Category: The ALISON D. GILBERT Blog
Exploring ART & DESIGN and MUSIC | FOOD & HEALING | SOCIAL MEDIA MARKETING | RAISING SOCIAL AWARENESS | THE ECONOMY & THE ENVIRONMENT |
Mixed Cash Reward Credit Card Benefits (Part 4 – June 2019)
Mixed cash rewards are the category of cards that most cash reward cards fit into. Therefore, this blog post will offer much details about this category. Unlike Green Go cards that have excellent ratings, these mixed benefit cards can have many pros and cons. Because of this, I refer to them as yellow light cards. Their mix of offerings can make it very difficult to decide whether to go or to stop from securing one.
CASH REWARD CREDIT CARD RATINGS
In order to make the most of mixed cash reward credit cards, one should first compile a list of the pros and cons of the cards being considered. I recommend applying for only one card at a time. Let me explain how the mixed category works.
THREE CASH REWARD CARDS BENEFIT CATEGORIES
As described in previous posts in this series, Cash Reward credit cards can be divided into three types of benefit categories. This is similar to how a traffic signal directs vehicular activity. Both the GREENLIGHT and REDLIGHT signal are fairly straight forward in their comment. The former directs one to GO while the latter clear indicates STOP.
But the middle or mixed category does neither clearly. In fact, it leaves the decision up to the driver. That person must make a judgment call on their own. In spite of this, a judgment call does not have to be made blindly.
• GREEN LIGHT credit card cash reward cards detailed in the blog post Excellent Cash Reward Credit Cards (June 2019)
• YELLOW LIGHT cash reward cards and qualities are detailed in this blog post, Mixed Cash Reward Credit Card Benefits (June 2019)
• RED LIGHT means to seriously consider avoiding a particular cash reward card with overwhelming drawbacks.
YELLOW LIGHT CASH REWARD CARDS
So far, all the credit cards mentioned in this series have no annual fees. But cards that do have annual fees can pay substantially more rewards, like the Blue Cash Preferred Card from American Express®. For the privilege of the much higher cash reward levels, there is an annual fee of $95. Coincidently, there is also a signup bonus of $250. Right there, the annual fee is offset. For the most part, I prefer not to get cards with annual fees. Somehow, money needs to be made available to pay the fee each year.
MAKING A JUDGMENT CALL
This works well for people with savings. But it may not be practical for Former Middle-Class people who barely make ends meet on a monthly basis to allow for this. Saving up $95 for the annual fee tends to be a luxury reserved for the Middle Class. But, in spite of my limited funds, I made a judgment call and went for a card with an annual fee. My thinking was as follows.
Normally, I get 3% cashback for groceries. Figuring charges of around $400/month for groceries at 3% gives me a return of $12/month. That becomes $24/month at 6%. Over a year, I make an additional expense reduction of $120. That pays for the annual fee of $95. In addition, the promotional signup bonus is $250. This is clearly a win-win situation. I just have to make sure I have the annual fee put aside each year. Another point in its favor is that the total of necessary charges. It is $1000 in 3 months. That is the same as many other cards with fewer benefits.
MAKE THE BEST FIT FOR A GIVEN CATEGORY
Also, check the fit as described in the third post poker analogy. Does it fit into the % flush or straight flush? Does it have the most benefits for type category you want a card in? Refer back to Blog Post 3as a helpful example. Also refer to the example below.
HOME IMPROVEMENT CARDS
If you are looking to form an ongoing credit card charging relationship with a home improvement superstore, controversy reign on which store and credit card are best. Lowe’s seems to outrank The Home Depot. Also see the review of the Barclaycard in the Sources & Resources Section at the end of this post.
[caption id="attachment_19475" align="alignleft" width="703"]
At first glance, a great deal. But read the fine print.
MORE CONSIDERATIONS
Green Go cards are clearly transparent in what makes them excellent considerations for cash reward cards. Yellow mixed consideration cards are not as straight forward. Then, the pros and cons need to be weighed more carefully to decide if one in this category is a good choice. Consider the amount of a promotional bonus they pay. Know the % of return and any limitations regarding that. See which side of the scale they tip to, more pros or more cons.
Check the fine print. That means the not obvious, hidden qualities of the card. As a matter of fact, these can result in more negative than positive qualities. For example, the Barclaycard account sounds good at first glance. But it does have one major drawback. I know of no other card with this drawback. Surprisingly it does not pay cash rewards until $50 worth has been accumulated. So beware of such fine print. In addition, Some other cards charge no annual fee for the first year but do charge one after that.
CONCLUSION
The final post in this series will focus on the qualities and kinds of cards that are in the RED signal area. They should be avoided or pursued with the utmost caution. Because they are risky, sometimes that makes them plain unsuitable in my opinion. In addition, the risk is like making a right turn on red when you’re not sure there was a sign indicating that it is okay to do so. Or you make the turn without looking so see if a card is coming from your left. Beware Risky Cash Reward Cards
Here are the links to this five-part series about my Credit Card Rating System:
Introduction to A Credit Card Rating System
The Rating System Used for Cash Back Credit Cards (Series Part 2 – June 2019)
Excellent Cash Reward Cards (Part 3 – June 2019)
Mixed Cash Reward Credit Card Benefits (Part 4 – June 2019)
Risky Cash Reward Credit Cards (Part 5-June 2019)
Please note: I am not a certified financial planner or professional advisor. These blog posts about the use of credit cards are based on my own experience which I freely share. But I can take no legal or financial responsibility for the results you may have in attempting to follow my system. But I do wish you the best and welcome your comments and questions at the VERY end of this post. You will have reached the end because you can not scroll down any further. As well, you will have reached the comment form.
SOURCES RESOURCES
Compare Cards: Best Cards for Cash Back
Nerd Wallet | Credit Cards Market Place
How Cash Back Credit Cards Work
Credit Cards for Home Improvement
Excellent Cash Reward Cards (Part 3-June 2019)
This post, excellent cash reward cards is the third in this series. By now readers most likely understand that in order to choose excellent cash reward cards including the excellent benefits they offer, it is key to have a reliable cash reward credit card rating system. Then one can best evaluate the quality of any card being considered.
A CASH REWARD CREDIT CARD RATING SYSTEM
TO REVIEW IN GENERAL
As a rule, cash reward credit cards offer all kinds of cash benefits as compensation for making purchases with them. In order to make the most of cash reward credit card choices, you need to know a card’s pros and cons.
As a matter of fact, excellent cash reward cards tend not to have much of anything in the way of drawbacks. In other words, you want to pick a card that bats as close to 1000 as possible. That is the purpose of an excellent cash rewards card.
With this in mind, once you know what to look for and what to avoid, then you’ll have the tools necessary to plan for the best card with the most benefits. In other words, an excellent rated card. Let’s look at this more closely.
GREEN LIGHT CREDIT CARD CASH REWARD CARDS
Greenlight cash reward credit cards offer these types of benefits:
1. good to excellent percentages on cash rewards (3-5%)
2. $150-$200 promotional bonus for opening an account and even more on cards with annual fees
3. cash rewards are available in any amount at any time
4. rewards redemption is possible by a variety of methods
5. choose from several categories for top rewards rate
6. payment date and statement closing dates can be changes
The Bank of America® Cash Rewards MasterCard
The benefits include:
a. $200 promotional signup bonus
b. 3% reward in a specific categories
c. user can choose which category gets 3% from several options
d. cash rewards accumulated are available in any amount at any time
e. no annual fee
Capital One® Cash Rewards Quicksilver MasterCard
The benefits include:
a. $150 promotional signup bonus
b. 1.5% everywhere, on everything
c. redeem any amount of rewards at any time
d. no annual fee ever
CONCLUSION
There’s more to come. Here are the links to all five posts in this series about my Credit Card Rating System:
Introduction to A Credit Card Rating System
The Rating System Used for Cash Back Credit Cards (Series Part 2 – June 2019)
Excellent Cash Reward Cards (Part 3 – June 2019)
Mixed Cash Reward Credit Card Benefits (Part 4 – June 2019)
Risky Cash Reward Credit Cards (Part 5-June 2019)
Please note: I am not a certified financial planner or professional advisor. These blog posts about the use of credit cards are based on my own experience which I freely share. But I can take no legal or financial responsibility for the results you may have in attempting to follow my system. But I do wish you the best and welcome your comments and questions at the VERY end of this post. You will have reached the end because you can not scroll down any further. As well, you will have reached the comment form.
SOURCES & RESOURCES
Compare Cards: Best Cards for Cash BackA Two-Pronged Credit Card Rating System (Part 2 – June 2019)
A TWO-PRONGED CASH REWARD CREDIT CARD RATING SYSTEM
I’ve developed a credit card rating system that is very helpful in choosing Cash Reward Credit Cards. Specifically, the system analyses what particular cash rewards credit cards can and can’t do to help lower my monthly charged expenses at any given time.
THE TRAFFIC SIGNAL SYSTEM
To start, the first part of the system is analogous to how a traffic signal operates. In other words, Cash Reward Credit Cards offer percentages of cash benefits to cardholders for charging purchases on their cards. Then, there are a variety of different qualities to benefit from.
To make the most of cash reward credit cards, become familiar with the benefits of all the cash reward credit card accounts being considered. As a refresher to the first post in this series, cash reward credit cards use can be divided into three benefits categories. For example, this is similar to a three-colored traffic signal. Thus, I have named the cash reward credit cards as reflections of the actions to take in response to traffic signal lights:
GREEN LIGHT indicates a clear go-ahead signal
YELLOW LIGHT suggests proceeding with some degree of caution
RED LIGHT urges avoiding or proceeding at one’s own risk
Study and choose carefully. As mentioned, this is because cash reward credit cards do not all have the same qualities or rates of return. In fact, they can be very different. As a result of studying each card’s personality, one will become familiar with the specific qualities. That way, a person will have an idea of how to plan for the most beneficial outcome. This means studying how best to use each card on its own. It includes observing the power of using them in combination with others.
CREDIT CARD TEAM WORK
In fact, cash reward credit cards work best as a team. Let me explain how this works. Different cards offer a different % of cashback for different categories of purchases. Thus, the ideal situation is to gather a group of the highest rate of cash return for each of the card categories that one uses most. For example, if one charges mostly for groceries and gas each month, the goal would be to acquire cards that pay the highest rate in these categories. In fact, these days that can be between 3% to 5%, and even 6%.
LET’S PLAY CASH REWARDS POKER
Ironically, credit card teamwork actually reminds me of a winning hand in the card game of poker. In comparing the two, one would want to come up with cards of the same suit. But each with a different card in numerical order. This is known as a straight flush. See the example above. In actuality, the only difference is that in the game of poker there are only 5 playing cards. But in my credit card system, there are ideally 6 credit cards. Therefore, a winning hand would be 6 cards with these percentages in the categories listed:
6% for US supermarkets
5% for all purchases on a store card
4% for dining out
3% for gas
2% for health care
1.5% for all purchases
Here’s a tip from James Wang of WalletHacks.com. Be certain to label credit cards with a magic marker to remind you what card to use for what category of purchase and % of the return. By doing this, you won’t forget and use the wrong card. Remember, you want to get the highest percentage of cash return out of each purchase. For that reason, this clever trick is invaluable.
CONCLUSION
Note that the next three blog posts in this series will specifically explore two things. First, each of the qualities of cash reward credit cards will be explored. Then specific cards will be analyzed. An easy way to remember the categories is Green for GO, Yellow for CAUTION, and Red for AVOID or proceed at your own risk!
Here are the links to all five posts in this series:
Introduction to A Credit Card Rating System (Series Part 1 – June 2019)
The Rating System Used for Cash Back Credit Cards (Series Part 2 – June 2019)
Excellent Cash Reward Cards (Part 3 – June 2019)
Mixed Cash Reward Credit Card Benefits (Part 4 – June 2019)
Risky Cash Reward Credit Cards (Part 5-June 2019)
Please note: I am not a certified financial planner or professional advisor. These blog posts about the use of credit cards are based on my own experience which I freely share. But I can take no legal or financial responsibility for the results you may have in attempting to follow my system. But I do wish you the best and welcome your comments and questions at the VERY end of this post. You will have reached the end because you can not scroll down any further. As well, you will have reached the comment form.
SOURCES & RESOURCES
Credit Card Categories, Sign Up Incentives and Cash Rewards
Nerd Wallet | Credit Cards Market Place
A Credit Card Rating System Introduction (Series Part 1 – June 2019)
A CREDIT CARD RATING SYSTEM
The responsible use of cash reward credit cards has been very helpful in reducing my monthly expenses. In order to help me decide what new credit card I should apply for at any given time, I have developed a credit card rating system. It guides me in determining which credit card will best meet my needs at the time I apply for it. This blog post series will explain my system in detail to help others decide what cards and card qualities to consider as well.
THE CATEGORIES OF CREDIT CARDS
The categories of credit cards are shown in the illustration below. Note that each serves a different purpose. Cash reward credit cards provide a crucial feature that some of us value most, cash back for a reduction in expenses. To apply the system where it has great value, I will use the cash back or cash rewards cards category as the primary focus of this blog post series, A CREDIT CARD RATING SYSTEM.
CASH BACK AKA CASH REWARDS CREDIT CARDS
With cash back credit cards, one can get reductions in monthly credit card charges. This is crucial for the survival of someone who is a Former Middle-Class Person as well as a senior citizen. In fact, the benefits offered to make life easier with these cards increases almost daily. This is because credit card issuers are becoming increasingly competitive with generous offers to lure new customers to switch credit cards.
ADD TO RATHER THAN SWITCH CARDS
It can be preferable to add a new credit card rather than switch by elimination. On the other hand, there are many details to keep in mind when adding rather than switching. In spite of that, one major benefit of having a bounty of (cash reward) credit cards is a substantial amount of total available credit. This means that if a credit cardholder uses a very small % of his/her total available credit each month, a major factor of one’s credit score remains ‘EXCELLENT’. When it comes to credit scores, most systems use a total of six factors and using a small % of available credit is one of them. But adding new cards definitely has its pluses and minuses. In spite of the challenges, I have found adding cards to be a plus. More about this in the other posts in this series.Here is an article about this from Credit Karma.
HOW TO KEEP MANY CASH BACK CREDIT CARDS ACTIVE AND IN ORDER
There is no way to use every card each month. As a result, I use a rotation/pairing system that allows me to use only several cards each month. The pairing part means that I make available one card in each of my charging categories, if possible. Even though I have developed a system, I still have to be vigilant. That means staying within my spending budget and making all my payments on time. In other words, there needs to be a way that I can keep track of every detail of every card at all times. More about that in the other posts.MY CREDIT CARD RATING SYSTEM AS IT IS APPLIED TO CASH BACK CREDIT CARDS
The additional posts in this series will focus on how my credit card rating system relates to how I choose cash rewards credit cards. I can and do use it for deciding on all my accounts. The beauty of this system is that it can be used across the board with any cash reward card. In fact, it can be used for deciding on any type of credit card as well.
SUMMARY
Here are the links to this five part series about my Credit Card Rating System: Introduction to A Credit Card Rating System
The Rating System Used for Cash Back Credit Cards (Series Part 2 – June 2019)
Excellent Cash Reward Cards (Part 3 – June 2019)
Mixed Cash Reward Credit Card Benefits (Part 4 – June 2019)
Risky Cash Reward Credit Cards (Part 5-June 2019)
Please note: I am not a certified financial planner or professional advisor. These blog posts about the use of credit cards are based on my own experience which I freely share. But I can take no legal or financial responsibility for the results you may have in attempting to follow my system. But I do wish you the best and welcome your comments and questions at the VERY end of this post. You will have reached the end because you can not scroll down any further. As well, you will have reached the comment form.
SOURCES & RESOURCES
To learn more about credit card cash rewards, go to these blog posts:
Credit Card Categories, Sign Up Incentives and Cash Rewards
How To Compound Cash Rewards
Nerd Wallet | Credit Cards Market Place
The Former Middle Class Ebook Series
The learn more about all kinds of credit cards, go to following link about CompareCards.com (A.) and its sublinks (B. through I.)
A. CompareCards® by Lending Tree
B. Best Credit Card Offers July 2019
C. Low Interest Cards
D. Balance Transfer Cards
E. Cash Back Cards
F. Reward Cards
G. Airline Cards
H. Business Cards
I. No Annual Fee Cards
Actor Pablo Schreiber, the Nice Guy Who So Often Plays the Bad Guy
Pablo Schreiber, The Actor
Actor Pablo Schreiber often portrays the bad guy role on TV and in film. Sometimes I was not even able to watch an entire TV episode of Law & Order SVU because his acting was so believable as a very bad guy. In spite of that, I sensed that underneath his terrifying character portrayal there is a real-life nice guy. The following quote by Schreiber, explains it best in his own words and tends to confirm my gut feeling about him as a person and his outstanding acting ability.
“. . . . If there is a reason I’m able to make unsympathetic characters human, it’s because it’s my desire to find what drives the unsympathetic behavior. Almost always at the bottom of it is some deep insecurity. Putting your finger on what each individual’s particular insecurity is goes a long way to fleshing that person out.” Quote by Pablo Schreiber from IMBd
Pablo Schreiber Acting Projects
I have by no means seen all of Pablo Schreiber’s work. For an extensive list of his theatrical, TV and film acting, go to IMBd-Pablo Schreiber . To keep it simple, I will focus on two of his projects, one a TV series of several episodes that Schreiber is a guest actor in and the other, a recent film.
Law & Order: Special Victims Unit
Seven Episodes in Season 14 and 15
First is the series of Law & Order SVU episodes based upon a man, William Lewis who was a “serial rapist, serial killer, serial kidnapper, and sadist (later a spree rapist and spree killer)”. Quote from Law & Order
Den of Thieves, 2018
Here I will explore Pablo Schreiber’s role in the intricate, keep-um-guessing, cops and robbers film, Den of Thieves with Gerald Butler, O’Shea Jackson Jr. son of Ice Cube and Jordan Bridges, son of Beau Bridges.
Schreiber is the organizer of a recently gathered crime gang composed of military buddies and athletic pals. The story is about a heist planned by a seemingly insignificant character, Donnie Wilson played by O’Shea Jackson Jr. Their target is the Federal Reserve Bank in Los Angeles. The theme and precision timing action make for on-the-edge-of-your-seat entertainment.
The story pits this gang against the Los Angeles Sherriff’s office, the bad guys versus the good guys. But the movie juxtaposes their leaders, ‘Big Nick’ O’Brien played by Gerald Butler, and Merriman, played by Pablo Schreiber to illustrate that there is little difference between them. Both are violent, adrenaline junkie action seekers festooned with beards and plenty of tattoos. They will stop at nothing.
What’s Next?
“A psychotic oil matriarch leaves the whole industry exposed when she attempts to outfight a bullish farmer whose water has been poisoned.” Quote from IMDb description of the movie
Director: Edward James Olmos
Writer: Robert McEveety
Stars: Haley Joel Osment, Pablo Schreiber, Alfred Molina
Who do you think will play the “bullish farmer”? Will Pablo Schreiber be the hero or the villain? We will just have to wait until the movie comes out. I can hardly wait. How about you?
Sources and Resources
LAW & ORDER: SPECIAL VICTIMS UNIT: ‘Psycho/Therapist’ Photo Preview
Dunkin’ Donuts Rebrands Itself, Again
INTRODUCTION TO DUNKIN’ DONUTS BRANDING
In this blog post, I explore recent parts of the Dunkin’ Donuts rebranding programs. Specifically, when they started their new look of hot pink and orange bold lettering.
AMERICA RUNS ON DUNKIN’
Then a new slogan, ‘America Runs on Dunkin’® emerges. Along with it is a Work Progress Administration (WPA) like mural in matching vibrant colors to emphasize the slogan. Here is a blog post I wrote with accompanying video about this initial transformation. This is the blog post. Dunkin’ Donuts
DUNKIN’ DONUTS BECOMES DUNKIN’
Towards the end of 2018, Dunkin Donuts announces a dramatic rebrand to just Dunkin’. The word ‘donuts’ was to be eliminated. Here is a blog post I wrote describing this change and some visual that demonstrate what it would look like.
DUNKIN DOES NAILS
The latest branding program is a bold move. It is the collaboration with Lauren B. Beauty for a Signature Nail Polish collection of eight colors. Quoted from the Dunkin’ Donuts News article of May 15, 2019, Polish Off Your Signature Look with Dunkin’s First-Ever Nail Polish Collection is the following:
The polishes colors are “Cocoa Mocha, Caramel Craze and Blueberry Crisp, inspired by Dunkin’s new Signature Lattes, as well as Butter Pecan, Pistachio Almond Fudge and Banana Split in honor of our seasonal Baskin-Robbins Ice Cream Flavored Coffees. Or, fans can rep our iconic orange and pink colors with the vibrant Slam Dunkin’ and Pretty in Dunkin’“. These vegan-friendly polishes are available only in select salons across the country. In other words, they cannot be purchased at retail locations, to the disappointment of many. But with Dunkin’ Donuts, I mean Dunkin’ who knows what will come next.
SOURCES AND RESOURCES
Evolution of the Dunkin’ Donuts Logo by Erin Wallace
Polish Off Your Signature Look with Dunkin’s First-Ever Nail Polish Collection
Design by Dunkin’: The Dunkin’ Donuts Brand
Branding Part Two: “Just Call Us Dunkin’®”
Handmade Crafts Historical Exploration
My handmade crafts historical exploration started out with the intention of distinguishing two major handmade crafts categories, hard and soft crafts. The distinctions are not absolute. This is because the differences are not always clear cut. In addition to that, these terms have no official documentation or recorded definitions.
In spite of that, these terms may be helpful in clarifying some of today’s complicated, definitive distinctions, Handcrafted vs. Homemade and Art vs. Craft for example. In this blog post (series), which is actually a soft crafts project, I will travel through history to illustrate what are contrasts and comparisons between hard and soft crafts as well as explore other crafts related gems.
HANDMADE CRAFTS HISTORY
Crafts Guilds
An explanation of the term handmade crafts as we ponder it today needs to come way before a distinction between hard and soft crafts can be made. Even before the Industrial Revolution which brought about the Industrial Age, when most things were pretty much made by hand, the term crafts was employed. In fact, there were highly regarded Crafts Guilds.
The Purposes of Crafts Guilds
Crafts Guilds served several important purposes in the Middle Ages lasting even to this day. Most significant is this quote from, The Purpose of Crafts Guilds in the Middle Ages. Gaining Elite Membership in a Guild:
“A man would have to work through three phases to become an elite member of a Medieval Guild during the Middle Ages – apprentice, journeyman, and master.” How similar is that in today’s world of true craftsmanship?
SOURCES AND RESOURCES
Handcrafted vs. Homemade
Craft Guilds in the Middle Ages
The Purpose of Guilds in the Middle Ages
Do Grammar and Spelling Matter Any More?
“Do grammar and spelling matter any more?” I wonder about this when I read how other people write online. Whether it is an email, a blog post, a website or even an eBook, so many people make grammatical and spelling errors. Don’t even mention texting. That is a digital language all it’s own that has destroyed the English language, completely.
WHAT I LEARNED IN THE 8TH GRADE
I studied grammar and spelling in the 8th grade. Because it stuck with me, I can spell and write with some degree of intelligence.
But even if I couldn’t, there is no excuse for my writing to not be correct. This is because programs like Grammarly have come upon the scene. The result is that no matter how poorly I spelled or used grammar, I could still come out looking like a pro.
Grammarly doesn’t compensate me to say this. In spite of that, I have to mention this topic because it is important. Not only that, I think it matters that people write correctly. It is a reflection on a writer’s intelligence related to an entire piece of writing.
For example, I read an article on a topic that really interests me. But it was a real disappointment because the author did not know simple junior high school grammar. Since that annoyed me so much, I tried to write to him to let him know how bad it looked.
But my email bounced. So out of frustration, I decided to write this blog post instead. Even if the author this message was meant for doesn’t see it, at least other people will find out how to have correct grammar and spelling thanks to my friend Grammarly.
WHAT I LEARNED THIS YEAR
The 8th grad was a long time ago. In addition, I am more accurate with a pen than I am with a keyboard. So I needed some help when the latter became the tool of necessity. Because of Grammarly, my grammar is top notch and I can still spell like a pro.
In this digital day and age, anyone can become a published author. That is why proper grammar and spelling are crucial. As a result, tools like Grammarly are indispensable for writing to be professional, as well.
There are still human editors for those who can afford them and those who have time to wait for their corrections. Personally, I like to publish what I write quickly and inexpensively. The basic Grammarly program is free and it is immediate. That’s good enough for me and I am not alone in my evaluation.
Credit Card Categories, Sign Up Incentives and Cash Rewards
There are numerous credit card categories and signup incentives available. For example, some credit cards offer hefty signup bonuses. Others have top cash rewards. Then there are travel points. Finally, there is balance pay down cards. You just have to know what you need, go over the details, see what you qualify for, and apply for the best card in that category. Because there is so much to cover, this blog post will focus only on one time sign up cash incentives and ongoing cash rewards.
Credit Card Sign Up Incentives and Ongoing Cash Reward
There are basically two ways that credit card companies entice new customers seeking cash rewards as their priority. First, there is a single signup cash back bonus. This is accomplished by offering a set amount of money to be charged on a new credit card within a given amount of time. In addition or instead, there can be ongoing cash rewards.
Bank of America® VISA or MC Cash Rewards Card
This particular card is a very good deal all around. It offers a number of excellent credit card signup incentives. In fact, it is ideal for someone seeking a credit card with cash rewards:
• $150 cash reward bonus
• cash back on every purchase, every time
• no annual fee†
• your choice of a 3% cash back category, 2% and 1% categories
Comparing Credit Card Offers
Spending Profile
Let’s compare the Bank of America VISA Cash Rewards Card with some of my other favorites. In fact, I have several other favorites. Determining which are the best cards or even single card depends on a person’s credit card charging needs or spending profile, as I like to call it. For example, I always aim to get the maximum cash back on every purchase I make. Therefore, when I signup for a card, I like to make sure it fits into my spending profile. For example, these are my major credit card charging categories:
• GROCERIES
• DINING (EATING OUT)
• UTILITIES
• GAS
• HEALTHCARE
• HOME AND PERSONAL PURCHASES
GROCERIES: The Amex Blue Cash Everyday® Card
Here is how my system works. For example, the American Express Blue Everyday card offers 3% cash back so that is my card of choice for groceries. It has a similar profile to the Bank of America® card with a few differences.
• $150 or $200 cash reward bonus
• cash back on every purchase, every time
• no annual fee†
• 3% cash back on groceries
Numerous credit card accounts provide charts like the this one to provide of breakdown of categories of expenses or vendors within a particular category.
DINING OR EATING OUT: Capital One® SAVOR Card
This card offers 4% for dining out. It even includes McDonald’s, Burger King, Dunkin Donuts, etc.
.
The chart below compares values of dining out cards. The Savor Card is close to the highest and charges less than others with higher or similar % bonuses.
UTILITIES: The New Credit Card Sign Up Sweet Spot
This is how I break in a new credit card to receive their one time sign up bonus. If I use it to charge my monthly utility bills such as cable, cell phone, and contents insurance, I charge about $275 a month on it. That easily covers a requirement of $500. in charges in two months. A requirement of $1000 in charges in three months can also be covered with a few extra charges are added in. I have fulfilled the requirements of a number of very useful cards with this method. In addition, I also get monthly cash rewards this way because I use the new card for charges and pay it the following month from my checking account. This technique is a real winner if I can remember which month I am supposed to do what task.
GAS: Get 3% With the New ‘Choose Your Category’ from Bank of America®
Because Bank of America® Cash Rewards Cards now offers the option of choosing 3% on their new ‘Choose Your Category’ plan, we use it to pay for gas. That is the best cash back rate I have found to date for gas.
HEALTHCARE AND BEAUTY: The CareCredit® Rewards Master Card
The CareCredit® Rewards Master Card pays 2% on health related and other charges that the above and below cards do not cover for more than 1% or 1.5%
*Subject to credit approval.” Quoted from CareCredit® Card’s application material.
CAPITAL ONE® QUICKSILVER CARD: For Everything Else
HOME and PERSONAL PURCHASES
MORE HOME and PERSONAL PURCHASES
TJ Maxx which includes Home Goods, Marshalls and Sierra have special promos that can triple their usual ratio of points for each dollar spent. On the other hand, Home Depot has a $25 signup bonus which is deducted from the first purchase only. There is no cash reward bonus for their card.
A WINNING HAND
As a result of careful planning, almost every charged purchase can earn a cash reward of between 1.5 % TO 5%. One exception is HOME DEPOT. They don’t offer cash rewards. So, from maximum to minimum, this is what a winning hand of credit card cash rewards might look like.
HOME, OFFICE AND PERSONAL: 5% Staples, Target*
DINING AND EAT OUT: includes McDonald’s, Burger King, Dunkin Donuts, etc. 4% Capital One® SAVOR Card
GROCERIES: 3% American Express® Blue Everyday Cash Rewards
GAS: Choose 3% on the new BoA ‘choose your category’ plan
HEALTH-RELATED, PET AND SOME BEAUTY: 2% CareCredit® Rewards MC 2%
EVERYTHING ELSE: 1.5% Capital One® Quicksilver card
*Special offers triple points at certain times of the year
Keeping Track of A Winning Hand
Jim Wang of Wallet Hacks has the best trick I’ve heard of to remember which card offers what. Write it directly on the card. For example, on the Capital One® Savor Card write, ‘DINING 4%’. Just one word to describe the category and the % reward. It works very well when you have three, four, or even five cards in your wallet.
SOURCES & RESOURCES
Wallet Hacks
Target
Staples
TJx Credit Cards
Capital One® Savor Card
Capital One® Quicksilver Card
American Express® Blue Cash Everyday Card
Bank of America® Cash Reward Cards
CareCredit® Rewards Card
Credit Card Cash Rewards Explained
Credit card cash rewards can offer added benefits to credit card owners. But sometimes it can be confusing to claim them. In addition, not all cash rewards are the same.
Types and Distribution of Credit Card Cash Rewards
There are several types of credit card cash rewards as well as different ways they can be distributed. It is important to know when and how they can be made available to make the most of these rewards.
Types of Cash Rewards
There are between three and four types of cash rewards. The most direct is the statement credit applied directly to your credit card statement, illustrated above. But which statement is the question. Is it your current statement or your next statement? I often find that a call into the credit card company is needed to clarify this question.
The other types of cash rewards are illustrated here. They are gift cards, merchandise and friend referral rewards.
Distribution of Credit Card Cash Rewards
This is where things can get confusing. Distribution has several options:
• anytime by request online or by phone
• with a minimum of $25 in rewards by the same methods
• in increments of $25 in rewards by the same methods
Option One is the simplest and most direct. Capital One and now Bank of America credit cards both offer this service. See the illustration above,
Option Two is where things can get complicated and there are drawbacks. This is because you can’t withdraw cash rewards at any time. There has to be an accumulation of at least $25 to do so. American Express distributes cash rewards this way. Read the fine print inside the red outline.
Then there is Option Three, the least desirable way to cash in cash rewards. They can only be made in increments of $25. As illustrated below, cash rewards can be distributed only in increments of $25.
Reading the fine print is important to understand what types of credit card cash reward exist and how they can be distributed. You can also learn more about credit cards on this blog by going to the search bar and typing in credit cards.
SOURCES AND RESOURCES
Capital One Cash Back VISA Credit Cards
Bank of America Cash Back VISA Credit Cards
Wells Fargo Credit Cards
American Express Credit Cards