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How much % cash back is your credit card earning?

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  • #31
    Originally posted by Drake3287 View Post
    My card's a little different from most. It's the BofA Travel Rewards Visa card which pays cash back and has no yearly fee. The reward triers are based on total combined deposits/balances with BofA or Merrill Lynch. I'm at the platinum level and average about $2,500. a year back in cash back these days. I'm one of those that charge EVERYTHING and pay it off in full each month. Sort of hard to say what percentage in cash I'm getting back though, I'm guessing around 4%.
    this is something i wqs looking into and is a pretty good deal. you need sizable assets with them, but worth it if you have investment accpunt woth them.

    for me, kinda crappy because they have no bank brqnches in my state. also i believe the extra reqard bonuses work in every state. goes over 5% too i think


    edit: if You have the 3% on any online purchases card, you can get "boosted" up to 75% of that rate = 5.25%. Say if you buy something off ebay and pay through paypal, over 5% refund. Walmart.com, amazon, target.com, airlines, hotels, car rentals, etc etc.


    https://www.bankofamerica.com/prefer...wards/details/
    Last edited by ~bs; 09-06-2019, 09:27 PM.

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    • #32
      Originally posted by ~bs View Post

      this is something i wqs looking into and is a pretty good deal. you need sizable assets with them, but worth it if you have investment accpunt woth them.

      for me, kinda crappy because they have no bank brqnches in my state. also i believe the extra reqard bonuses work in every state. goes over 5% too i think


      edit: if You have the 3% on any online purchases card, you can get "boosted" up to 75% of that rate = 5.25%. Say if you buy something off ebay and pay through paypal, over 5% refund. Walmart.com, amazon, target.com, airlines, hotels, car rentals, etc etc.


      https://www.bankofamerica.com/prefer...wards/details/
      Thanks for this too bs. I use eBay and pay with Paypal. And Drake's information would apply to me too. I have a Merrill Edge account which I can combine. $2500 in cash back a year is a lot. I average $300 a year in cash back. Good information on BofA's 3% online cash back card or the travel card that I can use.

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      • #33
        Do you guys think cash back rewards are even worth it? Why not put the time into finding an excellent investment opportunity, improving your knowledge about personal finance...or even working out?
        james.c.hendrickson@gmail.com
        202.468.6043

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        • #34
          Originally posted by james.hendrickson View Post
          Do you guys think cash back rewards are even worth it? Why not put the time into finding an excellent investment opportunity, improving your knowledge about personal finance...or even working out?
          James, this totally falls under “improving your knowledge about personal finance”. Maximizing the return on your spending is part of the big picture. That doesn’t mean you shouldn’t also be seeking out good investments. We all have to spend money to live. Finding a smarter way to do it makes a lot of sense.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

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          • #35
            Originally posted by scfr View Post

            The $95 annual fee on our Am-Ex would have come due next week so I closed the account today. I had to forfeit just under $2 in cash back rewards --- that was a small loss, but overall this falls in the "financial win" category since we no longer charge enough supermarket purchases to justify the annual fee.
            I probably need to go in the opposite direction. I need more cash back on groceries. We've always been near the AmEx bonus limit but we seem to be "far exceeding it", these days. I don't really want a 4th credit card for every day type spending, but it is what it is.

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            • #36
              Originally posted by james.hendrickson View Post
              Do you guys think cash back rewards are even worth it? Why not put the time into finding an excellent investment opportunity, improving your knowledge about personal finance...or even working out?
              Yes, cash back rewards are worth it. Since I have been tracking (2011) I have made $24,000 in credit card rewards. & most of that is tax-free income. I usually estimate my earnings at around $1,000 per hour or something like that. I don't know any easier way to make money. Except maybe bank interest, but even that you need to shop around and change bank accounts to find competitive rates. Anyway, my credit card rewards aren't getting in the way of anything else. It's a couple of hours out of my year.

              P.S. For the credit card rewards, I mostly keep doing the same deals over and over and over. So I don't even have to "shop around" very much. We went on an international trip in 2017 and that's the last time I remember shopping for a new credit card bonus (which I have since repeated for some domestic travel rewards). Also, we can x2 everything with my spouse and I both doing the same bonuses.
              Last edited by MonkeyMama; 09-11-2019, 05:48 AM.

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              • #37
                The ones I actually use (no annual fees, paid in full monthly):
                Citi Double Cash Back on everything: 2%
                Pentagon Federal Credit Union gas card - 5% on gas (2% on some other things, but I only use it for gas)
                US Bank - 5% Utilities, Streaming services (again, 2% on other stuff but I don't use it for them)
                Capitol One Savor - 4% on restaurants/entertainment
                American Express - 3% on groceries (I have the one without the annual fee - we spend around $300/month on groceries, so not enough to really make the annual fee card worth it.)

                Not exactly cash back ... but my local credit union pays 4% interest on my checking balance if I use their debit card in 12 credit transactions per month.

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                • #38
                  Originally posted by james.hendrickson View Post
                  Do you guys think cash back rewards are even worth it? Why not put the time into finding an excellent investment opportunity, improving your knowledge about personal finance...or even working out?
                  Totally worth it. I don't really spend any extra time on this. If I used a debit card, it would take me longer to balance my checkbook. This way I get tons of free money!

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