Showing posts with label Chase. Show all posts
Showing posts with label Chase. Show all posts
Friday, April 1, 2011
Lowes Gift Cards on Sale - 8% off
Wednesday, March 30, 2011
Sam's Club Members - Ditch Those Discover Cards!
I did a little research and learned that Discover has one of the least attractive cash back rewards systems of the major cards. See my post earlier this month on Best Cash Back Rewards cards here. To make a long story short, one does not even begin to earn 1% cash back on a Discover card until after $6000 in purchase have been made.
So, what does a loyal Sam's Club member have to do to get the type of savings I routinely find with other merchants? The light bulb finally went off in my head today. USE A WALMART GIFT CARD!! Because Sam's Club is owned by Walmart, all Walmart gift cards are honored by Sam's Club, both online and in stores. These gift cards can be readily purchased at a discount (see how to do this and save 5-10% here). Better yet, these gift cards can be purchased using a good cash back rewards credit card like the Chase Freedom Visa card or the Fidelity American Express card through any of the gift card resellers.
Now, Sam's Club members can realize big cash back savings like the rest of us, instead of settling for the 0.25-1% cash back rewards typically earned by Discover card holders. Let me know in the comments below if you found this tidbit of information helpful. Thanks!
Tuesday, March 15, 2011
Visa Freedom & Discover More Cardholders: Don't Forget to Enroll for 2nd Quarter 5% Categories
For Chase Visa Freedom cardholders, purchases in the following categories will earn 5% cash back rewards if you enroll for the bonus. All other purchases will earn 1%.
Home Improvement
Home Furnishings
Lawn & Garden
For Discover More cardholders, purchases in the following categories will earn 5% cash back rewards if you enroll for the bonus. All other purchases will earn cash back at whatever the current rewards rate has earned:
Home Improvement
Department Stores
Clothing StoresThe enrollment period starts today, so log in to your account and be sure to sign up for your 5% cash back for this coming quarter.
Thursday, March 10, 2011
The Best Cash Back Credit Cards as of March 2011
The credit card landscape is a dynamic one. Credit card offers come and go, terms change overnight, and it seems like benefits are constantly morphing. So with that in mind, I bring you my opinion of the best cash back rewards credit cards available in the marketplace (as of this instant). I am also going to tell you what I DON'T like about each card as well.
First, I would encourage you to read my previous post "Take a Reward, Any Reward". It has sound advice for anyone looking for a credit card. Personally, I truly believe that cash back credit cards only make sense if you pay off your balance in full every month. Simply put, you have learned how to live within your means. Otherwise, my golden rule is to take any available funds and pay off/down whatever card charges the highest interest. That will truly be the best cashback reward one can find.
OK, here we go. I first recommend that you look at your spending habits for the last year. Do you drive a Humvee and eat out every night? Do you spend your days hanging out at Sam's Club and cutting coupons? Or do you travel extensively, and hotels are your homes away from home? Knowing where your money is spent will give you a clue on what card is right for you.
1. Chase Freedom Visa:
PROS: 5% cash back on categories that rotate each quarter. 1% on all other purchases. No annual fee. 2.7% foreign transaction fee. No limits or caps on any cash back categories. Cash back redemption is available once you hit $50. Chase is currently offering a $100 sign up bonus, to be credited after $750 in purchases.
CONS: Higher than average interest rate. Balance transfer fees and period are not as generous as some other cards. Rotating categories require enrollment each quarter or the 5% cashback benefits do not kick in.
SUMMARY: Overall, if balance transfer options are not a top priority, this card offers the most consistently generous cash back rewards. Factor in the $100 sign up bonus, and the cash back rewards % goes up considerably. This has been the #1 rated rewards card for several years running.
2. American Express/Costco card:
PROS: 3% cash back on all gas purchases up to $3000/year. 3% cash back on restaurant purchases, and generous 2% cash back for travel expenses with no annual caps. 1% on all other purchases, including purchases at Costco. Annual fee is waived if you are a Costco member, and the card doubles as a Costco membership card which lets you get rid of the redundant Costco membership card. 2.7% foreign transaction fee.
CONS: Relatively high interest rate of 15.24%. Balance and transfer fees are less generous than some cards, and do not offer 0% balance transfers. Cash back is paid annually by a check that can be redeemed at Costco.
SUMMARY: My #1 credit card for gas, restaurant and travel categories and a great backup card to the Chase Visa Freedom card above. A must for have Costco shoppers. If I had to limit my credit cards to 2, it would be these two cards.
3. Fidelity Investments Rewards American Express:
PROS: 2% cash back on all transactions. Cash back rewards go directly into an existing Fidelity Investment account, either savings, IRA or 529 Plan. No annual fee.
CONS: Cash back earnings are not deposited into account until earnings reach $50 ($2500 in charges). Must establish a Fidelity account in order to qualify for card. No balance transfer provisions.
SUMMARY: If gas, restaurant and travel are not big categories of spending and if you don 't frequent Costco, then this would be my #2 backup card to the Chase Visa. I would use this card on all purchases when Chase is not offering the 5% cash back.
4. Pentagon Federal Credit Union Visa card:
PROS: 5% cash back on all fuel purchases made at the pump (not inside the store?). 1% on all other purchases. One must be a member of the Credit Union, but they make getting in fairly easy. Check out options #8 and #9 on their list of ways to become a member. www.penfed.org. Other perks include 2% foreign transaction fee (instead of the typical 2.7-3%) and a 2.99% balance transfer rate with a maximum fee of $250. No annual fee.
CONS: Strict credit underwriting. While it is the #1 cash back card for gas purchases, it's cash back features are unremarkable for all other categories. card.
SUMMARY: If you know your gas pump more intimately than your spouse, then you need this card. Also, if you are looking for a long term balance transfer loan at very good rates, or a card to use while abroad, this card could do the trick. Otherwise, I would skip it.
5. Discover More Credit Card.
PROS: 5% cash back rewards in categories that rotate quarterly, like the Chase Freedom card. However, the categories differ each quarter from those offered by Chase. Enrollment required each quarter. Introductory 18 month 0% balance transfer offer is the best in the credit card field. Also, introductory 12 month 0% APR on all purchases. No annual fee. Using the Discover online mall to purchase items from designated vendors can increase the overall cash back benefits up to 20%. Their online mall has the best cash back rewards of any credit card company. However, see caveats below.
CONS: Cash back rewards start out at a puny 0.25%, One must spend $3000 just to get to the typical 1% level, and these tiers reset every year. Unless your credit card spending exceeds $8000/year, I would not recommend this as your primary credit card. Further, Discover caps your 5% earnings in most categories which can be quite frustrating. For example, the 1st quarter category of travel and restaurants is capped at $800 of spending ($40 cash back). All charges made at Sam's Club or any discount store is always limited to 0.25% cash back.
SUMMARY: I must confess that I have a love/hate relationship with this card. If you are a Sam's Club member, you need a Discover card, and this is the one. Otherwise, I think I would recommend this only to folks who can charge substantial amounts on the card. Use the card until you hit your category caps, then switch to one of the other recommended cards. Of course, if you are interested in the balance transfer provisions, this card beats the rest.
After these 5 cards, the field gets pretty crowded with "me too" cards offering average terms or hidden gotchas. If you do not have at least one of the above cards in your pocket, you are leaving good money (yours) on the table. Call your credit card provider and see if they can switch your current card to one of the above.
I welcome your comments and suggestions. If you think I have missed something or are out in left field, let me and our other readers know.
First, I would encourage you to read my previous post "Take a Reward, Any Reward". It has sound advice for anyone looking for a credit card. Personally, I truly believe that cash back credit cards only make sense if you pay off your balance in full every month. Simply put, you have learned how to live within your means. Otherwise, my golden rule is to take any available funds and pay off/down whatever card charges the highest interest. That will truly be the best cashback reward one can find.
OK, here we go. I first recommend that you look at your spending habits for the last year. Do you drive a Humvee and eat out every night? Do you spend your days hanging out at Sam's Club and cutting coupons? Or do you travel extensively, and hotels are your homes away from home? Knowing where your money is spent will give you a clue on what card is right for you.
Rather than do a Letterman style list working backwards, these cards are ranked from more desirable to less desirable.
PROS: 5% cash back on categories that rotate each quarter. 1% on all other purchases. No annual fee. 2.7% foreign transaction fee. No limits or caps on any cash back categories. Cash back redemption is available once you hit $50. Chase is currently offering a $100 sign up bonus, to be credited after $750 in purchases.
CONS: Higher than average interest rate. Balance transfer fees and period are not as generous as some other cards. Rotating categories require enrollment each quarter or the 5% cashback benefits do not kick in.
SUMMARY: Overall, if balance transfer options are not a top priority, this card offers the most consistently generous cash back rewards. Factor in the $100 sign up bonus, and the cash back rewards % goes up considerably. This has been the #1 rated rewards card for several years running.
2. American Express/Costco card: PROS: 3% cash back on all gas purchases up to $3000/year. 3% cash back on restaurant purchases, and generous 2% cash back for travel expenses with no annual caps. 1% on all other purchases, including purchases at Costco. Annual fee is waived if you are a Costco member, and the card doubles as a Costco membership card which lets you get rid of the redundant Costco membership card. 2.7% foreign transaction fee.
CONS: Relatively high interest rate of 15.24%. Balance and transfer fees are less generous than some cards, and do not offer 0% balance transfers. Cash back is paid annually by a check that can be redeemed at Costco.
SUMMARY: My #1 credit card for gas, restaurant and travel categories and a great backup card to the Chase Visa Freedom card above. A must for have Costco shoppers. If I had to limit my credit cards to 2, it would be these two cards.
PROS: 2% cash back on all transactions. Cash back rewards go directly into an existing Fidelity Investment account, either savings, IRA or 529 Plan. No annual fee.
CONS: Cash back earnings are not deposited into account until earnings reach $50 ($2500 in charges). Must establish a Fidelity account in order to qualify for card. No balance transfer provisions.
SUMMARY: If gas, restaurant and travel are not big categories of spending and if you don 't frequent Costco, then this would be my #2 backup card to the Chase Visa. I would use this card on all purchases when Chase is not offering the 5% cash back.
4. Pentagon Federal Credit Union Visa card: PROS: 5% cash back on all fuel purchases made at the pump (not inside the store?). 1% on all other purchases. One must be a member of the Credit Union, but they make getting in fairly easy. Check out options #8 and #9 on their list of ways to become a member. www.penfed.org. Other perks include 2% foreign transaction fee (instead of the typical 2.7-3%) and a 2.99% balance transfer rate with a maximum fee of $250. No annual fee.
CONS: Strict credit underwriting. While it is the #1 cash back card for gas purchases, it's cash back features are unremarkable for all other categories. card.
SUMMARY: If you know your gas pump more intimately than your spouse, then you need this card. Also, if you are looking for a long term balance transfer loan at very good rates, or a card to use while abroad, this card could do the trick. Otherwise, I would skip it.
PROS: 5% cash back rewards in categories that rotate quarterly, like the Chase Freedom card. However, the categories differ each quarter from those offered by Chase. Enrollment required each quarter. Introductory 18 month 0% balance transfer offer is the best in the credit card field. Also, introductory 12 month 0% APR on all purchases. No annual fee. Using the Discover online mall to purchase items from designated vendors can increase the overall cash back benefits up to 20%. Their online mall has the best cash back rewards of any credit card company. However, see caveats below.
CONS: Cash back rewards start out at a puny 0.25%, One must spend $3000 just to get to the typical 1% level, and these tiers reset every year. Unless your credit card spending exceeds $8000/year, I would not recommend this as your primary credit card. Further, Discover caps your 5% earnings in most categories which can be quite frustrating. For example, the 1st quarter category of travel and restaurants is capped at $800 of spending ($40 cash back). All charges made at Sam's Club or any discount store is always limited to 0.25% cash back.
SUMMARY: I must confess that I have a love/hate relationship with this card. If you are a Sam's Club member, you need a Discover card, and this is the one. Otherwise, I think I would recommend this only to folks who can charge substantial amounts on the card. Use the card until you hit your category caps, then switch to one of the other recommended cards. Of course, if you are interested in the balance transfer provisions, this card beats the rest.
After these 5 cards, the field gets pretty crowded with "me too" cards offering average terms or hidden gotchas. If you do not have at least one of the above cards in your pocket, you are leaving good money (yours) on the table. Call your credit card provider and see if they can switch your current card to one of the above.
I welcome your comments and suggestions. If you think I have missed something or are out in left field, let me and our other readers know.
Monday, March 7, 2011
Sticker Shock at the Gas Pump?? Here's Some Help
With gas prices starting to approach $4.00 a gallon, I thought it would be timely to talk about how to save a little on your gas purchases.
Many credit cards offer cash back on fuel purchases, ranging from 1% to 5%. Some of these cash back rebates are available only for a certain period of time. The better cards offer a fixed cash back percentage for fuel purchases, irrespective of the day or month that you purchased it.
The best credit card that I have found for fuel cash back rebates is from the Pentagon Federal Credit Union. Their Platinum Rewards Visa offers 5% cash back all year long on fuel purchases at the pump, up to $3000.00, then it drops to 1%. One must be a member of the Credit Union, but they make it relatively easy to belong. Credit standards for the card are strict. There is no annual fee, and they offer 1% cash back on all other purchases as well.
The next best card is the American Express/Costco card, which offers 3% cash back on all fuel purchases, 2% on restaurants and travel, and 1% on all other purchases. There is no annual fee if you have a Costco membership.
The next 2 cards are similar in their features, in that they offer 5% cash back during prescribed time periods for their members. These cards are the Discover More card and the Chase Freedom Visa card. The Discover card has maximum cash back caps, while the Chase Freedom Visa card does not.
Now 3-5% cash back is not a lot of money, but every little bit helps in this day and age. Know what card gives you the best cash back, and use it.
Saturday, March 5, 2011
Debit Card Users: Cash Back Rewards For You Too!
Most of us are familiar with the cash back credit cards offered by the large financial institutions like Chase, Citibank, Bank of America, Amex and Discover. And this coming week, I will be featuring what I consider to be the best of those cards. However, did you know that debit card users can also take advantage of the cash back awards without having to get a credit card?
This past week, I learned of a company called Perkstreet Financial, which is offering a debit card which provides cash back rewards on non PIN transactions. And the rewards aren't puny either. 2% cash back on all transactions, with monthly featured categories that can get you 5% back. For March, those 5% cash back categories are home supply stores, sporting goods stores, apparel stores, and tax preparation services.
In addition, all of Perkstreet Financial's ATMs are surcharge free, and they are Federally insured through the FDIC. Check them out, and happy cash back rewards!
In addition, all of Perkstreet Financial's ATMs are surcharge free, and they are Federally insured through the FDIC. Check them out, and happy cash back rewards!
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