What's the best cash back credit card?

[Grassshoppa]

Is it Costco?

EXCLUSIVELY FOR COSTCO MEMBERS
GO BIG WITH
CASH BACK REWARDS
Get the Costco Anywhere Visa® Cards by Citi.
Pricing & Information


Call to Apply 1-800-970-3019
TTY: Use Relay Service
Enjoy great benefits from both cards on personal or business purchases:

CASH BACK ON ELIGIBLE
GAS WORLDWIDE.
INCLUDING GAS AT COSTCO.
for the first $7,000 per year
and then 1% thereafter

CASH BACK ON
RESTAURANT AND
ELIGIBLE TRAVEL
PURCHASES WORLDWIDE

CASH BACK ON ALL
OTHER PURCHASES
FROM COSTCO AND
COSTCO.COM

CASH BACK
ON ALL
OTHER
PURCHASES

 

[zapataxiv]

this seems like question for the wealthy members of Sherdog @RR could maybe give you the finer points on this type of luxury financial items.

guys like me have all there assets tied up in swords stored in a twin suite down at the super 8.

 

[Striderx5]

Sherdog....where all members have credit scores of 800 and above...only to add to their 6 ft plus height and 275 lbs plus bench

 

[Brofessor]

Costco

 

[Swiftie]

IMO, you need several credit cards based off the Cash Back rewards. I have the Costco Card and use it for travel, gas, and Costco purchases.

I also have the AMEX Blue Card for groceries. The no annual fee card gives 3% cash back on groceries. They also offer a 6% on groceries for a $75 annual fee.

Amazon Prime Visa is great if you're buying a lot on Amazon. They give you 5% credit to use on future Amazon purchases.

If you're a member of a Credit Union,they offer some low interest cash back cards. I like Navy Federal Credit Union myself.

 

[Literally Bricked]

There is no one answer that AMEX’s card is out if the equation. Entirely dependent upon how you spend your money on a monthly basis and how much you spend in total per year. Another factor is where you live in the world, but I am assuming the US or Canada.

Realistically, you are looking at having 2/3 cards, which will have different benefits to you depending on how much you spend.

Best way to break this down is to determine your average spending in the generic categories (groceries, gas, entertainment, restaurants) and see who gives you the best for each category and to what amount for an annual cash back return. If you need to break it down in 2/3 cards then ensure that you are only taking the cards out for what your current card is ie; currently $10,000, then two cards at $5,000, three cards $3,300 (cards are not issues for 3,333.33).

 

[is normal]

I am not keeping track of several cards but have a chase freedom unlimited that gives 1.5 on everything

 

[ODYSSEYMEMPHIS]

depends on what which one fits you best. Do you go out to eat alot. go to bars? Get 4 % with Uber visa card\. Use amazon a lot? Amazon chase card with 5% back. If you grocery shop enough to justify a $95 annual fee, then you can get 6% back at grocery stores. Again , it depends which one fits you best

 

[ODYSSEYMEMPHIS]

There is no one answer that AMEX’s card is out if the equation. Entirely dependent upon how you spend your money on a monthly basis and how much you spend in total per year. Another factor is where you live in the world, but I am assuming the US or Canada.

Realistically, you are looking at having 2/3 cards, which will have different benefits to you depending on how much you spend.

Best way to break this down is to determine your average spending in the generic categories (groceries, gas, entertainment, restaurants) and see who gives you the best for each category and to what amount for an annual cash back return. If you need to break it down in 2/3 cards then ensure that you are only taking the cards out for what your current card is ie; currently $10,000, then two cards at $5,000, three cards $3,300 (cards are not issues for 3,333.33).

this is good advice OP

 

[Grassshoppa]

Sherdog....where all members have credit scores of 800 and above...only to add to their 6 ft plus height and 275 lbs plus bench

This is a known fact that all Sherdoggers make six figures, have a million in the bank, and bench teh 275. For this reason, I'm surprised there are only 8 replies. I guess all the rich Sherdoggers want to keep it a secret, unless they're talking about bitcoin.

I'm going with Costco.

 

[WaylonMercy5150]

I don't have US credit so I have the Costco Capital One Master Card.

Not very helpful in Mexico lol. But they take it at Costco and some places but not K and Oxxo.

 

[PlayswellwithLawnDarts]

Sherdog....where all members have credit scores of 800 and above...only to add to their 6 ft plus height and 275 lbs plus bench

275 bahahhahahhaha

 

[Deleted member 391673]

if you don't pay off your balance every month and don't have 0% apr anymore than any perks are just cosmetic

 

[Grrrr]

I am not keeping track of several cards but have a chase freedom unlimited that gives 1.5 on everything

I use capital one quicksilver which is 1.5% on everything also. When I was choosing a rewards credit card it came down to chase and capital one. I went with capital one because I already had accounts with them. I don't want to keep track of multiple cards either. One app for credit, checking, and savings Acct.

 

[Grassshoppa]

if you don't pay off your balance every month and don't have 0% apr anymore than any perks are just cosmetic

What are you talking about? Getting a check back every February for $500 is not just cosmetic.

 

[Deleted member 391673]

What are you talking about? Getting a check back every February for $500 is not just cosmetic.

maybe i should've said it's just a facade....

so $500 once a year in february for spending $10,000?

are you paying off your accrued balance every month?


if you have a $2000 balance for January and you pay only $1000, then the remaining $1000 is subject to interest. let's say the interest is 10% apr then you're probably going to be charged around $75 in interest so that $500 you get back is more like $425, and that is only if you pay off that remaining $1000 next month ... but since you're using your credit card for most purchases, your next months bill will probably be more than $1000 and if you don't pay it off in full, you're looking at more interest charges so maybe by the end of the year you've paid more in interest than gotten back in cash-back.

i think the best thing to do with credit cards is to find and apply for 0% interest cards for 15 or 18 months - i've seen some for 24 months. some of those cards offer not only 0% interest but reward points as well. the trick with them is that since you have 0% interest you don't end up paying off the balance each month and it grows rather large so that when your promotional rate expires you have a huge outstanding balance that you can't pay off immediately and get screwed with APR again.

 

[Deleted member 391673]

I am not keeping track of several cards but have a chase freedom unlimited that gives 1.5 on everything

I use capital one quicksilver which is 1.5% on everything also. When I was choosing a rewards credit card it came down to chase and capital one. I went with capital one because I already had accounts with them. I don't want to keep track of multiple cards either. One app for credit, checking, and savings Acct.

if you have several credits cards with open credit on them it positively influences your credit score.

 

[Grrrr]

if you have several credits cards with open credit on them it positively influences your credit score.

I understand how it all works. All sherdog jokes aside...I actually have excellent credit. I have several cards. I only want to keep track of and use one card. So I chose a card that was an "all around" best card for me.

 

[Deleted member 391673]

I understand how it all works. All sherdog jokes aside...I actually have excellent credit. I have several cards. I only want to keep track of and use one card. So I chose a card that was an "all around" best card for me.

just keep in mind that if you don't use a card for awhile, it will eventually be permanently closed so try to use the ones you don't use at least once a year

 

[Grassshoppa]

maybe i should've said it's just a facade....

so $500 once a year in february for spending $10,000?

are you paying off your accrued balance every month?


if you have a $2000 balance for January and you pay only $1000, then the remaining $1000 is subject to interest. let's say the interest is 10% apr then you're probably going to be charged around $75 in interest so that $500 you get back is more like $425, and that is only if you pay off that remaining $1000 next month ... but since you're using your credit card for most purchases, your next months bill will probably be more than $1000 and if you don't pay it off in full, you're looking at more interest charges so maybe by the end of the year you've paid more in interest than gotten back in cash-back.

i think the best thing to do with credit cards is to find and apply for 0% interest cards for 15 or 18 months - i've seen some for 24 months. some of those cards offer not only 0% interest but reward points as well. the trick with them is that since you have 0% interest you don't end up paying off the balance each month and it grows rather large so that when your promotional rate expires you have a huge outstanding balance that you can't pay off immediately and get screwed with APR again.

I see what you're saying and was actually just reading bad reviews about Costco's credit card. My plan was to pay off the balance in full every time before any interest charges, but a lot of reviews are saying they take up to two weeks to process a payment so they catch you with interest. Which would negate the cash back benefits.

I have a great credit card at 10.5% APR which never hits me with interest anyways. I just don't like their reward points that can only be used on their list of merchandise.