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Credit Cards

MattMatt
edited February 2011 in Everything Else
So I know we've been over this topic before, discussing what is the best rewards card. I know a few of us agreed (and do use) the Amex Blue Cash, so I was surprised to see this roundup from Lifehacker that put it in fifth place: http://lifehacker.com/#!5767530/best-reward-credit-card-amazoncom-rewards-visa

Anyone use one of the top 4 cards? Feel like it's worth the effort of switching?
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Comments

  • AprecheApreche
    edited February 2011
    I probably should use the Amazon card, since I buy so much from them. Right now I have a Sony Visa card that I only use at places that don't accept AMEX. It wouldn't be too much effort to cancel it and get the Amazon card instead and use it as my primary, moving AMEX to the backup slot. But then again, there are all the hidden AMEX benefits, like automatic extended warranties and protection from loss/theft.
    Post edited by Apreche on
  • MattMatt
    Did some quick math on the Amazon reward points scheme and my spending patterns. For me, it doesn't make any sense to switch. I'd get roughtly $700 back in Amazon credit at the end of the year, which is about the same thing I will get form Amex in cold hard cash. As for using the Amazon Visa where Amex isn't taken, it'll take you about $2,000 to get a $25 gift card (you earn slowly at these types of places, but very quickly when using the Amazon card on Amazon itself). Not worth even the effort to change cards.

    I think Amex Blue Cash ranked lower b/c some people were turned off by the fact that you have to rack up $6,500 on amex each year before the rewards really kick in, but since I put my whole life on that card, hitting that number isn't a big deal.
  • AprecheApreche
    I think Amex Blue Cash ranked lower b/c some people were turned off by the fact that you have to rack up $6,500 on amex each year before the rewards really kick in, but since I put my whole life on that card, hitting that number isn't a big deal.
    Yeah, I spend at least $1,000 a month on credit because I use it to pay bills and pretty much everything other than lunch, restaurants, and such.
  • RymRym
    Almost all of the money I spend is through my primary card. Bills, food, Starbucks, groceries, everything but rent and utilities.
  • TheWhaleSharkTheWhaleShark
    Almost all of the money I spend is through my primary card. Bills, food, Starbucks, groceries, everything but rent and utilities.
    I have begun doing this as well. Cashback bonus ftw!
  • RymRym
    Cashback bonus ftw!
    Also better credit, increased liquidity, buffered impact of expenses on income, audit logs, and substantial consumer protection.
  • TheWhaleSharkTheWhaleShark
    Also better credit, increased liquidity, buffered impact of expenses on income, audit logs, and substantial consumer protection.
    Yeah, that too.
  • Josh BytesJosh Bytes
    I use my bank card to for just about everything. Then l pay off the whole statement at the end of each month. The reward points I just use to assist in paying off the balance. Its been working out pretty well that way.
  • ThaedThaed
    I've been using Discover for everything for years. I need to look at these other cards though. The amount I'm spending a year via Discover is... not small.
  • ColombianShadowColombianShadow
    Been using my debit card for everything. I need to remedy this. I only have a crappy Capital One Master Card. It was my first credit card, but hearing about an Amazon card might cause me to cancel and go for that instead. Which brings me to my next question, Does canceling a credit card negatively affect your credit?
  • ThaedThaed
    Don't use debit cards for anything but ATMs. You can leave an old card just hanging out there if you want. Otherwise, take a look at this.
  • AprecheApreche
    Speaking of credit, where can I legitimately get a free credit report that isn't spam or scam? You get one free one per year by law, right?
  • RymRym
    Don't use debit cards for anything but ATMs.
    Quite.

    You can leave an old card just hanging out there if you want.
    I recommend keeping your oldest credit card forever, as it sets the date of the beginning of your credit history and is beneficial to your score. My first credit card means that my credit history is a full 13 years.
  • ThaedThaed
    www.annualcreditreport.com
  • George PatchesGeorge Patches
    Don't use debit cards for anything but ATMs.
    Quite.
    What's the problem with using a debit card for stuff? I usually buy food with mine.
    You can leave an old card just hanging out there if you want.
    I recommend keeping your oldest credit card forever, as it sets the date of the beginning of your credit history and is beneficial to your score. My first credit card means that my credit history is a full 13 years.
    My parents put me on their credit card account and as a result I have a credit history that is longer than I have been alive. ^_^
  • ThaedThaed
    Your consumer protections are significantly lower with a debit card (it's all on the disclosure). Plus, there's been a ton of pin fraud lately. Finally, as this thread suggests, you get rewards for certain credit card programs.
  • JasonJason
    Ideally, you would have a debit card through your bank that runs as credit. That's what I do through 5/3 Bank, and I get the advantages of both types of cards with the drawbacks of neither. My credit score is in the 800s, and in the one case where I reported fraud on my card after an unauthorized purchase, the amount in question was credited to me immediately. I rarely have a use for or even carry cash.
  • MattMatt
    http://thehill.com/blogs/on-the-money/banking-financial-institutions/145723-fed-closes-comment-period-on-debit-card-rules-as-debate-rages-on

    There had actually been a rush by banks to create debit card rewards programs in the past two years, but these new debit card fee limits mean the banks won't be able to charge as much. The first thing to go will be these programs.
  • Dragonmaster LouDragonmaster Lou
    I basically only use my debit card at ATMs unless I want cash and there isn't an ATM for my bank handy and I don't want to pay the exorbitant foreign ATM fees. In which case, I walk into the nearest drug store or something and buy a pack of gum with $40 cash back.

    Otherwise, yeah, it's pretty much credit all the time.
  • George PatchesGeorge Patches
    I rarely have a use for or even carry cash.
    I used to be like this, but not I can't fathom this. Been to too many cash only places to not have a reserve of cash.
  • JasonJason
    I don't trust a place that is cash-only. There is something shadowy and underhanded going on there, with few exceptions: Fairs and carnivals, schools and related events, Girl Scout cookie time, state and national parks, and... I'm sure there are a couple more. But any legitimate retailer/restaurant/service professional/office is going to take a card.
  • AprecheApreche
    Just got the Amazon card, and going to stop using the Sony Card. As soon as you get the card, Amazon gives you a $40 gift card. Also, they allow you to start using the credit card on Amazon immediately by some sort of magic. Seconds after the application was approved, I could start buying things. Crazy.
  • George PatchesGeorge Patches
    But any legitimate retailer/restaurant/service professional/office is going to take a card.
    I fail to see how not accepting credit cards is shady. Credit cards generally dick the merchant over.
  • DromaroDromaro
    I.............I need a credit card. >_< Apparently, I've been doing it wrong. Amazon card, you say? I have been buying far more things from there lately.
  • AprecheApreche
    If you like GeekNights, and you want to get an Amazon credit card, and you are feeling charitable, please follow this link which contains our affiliate code. I'm not completely sure, but there is a chance that Amazon will give us mad monies if you sign up.

    Amazon Credit Card
  • JasonJason
    But any legitimate retailer/restaurant/service professional/office is going to take a card.
    I fail to see how not accepting credit cards is shady. Credit cards generally dick the merchant over.
    Regardless of how much credit card fees cut into retailer margins, they are still a sign of legitimacy. A fly-by-night operation is not going to leave a legal paper trail such as a credit agreement would. Also, a business that is serious about serving the largest customer base possible is going to accommodate card users -- especially since card users are far more likely to spend more than someone with a limited cash stock.
  • DaveDave
    edited February 2011
    In New York I think it's just assumed that many of the cash-only bars and restaurants are cheating on their taxes. And many of them are very good. They have turkey leg sandwiches.
    image
    Tell me that ain't worth cash only.
    Post edited by Dave on
  • gomidoggomidog
    Chinatown, most of the places are cash only. It's just kind of accepted.
  • MattMatt
    edited February 2011
    I must know where in NY I can get this fabled turkey leg sandwich. It will be had.

    I will trade you the location of my current favorite spot, The Meatball Shop (which does take credit cards): http://www.themeatballshop.com/. Last week the special was a lamb meatball with mint.
    Post edited by Matt on
  • Victor FrostVictor Frost
    Chinatown, most of the places are cash only. It's just kind of accepted.
    Ditto with most beach shacks around here, and they are hellishly expensive.
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