reward credit cards

iVillage Member
Registered: 12-25-2008
reward credit cards
7
Sat, 12-29-2012 - 10:57am

I have gas credit cards that I use and pay off in full monthly.  That has worked for my husband and I for 15 years or so.  But we were thinking of getting a credit card for gas use only and closing all the gas cards.  But we would like it to have some sort of reward to it.  We don't want anything that rewards with airline miles.  We very very rarely fly.    I saw one for Disney but we only go to Disney every 5 years or so.  I was looking at the bankamericard.  Any suggestions?

iVillage Member
Registered: 04-10-2003
Fri, 01-04-2013 - 12:25pm
I think it depends really on what you prefer. I have a cashback card that gives me 1 pr 2% back depending on what it is. It gives me about $200 a year but has a $39 fee. When I switched to my new bank account, they gave me a card that does the same thing and waives the fee because I bank with them. I am putting all my purchases on this and because of incentives I I already have $200 available. The best part is that I can use it towards the CC balance, retirement funds, LOC . . . whatever I want! Just watch the fine print!

Bex -

iVillage Member
Registered: 12-31-2010
Wed, 01-02-2013 - 2:54pm
Look at some websites and Bankrate.com who did some research last year on the best cards: http://www.bankrate.com/finance/credit-cards/what-is-the-best-cash-back-reward-card-1.aspx My SIL uses Discover. It is just straightforward cash back. I use a COSTCO AMEX and buy my gas and food there, so the amount I get pays my annual fee and then one big shopping trip a year free. Cap One is a horrid card to deal with if you do have a balance and have payment issues, so watch out on that highly advertised cash back card. Do some research, but always have an emergency fund that can pay that card off even if Murphy finds your house! -Marie
#Marie
iVillage Member
Registered: 04-08-2008
Tue, 01-01-2013 - 12:32am

We have a cash back card w/no annual fee. Since we pay it off every month there is no interest charge either. We get a cheque in Jan...I think it's between $250-300 this year...the only problem for us is that it is American Express and we live in Canada!! Not widely accepted here.

GL whatever you decide :)


Dee

Community Leader
Registered: 08-25-2006
Mon, 12-31-2012 - 8:26pm
I should add that my one CC does have rewards. I earn points (I think one point for every dollar I spend) and it CAN be used for a statement credit. I think the smallest increment is 1,500 points for a $15 statement credit. Then it goes up from there. Of course, this only works if you follow a plan like Happy talked about. Thus far I have not done what Happy does, but it has crossed my mind after I am in a better place. Oh, it is through Citi Bank.
Serenity
iVillage Member
Registered: 05-08-2006
Sun, 12-30-2012 - 6:27pm
Bank of America has a card that pays 3 percent back on gas, 2 percent on groceries, and gives you an extra percent if you transfer the cash to a Bank of America account. The card I use has n'e fee, and I don.'t have to pay anything for my checking account because I have other accounts at the bank. I actually got $100 when I opened the credit card by charging a certain amount, and it. Ecame $1110 with the balance transfer. I also have a Capitol one card that rewards in cash, 1 percent on everything, and more on gas, plus has bonuses each month. Some are not useful, most actually, but I did get $8 on a pair of shoes. It takes discipline, and is ot the right solution for everyone, but I charge everything and pay it off once a month. This includes my cable bill, medical payments, charitable donations, and just about everything that costs more than a few dollars. I don't charge taxis or small amounts at local vendors because I know it costs them more than I save. Most months I get $25 back and some months $50. Doing this doesn't cause me to spend more but I know for some it does, so this is not or everyone...but it is a good wy to make the system work for you and to get 'free' money.
Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Sat, 12-29-2012 - 6:28pm
Some cards allow you to convert reward points into cash paid towards your balance. If you can pay off your balance, then this is like getting a small discount on your purchases. I dislike reward points that can be spent only on objects or services. That just seems to encourage unnecessary shopping.

Community Leader
Registered: 08-25-2006
Sat, 12-29-2012 - 3:49pm

I don't know about specific ones.  But whatever you decide to do, just make sure you read the fine print.  And you may choose to keep the gas cards open, but not use them, just to keep your debt to available credit ratio at a good place.  The limit may be so low it doesn matter, but something to consider.  Depends what is important to you.

Serenity