Which Credit Card Offers the Most: A Corollary

[RunDownHouse]

As a corollary to the credit card debt thread, I'm curious as to what kind of cards people here have. Do you use a card that gives you cashback, or one that send you gas vouchers? Airline miles, or gift certificates to retail stores?

What's the best offer out there? Are the benefits provided by AMEX Green worth the $65 annual fee?

[FishBurger]

I like the cash back cards and have two - a Farm Bureau Bank Visa and a Discover Card. I think they both give you up to 1% cash back depending on how much you spend each year. Last year I believe I put around $15K on my Discover Card and received around $120 back at the end of the year. I pay my balances each month so I never have to pay any finance charges.

Another interesting trick you can do (or at least used to be able to do) is to get a credit card that offers 0% APR on all purchases for 6-18 months. You can then use this card to buy I-bonds (over the internet). So you earn interest on the I-bonds while paying no interest to the credit card company. If I'm remembering correctly, I think I made $180 one time by holding $5000 worth of I-bonds for around 18 months that I had purchased with a 0% introductory offer credit card. After I graduate this semester and start my yob I plan on pulling this stunt again because it is basically free money without a lot of hassle.

One note of caution: if you do this, check how long you have to hold the I-bonds before you can redeem them and make sure that the 0% introductory offer covers the period of time you need to hold the I-bonds.

[RunDownHouse]

Nobody else cares to answer?

If you've got a cash card, how much does a different rewards card have to offer in order for you to switch? If you offer me $1000 cash or $1000 of airline tickets, I'll take the cash in a heartbeat, since I can spend it any way I choose. However, if you offer me $1000 cash or $2000 worth of plane tickets, I'll have to think about it a lot more.

[david050173]

citicards cash back card. 1% on everything 5% on groceries and gas. In general that is the best. There are a few exceptions (the gm card used to be a good deal if you buy gm cars. I haven't look recently). Discover is only 1% after you buy a certain amount if memory serves. Airline cards tend to payout a slightly higher percentage (~2%). They also have annual fees of 60-100 bucks which means you need to charge a lot to make the money back.

[mason55]

I want one of the super secret Amex Black cards.

[InchoateHand]

I used to pay my balances every month. Now I carry a large balance, so APR is more important than anything else. Like most people, I switch over whenever it climbs above 0 (I get the 16-18 month offers multiple times a week), with one exception. I have an excellent credit card issued through a credit union that I keep, and use, to maintain my relationship with this CU---they have amazing home and auto offers, so long-term its worth it.

[Mansavage]

I carry an AMEX Gold card, maybe more becuase it makes me feel cool than anything else /images/graemlins/smile.gif.

But seriously, haveing a card that forces me to pay off my balance every month is a great thing for me. It also has a very good rewards program. You can spend the rewards on anything (miles, TV's, cash back). To me, it is worth the fee.

[david050173]

Doesn't amex have an annual fee for everything but the blue cards? Credit card annual fees are a rip off in my book.

[RunDownHouse]

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