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Applying For A New Credit Card
Posted on 7/27/14 at 10:23 pm
Posted on 7/27/14 at 10:23 pm
Currently I have the Costco member/credit card with American Express. It is the only credit card I have since closing my Belk and Dick's Sporting Goods cards the other day (the only reason I had them was because of those specials where you get additional savings for signing up and I never used them). I do not live near a Costco anymore and my membership renews on the 31st. Currently I have $110 in cash back and conveniently enough that's how much it will cost to renew. I purchased maybe 2 items in the 4 years that I have been a member so I am looking to make a change since I do not shop there regularly (if it makes sense to).
I have done a little research as well as read a couple other discussions but there are so many different types and I want to make sure I sign up for one that I will be happy with for a while.
I have looked at travel cards since I am getting married next June but figured cash back rewards was just as good because it could be used anywhere.
The few I have found so far are:
Capital One Quicksilver Cash Rewards - No annual fee and 1.5% cash back
Chase Sapphire Preferred - 40,000 bonus points, 20% off travel, but what appears to be no cash back and an annual fee of $95.00
Chase Freedom - 5% cash back in bonus categories only and 1% on everything else, no annual fee.
I found a couple others but wanted to get the Money Board opinion on what's the best rewards card out there right now.
Thanks for the help.
I have done a little research as well as read a couple other discussions but there are so many different types and I want to make sure I sign up for one that I will be happy with for a while.
I have looked at travel cards since I am getting married next June but figured cash back rewards was just as good because it could be used anywhere.
The few I have found so far are:
Capital One Quicksilver Cash Rewards - No annual fee and 1.5% cash back
Chase Sapphire Preferred - 40,000 bonus points, 20% off travel, but what appears to be no cash back and an annual fee of $95.00
Chase Freedom - 5% cash back in bonus categories only and 1% on everything else, no annual fee.
I found a couple others but wanted to get the Money Board opinion on what's the best rewards card out there right now.
Thanks for the help.
This post was edited on 7/27/14 at 10:24 pm
4
Posted on 7/27/14 at 10:51 pm to Phil
Other cash back cards include:
Discover It 5% rotating categories
PenFed 5x gas, not sure what else, don't have it and I'm lazy
Fidelity Amex (Which a lot of people like) 2% cash back on every thing
BlueCash Amex
If anyone else wants to add to the list, go ahead, but its not that hard of a decision. Cash back is cash back. Pick the one that fits your spending patterns the best.
Discover It 5% rotating categories
PenFed 5x gas, not sure what else, don't have it and I'm lazy
Fidelity Amex (Which a lot of people like) 2% cash back on every thing
BlueCash Amex
If anyone else wants to add to the list, go ahead, but its not that hard of a decision. Cash back is cash back. Pick the one that fits your spending patterns the best.
This post was edited on 7/27/14 at 10:59 pm
Posted on 7/27/14 at 11:06 pm to Teddy Ruxpin
Posted on 7/27/14 at 11:11 pm to Phil
quote:
I found a couple others but wanted to get the Money Board opinion on what's the best rewards card out there right now.
It depends on what you want out of it.
Do you travel? If you fly a lot or stay in hotels for work or anything, look into one of those
If you can't decide, get two -- a cash back card and a travel card. That's the way I started out with Discover 5 percent rotating categories and Southwest Visa
Or you could always start out with Chase Freedom, which is a solid cash back card with the rotating categories (8 months out of the year gets you 5 percent back on gas and 4 months at restaurants) then at some point down the road get the CSP and switch your Ultimate Reward points over from Freedom to the CSP (+ bonus points) and spend it on travel
Posted on 7/27/14 at 11:29 pm to Phil
I have chase sapphire preferred and it gets 1% cash back on everything and 2% on all travel and dining. Got the 50k signup bonus.
Also have the southwest rewards card which I cashed in 50k bonus too.
I pretty much only use the sapphire with the exception of booking southwest flights as I get double points for that. I can transfer the sapphire points to southwest, which is typically who I fly with. If I can't get a southwest flight the 20% off when using points on other airlines is nice.
This combo works well for me and I usually hold all the points with chase and just transfer to southwestward needed. Best flexibility for me.
Also have the southwest rewards card which I cashed in 50k bonus too.
I pretty much only use the sapphire with the exception of booking southwest flights as I get double points for that. I can transfer the sapphire points to southwest, which is typically who I fly with. If I can't get a southwest flight the 20% off when using points on other airlines is nice.
This combo works well for me and I usually hold all the points with chase and just transfer to southwestward needed. Best flexibility for me.
Posted on 7/27/14 at 11:42 pm to TigerDeBaiter
quote:
Chase Sapphire Preferred - 40,000 bonus points, 20% off travel, but what appears to be no cash back and an annual fee of $95.00
Chase Freedom - 5% cash back in bonus categories only and 1% on everything else, no annual fee.
Do this combo and you can combine the points. Yes you can get cash back with it but you won't get the 20% bonus.
quote:
I pretty much only use the sapphire with the exception of booking southwest flights as I get double points for that. I can transfer the sapphire points to southwest, which is typically who I fly with. If I can't get a southwest flight the 20% off when using points on other airlines is nice.
You would get 3x the points if you booked through the chase portal and paid with your sapphire rather than your southwest. I would start doing that
Posted on 7/27/14 at 11:55 pm to BACONisMEATcandy
quote:
You would get 3x the points if you booked through the chase portal and paid with your sapphire rather than your southwest. I would start doing that
Or get real sneaky with a Chase business card and buy the Southwest gift cards at Office stores for 5x points.
Which brings me to something else, more airlines or travel booking sites need gift cards at these stores. Basically, every company I use should be there. It needs to happen yesterday.
This post was edited on 7/27/14 at 11:56 pm
Posted on 7/28/14 at 6:48 am to Phil
Travel rewards>>>>>>>>Cash back rewards if you pay attention and know what you are doing.
Posted on 7/28/14 at 6:52 am to VABuckeye
It's all about the signup rewards and multiple X bonuses to me.
I use the Chase Freedom this quarter for gas. 5X points
All of my airline tickets go on Amex PRG 3X points and great transfer bonuses to airlines on a rotating schedule
Groceries go on Amex PRG - 2X points
Dining and hotels go on CSP - 2X points
Everything business gets dumped on Amex PRG - 15k points bonus for $30k spend
I use the Chase Freedom this quarter for gas. 5X points
All of my airline tickets go on Amex PRG 3X points and great transfer bonuses to airlines on a rotating schedule
Groceries go on Amex PRG - 2X points
Dining and hotels go on CSP - 2X points
Everything business gets dumped on Amex PRG - 15k points bonus for $30k spend
Posted on 7/28/14 at 9:11 am to BACONisMEATcandy
quote:
You would get 3x the points if you booked through the chase portal and paid with your sapphire rather than your southwest. I would start doing that
I cant find where/how to do this.
Posted on 7/28/14 at 9:12 am to TigerDeBaiter
I'm thinking about going with the chase sapphire preferred option. With the 40k bonus points I could use that and whatever else I earn for airfare on the honeymoon. The savings on airfare would outweigh the cash back rewards, if I am reading it correctly.
This post was edited on 7/28/14 at 9:13 am
Posted on 7/28/14 at 9:24 am to Phil
You may be able to get more out of the points by transferring them to an airline rather than purchasing through the UR portal depending on your flexibiliity.
Posted on 7/28/14 at 9:43 am to TigerDeBaiter
You do it just like you would to use points but rather than pay with points you pay with card
Posted on 7/28/14 at 8:48 pm to BACONisMEATcandy
Excuse my ignorance, I seriously have no idea what you're referring to. Is this possibly a feature that's no longer there?
I feel really dumb right now.
I feel really dumb right now.
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