Best Cash Back Credit Card

[skins1206]

What do you guys think is the best cash back card? I was thinking about getting the American Express Blue Cash. I never carry a balance so APRs to not matter to me.

[da#1skinsfan]

PenFed - 1% cashback on everything, 2% at supermarkets, 5% on gas. $50k limit on cashback. In comparison I used to use Citi, it had a $300 limit.

Amex is good but not everyone takes it. Same with Discover.

[Predicto]

I have used the Amex Blue card for years. It's great, but Amex is not accepted at a lot of places.

So I recently got a Charles Schwab Visa. 2% back on everything. The money gets put into your Schwab investment account.

[Alcoholic Zebra]

I have used the Amex Blue card for years. It's great, but Amex is not accepted at a lot of places.

So I recently got a Charles Schwab Visa. 2% back on everything. The money gets put into your Schwab investment account.

Do you even use it enough to cover brokers fees?

[Predicto]

Do you even use it enough to cover brokers fees?

Schwab doesn't have any brokers fees unless you make a transaction, and the cost per transaction is something like nine bucks.

I use the card for everything, even paying my house insurance and utilities. If there's a way to charge it, I do it. Then I pay off the card every month.

I got over 500 bucks back in cash last year.

[DeanCollins]

PenFed - 1% cashback on everything, 2% at supermarkets, 5% on gas. $50k limit on cashback. In comparison I used to use Citi, it had a $300 limit.

Amex is good but not everyone takes it. Same with Discover.

The trouble with the 5% on gas purchases is that the gas stations are charging a couple percent more on credit card charges, so you're taking moving money from one pocket to the other.

[Hubbs]

The trouble with the 5% on gas purchases is that the gas stations are charging a couple percent more on credit card charges, so you're taking moving money from one pocket to the other.

Yeah, but won't they do that no matter what card you use?

[hockeysc23]

I have an AMEX blue that I use everywhere. I think there are only 2 places that I know of that don't take AMEX. It is becoming way more popular.

One thing to remember though is you don't get the good cash back until you spend 6.5k

So either plan out your spending or their may be a better card for you. But I charge everything I can on my AMEX and avg. about 200-400 cash back per year.

[JetSkins]

Schwab Invest First credit card is still tops. 2% back on everything, no limits.

I get the cash rewards in my account within a few days after I pay my bill. No forms or other requests needed to made to get the cash its just automatic each month.

[DeanCollins]

Yeah, but won't they do that no matter what card you use?

not if you use their gas card. I think shell gives cash back and no added fee.

[Skinsfan1311]

We use the Costco Amex and get a fat rebate check every February.

Most places seem to take Amex. At least the places that we shop.

[techboy]

Do you even use it enough to cover brokers fees?

There are no base fees, and you don't need to leave the money in the account, either. I always transfer the whole amount to my checking account as soon as its put in. Best deal by far, especially since the 5% specialty (like gas, grocery, drug) cards are all dying, and the ones that are still around probably won't stick.

Of course, I read that Schwab isn't actively advertising any more either, and may be reconsidering this one too, so you've got to take what you can get when you can get it, and ride it for as long as you can.

[dockeryfan]

I use Marriott Rewards for everything.

[da#1skinsfan]

The point about gas stations charging extra $ is irrelevant...I dont know what gas stations you guys go to but for most its one price no matter what. I see some of the "cash price/credit price" stations but in my world they are few and far between.

Add up your current expenses and find out if you'll benefit more from 1%/2%/5% than 2% straight and make your choice based on that.

[Predicto]

The point about gas stations charging extra $ is irrelevant...I dont know what gas stations you guys go to but for most its one price no matter what. I see some of the "cash price/credit price" stations but in my world they are few and far between.

Add up your current expenses and find out if you'll benefit more from 1%/2%/5% than 2% straight and make your choice based on that.

And take into account whether the card has an annual fee. The Schwab card does not.

However, many people will not qualify for it. You need to have a certain level of credit, and an active Schwab One brokerage account.