read_connect(); //$GLOBALS[ezoic_db]->read->query("use 17things"); ?>

What is the best credit card rewards program?

I currently have a Bank of America credit card in which I earn no rewards from using. Because I’m starting to use it more and more, I’ve decided it’s time to switch to a credit card where I can earn rewards. I’m wondering if people have suggestions on the best credit card to get based on the rewards/incentives associated with it?

Related Items

5 Responses to “What is the best credit card rewards program?”

  1. A T said :

    If you have good credit and can qualify, American Express has an excellent program. I pay for EVERYTHING with my card and just pay my entire bill off at the end of the month. Mega points and benefits.

  2. playball said :

    The best reward is to pay cash for everything and not get yourself in debt. Even if you pay off you balance every month the average person spends 20% more with credit than with cash. And, it’s usually for stuff that you don’t need. If you save that extra 20% of cash every month you will have more rewards and incentives than any card will ever give you.

  3. x-file said :

    Hi,
    You could find out and compare at this site under “Select By reward”:
    http://track.acclaimnetwork.com/apn_work/scripts/sclick.php?b2s=8790&SUBID=PARAM

  4. traffic816 said :

    Go here to compare reward program http://www.bestcreditrates.net

  5. moviegoer_j said :

    The short answer is the use the calculator tool at http://www.creditcardtuneup.com/ to determine the best rewards card(s) for your spending profile. For more details, read on…

    Here are the strategies I suspect are most universally applicable.

    Best Single Card

    Because most people spend quite a bit on gas, groceries, and drugs (i.e. “EDP” (Every Day Purchases)) and there are several cards that offer 5%+ on EDP, usually a card that offers a 5%+ on EDP and 1%+ on non-EDP will be the single best card. Examples of such cards are the Driver’s Edge (6% on EDP for the first year), AmEx Blue Cash (5% on EDP after $6500 YTD spending), and Citi Diamond Preferred Rewards (basically 5% (in ThankYou points) on EDP for first year).

    Two-Card Strategy

    For someone who’s willing to manage two cards, usually the best card to supplement the 5%+ EDP card will be a card that pays 1.5%+ on *all purchases*. The best I know of is the new 2% Cash Back card from Orchard Bank. However, Orchard Bank may or may not offer you the card without an annual fee. If you get an offer with an annual fee, it will likely be either $39 or $59. Also, most people only get up to a $2K credit limit on the 2% Cash Back card, though I have heard of people getting their limit increased a little over $2K. I suppose if you’re willing to make payments more frequently than monthly, then the credit limit isn’t a limiting factor. The next best card after the Orchard Bank 2% Cash Back card is the 1.5% card from Fidelity.

    Three-Card Strategy

    If you’re willing to manage three cards, then the third card to add to your portfolio will depend on the categories in which you spend the most money. Well, really that’s true for even the first and second cards, but the advice I’ve given up ’til now is *often* optimal, but not always — it always depends on your spending profile.
    Anyway, if you spend a lot at restaurants, then you’ll probably want something like the Citi Professional card which pays 3% back at restaurants. If you spend a lot on utilities (and can do so through your credit card), then you might want to check out the Citi Home Rebate card (6% on utilities for the first 12 months). If you spend a lot on home improvement, the Chase Home Improvement Rewards card pays 3% back on home improvement. If you travel a lot, there are other good cards. If you spend a lot on office supplies, other choices. If you spend a lot on internet/web/advertising, still other options. And the list goes on.

    Optimal N-Card Strategy

    Figuring out the optimal 1 card, 2 cards, 3 cards, etc. for your spending profile actually requires a lot of research and math. The calculator tool at “Credit Card Tune-Up: Maximize Your Cash Back Rewards” ( http://www.creditcardtuneup.com/ ) will do the number crunching for you. It’ll estimate your earnings from the best 1 card, best 2 cards, best 3 cards, etc. Then you can decide on the “sweet spot” for the rewards/hassle tradeoff.




Message:

[newtagclound int=0]

Subscribe

Recent Comments

Recent Posts

Archives