What credit cards are in your wallet?

[Flying Ace]

Originally Posted by fecurtis

It should be noted, that technically the AmEx Platinum card isn't a credit card, it's a charge card. You gotta pay the balance off in full every month.

haha yes. But carrying a balance on a credit card is financially the stupidest thing you can do too. So even all my credit cards are in practice charge cards.

[Flying Ace]

Originally Posted by KingOfJericho

I pay cash for almost nothing. Anything that will take a card, I use it. It gives an extra layer of protection, especially with larger purchases.

yeah, I agree. I carry no cash with me anymore. B/c I do the credit card deals, I want to get as much back as I can for every transaction, even at 1% it'll all add up in the end.

Here in SF, there are a lot of merchants who give discounts on cash payments. I only partake on their offer if the discount is more than the amount cash back I would have received. Often it's not the case they are for gasoline (which I always get 5% back on and they offer like 2% cash discount) and large restaurant purchases ($600+ bills) (I get 5% for half of the year across the Freedom and Discover cards, and they offer like 3% cash discount.)

[ASAP]

Originally Posted by ASAP

The one thing that I can recommend since this is a CC thread, is do not under any circumstance use a discover or amex card overseas... just fucking dont...

I repeat this warning for overseas travelers... dont use the above garbage. You will have a bad time.

[David70]

Originally Posted by ASAP

I repeat this warning for overseas travelers... dont use the above garbage. You will have a bad time.

Why? Just because many places won't take it? I always carry two cards but it is unclear to me why I shouldn't use the Amex where it is accepted.

[Z K]

Originally Posted by Flying Ace

yeah, I agree. I carry no cash with me anymore. B/c I do the credit card deals, I want to get as much back as I can for every transaction, even at 1% it'll all add up in the end.

Here in SF, there are a lot of merchants who give discounts on cash payments. I only partake on their offer if the discount is more than the amount cash back I would have received. Often it's not the case they are for gasoline (which I always get 5% back on and they offer like 2% cash discount) and large restaurant purchases ($600+ bills) (I get 5% for half of the year across the Freedom and Discover cards, and they offer like 3% cash discount.)

Most of the smaller local places I've been to in SF are cash only. For those, you really have no choice than to carry cash.

[Flying Ace]

Originally Posted by Z K

Most of the smaller local places I've been to in SF are cash only. For those, you really have no choice than to carry cash.

yeah, agreed. Let me know when you find a massage parlor that takes AMEX.

[ASAP]

Originally Posted by David70

Why? Just because many places won't take it? I always carry two cards but it is unclear to me why I shouldn't use the Amex where it is accepted.

If it is accepted sure... but that's the exact problem... it isn't.

[atxgt3]

I don't carry a ton of credit cards. I have my Costco Visa that I use for food and gas because of the cash back. I have another no-fee Visa, a BB&T Private Vantage card that I use for other stuff for a flat 1.5% cash back. I also have a JP Morgan Palladium Visa that I use mainly for travel, big purchases, and places like bars and hotels where I'm hoping the uniqueness of it will get me better service because they hope I'll spend more or give better tips. I'm not sure if I ever really got anything out of it, so I'm not so sure the fees are worth it.

I also have an Amex Platinum for my company, but I have no interest in having an Amex card for personal use.

[ASAP]

I am thinking about that Citi Double Cash... i do not see any negatives to this card...

[Draper]

Originally Posted by ASAP

I am thinking about that Citi Double Cash... i do not see any negatives to this card...

It's the only personal card I use. It's great.

[1MOREMOD]

Just cloned ones

[David70]

Originally Posted by ASAP

If it is accepted sure... but that's the exact problem... it isn't.

So don't use it where it isn't accepted. Got it.

[Flying Ace]

Originally Posted by ASAP

I am thinking about that Citi Double Cash... i do not see any negatives to this card...

Great brainless card

[ASAP]

Originally Posted by Flying Ace

Great brainless card

why brainless?

[Flying Ace]

Originally Posted by ASAP

why brainless?

Cit 2% card: slide card, pay bill, get 2% cash back. No categories to track, get cut a check or statement credit to redeem.

Other cards, you have to track categories for 5% bonus, and then you get "points" which equals dollars in statement credit, but equals more dollars in gift card redemptions or travel redemption or transfers to other types of points...etc etc etc...much more complicated to track or to redeem if you want best return.

And also 2% is the highest you can get with a no annual fee card. All other cards in this category ranges between 1%-1.5% for similar brainless spending and cash back redemptions.

[ASAP]

Originally Posted by Flying Ace

Cit 2% card: slide card, pay bill, get 2% cash back. It's as easy as pie.

Other cards, you have to track categories for 5% bonus, and then you get "points" which equals dollars in statement credit, but equals more dollars in gift card redemptions or travel redemption...etc etc etc...much more complicated to sort out.

And also 2% is the highest you can get with a no annual fee card. Most cards in this category ranges between 1%-1.5% for similar brainless spending and cash back redemptions.

I have a few of the caregories cards... but the caregories always suck... this straight 2% seems to make a lot of sense.

[Flying Ace]

Originally Posted by ASAP

I have a few of the caregories cards... but the caregories always suck... this straight 2% seems to make a lot of sense.

It doesn't necessarily "make sense", but it's the easiest most efficient and best return for the card that you don't think about. The categories don't suck, I've gotten so much money out of those category cards, but you need to always think before you swipe.

Again with Freedom and Discover, they can be brainless too, but those brainless spending will only get you 1% cash back. Otherwise to maximize the return, you need to track categories for 5% spending.

And then on the redemption side of Freedom and Discover, you can always get statement credit. But it makes no sense b/c Chase UR points sometimes are worth more when you do travel redemptions through points transfers with partners like United. Basically, 1 point can equal to more than 1 cent on a transfer in the value of the flight you're redeeming. But it takes quite a bit of energy and time to figure it all out while you're trying to book your flight.

Discover is the same thing, except in lieu of the straight statement credit, the best value for redemption is to redeem for gift cards with bonuses. So $45 of points can redeem for $50 of a gift card. So you basically get free $5.

[ASAP]

Originally Posted by Flying Ace

It doesn't necessarily "make sense", but it's the easiest most efficient and best return for the card that you don't think about. The categories don't suck, I've gotten so much money out of those category cards, but you need to always think before you swipe.

Again with Freedom and Discover, they can be brainless too, but those brainless spending will only get you 1% cash back. Otherwise to maximize the return, you need to track categories for 5% spending.

And then on the redemption side of Freedom and Discover, you can always get statement credit. But it makes no sense b/c Chase UR points sometimes are worth more when you do travel redemptions through points transfers with partners like United. Basically, 1 point can equal to more than 1 cent on a transfer in the value of the flight you're redeeming. But it takes quite a bit of energy and time to figure it all out while you're trying to book your flight.

Discover is the same thing, except in lieu of the straight statement credit, the best value for redemption is to redeem for gift cards with bonuses. So $45 of points can redeem for $50 of a gift card. So you basically get free $5.

I have both those cars you mentioned... disc categories are solid but I hate discover due to past extremely poor international service and lack of acceptance in us in many places. Freedoms categories suck... which is why i am looking for something simpler that always provides flat returns.

[Flying Ace]

Originally Posted by ASAP

I have both those cars you mentioned... disc categories are solid but I hate discover due to past extremely poor international service and lack of acceptance in us in many places. Freedoms categories suck... which is why i am looking for something simpler that always provides flat returns.

IMO, if you want the minimum amount of cards with max flexibility and max cash back, you just need two today:

1. Citi double cash
2. Charles Schwab Online Checking debit card

The Schwab card will charge an exchange fee if you swipe internationally, but if you use it at international ATMs, they fully reimburse you for ATM fees.

Depending on where you go, many international stores don't even take credit cards, or most of the time I don't trust their machine's security. So I'd prefer to pay cash anyways when I'm on travel (unless I'm in Canada and maybe UK/Germany/France)


BTW, not sure why Freedom categories suck, they're the same categories as Discover categories, but on a different quarter. So between the two cards, you get almost 6 months of 5% coverage. That's a sweet deal. Also, what I do is, I buy gift cards during those 5% categories to extend out my effective 5% cash back period.

For example, Gas is 5% Jan-Mar on Discover and Apr-Jun on Freedom. During those periods, I also use the card to buy gasoline gift cards at gas stations. Those purchases gets me 5% immediately, which I use July-December.

[WhatsADSM]

Originally Posted by ASAP

I am thinking about that Citi Double Cash... i do not see any negatives to this card...

Again best card ever. Strongly recommended. The only downside I experienced was that they are a bit conservative on credit limit.

[JasonCSU]

So Chase has announced a new Sapphire Reserve card with even more benefits over the Preferred card, albeit with a much higher annual fee. Assuming you take advantage of all of the benefits, the fee isn't that bad.

http://thepointsguy.com/2016/08/chas...-reserve-card/

[John 070]

Originally Posted by Flying Ace

haha yes. But carrying a balance on a credit card is financially the stupidest thing you can do too. So even all my credit cards are in practice charge cards.

Yeah, I pay "annoyance" cards off almost immediately, meaning say there is a deal where you have to use your card to get $10 off if you spend $30 etc.

IF that $30 was stuff you were going to get anyway, I take the offer. But say this is a card I don't usually use? I pay it right away on the web, and not worry about the statement to come.

Now on larger purchases, like say my wife is getting Premier LTX tires for her SUV, there is a Michelin $70 rebate, AND her Freedom is offering 5% on Costco.

This, I would time so that the charge generates just after the statement closed, to maximize the time between when we get the tires, and when it has to be paid. Ultimately, the money is coming out of savings.

You are absolutely right, never carry a balance...just earn the points...