I hope we can fill the comments section with a variety of opinions here, based of course on each of your personal preferences. I’m sure some of you are working for high-value premium cabin award travel and a mileage card is your number one choice. Others are looking to maximize cash back.
I realize any card you are working on reaching the minimum spend bonus on, is always preferable. But I’d like to see what we are using for that non-bonus, plain old ordinary credit card purchase.
2% cash back cards
The old-time standard seems to be a card that earns at a minimum the equivalent of 2% cash back. Are any of you using your airline or hotel cards for plain old ordinary spend? Is it to reach a particular goal for a reward you’re working on? Or do you really think any card that is offering one point, mile etc is worth more than the 2% minimum we all should be reaching for?
The Fidelity 2% cash back card has been the old standby for many years. It now faces competition from a variety of other cards. I’m not talking about quarterly bonus cards (but would be interested in how many of you use them).
The Alliant Cashback Visa now offers 3% cash back the first year and 2.5% cash back after. The Chase Unlimited Freedom is 3% in the first year up to $20K then back to 1.5% thereafter.
To those first-year “enticers” are probably working for many of you, but my question again is: Where Do You Go After That?
Cash back with transfer perks
The Citi Double Cash card and Amex Business Blue Card could replace the Fidelity card for most of you now. Being able to transfer cash back to ThankYou points can add great value while leaving the cash back option on the table.
I certainly would rather have 2 Membership Rewards points than 2% cash back. Because I can transfer to cash back with my Schwab Platinum card if I need to.
My current cards
I’m stuck with a pretty good option in the Bank of American Travel Rewards Card with Platinum Honors 75% bonus for having a big balance in my affiliated Merrill Lynch account.
Without that bonus, it would be a scrawny 1.5% card with limited redemption options. Since the rewards can only be used to offset travel-related charges paid for with the Travel Rewards card.
The better choice for me would be the Premium Rewards card from Bank of America because I’d earn the same 2.625% cash back. It is actually redeemable for cash back into my Bank of America or Merrill account.
My dilemma
I’d love to make the switch but have virtually no chance of being approved with as many new inquiries as I have. But if you are looking for a nice sign-up bonus of 50,000 points, worth $500 and have a decent balance in an account with Merrill or Bank of America, I think that’s the best option available now.
Take a look at the bonus level categories based on the size of your account. Or just pick up the 50,000 points with $3,000 spend in 90 days. $95 annual fee not waived.
Final thoughts
Maybe this is just wishful thinking, but I’m hoping somebody has got an option that earns them consistently higher than 2.625% without a timeline or restrictive redemption opportunities.
Thanks for commenting on your best non-category bonus card, plain old vanilla daily spend. I’m sure people will benefit from your contributions and suggestions.
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