What credit card are you using? I use a Fidelity card which is 2% back on everything. Those other cards which give you 3-5% do less on other purchases so then you have to play some game where you have to use the right card for a particular purpose so I can't really be bothered. I have two Fidelity cards and they're both 2%, the 2nd is a backup in case I lose the first one or it gets hacked and I just like to have everything in one statement so easier to do taxes at the end of the year and not have to decide which card to use for whatever the particular situation is.
Ohhhh boy, here we go, my wife and I got this to a science. We both carry separate cards, do not share the same account/we are not on the same accounts.
1. Citi - Double Cash Back card = 2% all the time (had it a long time)
2. Wells Fargo Active Cash back card (had it a few months) = 2% all the time PLUS you can activate certain stores for short periods of time for more. However I just took this card because they paid me an extra $200 or $250 to take it, I just needed to keep it for 3 months which I did but still have it. Deciding whether to ditch the Citi card or not, I like Citi better but (read on)
3. Discover card (had it a long time) every three months a new category right now 5% for groceries and all I use it for or else it would be 1% and no need for that as I have 2 - 2% min. cards above ^^
The best part, as per my last post, wife and I love summer, without fail every year I had this card we get 5% back on all our restaurant meals
4. A. - Chase - kind of works like the Discover above but dont use it as much but at times it does fill in for a category that one of the others cant at more than 2% (had this card for decades) right now its 5% on groceries.
4. B- Just received a new Chase card in addition to the other above (Freedom Unlimited) because like Wells Fargo they paid me $200 to $250 to take the card, I can cancel after 3 months, still have it because I get 3% cash back all year at restaurants, so that fills in for the months that Discover doesnt offer 5% at restaurants. I do also get 5% on travel all year.
5. American Express - 3% on groceries year round when I dont get 5% from any of the other cards.
Final and oh my, Christmas time normally at least one card has 5% on Amazon, Walmart, Target, Sams Club, Costco .. or any combination during the year.
With all the above said, its a lot of work keeping track of them, its a hobby, I will get getting rid of two, I think, I only took on two more in the last few months because between the two they paid me in cash, a total of $400 or $500 so why not, take it and cancel it.
6. Dont even get me started on my wife who has her own cards and does the same as me. Between the two of us, we are always getting 5% and worse case 2% She also took on two cards recently because they gave her $400 to $500 for taking them, same deal as you know, you can cancel anytime, yes you need to spend up to $1000 (normally $750) before they give you the $200 to $250.
My head starts spinning trying to type this *LOL* its just become so retarded this past year, banks falling over themselves giving away money.
Yes, that is all because the general public does not have the discipline to pay this stuff off every month so people like us benefit who do pay it off.
Anyway, looking to eliminate now that I got the cash back. Think I need to make a choice between #1 and 2 above. I always loved my citi card, always great dealing with them regarding any unauthorized charges ect. They few times it happened, boom, instant credit, I mean, instant. Even if it was something I ordered online but didnt receive.
I dont really like Wells Fargo as much (but I do own a significant amount of their stock, at least so far, might be time to start shedding some) but their card offers the same min 2% plus other categories.
You do need to be careful canceling credit lines, make sure you maintain a couple that are long term or you may trash your credit and why I hesitate to get rid of some decades old. Make sure not to have only new ones.
My wife has a new citi card that simply takes the category you spend the most in for the month and applies 5% cash back, they paid her $200 to $250 to take the card too, plus another one for the same amount...$200 to $250...
Its so stupid simple if this is your thing. I like it, ok, so the next one I am deciding is if I take Chase up on their offer for free checking and they will pay us $350 to open the account. Im tempted for min of effort, open the account, 3 months later they deposit $350.
I dont know, just guessing since I dont want to spend anymore time on BITOG but I think we got $2,250 in cash from the credit card companies last year.
I go to go, I see a few typos in this LONG post.
Oh and unrelated but is related... the newest coolest thing we both are enjoying is not even having to take our cards out to charge stuff. First we were using our phones to pay but now we use our Apple Watches to pay. (assuming the store is up to date with their readers)