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Credit Cards (2 Viewers)

Speaking of credit card rewards, a guy with a pretty successful bar/restaurant here in town still refuses to accept credit cards. This place. Been around a long-time, kind of landmark here in town. Current owner has been there about 35 years. How it still makes sense not to accept credit cards, I have no idea. He's old and stubborn. I don't go there, partly because he doesn't take cards, but mostly because the food's not great and the service is horrible (mostly 20 dudes working there that care about as much as you'd expect 20 year old dudes to care). 

Funny part is the owner uses credit cards for every business expense to rack up the cash rewards. Cash rewards generated from the very merchant fees he refuses to pay himself. A #### move, imo, but more power to him. 

 
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FUBAR said:
Some places around here charge 50 cents extra for cards.  Makes sense imo as the card costs them to accept. 
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Vending machines charge $0.10 on a swipe on a $1.40 soda, for a swipe fee of 7.1%. Eat a big one on principle alone, what's normal 2-3%?

 
I recently got the BOA 1-2-3 cash rewards card. Seems like a good deal...1% back everywhere, 2% at grocery and wholesale stores, and 3% back on gas. 

 
mquinnjr said:
Vending machines charge $0.10 on a swipe on a $1.40 soda, for a swipe fee of 7.1%. Eat a big one on principle alone, what's normal 2-3%?
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Don't know what kind of arrangement a vending machine would have, but 3% overall for credit card fees is pretty typical. Swipe fee is often a set amount though, no matter the size of th transaction. Mine's $0.08 right now, but it's been as high as $0.20. This is why so many merchants have a minimum to use a credit card. It's not necessarily the percentage, but the swipe fee alone can often eat up the profit margin on those tiny transactions.

$0.10 seems pretty reasonable for a vending machine to me. 

 
matuski said:
What's the game here?  They think I'm gonna go by a truck on my credit card?

I don't really get the logic.
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I know depending on business travel I have hit 20-25 before but that is an anomaly at best.  I assume they are trying to get you to consolidate everything to one card.

 
sbonomo said:
I know depending on business travel I have hit 20-25 before but that is an anomaly at best.  I assume they are trying to get you to consolidate everything to one card.
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Yea.. I guess I rotate heavily, just do expense reports/pay off weekly.  Still nowhere near 48k in a month.

 
Is there a chance a credit card won't post to the bureaus at all if the statement end date comes with a $0 balance?  I'm about to start looking into getting pre-approved for a mortgage in November, and I'm just finishing up the first statement cycle on the Freedom and Americard. Neither has posted the available credit to the bureaus. There should be some positive effect when they do, as they'll more than double my available credit. The Freedom, especially, and the statement date snuck up on me yesterday and I wasn't able to leave $5 showing like I do with other cards.  But the available credit should still report to the bureaus, right?

That damn Freedom card is awesome, btw. $209 cash back in the first month ain't too shabby, though I have almost eaten up the entire 5% for the quarter. 

 
cap'n grunge said:
I get 5% cash back on gas at any gas station with my Sam''s club card. Anything out there better than that?
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As far as I know, there's not anything better for gas. Oddly, that Sam's card is pretty good for some things, but terrible for actually buying stuff at Sam's.

One option to consider might be the Discover It Cashback Match. It does the 5% rotating categories, and they usually do gas in one of the quarters (1st in 2016). Then Discover doubles your cash back for the first year you have the card, so getting it soon would allow you to essentially get 10% back on gas the next time they have gas as a rotating category. It's 1% on everything else, so it's a 2% card the first year for every purchase.

 
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pollardsvision said:
Is there a chance a credit card won't post to the bureaus at all if the statement end date comes with a $0 balance?  I'm about to start looking into getting pre-approved for a mortgage in November, and I'm just finishing up the first statement cycle on the Freedom and Americard. Neither has posted the available credit to the bureaus. There should be some positive effect when they do, as they'll more than double my available credit. The Freedom, especially, and the statement date snuck up on me yesterday and I wasn't able to leave $5 showing like I do with other cards.  But the available credit should still report to the bureaus, right?

That damn Freedom card is awesome, btw. $209 cash back in the first month ain't too shabby, though I have almost eaten up the entire 5% for the quarter. 
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Yes, if you have an account open, it should say the available credit and the balance. I don't think there's a benefit to leaving $5 balances on the account. Also, having more available credit isn't always a good thing. It may not hurt your score, but is someone is analyzing your accounts, they'll see you have immediate access to $xxxx of unsecured credit. 

 
Not only do I think the Venture card has the best rewards "for me", but I split a large dinner bill where some people threw in cash. I ended up leaving a 45% tip because of how it broke down and Venture automatically flagged it and sent me an approval message. Great card. 

 
avoiding injuries said:
Yes, if you have an account open, it should say the available credit and the balance. I don't think there's a benefit to leaving $5 balances on the account. Also, having more available credit isn't always a good thing. It may not hurt your score, but is someone is analyzing your accounts, they'll see you have immediate access to $xxxx of unsecured credit. 
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If your reports are clean, you should let $2 report on one card to maximize your score. The reason for $2 is some creditors will write off $1 and report a zero balance.

 
metoo said:
If your reports are clean, you should let $2 report on one card to maximize your score. The reason for $2 is some creditors will write off $1 and report a zero balance.
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My credit card always has a balance even though I pay in full each month because the billing cycle is different than the pay cycle. Are you saying to have a card that you don't use carry a $2 balance?

 
I use Capital One business card for most everything and it all gets 2%.

Costco card beats it on a few things, so I mix it in on the high ones. 

I don't like keeping up on the rotating deals or cap limits or miles. Life's too short

 
avoiding injuries said:
My credit card always has a balance even though I pay in full each month because the billing cycle is different than the pay cycle. Are you saying to have a card that you don't use carry a $2 balance?
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Find out when your credit cards reports to the bureaus and make sure one card has a $2 balance at that time. Banks usually report a few days after the payment due date. Some banks report the statement balance while others report the current balance. For me, all of my cards report to Experian first so I always use their date. All other credit cards should have a zero balance.

 
Not sure how, but I got approved for the Double Cash. I had a plan to wait for the Freedom Unlimited whenever I could get pre-approved online because my next card will be my 5th. I figured I was at least 6 months away from the Double Cash (everywhere says you need really good credit). Oldest credit card account is barely 9 mos old, average account down to 3 mos with 2 really recent new accounts, and scores down in the 670 range because of that. But utilization rates have been below 1% for 3 straight months (once I learned that mattered). I think I'm done now. Only other card I'd care about is the Freedom Unlimited, but if the 5/24 rule is correct, I can't get that for 18 months or so.

I'm pretty damned excited. Should put me between $1300 and $1500 in cash back next year, depending on the regular Freedom categories.

 
pollardsvision said:
Not sure how, but I got approved for the Double Cash. I had a plan to wait for the Freedom Unlimited whenever I could get pre-approved online because my next card will be my 5th. I figured I was at least 6 months away from the Double Cash (everywhere says you need really good credit). Oldest credit card account is barely 9 mos old, average account down to 3 mos with 2 really recent new accounts, and scores down in the 670 range because of that. But utilization rates have been below 1% for 3 straight months (once I learned that mattered). I think I'm done now. Only other card I'd care about is the Freedom Unlimited, but if the 5/24 rule is correct, I can't get that for 18 months or so.

I'm pretty damned excited. Should put me between $1300 and $1500 in cash back next year, depending on the regular Freedom categories.
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What are you running thru your cards to get that kind of return?

 
cap'n grunge said:
What are you running thru your cards to get that kind of return?
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Mostly business expenses, particularly Sam's. Spend about $30,000/year there. The rest is a mix of bills (insurances, phone, internet, etc), household groceries and dining. Then the Amazon card. I'm not a huge online shopper, with a couple hundred a month plus holiday spending, the 5% can add up. I'm hoping to run a little over $50,000 through credit cards next year. More if I can figure out a way to get the power company to take a credit card, or if I find the audacity to stick some of the local vendors with credit card fees (which I don't want to and don't plan on doing).

 
What is the best card for this type of spending...

$15K/year in groceries/eating out/department stores

$2.5k/year in gas

$1200/year at amazon

 
I know discover will offer 5% cash back for amazon certain months and gas department stores other months. I get tired of keeping track of that bs and just stick with the 2% citi double cash on all purchases

 
VA703 said:
I know discover will offer 5% cash back for amazon certain months and gas department stores other months. I get tired of keeping track of that bs and just stick with the 2% citi double cash on all purchases
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Discover It has had 5% cb on Amazon from June to December 31 of 2016...I've racked up a TON of rewards points.

 
rascal said:
What is the best card for this type of spending...

$15K/year in groceries/eating out/department stores

$2.5k/year in gas

$1200/year at amazon
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There are some good options...

As others have said, it's hard to beat the first year of Discover. With the cashback match, it's basically 10% back in quarterly bonus categories and 2% on everything else for the first year. 1st quarter bonus in 2017 includes groceries. Gas is usually included in a quarter each year, as well as Amazon. The bonus categories are limited to $1500 in spending per quarter.

Chase Freedom is basically the same card. You don't get the cashback match for the first year, but you do get a bonus of a $100 or $150 bonus for a modest spend in the 1st 3 months. Bonus categories are similar to Discover, and they don't often overlap

The AMEX Blue Cash Everyday or Blue Cash Preferred are also great options for you. Everyday gives 3% back on groceries, but it has no annual fee. Preferred has a $95 AF, but gives a whopping 6% back on groceries. 1% on everything else.Both also $100 or $150 bonuses. I plugged your projected spending into a spreadsheet, and the AMEX BCP gave you the best rewards even considering the AF. Obviously, that depends on the Freedom/Discover categories (mostly unannounced so far, except Discover's 1st quarter) and exactly how much of that $15K is actually for groceries.

If you were to only get one card, it sounds like the Discover or one of the Amex's might be your best bet.

For Amazon, the Discover deal is nice, but don't forget the plain ol' Amazon Prime Store Card. An unlimited 5% back. It's pretty awesome, especially for the 2-3 quarters where Discover and Freedom aren't doing Amazon bonuses.

If you are a Sam's member, the Sam's card might make some sense. It's actually a terrible card to actually use for Sam's purchases (1%), but it gets 5% back on gas and 3% back on dining. Some of the best non-bonus rates in those categories.
 

 
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Head's up for anyone thinking about either an AMEX Blue Cash Everyday or Blue Cash Preferred. In addition to the typical signup bonus ($100 or $150, respectively, for $1000 spent in first 90 days), they are doing 10% cash back on Amazon for 6 months after sign up (up to $200 in CB).

As far as I can tell, you have to apply by Jan. 11 to get the Amazon offer.

Basically, a $300 bonus for a really good card with no AF, or a $350 bonus for the BCP ($95) which I assume a lot of people here could justify if they buy enough groceries (6% cash back). 

I went with the BCE for now, as my non-wholesale club grocery spending is pretty borderline (only about $3000 a year), but I think I'm pretty well done with credit cards for awhile. Rotating 5%'s with the Discover and Freedom, 3% on groceries with the AMEX, and 2% Citi for everything else pretty well covers everything I could get cash back for.

 
My Sallie Mae MC with 5% back on gas, groceries, and Amazon just got nixed by the issuer. Who could've thought that'd be unprofitable for people that pay in full and don't use it elsewhere? :lmao:

I have a 5% card for Target for bulk groceries, and just got the Amazon Prime store card for unlimited 5% there or promo financing on larger purchases, and a Pen Fed 5% Cash Back gas card with $0 annual fee and no limits. Had to sign up for a MMA (Min Deposit $25), $5 Checking Min, and donate $14 to a Veterans organization to qualify, but they offset with a $100 bonus if you spend $1500 in the first three months, will not be a problem to hit that.

Give me my 5% on my everything but non gas/groceries/Amazon (2% on Citi DC Master Card) or give me death.

 
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If anyone is interested in getting 70k miles for either the gold or platinum american express card, PM me and I'll send you a referral link. I have both, and the benefits of both, especially the platinum are great, provided you actually use them. 

 
I got an email from Citi about a product I purchased.  They said they could do a "price rewind" to check to see if the product is cheaper anywhere else for a month, and they will refund you the difference.  I tried it for another item I purchased this weekend as well.  Seems like a cool feature, has anybody else had an experience with a CC feature like this?

 
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Just got my Chase Sapphire Reserve card last week on Thursday after ordering it on Monday or Tuesday.  Last few days for the big signup bonus which will translate into at least $1500 in credit on my statement.  So basically, I'll be flying a family member to Hawaii for free on our vacation this year.  Really think this is a good card for me as the categories that get the best bonus are hotels and restaurants and with my work expenses I rack up quite a bit of those charges.  Figuring in the bonus you get for using your points towards travel through their portal and I'll really be able to maximize it.  Thanks to this thread and all you posters for helping me learn about it!

 
Quez said:
I got an email from Citi about a product I purchased.  They said they could do a "price rewind" to check to see if the product is cheaper anywhere else for a month, and they will refund you the difference.  I tried it for another item I purchased this weekend as well.  Seems like a cool feature, has anybody else had an experience with a CC feature like this?
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Got a check for like $300 last year between skis and boots, went online and found better prices with the DC card, just wanted to get fitted at a ski shop. Filed the paperwork and boom. It's legit.

:thumbup:

 
If you have the Amazon Visa, it just went from meh to awesome. They upped the cash back from 3% to 5%, along with the 2% for gas, restaurants, drugstores.  I think it might even be a new metal card.

I already have the Store Card getting 5% back and don't feel like getting another card, but this is pretty sweet.

 
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pollardsvision said:
If you have the Amazon Visa, it just went from meh to awesome. They upped the cash back from 3% to 5%, along with the 2% for gas, restaurants, drugstores.  I think it might even be a new metal card.

I already have the Store Card getting 5% back and don't feel like getting another card, but this is pretty sweet.
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Haven't figured out if the old one automatically converts or if I have to reapply, but I like this change. 

 
Discover is going to do 5% back at wholesale clubs again in Q2 this year (making 3 in a row). : banned: I'm still in my Cash Back Match year, so even more 10% back is pretty exciting.

Also, for your home improvement projects, they are doing Lowe's/HD as well.

 
pollardsvision said:
If you have the Amazon Visa, it just went from meh to awesome. They upped the cash back from 3% to 5%, along with the 2% for gas, restaurants, drugstores.  I think it might even be a new metal card.

I already have the Store Card getting 5% back and don't feel like getting another card, but this is pretty sweet.
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I have prime so I get 5%. I still use my Citibank Costco card the most since it's 4% for gas, 3% for restaurants/travel and 2% (effectively 4% with executive membership) for Costco (they only take Visa). I love the rewards these days. I have my debit linked to Target, so I get 5% off everything there and a Lowe's card so 5% off everything there as well. With the executive membership and the Amex Blue card, the least % back I get on my typical stuff is 3%. Nice.

 
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