Tweet
Hello everyone,
After much research, I believe I found the best combination of cash back cards I can hold. I have one of these cards, and I want to get the other two this summer. Here are my picks:
Gas/Grocery/Drugstore purchases:
Citi Dividend Platinum Select
5% cash back on gas, grocery, drugstore
1% on everything else
$300 yearly rebate limit
The Citi card I already have, and plan to use it only for the 5% categories, may have to get another one if I reach the $300 limit before the end of the year.
Restaurants/bookstores:
Citi MtvU Visa
5 points for every dollar spent on restaurants and bookstore (including Amazon, where I buy my books for school)
1 point per dollar on everything else
25 bonus points per month that you pay your bill and don't go over your credit limit (extra 300 points per year)
Up to 2,000 bonus points for good grades (you can fax in grades twice a year)
Redeem points for gift cards or student loan rebates
This card I would only use for restaurants, and for the bonus points.
Everything Else:
Bank of America Power Rewards Visa
1 point for every dollar you spend
No limit to the amount of points you can earn
Redeem 50,000 points for $1,000 statement credit (2% cash back)
Points expire after 5 years.
I know, I know, you're all saying, how are you gonna spend $50,000 in 5 years? I found out from Bank of America that any user can buy points in increments of 1,000 for $20 each, charged against the line. You can buy up to 10,000 points each statement cycle, if necessary. What does this mean? Let's say you spend $25,000 over the course of a couple of years, and you want to cash out. Once you buy the remaining 25,000 points for $500, you can cash out for the $1,000 statement credit, get your $500 "investment" back, and still get 2% cash back on the $25,000 in purchases ($500). Because of the ability to buy points, I give this card a two-thumbs up!
Of course, none of this is relevant if you can't pay your bills in full and on time from month to month to make it worthwhile. I've held cards for almost 2 years now and never paid a bill late and always paid in full.
What do you guys think of this combination of cards?
After much research, I believe I found the best combination of cash back cards I can hold. I have one of these cards, and I want to get the other two this summer. Here are my picks:
Gas/Grocery/Drugstore purchases:
Citi Dividend Platinum Select
5% cash back on gas, grocery, drugstore
1% on everything else
$300 yearly rebate limit
The Citi card I already have, and plan to use it only for the 5% categories, may have to get another one if I reach the $300 limit before the end of the year.
Restaurants/bookstores:
Citi MtvU Visa
5 points for every dollar spent on restaurants and bookstore (including Amazon, where I buy my books for school)
1 point per dollar on everything else
25 bonus points per month that you pay your bill and don't go over your credit limit (extra 300 points per year)
Up to 2,000 bonus points for good grades (you can fax in grades twice a year)
Redeem points for gift cards or student loan rebates
This card I would only use for restaurants, and for the bonus points.
Everything Else:
Bank of America Power Rewards Visa
1 point for every dollar you spend
No limit to the amount of points you can earn
Redeem 50,000 points for $1,000 statement credit (2% cash back)
Points expire after 5 years.
I know, I know, you're all saying, how are you gonna spend $50,000 in 5 years? I found out from Bank of America that any user can buy points in increments of 1,000 for $20 each, charged against the line. You can buy up to 10,000 points each statement cycle, if necessary. What does this mean? Let's say you spend $25,000 over the course of a couple of years, and you want to cash out. Once you buy the remaining 25,000 points for $500, you can cash out for the $1,000 statement credit, get your $500 "investment" back, and still get 2% cash back on the $25,000 in purchases ($500). Because of the ability to buy points, I give this card a two-thumbs up!
Of course, none of this is relevant if you can't pay your bills in full and on time from month to month to make it worthwhile. I've held cards for almost 2 years now and never paid a bill late and always paid in full.
What do you guys think of this combination of cards?
, and graduating in December. I looked into the 1.5% card with the investment account. However, when I chatted with a representative on live chat, he told me that the minimum deposit to open an account with them considering my situation was $2,500. Don't have that kind of cash on me. I thought about starting a 529 with myself as a beneficiary, just so I could get that 2% card. However, I found out from feedback on Fat Wallet that the average annual maintenance of that account is 1%, effectively wiping out the 2% reward. Unfortunate I know. I figured the Bank of America card had the least hassle of all of them and the best cashback. 
Comment