Credit Card with cash back???

MonkeyMama · #1 (**permalink**) 09-17-2006, 10:55 AM

Currently we have a cedit card with no fees & 1% cash back. It is actually through our insurance company and we can cash out at any time, but have to use it towards our insurance. No problem since insurance is neverending!!

We run all of our expenses through this card, except our mortgage and taxes it seems, so we max out our cash back every year.

Anyway, I keep seeing a lot of mention of 5% cash back and such. I was wondering if anyone recommended any particular cards/deals.

I have no interest in any miles, rewards, gift certificates. Just cold hard cash. & how often can you cash it out? Is it annually??

Even if I could just get 5% back on gas, I am game for a second card, would be almost $200/year.

ETA: We spend about $2k/month on cards so some of the cards that you need to spend more to get cash back, I can deal with.

TIA!!

MonkeyMama · #2 (**permalink**) 09-17-2006, 11:05 AM

So far HSBC Direct Rewards looks pretty sweet (per perusing other posts).

Though the max cash back is only $500/year. But in our case could work perfect if we kept our other card for all the other purchases besides gas and grocery.

So far this looks pretty good - would give us another $400/year over what we currently get back.

Any other ideas??

mbhunter · #3 (**permalink**) 09-17-2006, 12:03 PM

Some Chase cards give 1% on everything + 3% or even 5% on groceries and gas. There's a cap on the amount of the higher rebates, though. The amount of your rebate is credited toward your next bill.

Ima saver · #4 (**permalink**) 09-17-2006, 01:51 PM

I only get 1% back but it is in cash and it is unlimited also. It is a GM card. They will give you 3% towards the purchase of a car. I also have a state farm one that gives you 1% back off of insurance products. I never charge my gas, so I am stuck with just the 1% back.

MonkeyMama · #5 (**permalink**) 09-17-2006, 08:17 PM

YEah that's the one I have - State Farm. : )

Thanks - I'll check out Chase then too...

autoxer · #6 (**permalink**) 09-18-2006, 05:34 AM

I use the Discover Gas card. It gives 5% of the first $1200 in gas purchases, which is only $60, but then the cash back rate drops to the standard rate .25%, .5%, 1% depending on how much you spend.

Check out this thread: http://www.fatwallet.com/t/52/564358/

slimcustomer · #7 (**permalink**) 09-18-2006, 07:10 AM

Here are some cards with Cash Back on all your purchases. Read the Terms for each card to see which one suits you the best.
Fidelity 529 Rewards Card 2% Cash Back(Page down for card on link. Must have Fidelity 529 Account)
Fidelity Investment Rewards Card 1.5% Cash Back(must have Fidelity account)
Navy Federal Flagship Rewards 1.5% Cash Back($49 Annual Fee 1.5% Cash Back at certain tiers. Must qualify for membership)
Emigrant Direct 1.4% Cash Back(must maintain an average daily balance of at least $10,000 in their EmigrantDirect American Dream Savings Account to earn 1.4% Cash Back)
Pentagon Federal Credit Union 1.25% Cash Back (anyone can qualify for membership)
Agriculture Federal Credit Union 1.25% Cash Back(anyone can qualify for membership)

Also, here is the definitive resource for cards with 5% rewards in cash or equivalents - 5% Reward Cards

MonkeyMama · #8 (**permalink**) 09-19-2006, 08:11 AM

Thanks slim- I have lots of reading to do - I'll post when I decide...

Ima saver · #9 (**permalink**) 09-19-2006, 03:48 PM

I wonder how they can afford to give back 5% when they only earn 3%?

LuxLiving · #10 (**permalink**) 09-19-2006, 03:52 PM

Ima, Ima, Ima, you sweet innocent you!! They can afford to pay that to some because a lot of folks are missing their due dates and paying a $29.95-$39.95 late fee EVERY MONTH and then they raise their rates to 19% or MORE.

MonkeyMama · #11 (**permalink**) 09-25-2006, 12:24 PM

Thanks slim for all the info. Decided to apply for HSBC. Looks the best for me. I shy away from Discover/AmEx for whatever reason.

fake_usa · #12 (**permalink**) 09-25-2006, 12:53 PM

I got a Citibank Dividend Card that gets 5% back on gas groceries and pharma, I don't see it on their site anymore though...

Ima saver · #13 (**permalink**) 09-25-2006, 02:46 PM

I can't imagine paying a late fee of $39!

jmjj215 · #14 (**permalink**) 09-25-2006, 04:04 PM

Quote:

Originally Posted by fake_usa

I got a Citibank Dividend Card that gets 5% back on gas groceries and pharma, I don't see it on their site anymore though...

I think that card has changed substantially (read: not as lucrative)

wai98007 · #15 (**permalink**) 09-25-2006, 07:15 PM

Quote:

Originally Posted by fake_usa

I got a Citibank Dividend Card that gets 5% back on gas groceries and pharma, I don't see it on their site anymore though...

Sadly, Citibank is changing their dividend card in October from what I understand

. I recently signed up for the diamond rewards card. It does not get cash back, but it does have the option of gift cards (a fair variety). As far as I know you still get 5 points per dollar spent on purchases at gas stations, drug stores, and grocery stores. Depending on how you choose to receive the rewards, it still turns out to be 5%. Also, they are offering 10,000 free points at their thankyou network for signing up. I will miss the 5% from the dividend card. It was nice to know that the high gas prices were at least earning me dividend $. It made the depressing experience of filling up the tank a little bit brighter.

fake_usa · #16 (**permalink**) 09-25-2006, 09:28 PM

Quote:

Originally Posted by wai98007

Sadly, Citibank is changing their dividend card in October from what I understand

. I recently signed up for the diamond rewards card. It does not get cash back, but it does have the option of gift cards (a fair variety). As far as I know you still get 5 points per dollar spent on purchases at gas stations, drug stores, and grocery stores. Depending on how you choose to receive the rewards, it still turns out to be 5%. Also, they are offering 10,000 free points at their thankyou network for signing up. I will miss the 5% from the dividend card. It was nice to know that the high gas prices were at least earning me dividend $. It made the depressing experience of filling up the tank a little bit brighter.

So it's changing even for people that signed up and currently have the card?

wai98007 · #17 (**permalink**) 09-25-2006, 11:18 PM

From my understanding it is changing for most if not all card members. I have seen a few posts on it at various sites. You can google search it. They (citibank) do reserve the right to change terms and conditions. If it is not true, then it is quite an elaborate hoax, which probably wouldn't be the first. One of the posts I read said cardmembers will be receiving a letter next month on the program changes. One of the positive changes, if true, is that they will be offering something like 2% cash back for certain utility bills.

Bluezy · #18 (**permalink**) 09-26-2006, 01:04 AM

For those who don't like to charge anything, Washington Mutual offers a $.03 reward for each debit purchase transaction up to $250 per year. This comes with their Free Checking. WHile this might not be the greatest deal on the planet, its there for those who prefer not to charge.

WAMU Cash Back Debit Card

MonkeyMama · #19 (**permalink**) 09-26-2006, 11:53 AM

I am not really concerned with fees because I won't use them. For the one-time lost in the mail check they will waive it. They all look insane to me - all the finance charges and fees...

BUT I did try to apply for HSBC and it is gone. I tried Chase Rewards and it is gone too. Waaah.

I didn't really like the other options so I am sitting back and keeping my eyes peeled for now. Bummer. Glad I Didn't put that 5% cash back in my budget yet I guess - LOL.

MonkeyMama · #20 (**permalink**) 10-07-2006, 09:24 PM

Ah, it came to me in the mail - Chase Freedom Signature. 3% back on groceries/gas/fast food. 1% back on all else. Yay! 3% only on first $600/month, 1% thereafter. But if you earn $200 you can redeem $250.

Plus you can switch between cash back and rewards as you like. Looks like the kind of card I have been waiting for.