Comments on: Credit Card Strategies: Building an ‘Army’ of Cashback Credit Cards

By: Jay

Jay — Mon, 06 Dec 2010 03:11:31 +0000

I love my discover more card. I have had it since I was 18 and instead of me paying alot of finance charges, I make money off discover for using their card. I have accumulated more in cashback rewards than interest and fees paid. I pay my balance in full occasionally but have been carrying over balances for several months now. With the various promotional rates they offer, it makes sense for me. I get more rewards than the interest I pay.

By: Simon Zhen

Simon Zhen — Tue, 12 Jan 2010 03:37:43 +0000

@steve: I guess you prefer a card that offers “general” cashback over cards that have dedicated cashback categories.

In your case, your spending habits justifies having a single, no B.S. card from Schwab. Seems to be working out for you nicely.

Do you still use any of the other cards?

By: steve

steve — Fri, 08 Jan 2010 03:17:04 +0000

@GG & Simon
When I was in college I had a card that earned 5% at grocery stores, gas stations, and drug stores…that [Citi] program was canceled. However, I previously used a Chase Freedom card (exact plan as mentioned by GG) where it offered the extra $50 if you waited until $200 in order to get the $250. When I first signed up for this card they gave me $50, I hung on to that, and did all my purchasing for close to a year on the card until I’d accumulated an additional $150 to put me at the magical $200 mark. So, after receiving the $250 I decided to see how much I spent to get the $250, realizing that $100 of that was free money that I didn’t have to spend for. I spent around $15,337 in order to get $250. 1.63% (and the wait). I now have a Schwab Visa – 2% all the time, and I get my money every month, which I can turn around and actually make money with that money instead of just watching my total accumulate to magical $200 mark.

By: Simon Zhen

Simon Zhen — Thu, 31 Dec 2009 19:09:18 +0000

Wow GG, you’ve got it good with that Chase Freedom card. I know you’re crossing you fingers and hoping Chase doesn’t send you that notice in the mail that they are changing your terms.

Are you also a Chase Checking customer? Maybe that’s why you still have the great perks.

By: GG

GG — Wed, 30 Dec 2009 05:42:39 +0000

p.s. also remember the shopping portals Chase Freedom and Discover have, where you get a certain percent back for getting to the retailer’s website through the portal.
e.g., @ Discover, 5% back on apple store purchases = a few bucks back on an iphone.

By: GG

GG — Wed, 30 Dec 2009 05:36:48 +0000

I have the Chase Freedom card, and mine does not rotate through categories. They give 3% on “3 everyday categories” where I spend the most. (e.g., groceries, utilities, gas stations). This does not include expensive categories, such as airfares.

The BEST thing, however, is that if you save up $200 in cashback, you get a $250 check. It is nice to get a $250 check every now and then, as opposed to $10-$20 trickling back here and there.

By: Nick

Nick — Wed, 30 Dec 2009 01:34:03 +0000

Good info. I’ve been looking into getting a new rewards card. So far I’m leaning toward the Discover card. I don’t spend enough to justify having a whole bunch of different cards though.

I’d like to have one cash back card plus another card for emergencies only.

By: Simon Zhen

Simon Zhen — Tue, 29 Dec 2009 06:52:39 +0000

@Eric: I don’t think there is anyone hating on the Fidelity card. Everyone has their own preferences when it comes to how much cashback they get and how they get it.

Some may want cards from their current banks. Some may go for new account bonuses. Some just want a branch where they can walk in and complain about their late fees and interest rate hikes.

For example: PenFed has a very enticing cashback Visa card but there are no local branches in many places (much like Fidelity or Schwab)for those who seek the personal touch.

By: Eric

Eric — Tue, 29 Dec 2009 04:35:37 +0000

For all of those Fidelity haters.

I also have the Fidelity card. All you needed to do was open their bank account and link it to your credit card. The cash is automatically deposited into my Fidelity account and then I do a transfer to my main bank when there is a decent amount of cash in there.

Simple as that…

By: Credit Card Chaser

Credit Card Chaser — Tue, 29 Dec 2009 01:18:04 +0000

@Kevin

Technically if you average out the various cash back percentages that range from a minimum of 1% to a high of 5% depending on the spending category then assuming normal consumer spending habits the average cash back will be higher than 1%.