forward.. and all the other great Citi cards?

...................
...........
.......
..
.

You got any other cards you can recommend bro?
 
The MTVu card and the Forward are almost exactly the same.. and they both use the Thank You Network. :\

You got any other good suggestions for high cash back rate cards? 5% cards? Hopefully not using the TYN?
 
damn... that sucks I missed out on cashing out my points... i have 34000 points... so I pretty much lost 100 bucks...


I will keep using it for now since it is still free cash - but that is a huge frigging change all at once. I will wait until my next statement and see what that looks like and see what I can cash out.
 
That's a great question pbnate... part of the answer really depends on how hard you wanna work to maximize profits. At 12,700 points per $100, student loan rebates (now the same price as home mortgage rebates) aren't really that bad of a deal. They're still much better than cash and statement credits.. however some items still have 1 point:1 cent ratios. For example.. Macys, Sears, and Staples cards are still 10,000 points per $100. If you don't want to use them.. you can sell them on ebay or plasticjungle.. or trade them here.

Flights are also pretty cheap using ThankYou points.
 
Hello all!

I just came here to share my recent credit card related success story.

Racking up mounds of credit card debt is bad, very bad. Unfortunately, I racked up close to $3,500 of debt on my mtvU card. I can easily make excuses and say that these were all necessary expenses, and to some extent that is true. While I was going to college (a very expensive private university in Chicago, IL), I only had two part-time jobs. I needed to pay for tuition, lab fees, food, clothing, car insurance, the cell phone, etc, etc. I would have never been able to cover these expenses with just my job earnings, so I started to charge everything on a credit card. It was irresponsible. I could have done without the Starbucks, food at expensive restaurants, and the video games I charged.

Anyway, last January I made it a point to pay off the debt as soon as possible. My balance on January 1, 2009 was exactly $3,378.17. I shredded the card and started working on a budget. My initial goal was to put at least $300 a month towards this debt. That would have paid off the balance (plus interest) on December of 2009.

I made several large payments at the begining of the year and felt a real sense accomplishment as the debt began to go down. From that point on, I used every single dollar I had to spare to go towards this debt. I am now proud to say that the debt is totally paid off... SIX MONTHS AHEAD OF SCHEDULE! I'm really proud of myself, and that's why I'm sharing this with everyone here.

The moral of the story is... be responsible with your money! Also, you CAN pay off high balances if you stick to a budget. :)

Oh, and this is important, I ended up paying $3,598.04 towards the $3,378.17 balance. That's $219.87 in interest alone. I might as well have BURNED my money. That's like 4 games, folks! Not cool, not cool at all.

My payment history for the last 6 months:

3705079248_466797e3cf.jpg
 
A horror/success story all rolled into one. Congrats on paying off the debt though.. you bring up and important point that might have went understressed.

Cash back cards are only good if you're going to pay off your bill each month. If you're planning on holding a balance, you should look into a card with a low APR instead.
 
I have noticed something, although i've never held a balance on my card, just having it seems to make you spend more than you usually would. I don't know if it's because you can rationalize it by thinking of the points you'll get or what. I've stopped using mine for too much. Only time i use it is when i'd like to defer paying for something for a few weeks. Maybe something is on sale for a great price, but i don't really want to spend the money at the moment, i'll charge it and usually get paid by the time it comes due.
 
[quote name='JolietJake']I have noticed something, although i've never held a balance on my card, just having it seems to make you spend more than you usually would. I don't know if it's because you can rationalize it by thinking of the points you'll get or what. I've stopped using mine for too much. Only time i use it is when i'd like to defer paying for something for a few weeks. Maybe something is on sale for a great price, but i don't really want to spend the money at the moment, i'll charge it and usually get paid by the time it comes due.[/QUOTE]


That's certainly true. But I justified buying way too many things. Intsead of saving up for something, I would charge it and pay if off later. But as you can see, it really isn't worth it once you add the interest.

I'm just glad I got that cat off my back. Now I can focus on what really matters: down payment on a house! :bouncy:

Oh, I also paid off my car loan this month. I will NOT buy a new vehicle until this one has rusted away. :) I've learned many important lessons, as you can see. :)
 
Grats on paying off debt but im going to ask another question, has anyone transfered there MTVU card to a forward card? Im done with school so don't need the MTVU card anymore, heard a couple of people did it on fatwallet but was wondering if anyone had any experience with it.
 
I just figured I would bump this in case some of you haven't seen it, here are my current cards:

-PenFed: 5% off gas, 2% off groceries, 1% otherwise, credited to statement monthly
-Citi Forward: 5 ThankYou Points for each dollar spent at restaurants, movie theaters, book stores, etc, one point otherwise.
-Associated Bank Platinum Visa: 5% off gas, groceries, and drugstores, 1% otherwise, credited with the request of $50 minimum check
 
I'm looking at the Associated Bank Platinum Visa now. It has 3% for gas, groceries, drugstores. Just wondering, since you apparently got the card before the lowered the rates, did they lower them for you too? Or, just new applicants?
 
Yes, they did. The Associated Bank Platinum Visa is now officially bullshit. I think that 3% cash back also has a yearly cap of $20, rendering it useless.

There are a couple decent cards still out there though. Both Fidelity and Charles Schwab are offering a 2% off everything cash back card. The only difference is that the Fidelity card is an American Express and the Schwab is a Visa, I went with the Schwab.

Another card worth a look is the Fort Knox Credit Union Platinum Visa, similar to the PenFed, but (might) have more lenient sign-up requirements. The card is 5% off gas and 1.25% otherwise. DEFINITELY worth a look if you don't have a PenFed, and even if you do... still something that deserves a spot in anyone's wallet.
 
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