Gyroscopic Investing

I'm in the market for a new simple cash back credit card. With no categories and rules etc...I thought I would ask the smart people on this forum for recommendations.

So far I have come across the BofA cash back card that would pay up to 2.62% cash back.

https://www.bankofamerica.com/credit-ca ... edit-card/

And the Alliant Visa Card which is 2.5% cash back.

https://www.alliantcreditunion.org/bank ... ature-card

One of the main things I am looking for here is simplicity. Also we dont spend that much money on travel and nearly zero on dining out.

ppnewbie wrote: ↑Tue Jan 18, 2022 8:27 pm
I'm in the market for a new simple cash back credit card. With no categories and rules etc...I thought I would ask the smart people on this forum for recommendations.

So far I have come across the BofA cash back card that would pay up to 2.62% cash back.

https://www.bankofamerica.com/credit-ca ... edit-card/

And the Alliant Visa Card which is 2.5% cash back.

https://www.alliantcreditunion.org/bank ... ature-card

One of the main things I am looking for here is simplicity. Also we dont spend that much money on travel and nearly zero on dining out.

I have been using this one exclusively for years for everything except for Amazon (use my 5% Amazon reward card for that).

Get 2% on everything. Simpler than the two above.

https://citicards.citi.com/usc/LPACA/Ci ... 2CA4F4B00B

yankees60 wrote: ↑Tue Jan 18, 2022 8:51 pm

ppnewbie wrote: ↑Tue Jan 18, 2022 8:27 pm I'm in the market for a new simple cash back credit card. With no categories and rules etc...I thought I would ask the smart people on this forum for recommendations.

So far I have come across the BofA cash back card that would pay up to 2.62% cash back.

https://www.bankofamerica.com/credit-ca ... edit-card/

And the Alliant Visa Card which is 2.5% cash back.

https://www.alliantcreditunion.org/bank ... ature-card

One of the main things I am looking for here is simplicity. Also we dont spend that much money on travel and nearly zero on dining out.

I have been using this one exclusively for years for everything except for Amazon (use my 5% Amazon reward card for that).

Get 2% on everything. Simpler than the two above.

https://citicards.citi.com/usc/LPACA/Ci ... 2CA4F4B00B

My two favorites are Citi Visa from Costco (ranges from 4% on gasoline down to 1% for "other") and Apple Card (a mastercard from Goldman Sachs) combined with Apple Pay on iPhone (ranges from 3% to 1%). Apple Card on iPhone is first choice, if merchant takes it, as it is very secure and eliminates a bunch of cards in a wallet, eliminates a bunch of paper receipts and statements but not everyone takes it.

Thanks for the input!

I play the 5% cash back category game.

Discover
https://www.discover.com/credit-cards/c ... endar.html

Chase Freedom
https://www.chasebonus.com/
https://creditcards.chase.com/cash-back ... eedom/flex



The fidelity 2% cash back card for everything else. The automatic rewards deposit into brokerage account is nice. Another thing you don't have to think about.
https://www.fidelity.com/cash-managemen ... ature-card

If you are mostly buying groceries, the American express cash preferred might be worth $95 annual fee. Gets you 6% back at grocery stores.

https://www.americanexpress.com/us/cred ... preferred/

whatchamacallit wrote: ↑Wed Jan 19, 2022 9:44 pm
I play the 5% cash back category game.

Discover
https://www.discover.com/credit-cards/c ... endar.html

Chase Freedom
https://www.chasebonus.com/
https://creditcards.chase.com/cash-back ... eedom/flex



The fidelity 2% cash back card for everything else. The automatic rewards deposit into brokerage account is nice. Another thing you don't have to think about.
https://www.fidelity.com/cash-managemen ... ature-card

If you are mostly buying groceries, the American express cash preferred might be worth $95 annual fee. Gets you 6% back at grocery stores.

https://www.americanexpress.com/us/cred ... preferred/

If you are doing this rather than a 2% card.... the first $2,375 you spend would just be break even to pay the $95. Then you'd making the extra 4%. Also, many places do NOT take American Express or Discover. Is this true for many food stores?

yankees60 wrote: ↑Thu Jan 20, 2022 12:30 pm

whatchamacallit wrote: ↑Wed Jan 19, 2022 9:44 pm I play the 5% cash back category game.

Discover
https://www.discover.com/credit-cards/c ... endar.html

Chase Freedom
https://www.chasebonus.com/
https://creditcards.chase.com/cash-back ... eedom/flex



The fidelity 2% cash back card for everything else. The automatic rewards deposit into brokerage account is nice. Another thing you don't have to think about.
https://www.fidelity.com/cash-managemen ... ature-card

If you are mostly buying groceries, the American express cash preferred might be worth $95 annual fee. Gets you 6% back at grocery stores.

https://www.americanexpress.com/us/cred ... preferred/

If you are doing this rather than a 2% card.... the first $2,375 you spend would just be break even to pay the $95. Then you'd making the extra 4%. Also, many places do NOT take American Express or Discover. Is this true for many food stores?

So here is the thing about stuff like 6 percent on groceries, there is a caveat. It's for up to 6k. So $360. Its all good, but I am terrible at managing details. It may be the way to go. I am still thinking about a multicard system. Thanks for the info!

ppnewbie wrote: ↑Thu Jan 20, 2022 12:35 pm

yankees60 wrote: ↑Thu Jan 20, 2022 12:30 pm

whatchamacallit wrote: ↑Wed Jan 19, 2022 9:44 pm
I play the 5% cash back category game.

Discover
https://www.discover.com/credit-cards/c ... endar.html

Chase Freedom
https://www.chasebonus.com/
https://creditcards.chase.com/cash-back ... eedom/flex



The fidelity 2% cash back card for everything else. The automatic rewards deposit into brokerage account is nice. Another thing you don't have to think about.
https://www.fidelity.com/cash-managemen ... ature-card

If you are mostly buying groceries, the American express cash preferred might be worth $95 annual fee. Gets you 6% back at grocery stores.

https://www.americanexpress.com/us/cred ... preferred/

If you are doing this rather than a 2% card.... the first $2,375 you spend would just be break even to pay the $95. Then you'd making the extra 4%. Also, many places do NOT take American Express or Discover. Is this true for many food stores?

So here is the thing about stuff like 6 percent on groceries, there is a caveat. It's for up to 6k. So $360. Its all good, but I am terrible at managing details. It may be the way to go. I am still thinking about a multicard system. Thanks for the info!

Then if you take out the first $2,375 to break even on the $95 fee. That leaves $3,625. The rebates on the 4% excess (6% - 2%) is then $145. And, that is if you can spend the full $6,000 at stores that accept American Express.

As I said I've simplified so much that I now only use the 5% Amazon card for all Amazon purchases and the Citi 2% card for all else.

I used to also use a 5% PenFed card for gas and food but got put off with that when the only way I got the 5% was if I purchased things from them. Otherwise it got discounted 20% to an effective 4% and then I could not convert it to cash. I had to convert them to Amazon gift cards which, of course, took time to do that. So I stopped using that particular card.

I use Freedom Flex for 5% categories. This quarter is grocery so I buy Arco gift cards. $200 sign up bonus beats years worth of 2% cash back (my ref link) https://www.referyourchasecard.com/18a/6RUGQA9JVN

And Citi Custom Cash. 5% on top spend category each month. eg can use one card for grocery and one for gas and always get 5% on both

boglerdude wrote: ↑Fri Jan 21, 2022 1:46 am And Citi Custom Cash. 5% on top spend category each month. eg can use one card for grocery and one for gas and always get 5% on both

I did not know about this card. Much better than amex for groceries with 5% and no annual fee.

Thanks.

ppnewbie wrote: ↑Tue Jan 18, 2022 8:27 pm I'm in the market for a new simple cash back credit card. With no categories and rules etc.
…
One of the main things I am looking for here is simplicity. Also we dont spend that much money on travel and nearly zero on dining out.

I think the fidelity visa is still paying 2% on everything. If not, capital one quicksilver is still giving a solid 1.5% on everything.
Also, I think the fidelity must pay everything into a fidelity cash account. You can take it right out, but if you don’t already have an account there, the quicksilver is simpler.

I haven’t been traveling much and I almost never stay in hotels, but the points guy is still my go-to site for new credit cards.
https://thepointsguy.com/credit-cards/best/

You also mentioned potentially using a multicard system. I have always liked that better than rotating categories in a single card. Consider the Amazon one that Vinny mentioned if you shop a lot at Amazon.

Even if you don’t dine out often, a dining card like Savor or TD Cash may give you 2% or so back on groceries. But, since you’re not dining out, get one that has no annual fee. That might eliminate Savor these days.

+1 for Alliant card. In the past I used Fidelity Rewards and Citi Double Cash cards, but now switched completely to the Alliant card. It was an easy move for me as Alliant is my primary banking institution. It really seems as if Alliant has done some good research and listened to their customers. The card has no foreign transaction fees, which is a rare perk for cash back cards. Fidelity charges 1% for currency conversion, and Citi charges 3% (ouch!).

Fidelity card sometimes mails limited-time offers, for example my wife earned 3% unlimited on her card in Nov-Dec last year. I still keep one recurring expense on my Fidelity card so I have some activity on it.

boglerdude wrote: ↑Fri Jan 21, 2022 1:46 am I use Freedom Flex for 5% categories. This quarter is grocery so I buy Arco gift cards. $200 sign up bonus beats years worth of 2% cash back (my ref link) https://www.referyourchasecard.com/18a/6RUGQA9JVN

And Citi Custom Cash. 5% on top spend category each month. eg can use one card for grocery and one for gas and always get 5% on both

+1 on both. I know, it's a pain to have so many cards, but if you get used to it and have a system in place it's not that hard. I keep a Google spreadsheet with details for each quarter for each of my cards (Discover, Chase Freedom Flex, US Bank Cash+). Anything else that doesn't qualify for 5% goes to my Alliant Visa.

Interesting, the Points Guy mentions the Alliant card, specifically the Visa Signature card, as having an annual fee that is waived in year one. But the site in your link, OP, says there is no fee. I think the Points Guy’s article (NOV ‘20) must be out of date.

That 2.5% is tempting, though I don’t know if I should try to juggle yet another card.

I don’t have an Alliant checking account, though.

I would definitely do Alliant but I don’t want to open another bank account especially with a direct deposit requirement. Also I wish these cards did not say 6%…up to some dollar number. I would do the Costco card but it has too many caveats (at least for me). I wish I had the capacity to keep up with the details.

Thanks for the suggestions.

This was the reminder I needed to sign up for citi custom cash.

Now I will just need to downgrade my Amex to get rid of annual fee.

whatchamacallit wrote: ↑Mon Oct 17, 2022 12:01 pm
This was the reminder I needed to sign up for citi custom cash.

Now I will just need to downgrade my Amex to get rid of annual fee.

What does the Citi Custom Cash offer?

My primary one is the one that gives you 1% when you charge and 1% when you pay the bill -- on everything. 2% total on everything.

But Amazon's card for ALL Amazon purchases since it pays 5% plus for some other type purchases that the card will give you more than 2%. Currently grocery, I believe.

https://www.citi.com/credit-cards/citi- ... redit-card

Earn 5% cash back on your highest eligible spend category each billing cycle up to $500 spent and 1% cash back thereafter on all other purchases.

My plan is to use for only grocery stores. $500 is almost exactly what I spend a month at grocery stores.

whatchamacallit wrote: ↑Tue Oct 18, 2022 6:06 am
https://www.citi.com/credit-cards/citi- ... redit-card

Earn 5% cash back on your highest eligible spend category each billing cycle up to $500 spent and 1% cash back thereafter on all other purchases.

My plan is to use for only grocery stores. $500 is almost exactly what I spend a month at grocery stores.

Is grocery always an eligible spend category?

If you have 100k in investments you can transfer to Merrill, the 2.625% BodA card is best going for simplicity. Plus you can get a BofA cash rewards card for 3x1.75 = 5.25% back on up to $2500 a quarter ($130/quarter) on a selectable category you can pick/change up to once a month. One category is online shopping which includes a LOT (Amazon, eBay, etc, etc, etc).

I have two of cash rewards and the 2.625 card as well for everything else. Pretty straightforward.

Each cash rewards card nets $500+ back a year.

Advice from Rob Berger on simplifying cash back credit cards. Seems pretty reasonable.


A 3-Credit Card Cash Back Strategy Worth $500,000+

https://www.youtube.com/watch?v=4pWev9D_0yQ

jatwell wrote: ↑Tue Oct 18, 2022 9:15 pm
If you have 100k in investments you can transfer to Merrill, the 2.625% BodA card is best going for simplicity. Plus you can get a BofA cash rewards card for 3x1.75 = 5.25% back on up to $2500 a quarter ($130/quarter) on a selectable category you can pick/change up to once a month. One category is online shopping which includes a LOT (Amazon, eBay, etc, etc, etc).

I have two of cash rewards and the 2.625 card as well for everything else. Pretty straightforward.

Each cash rewards card nets $500+ back a year.

If you are an Amazon Prime member and have their credit card then it's reward is 5.0% on all Amazon purchases with no limits. The above 5.25% only pays an additional $6.25 per quarter.

Therefore it seems like it'd be wise to use your Amazon card for all Amazon purchases and use the 5.25% on all other eligible online shopping so as to maximize the $2,500 per quarter limitation?

whatchamacallit wrote: ↑Wed Oct 26, 2022 6:36 pm
Advice from Rob Berger on simplifying cash back credit cards. Seems pretty reasonable.


A 3-Credit Card Cash Back Strategy Worth $500,000+

https://www.youtube.com/watch?v=4pWev9D_0yQ

Worthwhile watching.

I do use the 2% Citi Double Cash Back card he recommends.