DISQUS

Tom · 1 year ago

I am very satisfied.

I use a combination of the Citi Premier Pass - Elite and the Costco AmEx True Earnings Business Card. Paid in full every month.

Premier Pass - For every mile you fly, you get one point and for every dollar you spend, you get one point. You also get bonus points for drug/grocery stores and specific merchants. The mileage points are in addition to your regular airline frequent flier miles. The best part about this card is that you can buy an airline ticket for 20,000 points up to a $400 ticket value. This roughly equates to a $400 ticket for $200! I don't think you can beat that.

AMEX True Earnings - 5% cash back on gas... enough said. 3% cash back on restaurants, 1% on everything else including Costco. I only use this card for gas, eating out and at Costco.

It's very difficult to calculate the total rewards %, but I'd say I'm roughly at 2.5% cash/points back.

I'd also like to note that the Premier Pass - Elite should only be used if you travel often. There is a $75 annual fee, but, for me, is offset by the flight points.

Dan · 1 year ago

I make great use of our cards; in fact, I just got the bills last night and we'll be redeeming $200 and $150 respectively to put in the kids' college accounts as we've been doing for years. Of course, we've never paid a dime in interest or late fees, so this makes sense for us. While my favorite card at 5% on gas, groceries and pharmacy changed the terms, I've been able to find a couple with desirable terms, like 3% on the top 3 categories, etc. I'd say that for consumers in a similar position, this is the easiest money we make each year. Without link dropping, and I see you have some similarly insightful posts, there are plenty of resources out there with good writeups and reviews on desirable card deals for cash back rewards (which I always recommend over miles, hotel stays, etc).

Emily · 1 year ago

I agree that reward programs are rip-offs if you carry a balance and/or pay an annual fee -- what's the point of getting a reward program if you are carrying a balance? No point in paying higher interest. But I don't do either, so I have had no problems with any of my reward cards. However, I also haven't redeemed the points yet, so I am a little worried I will be in for some unpleasant phone calls when that moment comes...

Lamar · 1 year ago

What was it that Jesus said, "I come to bring a sword"? The credit card is just another sword that divides the financially responsible from the irresponsible, and another instrument to make the rich richer and the poor poorer. That is, it's another great benefit of a free and technologically advanced society. I'd guess that the average reward card holder carries a balance (or else the whole program wouldn't exist). This is the audience CNN is targeting.

Kyle · 1 year ago

I am more or less satisfied with the actual rewards of my Chase Freedom card, but I am NOT satisfied with the hoops you have to jump through to cash in. The insist on making you build up $200 worth of rewards and then sending you a check in the mail which takes up to 2 months rather than just c rediting your account on a monthly basis, which would be the most logical and simplest way to do it.

Jason · 1 year ago

I have a reward program check card. I get an airline mile for every dollar spent on my check card. It costs 30 dollars a year, but I spend enough to get a plane ticket out of the deal. Perhaps you should check with your bank and see if they offer something similar.

Douglas · 1 year ago

Tom (Comment #1)

I also have the Citi Premier Elite, and also travel a lot. Have you tried to use your points? When I did, a bunch of restrictions came into play, which made my choices very, very limited and basically not worth it.

After many years collecting points from airlines and now Citi. I think cash is king. Give me my cash and I'll find the cheapest most convenient flight in any airline that wants to compete for my money. Off course you have to spend a lot to earn decent cash, but I do, so I'm fine with that.

The Happy Rock · 1 year ago

I keep it simple with just Chase Freedom. Solid overall percentages, no spending hoops to jump through, and a nice 200 for 250 bonus when you cash out.

Tom · 1 year ago

Douglas-

Yes, but only for airline tickets. The only restrictions I ran into were: Roundtrip ticket, and a Saturday night stay. For my point travels these weren't an issue as we were doing a lot of weekend trips.

I know they now have online booking using points, but I've never used it. I always call up the Thank You Travel Center and book through them, and in order to use the 20,000 point flights, you have to call them.

I agree with you though, research the flights before buying. Once I find the cheap flights I like, then I call Thank You Network and tell them specific flight numbers. The point cost always ends up being very close to the actual ticket prices.

I hope this helps!

Jennson · 1 year ago

I have an InNYC card from American Express and another one from Providian (now Washington Mutual) that I use on a regular basis. I use the InNYC card for points towards gift certificates to restaurants and other various entertaining events. The Amex card is decent because I get double points whenever I use it at a restaurant, so it works for me. The participating restaurants though are all high-end and a bit out of my price range, so I don't expect to redeem points very often.The Providian card doesn't provide much in the way of benefits, but I still use it because I've maintained this account the longest. Generally, I need to rack up 1,000 pts (1 dollar per point) to even qualify to redeem a $10 gift card to various retailers. I just use it towards gift cards for Exxon and Starbucks. I will eventually move to a cash-back rewards program, but just don't feel ready to open another credit card account yet.

PT · 1 year ago

We've done "ok" with rewards but we've by no means developed a strategy to optimize their use. I've wanted for some time to sit down and figure out what card we should use where, but it seems like programs are changing all the time and our spending habits change all the time.

One thing we've done is maximize what I earn on my job travel (have to use my own card). With reward cards and hotel and airline rewards we're able to take a personal weekend trip every year for just about free. That's nice.

Mrs. Micah · 1 year ago

I actually just attempted to get my first me-only credit card again now that I apparently have a credit history. I ended up going for one with no annual fee, but didn't go for rewards. I figured that the way I plan to use this card won't yield any rewards to speak of.

Ed · 1 year ago

I use the Costco Amex. It has been good to me. The key is paying off your balance in full each month. If you do -- free money. If not, then the interest payment you are making is paying for my rewards.

Pete · 1 year ago

I've got one cash back rewards card, and that's it. We only use it if we have the cash to pay it off right away - we never carry a balance. We use it mainly for large purchases (plane tickets, new TV, etc) and then get the cash back rewards as soon as we qualify.

I think rewards cards are fine if you are good at managing your credit, paying it off right away and not carrying a balance. unfortunately i think a majority of people that have these cards don't manage them well, and studies show they end up spending more than they would have than with a regular card. They spend more, and I think the study said about 42% of them never even look at their rewards or request the cash/points/etc be used. How dumb is that?

Scott · 1 year ago

We have a Discover Card that pays 1% of your purchases and 5% on special promotions (you have to activly sign up for every 3 months and caps at $400 of spending) like gas, travel, home improvement, clothing, entertainment. We have no annual fee and pay the balance off monthly. You can cash out in $20 increments and can also use their partners to increase the amount by reqesting store gift cards (works great if you plan on spending money there anyway). You can cash out online or over the phone. I've never had a problem cashing out, in fact whenever you are on the phone with them for something else, like requesting lower interest rates or arguing a charge, they ask if you want to cash out rewards while already talking to someone.