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The 2% cashback is especially interesting (in the US, for purchases done with ApplePay). I guess they can get away with a different risk model when they control
by athenot 8y ago
The 2% cashback is especially interesting (in the US, for purchases done with ApplePay). I guess they can get away with a different risk model when they control more of the payment process & security.
- jumbopapa 8y agoThat's not really interesting at all. See Citi Double Cash, Fidelity Visa, PenFed Powercash...
- dwighttk 8y agoall of those have pretty big caveats. Citi seems the closest to straight 2% assuming you pay off your balance all the time, I didn't notice any limits on how you get your 2%. But they do have late payment fees. PenFed you have to be active duty military to qualify for 2%... Fidelity you have to put your 2% (not going to call it "cash") into a Fidelity product, no balance credits.
- jumbopapa 8y agoI use Citi and there are no limits. I pay my balance in full every month and it's actually better IMO because it incentives payments. PenFed you don't have to be military, you can be a member as well and it's a pretty good bank anyways. Fidelity you can use their checking account, so it's as good as cash. Apple requires you to use Apply Pay to earn 2%, so it comes with it's own caveats.
- dwighttk 8y agoCiti has late fees (but yeah, it looks pretty good) Looks like non-active duty PenFed members get 1.5% Fidelity Checking account sounds alright, but why not just balance credit? Until apple pay is much more widely accepted that's a caveat for them. Probably stick around with Capital One 1.5% for now.
- vinay427 8y agoThat's fair, but with caveats you can also get more than 2% back on every purchase and 4-5% on many purchases. For many people, that's easily worth it and I wouldn't settle for a 2% back card.
- dwighttk 8y agowhat card do you have?
- jumbopapa 8y agoWell if you want to maximize rewards you could use: - Chase Freedom / Discover It (Quarterly 5% categories (examples: Wholesale, Gas, Grocery, Department Stores, Mobile Pay, Home Improvement, etc.)) - Uber Visa (4% Dining, 3% Travel, 2% Online Purchases, 1% everything else) - American Express Blue Cash Everyday (3% Grocery, 2% Gas/Department Stores, 1% everything else) - Citi Doublecash (2% everything) - Costco Visa (4% Gas, 3% Travel/Dining, 2% Costco, 1% everything else) - Amazon Prime Visa (5% Amazon, 2% Dining, Grocery, Pharmacy, 1% everything else) These are just the cards I use right now. There are no annual fees, although some require membership like Costco and Amazon. Pay your balance in full every month and it's a much better option than debit. There's a bunch of different ways to maximize rewards. See /r/churning [1] for more info. [1] https://www.reddit.com/r/churning https://www.reddit.com/r/churning
- dwighttk 8y agoThat American Express one looks nice, though reading about the points feels like a shell game. I think I could use it simply enough just for gas and groceries. The site was really trying to push me towards one of the $95/yr upgrades though.
- jumbopapa 8y agoIf you spend roughly $3000 annually on groceries and gas the preferred ($95/yr) card is good. If you're interested in grocery and gas rewards then you may like the Pen Fed Platinum Rewards Visa Signature more.
- dwighttk 8y agoyeah, if CapitalOne doesn't step up pretty quick with Quicksilver (1.5%), I'll probably mozey over to the Apple credit card.