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Best Cash Back Cards

Old 03-21-2015, 12:25 PM
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Default Best Cash Back Cards

Currently have Chase Freedom 1% on everything plus 5% up to 1500 (limit for 3 months) or something on rotating categories - but lately the rotating categories are one general category and 2 stores.

So am thinking of either Capitol One 1.5% on everything or Citibank 1% purchase!% when paid - does that equal 2% if I pay every month, right?

So anyway if my bill is 3000 a month and I use up 500 of that per month in the super special Chase category my cash back from ChaseFreedom for the month is 30 + 25 or 75 bucks. But not likely I will really spend 500 per month in the special category (unless it is bars and restaurants). More likely it will be maybe 200 so with a 3000 bill it will be 30 + 10 =40 bucks. The break even point with the Chase card is about 350 in the special category.

If I really get 2 % on the Citicard it is 60 bucks. But 2% on everything really does sound better - am I missing anything? Any comments?

BTW here are some comparisons..

http://www.nerdwallet.com/cash-rewards-credit-cards

Last edited by LI Sound Grunt; 03-21-2015 at 12:36 PM.
Old 03-21-2015, 12:53 PM
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If you are a member of Sam's Club, their MasterCard rewards.

5% cash back on gas*at U.S. and Puerto Rico gas stations and on
gas at Sam’s Club (on first $6,000 per year
in purchases, then 1% on purchases after)

3% cash back on
dining and travel*

1% cash back on
other purchases*



.
Old 03-21-2015, 01:08 PM
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Originally Posted by Halfmoon View Post
If you are a member of Sam's Club, their MasterCard rewards.

5% cash back on gas*at U.S. and Puerto Rico gas stations and on
gas at Sam’s Club (on first $6,000 per year
in purchases, then 1% on purchases after)

3% cash back on
dining and travel*

1% cash back on
other purchases*



.
Thanks This looks good for me. I spend 6,000 a year in gas. Membership was about 35 bucks if I remember right.
Old 03-21-2015, 01:32 PM
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I hate rewards cards with a passion.. I own a retail store and what most people don't realize is that the stores pay for your rewards.. For example....If a customer pays with a standard Visa/MasterCard I am charges a flat 1.9%+- of the transaction.. If a customer pays with a rewards Visa/MasterCard that goes up to 5% to 7% depending on the rewards. That extra 3 to 5% kills profit margins.. Just remember that next time you pull out your Rewards card any small business.
Old 03-21-2015, 01:33 PM
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It's been working out for us. We travel every year and go out to clubs,bars,restaurants and you always buy gas in the boat and cars too.

It's free money in my book




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Old 03-21-2015, 01:37 PM
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Originally Posted by Halfmoon View Post
It's been working out for us. We travel every year and go out to clubs,bars,restaurants and you always buy gas in the boat and cars too.

It's free money in my book




.
its Free Money for you but not for the stores.. You're taking money out of the pockets of the owners who are already on pretty tight margins. Don't complain next time you see a price increase. Its gotten so bad with some cards that I've actually thought about putting up a sign at the checkout counter charging 4% extra to use a rewards card.
Old 03-21-2015, 01:38 PM
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Originally Posted by amofgreenville View Post
I hate rewards cards with a passion.. I own a retail store and what most people don't realize is that the stores pay for your rewards.. For example....If a customer pays with a standard Visa/MasterCard I am charges a flat 1.9%+- of the transaction.. If a customer pays with a rewards Visa/MasterCard that goes up to 5% to 7% depending on the rewards. That extra 3 to 5% kills profit margins.. Just remember that next time you pull out your Rewards card any small business.
2% off everything for customers who don't use their rewards cards?
Old 03-21-2015, 01:39 PM
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Originally Posted by amofgreenville View Post
I hate rewards cards with a passion.. I own a retail store and what most people don't realize is that the stores pay for your rewards.. For example....If a customer pays with a standard Visa/MasterCard I am charges a flat 1.9%+- of the transaction.. If a customer pays with a rewards Visa/MasterCard that goes up to 5% to 7% depending on the rewards. That extra 3 to 5% kills profit margins.. Just remember that next time you pull out your Rewards card any small business.
I feel ya, but who uses cash these days? I hate to get behind someone writing a check.

I'm sure you know to build that fee into your pricing to recoup the added expense.




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Old 03-21-2015, 01:42 PM
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Originally Posted by amofgreenville View Post
I hate rewards cards with a passion.. I own a retail store and what most people don't realize is that the stores pay for your rewards.. For example....If a customer pays with a standard Visa/MasterCard I am charges a flat 1.9%+- of the transaction.. If a customer pays with a rewards Visa/MasterCard that goes up to 5% to 7% depending on the rewards. That extra 3 to 5% kills profit margins.. Just remember that next time you pull out your Rewards card any small business.
Originally Posted by amofgreenville View Post
its Free Money for you but not for the stores.. You're taking money out of the pockets of the owners who are already on pretty tight margins. Don't complain next time you see a price increase. Its gotten so bad with some cards that I've actually thought about putting up a sign at the checkout counter charging 4% extra to use a rewards card.
Either raise your prices or don't accept cards.

You can't fault the customer.
Old 03-21-2015, 01:44 PM
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Originally Posted by amofgreenville View Post
its Free Money for you but not for the stores.. You're taking money out of the pockets of the owners who are already on pretty tight margins. Don't complain next time you see a price increase. Its gotten so bad with some cards that I've actually thought about putting up a sign at the checkout counter charging 4% extra to use a rewards card.

Some gas stations do this now. I just buy elsewhere.

I understand you are in business to make money and I don't fault you for that.

Hell, I didn't go to work for free either. It's tough out there today to make a buck.


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Old 03-21-2015, 01:44 PM
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Originally Posted by Halfmoon View Post
I feel ya, but who uses cash these days? I hate to get behind someone writing a check.

I'm sure you know to build that fee into your pricing to recoup the added expense.




.
Debit Cards are the key, no transaction fees.. I'm glad to wait for someone to write a check; but I hear what you're saying.
I hate it when someone comes in a wants me to come down on the price of an item and then pulls out a rewards card to pay for it..
Old 03-21-2015, 02:02 PM
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Originally Posted by Trollin4Tuna View Post
2% off everything for customers who don't use their rewards cards?
Sure why not - I like any system where you have a choice. But sometimes that PO's the credit card people -

Originally Posted by amofgreenville View Post
i. Don't complain next time you see a price increase. Its gotten so bad with some cards that I've actually thought about putting up a sign at the checkout counter charging 4% extra to use a rewards card.
My Marina said the same and I like them as they let me use their tools so I pay by check for the big ticket stuff like my slip. We actually have some very successful businesses in the area that only take checks or cash.. Including my favorite bar/restaurant....

http://www.billsseafood.com/

For me I am figuring

Sams for gas

Chase rewards for special catagory stuff and afew monthly bills that go there already

and the 2% Citicard for everything else..
Old 03-21-2015, 02:04 PM
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As a retail store owner, I was advised not to take debit cards for under $50 in transactions. I accept MC/Visa and Discover. I don't accept the American Express high reward cards, so I just don't take AE.

Funny, I switched from accepting checks 15 years ago to avoid writing off $300/yr in bad checks. I have about $200k in credit card charges annually so now i am out 2% on that and the credit card machine lease.

What really kills you is the creative state & local taxes they come up with. They also want you to miss a payment so they can fine you. I know it sounds pessimistic, but certain states like CT are in the red from all the hand outs. They have to find it somewhere.

It's tough to be a competitive store owner.
Old 03-21-2015, 02:09 PM
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Amex Blue. No fee.
Old 03-21-2015, 02:18 PM
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1) I'm happy to accept all cards. I find that the higher the rewards, etc. - the higher the average ticket. Never understood merchants that don't take American Express... the average ticket is almost double. Would they use a different card instead? Maybe... but I'm not willing to find out.

2) In may wallet? I use an American Express card for certain things (most)... and a few other cards depending on other thing...

I avoid "mile" cards like a cheap whore.
Old 03-21-2015, 02:29 PM
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Originally Posted by amofgreenville View Post
Debit Cards are the key, no transaction fees.. I'm glad to wait for someone to write a check; but I hear what you're saying.
I hate it when someone comes in a wants me to come down on the price of an item and then pulls out a rewards card to pay for it..
First question right back at em should be "How do you intend to pay" ? ;?
Old 03-21-2015, 03:14 PM
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Originally Posted by amofgreenville View Post
its Free Money for you but not for the stores.. You're taking money out of the pockets of the owners who are already on pretty tight margins. Don't complain next time you see a price increase. Its gotten so bad with some cards that I've actually thought about putting up a sign at the checkout counter charging 4% extra to use a rewards card.
Several vendors I know have signs saying "5% discount for cash or check". Its 2015. If you want to be in business, fact is you are going to have to deal with people using credit cards.

From a consumer perspective, its a no brainer. I can either use a debit card or cash or a card that gives me cash back. Hmmmm, let's see, think I'll take the free money. Only caveat is you need to pay it off monthly, but you all know that already.

Amex blue cash preferred. $95 a year. 6/3/1% grocery/gas/everything else. The free one is 3/2/1%. Groceries cap at 6k a year I think then its just 1%.
Old 03-21-2015, 03:18 PM
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Originally Posted by LI Sound Grunt View Post
Sure why not - I like any system where you have a choice. But sometimes that PO's the credit card people -



My Marina said the same and I like them as they let me use their tools so I pay by check for the big ticket stuff like my slip. We actually have some very successful businesses in the area that only take checks or cash.. Including my favorite bar/restaurant....

http://www.billsseafood.com/

For me I am figuring

Sams for gas

Chase rewards for special catagory stuff and afew monthly bills that go there already

and the 2% Citicard for everything else..
Loved Bills Seafood. Used to go by inflatable when I kept my boat in Westbrook. I had many a Bass Ale back then. Used to see the owner of Bill's Seafood at Block Island once in a while, too. I think his name was Butch.

They have a good fried bluecrab sandwich and lobster roll.
Old 03-21-2015, 03:30 PM
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I spend 40k on my card each year which pays for the majority of the monthly stuff including insurance premiuims,utilities,gas,groceries,amazon purchases,QVC,Xmas shopping,birthdays etc etc.

2x points for everything and certain merchants it is 3%. Every 22k points and I get a $100 rewards card.

Of course I pay the bill off each and every month.

Me likes it
Old 03-21-2015, 03:32 PM
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Amex Blue Cash.

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