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re: Credit Card Rewards and Points Discussion
Posted on 1/30/14 at 2:21 pm to BACONisMEATcandy
Posted on 1/30/14 at 2:21 pm to BACONisMEATcandy
quote:Probably spend 2K to 4K per month on food, fuel, monthly bills, dining out. House note is 2K, but we double up on it and pay 4K. If I had to guess, annual spend would probably be around 100K including house note. Usually take one vacation per year. Neighbor told us we should run EVERYTHING through a CC to take advantage of points. I'm an old fashioned kind of guy that never had any credit cards and doesn't know much about them.
We need more info. What categories do you spend most in and what is your annual spend?
This post was edited on 1/30/14 at 2:23 pm
3
Posted on 1/30/14 at 2:31 pm to sec13rowBBseat28
quote:
Probably spend 2K to 4K per month on food, fuel, monthly bills, dining out.
AMEX Premier Gold gives you double points on grocery stores and gas stations. It's a charge card and not a credit card so you wouldn't pay any interest as long as you pay off every 30 days in full.
Posted on 1/30/14 at 2:31 pm to sec13rowBBseat28
quote:
Neighbor told us we should run EVERYTHING
I would agree with your neighbor but you generally cannot run car notes, mortgages, etc... through credit cards
Assuming you shop at grocery stores and not at Wal-Mart, Sam's or costco I'd look at:
Blue Cash Preferred from American Express
6% cash back at supermarkets, 3% at gas stations and department stores, and 1% on everything else.
Posted on 1/30/14 at 2:33 pm to BACONisMEATcandy
quote:
but you generally cannot run car notes, mortgages, etc... through credit cards
I just learned yesterday how to do that though! I'm still reading up on that stuff. It's amazing. I'm afraid I'd get caught though.
Posted on 1/30/14 at 2:51 pm to sec13rowBBseat28
Are you wanting cash back or travel?
If travel, who do you want to fly with(or what's the major carrier in your area)?
If travel, who do you want to fly with(or what's the major carrier in your area)?
Posted on 1/30/14 at 2:52 pm to BACONisMEATcandy
This card would be paid off in full every month. Does that change you recommendation any?
Posted on 1/30/14 at 2:53 pm to htownjeep
quote:
I just learned yesterday how to do that though! I'm still reading up on that stuff. It's amazing. I'm afraid I'd get caught though.
I believe it's pretty tough to get "caught" and you aren't breaking laws. The card issuer will just cancel your card and you could lose points if they aren't transferred out.Posted on 1/30/14 at 2:54 pm to LSUAfro
quote:I guess cash back. We typically only fly once a year. Two times max. Sometimes we may not fly at all.
Are you wanting cash back or travel?
This post was edited on 1/30/14 at 2:55 pm
Posted on 1/30/14 at 3:00 pm to sec13rowBBseat28
quote:
This card would be paid off in full every month. Does that change you recommendation any?
If you aren't paying off in full each month you are not really earning anything and actually are losing money. I assumed this was the case to begin with
Posted on 1/30/14 at 3:00 pm to sec13rowBBseat28
quote:
I guess cash back.
I take back my amex prg recommendation then.
Posted on 1/30/14 at 3:02 pm to LSUAfro
quote:
I believe it's pretty tough to get "caught" and you aren't breaking laws.
Not always true. There are certain ways you can do it and break some tax laws if you do not report it right
Posted on 1/30/14 at 3:17 pm to BACONisMEATcandy
I initially questioned this, and as far as what most people on here are doing, the cash back and rewards earned are considered a discount on purchase and it is not considered reportable income.
Posted on 1/30/14 at 3:20 pm to sec13rowBBseat28
I'd probably go with the Chase Ink Plus or the Amex Blue Preferred.
Posted on 1/30/14 at 3:32 pm to LSUAfro
quote:
I initially questioned this, and as far as what most people on here are doing, the cash back and rewards earned are considered a discount on purchase and it is not considered reportable income.
That is not what I was referring to. If you use a card on Paypal, Venmo, Amazon Payments, etc... to send cash to whomever for just the purpose of earning points you would technically have to report it as income
Even if you sent to yourself
Posted on 1/30/14 at 3:39 pm to BACONisMEATcandy
Ah this is true. You would receive a 1099-E once you hit 20k in receivables on a specific site. It's the honor system to report income under 20k, but you can also gift up to $14,000 to an individual annually.
Posted on 1/30/14 at 4:15 pm to htownjeep
quote:
I just learned yesterday how to do that though! I'm still reading up on that stuff. It's amazing. I'm afraid I'd get caught though.
Let's just say if all you were doing was your mortgage you are no where near levels that some people do nor garner much attention as long as you use that credit card for other things besides conversion. I use all my cards for various things and spread out all my manufactured/conversion spending among them so none of them or doing more than $2,000 a month tops, not to mention I spread it around not only my cards, but my fiance's.
Of course, shite does happen. At worst the card gets closed and the points taken away.
In any event, I've been paying my rent for almost a year now with the technique. My landlord is probably getting perturbed by me paying rent 2 weeks early, but I lack some patience.
This post was edited on 1/30/14 at 4:17 pm
Posted on 1/30/14 at 4:36 pm to Teddy Ruxpin
quote:
Teddy Ruxpin
You use bluebird for this? I might start doing this. Also, if I find a VR card at a grocery store and use my amex gold would I get 2x the points since they give 2x for grocery stores and gas stations?
Posted on 1/30/14 at 4:53 pm to htownjeep
quote:
You use bluebird for this?
Yes.
quote:
Also, if I find a VR card at a grocery store and use my amex gold would I get 2x the points since they give 2x for grocery stores and gas stations?
If they allow the purchase, I would assume so. Can always check the FT boards as I'm sure someone tried it and commented if it posted correctly on their account. But from my experience reading through all that, the answer is yes, if it goes through at the register.
This post was edited on 1/30/14 at 8:42 pm
Posted on 1/30/14 at 5:00 pm to htownjeep
quote:
htownjeep
Let's rename this because we've gone waayyyy offtopic here
How about? Credit Card Rewards and Points Discussion
Posted on 1/30/14 at 6:18 pm to BACONisMEATcandy
Ok - have come full circle and here is the recap:
Have the CPS on the way - will utilize the points on a Vegas trip later this year.
After CPS points are earned going back to Amex PB for everyday use.
Will try to catch the Amex Platinum when the next promotion comes around as long as they have their lounge access issues ironed out.
Have amazon payment account set up and ready to roll with a new source of point. I will test run the VR next month as well.
Have the CPS on the way - will utilize the points on a Vegas trip later this year.
After CPS points are earned going back to Amex PB for everyday use.
Will try to catch the Amex Platinum when the next promotion comes around as long as they have their lounge access issues ironed out.
Have amazon payment account set up and ready to roll with a new source of point. I will test run the VR next month as well.
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