The Credit Card thread (Cash Back)

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.
 
Last edited by a moderator:
I spent a long time trying to decide what my first credit card would be when I started college. That citibank MTVu card sounds good. I'm currently using a Citibank Dividend Platinum Select. The rewards look like they aren't as good as that MTVu card but I really needed one for college and it wasn't as bad as some of the other college cards I found.

My question is that you have to be a student for these cards so do you lose them after you are done with college? I heard its bad to cancel a credit card you have for a long time. If so I may try my luck with a regular card now so I don't have to cancel later on.
 
No, you don't lose them. You really don't even have to be a student to get them, though that's what the advertisements suggest. I guess that Citi feels that, by targeting students with decent cash back incentives, they'll be able to make money. Young people usually have little income, and compared to other consumer demographic subsets, are generally less financially responsible. Citi makes bank off the people who keep an active interest from month to month. There's no set APR for this card, but I assume it'll be somewhere between 20-30% (a lot). Point being: only get a cash back card if you plan on paying in full every month. Otherwise, it defeats the purpose.
 
I have the penfed card and it is awesome. I put all my monthly expenses on it and I average about $60 a month cash back. You don't have to be in the military to join. You can donate $20 to a military association and they will let you in. The only drawback is they are very conservative, so you have to have almost perfect credit (scores over 720, no new accounts, low dti ratio, low utilization) to get approved for a card.
 
[quote name='PhrostByte']No, you don't lose them. You really don't even have to be a student to get them, though that's what the advertisements suggest. I guess that Citi feels that, by targeting students with decent cash back incentives, they'll be able to make money. Young people usually have little income, and compared to other consumer demographic subsets, are generally less financially responsible. Citi makes bank off the people who keep an active interest from month to month. There's no set APR for this card, but I assume it'll be somewhere between 20-30% (a lot). Point being: only get a cash back card if you plan on paying in full every month. Otherwise, it defeats the purpose.[/QUOTE]

Exactly. I knew that by getting a card with a program I would be getting a higher APR. I think its 16% which is decent for a younger person with no credit and a dividend program. I plan to never hold a balance anytime soon since I'm working a good amount of time. Its almost sad how some kids don't understand the problems with credit cards and interest.
 
[quote name='Treythalomew']Exactly. I knew that by getting a card with a program I would be getting a higher APR. I think its 16% which is decent for a younger person with no credit and a dividend program. I plan to never hold a balance anytime soon since I'm working a good amount of time. Its almost sad how some kids don't understand the problems with credit cards and interest.[/quote]

Yeah it is.. what's even more sad is that this is supposed to be a deal finding site yet not many people are interesting in good credit card rates.
 
It doesn't matter what your credit card rate is, the idea is to pay back your balance 100% every month.
If you can't do that, you shouldn't own a card.
 
[quote name='HeadRusch']It doesn't matter what your credit card rate is, the idea is to pay back your balance 100% every month.
If you can't do that, you shouldn't own a card.[/quote]

On paper, absolutely. However, if this was true, the nation would not be comprised of debtors. :D

I have two credit cards. The first one is from 1st Financial Bank. There's nothing special about it. It has a $250 credit limit and it was my first ever credit card. Never did charge more than a $100 on it and always paid it in full every month. Once again, nothing special. The interest rate was pretty damn terrible too (21% APR).

The other one is the Citibank Dividend Platinum Select, which I just recently got. My interest rate is much better (13% APR, but 0% for the first six months) and it has a $800 credit limit. There is cashback on it :

2% on purchases at supermarkets, drugstores, gas stations, convenience stores, and utilities including cable. 1% off of everything else. But there is a limit of $300 that can be earned per year. The only exception to the limit is if you shop through online retailers through Citibank, each one with varying rates. You can earn unlimited cashback through that option.

To be honest, I'm not concerned with the cashback options. But if you wanted a card that offers it, this one is not a bad one. Low APR, decent credit line, and some minor perks here and there.
 
I applied for a student mastercard through UPromise a while back and never heard anything about it. Had pretty good perks and everything, just didn't hear back. It had a low APR too, think it was around 10-12%.
 
Last edited by a moderator:
My advice is not to even consider getting a credit card.

I'm a senior in college and last year I got preapproved for 4 credit cards at once (1 from chase, and 3 from citi, all at the same time, same dates on the forms, etc)

the citi cards had a combined $7,000 credit limit, and the chase card had $1,000

I ended up losing my job around xmas, and then spiraled into debt - for the past year been trying to pay that off...

Honestly, I'd recommend (if anything at all) a credit card through your own bank - many offer them as "overdraft protection" on checking accounts

I've got more to say on credit cards, but not enough time right now...
 
there are a lot of cards out there that give 5 or even 10% back on gas purchase. marathon gas card gives you 5% sometimes 10% (dont know why but last 2 months i got 10% back) i had the card for 5 years and get around 125 to 175 back per year
 
I know many people say to avoid credit cards as a student but I think they are important. I work part time and have to use my credit card to buy my books and food.

Also its good to build a little bit of credit as a student. I know credit cards don't mean much but when I apply for a cell phone contract my deposit was 0 where as a friend who hadn't had a credit card they wanted a deposit of 750.
 
well credit is important, but after my experience I'd rather pay higher deposits than risk toeing the line when it comes to using the card

I don't even know how they got off with giving me $8,000 in credit.... I've never had a card before then...
 
[quote name='LinkTGF']well credit is important, but after my experience I'd rather pay higher deposits than risk toeing the line when it comes to using the card

I don't even know how they got off with giving me $8,000 in credit.... I've never had a card before then...[/quote]

Ahaha, just because you have $8000 in credit doesn't mean you're supposed to use it.

Like HeadRusch said, charge shit up, pay it off every month.
 
A credit card is good if for for somebody who is responsible. I pay it off every month, and it's kinda sad to see my spending habit in a single month totaled up on what I wasted it on. Which usually tends to be games and movies, otherwise I try it play it conservatively and not overspend. Even if you plan on paying it off every month, something emergencies will come up in which you can't, so it's still best to look for cards with low APR and good cash back programs.
 
[quote name='Trakan']Ahaha, just because you have $8000 in credit doesn't mean you're supposed to use it.

Like HeadRusch said, charge shit up, pay it off every month.[/quote]
well it started out responsibly enough, but when you lose your job, especially around the holidays... I don't really think I need to say more...
 
[quote name='LinkTGF']My advice is not to even consider getting a credit card.

I'm a senior in college and last year I got preapproved for 4 credit cards at once (1 from chase, and 3 from citi, all at the same time, same dates on the forms, etc)

the citi cards had a combined $7,000 credit limit, and the chase card had $1,000

I ended up losing my job around xmas, and then spiraled into debt - for the past year been trying to pay that off...

Honestly, I'd recommend (if anything at all) a credit card through your own bank - many offer them as "overdraft protection" on checking accounts

I've got more to say on credit cards, but not enough time right now...[/quote]

But you didn't spiral into debt because you had a credit card; it happened because you spent more money than you made. Just don't use your card for anything that you don't already have money to pay for.

It's important to build a credit history, so it's good to have the card even if you never use it.
 
[quote name='LinkTGF']well it started out responsibly enough, but when you lose your job, especially around the holidays... I don't really think I need to say more...[/quote]

Read what conroy posted. It's all about the person who's using the card and self control. Don't spend more than you make.

You do have to use your card to build credit though, only if it is for gas every month or something.
 
Good to see you post in my thread Trakan.. my thread about credit cards.. that you're too lazy to apply for. :rofl:
Here's a quick update. I got instantly got approved for the MTVu card. $6500 limit. Much higher than the one PenFed gave me, $1000. Whatever, I still consider PenFed to be the best all around card, but now I'll be using my MTVu card for food, bars, and amazon.
 
Last edited by a moderator:
I have the MtvU card. They initially gave me a $4500 credit limit and now it's $5000. I spend on average around $350-450 per month and I've had the card for around 6 months. I think the reason it's geared towards students is that the places that you get the bonus points/reward points are places where students tend to go (fast food, movies, bookstores, like you mentioned.) So, it's nice to get huge reward points after buying my textbooks for the semester.

After 6 months spending the average noted above, I've earned 8,000 points and hopefully around ~13,000 points (if my grades go processed). Anyway, I think it's a decent card.
 
slidecage, tell me about this card you're talking about. It's strange that I've never heard of it... it must be 5% only at specific gas stations.
Puffolafaqus, good to see another MTVu member. Have you tried cashing/depositing the student loan rebates? Also, what's to stop someone from shopping their grade summaries when faxing them in?
 
My number one card, is my Sony Visa card, check out the sony rewards thread here on the cag forum.

It's interest rate isn't the greatest, but you can call and get it knocked down, my sony card is at 12 percent fixed, but the rewards on the sony site are amazing.

So far, I've gotten a free ps3, a free psp slim, a free rumble sixaxis controller, and a free ps3 remote, and a free psp game, and I am only a couple of months away from another good score. Since this IS the cag forum, I'd have to say hands down this is the best card for a Cagger to own, period.
 
My current go to card is the Chase Visa Rewards Plus Card. It's not advertised on the website, and there are rumors that it's been discontinued (with people from fatwallet actually getting their cards switched over to another cashback card), but some people have claimed that by calling Chase, they've been able to apply for the card and get one within the last year.

Basically it gives you:
5% Cashback on Gas, Groceries, and Pharmacy purchases
1% Cashback on all other purchases

The mtvU card sounds interesting, but I don't really want to open up another line of credit.
 
i signed up for the mtvu card and was immediately approved with 6500 credit line.

I'm a little surprised they gave me that much since I have 0 credit so far except for paying off some school loans.

I've never gotten a credit card and I'm 23 and I guess it was time since I would like to get some form of credit in case I ever need to get a loan for a car or something.
 
[quote name='rushisrighton']My number one card, is my Sony Visa card, check out the sony rewards thread here on the cag forum.

It's interest rate isn't the greatest, but you can call and get it knocked down, my sony card is at 12 percent fixed, but the rewards on the sony site are amazing.

So far, I've gotten a free ps3, a free psp slim, a free rumble sixaxis controller, and a free ps3 remote, and a free psp game, and I am only a couple of months away from another good score. Since this IS the cag forum, I'd have to say hands down this is the best card for a Cagger to own, period.[/quote]

How much have you spent to get all that free stuff?
 
[quote name='PhrostByte']slidecage, tell me about this card you're talking about. It's strange that I've never heard of it... it must be 5% only at specific gas stations.
Puffolafaqus, good to see another MTVu member. Have you tried cashing/depositing the student loan rebates? Also, what's to stop someone from shopping their grade summaries when faxing them in?[/QUOTE]


No, I haven't tried that yet. I've been waiting to build up my points some before cashing out. As far as shopping the grade summaries, I don't know how strict they are about the "official report card for the semester", esp. the "official" portion. According the the form that I have, it says that I have to mail it in and not fax it. So, they may be leery of a form that was just printed off from your computer and sent in.

I sent in an official transcript along with the form, and, hopefully, it should be processed by my next statement.
 
I am a recent college grad, and have the following two cards:

Wells Fargo Platinum Visa
- I've had this card for 5 years now, and its my safety card. I have a $10,000 credit line, 9.9% APR, and 1% cash back on all purchases. I actually dont use this card that much anymore because I've gotten into the whole cashback craze (see below). However, this was my everything card in college, and I paid off my balance in full every month. Now my credit is ridiculously good and if I ever need to charge a big purchase or some emergency happens, this card bails me out.

Chase Freedom Rewards Visa - I've had this card for a year, and it is my favorite. 3% cash back on the top three categories I spend on (entertainment, restaurants, gas, utilities, etc.), and 1% on everything else. And every $200 cashback I earn gets me an extra $50. This card rocks because everything I spend on is earning me money. It really adds up.

The fact is though, you really should not get a card unless you are able to pay it off every month. And if you are going to go ahead with it, I would get TWO, if you can handle it - one for cash back, and one with the lowest APR you can find. Use the cashback card for your daily needs (groceries, gas, etc), and use the low APR card for any big puchases you may encounter (car repair, doctor/medicine, etc). This builds you awesome credit and should help you with everything you need to spend money on.

Also, as obvious as this may sound, make sure you remember that store specific credit cards are credit cards too! In other words, don't get a Chase Visa, and then go get a credit card at Best Buy and Circuit City because you shop there a lot. Those store specific credit cards are no different that the ones you get from a bank, and show up on your credit report. Credit cards need to be active, so it does you no good to open a Best Buy card because you wanted no interest for 12 months on a PS3, and then you never use it again. You have to charge something to each of your cards on a semi-regular basis or it may get deactivated and hurt your credit.

Ok enough financial planning 101. But seriously, do your research before you take the plunge.
 
[quote name='FecesBreath']

Chase Freedom Rewards Visa - I've had this card for a year, and it is my favorite. 3% cash back on the top three categories I spend on (entertainment, restaurants, gas, utilities, etc.), and 1% on everything else. And every $200 cashback I earn gets me an extra $50. This card rocks because everything I spend on is earning me money. It really adds up.

[/quote]


I've been using the same card for almost 2 years and I love it! So far I've earned 500 dollars in cash back using that $200 + $50 bonus. working my way towards $750 pretty soon. Just for every day spending / paying bills.
 
[quote name='Conroy']But you didn't spiral into debt because you had a credit card; it happened because you spent more money than you made. Just don't use your card for anything that you don't already have money to pay for.

It's important to build a credit history, so it's good to have the card even if you never use it.[/quote]

*ding, ding, ding*

I hate when people tell others not to get a credit card. It's pretty stupid not to get one as soon as you can. As pointed out by Conroy, it helps to build your credit up. The last thing you want is to be in your mid-20s and have little to no credit history.
 
I used to have Citi's Diamond rewards which gave me 5pts per dollar at grocery/drugstore/gas for one year each (MC and AMEX) as well as the Citi Professional that gave me 3pts per dollar at restaurants all with thank you points. I got $100 worth of points each time I signed up and with my job requiring me to charge stuff I made a boatload. I cashed out over $1000 worth of gift cards. Then they started screwing around with the points required to cash out and got rid of the stores that I used to get the gift cards to and felt it was time to move on. Now I'm using the Chase Freedom Rewards Visa and the Discover More card. Don't have any complaints so far using these.

I have had a credit card since I was 16 and I'm 24 now and haven't paid a dime in interest on any of my cards. I have however collected a lot of free money and wish that I had gotten a rewards card much earlier instead of when I got out of college and started a job. Don't spend more than what you actually have available in the bank and you'll be fine. The only things you should be paying interest on are a car loan or a house loan. Paying interest on something stupid like a tv or a trip is extremely foolish.
 
Phrostbyte, several people are reporting that Amazon purchases are not elligible for points on the mtvU card over in the thread you are replying to on fatwallet. It'll be interesting to see if the purchases work for you.
 
You sure mtx? I know they were saying that not all third party amazon merchants apply (I believe book sellers still might). But I don't think anyone has reported that buying from amazon themselves wouldn't count. Amazon apparently reports their merchant category code is bookstore...
 
Yeah, read about 3 pages back (page 42ish) on that fw thread. One guy states how he bought a bunch on amazon and it never gave him the points.
 
One guy said his purchases weren't eligible and then about 6 other guys replied saying that theirs are still going strong. I bet that one guy bought from a third party merchant.
 
[quote name='PhrostByte']One guy said his purchases weren't eligible and then about 6 other guys replied saying that theirs are still going strong. I bet that one guy bought from a third party merchant.[/quote]

Hmm. Maybe he tried to buy a gift card?
 
Possibly.. it wouldn't make sense for gift cards to be eligible.. so far I haven't seen anyone report that a traditional amazon purchase didn't qualify.
 
My first credit card came when I signed up for my first checking account and I eventually moved on to the Amazon Visa card because of the free $30 offer. I have always payed the complete amount I spent so I believe my credit score should be good (but there might be a negative effect for not having a job). Amazon Rewards is going pretty slowly though because I don't purchase things from Amazon too much. This topic will be good when I finally get that gift certificate so I can move on to a better card.
 
[quote name='bigl523']I have had a credit card since I was 16 and I'm 24 now and haven't paid a dime in interest on any of my cards. I have however collected a lot of free money and wish that I had gotten a rewards card much earlier instead of when I got out of college and started a job. Don't spend more than what you actually have available in the bank and you'll be fine. The only things you should be paying interest on are a car loan or a house loan. Paying interest on something stupid like a tv or a trip is extremely foolish.[/quote]

Exactly. I think this is where people create this awful impression of credit cards. As if, because you have one, you need to run out and buy crap you can't afford. Like you, I've never paid a penny in interest to any credit card company. I simply buy the things I would have bought with cash or a debit cash: food, gas, . So, instead of carrying around cash and/or not getting anything back, I'm building up my credit (all three scores well over 700) and getting rewards back.
 
I'll admit it.. I paid interest once. :bomb:
I've been using cards for almost 10 years now, but paying my bills online for only about 6. So, one time I was writing a check out to pay my CrapitalOne bill and wrote something like $245.27 instead of $245.72. So the next bill I had about 5 cents extra I had to pay. :rofl:
 
So what card gives the most cashback or rewards credit? I have been primarily using my SONY card since 2000, but really you ony get about 1% back (.01 for every $1 spent).
 
I'm using the American Express Clear card. I remember the APR being sort of high, but as long as you pay off your balance every month you don't need to worry about it. It has a 1 month grace period just in case you're one of the forgetful types that miss the bill by it's due date. It also offers a 1% reward rate, but it gives it in the form of an $25 AMEX gift card they send to you every time you spend $2500.
 
I signed up for the sony card for the $150 sign up bonus back in the day and bought myself a DS Lite. Since then I haven't used the card at all as 1% is pathetic.

Without having to pay an annual fee, I don't think there is really 1 card that's going to get you the best deal. You will most likely need to have a combination of cards that covers all of your major purchases (gas, groceries, restaurants, travel, etc.) If you tend to shop at one store a lot it may make sense to own their card if the beni's are any good. I've been thinking about an amazon card as I've been buying a lot of stuff from them as of late.

Never settle for 1% cash back when there is more to be had. As soon as a promotion for your card ends (ex. Citi Diamond Rewards 5% for one year) stop using it and start using one that's going to hook you up with more cash back. As I stated earlier, I'm using a Discover More card and Chase Freedom. I use the Chase Freedom as my everday card (3% is most catergories) and then use the Discover if there's a 5% promo going on as the Discover changes every 3 months. I also charge just about EVERYTHING. Not only do I get cash back but I also am able to keep track of all the crap I've bought. If you pay with cash all the time it's hard to keep track of just what exactly you've bought.
 
[quote name='bigl523']I signed up for the sony card for the $150 sign up bonus back in the day and bought myself a DS Lite. Since then I haven't used the card at all as 1% is pathetic.

Without having to pay an annual fee, I don't think there is really 1 card that's going to get you the best deal. You will most likely need to have a combination of cards that covers all of your major purchases (gas, groceries, restaurants, travel, etc.) If you tend to shop at one store a lot it may make sense to own their card if the beni's are any good. I've been thinking about an amazon card as I've been buying a lot of stuff from them as of late.

Never settle for 1% cash back when there is more to be had. As soon as a promotion for your card ends (ex. Citi Diamond Rewards 5% for one year) stop using it and start using one that's going to hook you up with more cash back. As I stated earlier, I'm using a Discover More card and Chase Freedom. I use the Chase Freedom as my everday card (3% is most catergories) and then use the Discover if there's a 5% promo going on as the Discover changes every 3 months. I also charge just about EVERYTHING. Not only do I get cash back but I also am able to keep track of all the crap I've bought. If you pay with cash all the time it's hard to keep track of just what exactly you've bought.[/quote]

EXACTLY. You really do need a combination of cards in order to maximize your rewards and build great credit. The key is to go ahead and CHARGE EVERYTHING to a card - there really is no reason to use cash other than to have it in your wallet for emergency purchases.

Like I said earlier in the post, the Chase Freedom is an awesome everyday card, with it's 3% cash back on top categories and 1% on everything else. As long as you can keep track of your spending, and not freak out when you see all of your monthly spending added up (you'd be surprised how little things like snacks from gas stations, coffee, etc. add up) you should be fine.

How is the Discover card working out for you?
I've always been under the impression that Discover card sucks because it's not accepted everywhere. Thoughts?
 
The Discover is working out all right, I think I've only been to one place that didn't take it (local town grocery store) but other than that I've had no gripes. Some of the categories aren't that great (for example home improvement as I don't own a house, just rent) but it's been good for the past 2 quarters (5% on gas over the summer was nice and 5% on groceries and restaurants for the past 3 months). The toughest thing is just remembering which card you need to use in each situation.

I'm saving up for $200 on my freedom to get the $250 reward and I cash out instantly on the Discover when I reach $20 (min. cash out amount) as they don't have much of an incentive to save up more. I think Discover has a 5% year round gas card as well which may be an option as well.
 
[quote name='rushisrighton']My number one card, is my Sony Visa card, check out the sony rewards thread here on the cag forum.

It's interest rate isn't the greatest, but you can call and get it knocked down, my sony card is at 12 percent fixed, but the rewards on the sony site are amazing.

So far, I've gotten a free ps3, a free psp slim, a free rumble sixaxis controller, and a free ps3 remote, and a free psp game, and I am only a couple of months away from another good score. Since this IS the cag forum, I'd have to say hands down this is the best card for a Cagger to own, period.[/quote]

I have the Sony card, while the rewards are nice, they're way too expensive, thus would take a very long time to get. You must be spending thousands of dollars a month on the card. I believe a PS3 is around 60,000 points, maybe less now. If it works for you, that's all that matters.
 
If you have to travel for work it's easy to rack up points between hotel/airfare/food/rental car/rental car gas/etc. I know that's where I was getting a bunch of my points from. But your right Thongsy, if you convert the points into actual currency you are most likely "paying" a premium to cash out for that ps3 (60K points at $0.01 a point is $600!). This is where it makes more sense to just get the cash back and then go to a store and buy it yourself.
 
bread's done
Back
Top