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The easiest credit card strategy

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  • The easiest credit card strategy

    I do not have the answer. I am looking for suggestions. I currently have the amazon prime card. 5% back on amazon. 2% on gas and restaurants. 1% everything else. Unlimited amount of cash back. I chose it because it is easy and I do not have to worry about rotating categories or hitting limits. I am not interested in miles or other rewards. Not useful to me at this point.

    I only have the one CC and use it for everything I possibly can. My wife will occasionally forget the card and use debit or check but this is less then a thousand dollars a year. We put about 70K on the card annually. Half is daycare. What I realized is that the vast majority is only getting me 1%. Does anyone recommend an easy unlimited cashback card that offers better then 1% on everything?

    Thanks!

  • #2
    should have 2 CC anyways. nice when 1 gets stolen, lost, etc.
    citi double cash. automatic 2% cash back if thats what you are looking for.

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    • #3
      Personally I like the Costco Visa card. Not better than 1% but the upper tiers work better for me. 4% on gas, 3% on restaurants and travel and 2% at Costco. YMMV.

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      • #4
        hard to argue against parking 100k at Merrill Edge and than Bank of America preferred rewards credit card

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        • #5
          Originally posted by Peds View Post
          should have 2 CC anyways. nice when 1 gets stolen, lost, etc.
          citi double cash. automatic 2% cash back if thats what you are looking for.
          That is the argument I used with my wife when I said I was going to look for another card. She is more of a minimalist then I am and would not be impressed by increasing our cash back by a few hundred dollars a year if it meant having to have another card.

          I will look into that card. If I could get 2% on daycare alone that would increase my cash back by $300-350 a year. I think that is worth a minor hassle. Plus the benefits of the back up card as you mention.

          Thanks!

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          • #6
            Originally posted by GasFIRE View Post
            Personally I like the Costco Visa card. Not better than 1% but the upper tiers work better for me. 4% on gas, 3% on restaurants and travel and 2% at Costco. YMMV.
            We do not have a local Costco. People seem to rave about this store but I am not going to drive an hour to find out.

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            • #7
              Originally posted by jacoavlu View Post
              hard to argue against parking 100k at Merrill Edge and than Bank of America preferred rewards credit card
              My taxable account was closing in on 6 figures until this recent drop. Depending on which way the market goes it may be a while before I have a 100K to park anywhere.

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              • #8
                2% Citi cash back card for everything. Nothing to think about, no categories to track, and no temptation to spend extra on Amazon stuff.

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                • #9
                  Originally posted by Budgetmaestra View Post
                  2% Citi cash back card for everything. Nothing to think about, no categories to track, and no temptation to spend extra on Amazon stuff.
                  I would probably just keep the amazon card just for amazon purchases. We are quite deliberate with our spending but I hear what you are saying about perks influencing people.

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                  • #10
                    I agree with jacoavlu but if you don't want to park your money at Merrill Edge, I'd advocate just adding a base 2% card such as Citi Double cash or the Fidelity Card to your Amazon Card.

                    The BoA/Merrill Edge deal is 2.625%. On 70k of spending the extra 0.625% amounts to $438 a year. The catch is it needs to be redeemed as a credit against travel purchases, which I don't think is that much of a hassle.

                    The Alliant Visa Cashback card might be an okay alternative for you. 2.5% but has an annual fee (google tells me $0 the first year then $99). Need to spend a lot of money to make the AF worth it.

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                    • #11
                      Capital One Venture with 2% on all purchases. Have had this card for about 10 years, I think. Easy for us so we don’t have to try to remember a specific card for specific purchases.

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                      • #12
                        Originally posted by CordMcNally View Post
                        Capital One Venture with 2% on all purchases. Have had this card for about 10 years, I think. Easy for us so we don’t have to try to remember a specific card for specific purchases.
                        Ditto.
                        This year opened an additional one for my spouse,
                        and my daughter opened hers (bonus miles) that’s 120k bonus miles in 2019.
                        Bonus miles can be transferred for free to another CapOne card(via phone). Miles sit in the bank and cover a ton of travel (air/hotel/rental car/tolls etc)
                        for 90 days past or current). I don’t care for the Chase requiring you to use their travel site.

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                        • #13
                          Originally posted by CordMcNally View Post
                          Capital One Venture with 2% on all purchases. Have had this card for about 10 years, I think. Easy for us so we don’t have to try to remember a specific card for specific purchases.
                          Have your spouse open one when you see the 60k promo.

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                          • #14
                            Originally posted by Lordosis View Post

                            I would probably just keep the amazon card just for amazon purchases. We are quite deliberate with our spending but I hear what you are saying about perks influencing people.
                            I’ve considered getting the Amazon card for the 5% but actively try to shop elsewhere when I can. Amazon is moving toward a monopoly situation where they have all our info (spending habit, browsing habit. movies habits, etc). I’m not really comfortable contributing to them growing even more influential. Although I still use amazon because sometimes it’s just convenient so I guess I’m not that acutely concerned after all.

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                            • #15
                              Originally posted by Budgetmaestra View Post

                              I’ve considered getting the Amazon card for the 5% but actively try to shop elsewhere when I can. Amazon is moving toward a monopoly situation where they have all our info (spending habit, browsing habit. movies habits, etc). I’m not really comfortable contributing to them growing even more influential. Although I still use amazon because sometimes it’s just convenient so I guess I’m not that acutely concerned after all.
                              Eh what do I care if I give money to wal mart vs Amazon. I live in a small town and frequent the local shops more then most but some things you need to be able to just find online.
                              Alexa hears everything anyway.
                              If you carry a phone and use the internet resistance is futile.

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