When applying for a new credit card, are there certain perks/ rewards that you all look for? I know it varies by circumstance or personal preferences but I was curious if you think one reward outweighs the other? The question isn’t whether or not you should get a credit card, just what perks that accompany them e.g. airline miles, cash back etc…do people enjoy most?
I’ve had a United Mileage Plus Visa for like 10 years now and I’m pretty happy with it. I’ve actually never used the miles for a flight, but instead for hotel rooms. I’ve gotten about 7 nights free with it by this point, which isn’t huge but it’s something.
I’ve read that, collectively, members of frequent flyer programs have trillions of miles in their accounts and that it would be impossible for the airlines to ever give away enough free seats to soak up those miles. Plus the planes are usually full and the airlines are making it harder to use frequent flyer miles (increasing the number of miles needed for a free flight, for example). So I’d suggest a cash back card instead of one that gives you airline miles.
Low single-digit rate. Long grace period.
Everything else is likely to cost more than it’s worth no matter how careful and clever the bearer.
My CostCo American Express gives a percentage of cash back* both* thru separate checks from CostCo** and** from American Express. It’s sweet.
I love my Chase Amazon rewards card. 1-3% cash back. My parents love whatever cash-back card they have.
I have a Bank of America card that is affiliated with my favorite baseball team. Unbeknownst to me I had been collecting points for years. I was able to spend them on a cool prize last season. I am tempted to start using that card again to see what else I can get.
My favorite perk is cash back. I don’t want to manage miles/points/etc through the hoops of saving/expiration/shopping their site. I do like what Discover did some years back where the cashback dollars can be used with vendors they have deals with to get savings on things I might be interested in buying anyway. It’s a chance to stretch those cashback dollars if there’s a deal someplace where I’d spend money anyway. It’s an option not something I have to manage. I can always take the cash and usually do.
Cash back. Everything else is a waste of time.
I don’t travel often, but a 0% foreign transaction fee is great. IIRC Capital One is the best major bank for this. For general use I usually pick Amazon gift cards and give them to myself.
I don’t use my Chase Amazon because the entire experience has been unpleasant (using, paying, statements) and I use a regular rewards Visa instead.
I have a Blue Cash Rewards card from American Express and recommend it.
I whole-heartedly agree that some form of Cash Back is the best … but look into the various versions. The one I have also offers gift cards, which they sometimes discount 5-10% … meaning I could take $100 cash back and apply to my account, or maybe pay $90 for $100 worth of a gift card to somewhere I’m going to go anyway - restaurants seem to be the most frequent, but I’ve also seen for clothiers like Lands End or Old Navy/Gap.
They only seem to do the discounted cards every so often though, so I had to get in the habit of checking once every other month or so.
Cash back is all I care about. Rate makes no difference to me, as I always pay on time. (Although I have under 10% rate on my cards.) Also, I like at least one card with a low foreign exchange fee.
Capital one spark has 2% back on every purchase. Cash is king.
That being said, I also have a spirit MasterCard, and if you plan it right, you can fly to nice Caribbean islands for 15,000 miles and $26 RT. More of a pain in the ass, but an additional option.
I havethis card, which earns points at Holiday Inn properties. All in all not a bad card, the Holiday Inn Express hotels are usually newer and comfortable. The 60,000 points you get for signing up are good for about three free nights - not a bad deal.
$49 annual fee, but you also get a free night every year (independent from any points you get). In the past I’ve used the ‘free’ night for a $200 Crown Plaza room in downtown Seattle, so it’s nice that the free room doesn’t seem to be restricted to a cheaper property or (as far as I can tell) a limited set of dates.
Edit: actually the terms say that there are limits on the free room, but I have yet to run into it.
One of my cards offers a useful service they call “Shop Safe” (Undoubtedly a TM or ® or SM) which is good for doing on-line purchases.
When you want to buy something on-line, note how much you will have to pay.
Go the the credit card web site and click on Shop Safe.
Enter how much you expect to spend, and how many months you want to have to spend it.
It will assign you a short-term “credit card number” (including that extra 3-digit code).
The pseudo-card will have a credit limit of the amount you specified, and an
expiration date in the near future, according to how long you specified. (Typically just one month or a few months.)
Now go make your on-line purchase, using that phony card number. To the merchant, it looks just like a regular credit card. Once you make a purchase, if there is any credit limit left on that card, you can use it for future purchases only from the same merchant. And it expires soon. The amount of the purchase gets billed to your regular credit card account.
Everybody should have at least one card that offers this service.
ShopSafe is the name Bank of America gives their service. Citibank has a silmilar service under another name.
A couple of cautions: Don’t use a ShopSafe number if you might need to show the card to someone later. For example, if you purchase tickets to an event online or purchase merchandise to be picked up at a store, sometimes the merchants want to see your card when you pick up your tickets or merchandise. Obviously, this is not possible with a virtual account number and even if you print out the screen image, most clerks are not trained to accept that.
ShopSafe doesn’t automatically stop the same merchant from making unauthorized charges on your card even after it expires. I once paid an annual fee to a motor club (not AAA) by credit card and did NOT check the box that said “automatically bill my credit card every year.” The next year I got billed. I disputed the charge and got my money back. But I joined again and this time I was smart and used a ShopSafe number that expired in three months. I did not check the auto-renew box. And wouldn’t you know it, a year later, they billed the expired ShopSafe number again successfully!
Qantas frequent flyer points. You can use them to buy stuff from the frequent flyer store. That plus a low annual fee.
Cash back of 2%-5%, and no annual fee ever. The ones that give you “points” redeemable for gift cards are just too much trouble. Even if they have a decent way to turn points into cash, they can just change the rules before you’ve got enough points to do the exchange, and your points are suddenly much less valuable.
I’m currently using Citi Double Cash (Mastercard with unlimited 2% cash back on everything), Barclaycard SallieMae Rewards (5% back on groceries, books, gas, but with monthly limits), and sometimes Chase Freedom (5% back on categories that change quarterly – sometimes it’s movies or Amazon or plane tickets).
We’ve been with our credit union for over 30 years and we get cash back on our VISA. Last year, it was almost $600. That was a nice October.
I look for cards with big sign-up bonuses so that I can cancel the card shortly after opening. The bonus has to be enough to use for something I actually typically spend money on, e.g. flights.
For my day-to-day card, I use an American Airlines card and typically take one free flight a year. For about 15 years that was only airline I could use to visit my parents, although I have more variety now here in DC.