Originally Posted By LuLu Since we've been talking about credit cards here, I thought I'd start a separate topic so LPers can share their thoughts on which cards work best for them. I'd put some thought into this recently, and will post what I decided about the ones I use. Note, I never carry a balance so I don't even know what the interest rates are! Everyone's needs vary, so everyone's "best" card will be different! Let's keep this to U.S. cards for simplicity. Another topic for Australian or European cards is a good idea, if folks are interested.
Originally Posted By LuLu Capital One "No Hassle" Visa: This is now my favorite card, and I was actually going to cancel it before going to Europe! Then I discovered that Capital One has NO foreign transaction fees in Europe - Disney Visa is 3%, and Discover isn't accepted there. So imho, a Capital One card is a must if you travel to Europe. I like it better than my other cards b/c the rewards are 1% on all transactions, and you can have them automatically applied to your bill, or sent to you in a check, as soon as they reach at least $25. No hassle!
Originally Posted By LuLu Disney Rewards Visa: I've somewhat retired this card. I know most Disney fans will find it useful tho. I've found the rewards system too complicated. Whatever were they thinking? Some of the other benefits may be very beneficial to folks here, but with a DAP, I get more restaurant discounts, and I'm not a merchandise buyer, don't need stroller rentals, etc. Info about rewards and benefits are here: <a href="http://disneyrewards.disney.go.com/" target="_blank">http://disneyrewards.disney.go .com/</a>
Originally Posted By Mr X I've gotta say, IF one takes advantage of these offers (meaning, like Lulu, paying it off IN FULL every month so no interest is involved)...the cash back thing is pretty amazing. It's literally "money for nothing" if you just charge all your expenses and keep the cash aside to pay the bill. AND, you should be earning interest on that money as well through the month...responsibly handled, it's a total win-win for the consumer. I'm also interested in hearing about what people consider "the best". I'm living in Japan (as you probably know) BUT the bulk of my assets are in America in U.S. dollars, and so if there was a card that was 0% overseas and I could pay it off through my banks "Bill Pay" feature...I would STRONGLY consider it (plus it would help me to re-establish credit in America after being away for almost 10 years). Thanks for the topic, Lulu!
Originally Posted By LuLu Discover Card: I've had this one for so many years, I can't remember. It's always been my #1 card. BUT, you do have to reach a minimum before the full 1% rewards kicks in. So, I'll probably try to use this when they have 5% rewards in certain categories - limited-time promotions. (Right now it's restaurants and movies) One benefit to this card is that some companies offer "extra" rewards, like $25 or even $40 worth of product for $20 in rewards. But again, I'm not much of a shopper, so I'm not too interested in this.
Originally Posted By LuLu Discover Card CashBack works on an annual cycle. Here are the levels. * .25% on your first $1,500 in total annual purchases—and on purchases at warehouse clubs or discount stores including grocery stores affiliated with these stores * .50% on your second $1,500 in total annual purchases * 1% on purchases in excess of $3,000 in annual purchases
Originally Posted By LuLu I do credit Discover Card with starting the whole rewards thing tho! Now others have gotten on the bandwagon and it's quite competitive.
Originally Posted By Goofyernmost Washington Mutual here. 1% on all purchases for the year. Gotta love it!
Originally Posted By berol I did the math on discover a couple weeks ago. Your first $3000 in spending covers postage for paying the Discover bills. heh. The version of a Costco membership card that doubles as an american express card is pretty good if you're already a member. You eventually get 3% for restaurants, 2% for travel, 1% otherwise.
Originally Posted By Grumpy Pete I'm with Roadtrip on this. American Express Gold! Last year Mrs. Grumpy Pete and I were able to go to England using the air miles we earned. It cost us $80 each for taxes for the round trip. Not a bad deal. The benefit was definately worth using the card.
Originally Posted By LuLu I don't like American Express on principle - I feel like you're trying to buy status. Just my own quirk, I don't like to pay a fee for a credit card. I'm wondering tho, after you figure in the annual fee(s), do you do better than 1% on the rewards?
Originally Posted By berol costco's amex has no annual fee, but costco does which brings up the same principle. If you never shop in costco, you have to rack up restaurant/travel charges to net 1%. Discover has a couple of cards that I didn't look much into. One gives cash back if you pay 6 straight Discover bills on time. Another is like the regular card, but also gives 5% back on car repair and gas if you can find places that take discover.
Originally Posted By TinksBestFriend Costco American Express Card... 1% Back anyplace that takes AE Cards including Costco. Costco only takes AE. 2% Back for travel, and Disneyland is considered travel, and it includes travel agencys and hotels and airlines. 3% Back at resturants but it must be "stand alone" resturant. Resturants in Disneyland and Hotels are Travel (2%). 5% Back at any Gas station including Costco. (I did not make this up...and you have no idea how much time I spent on the phone with AE to get correct answers.) In February you will get a check for your rebate and if you take it to Costco you can get cash. Discover Gas Card: 5% back on gas, car washes and auto repairs but it has a $100 a month limit ($5.00). And forget the regular Discover unless they have one of their special deals. Hope this helps.
Originally Posted By dlkozy I won't pay for a credit card, and I pay off all balances every month. That being said, I do shop around for the best deal. One of my favorites is the Marriott's card. It is free for the first year and this year's bonus was when you applied you received 1 night free and when you use your new card for the first time you got enough bonus points for 1/2 night. When the first free year is up-I cancel that card and sure enough they send me a new preapproved invitation within 3 months with new bonuses. I have now done this 3 times. I like Discover because of the promotions that they run such as recently they have had with the purchase of Amusement Park tickets-5% back! Sure beats the CRUDDY return you get with the Disney Visa!
Originally Posted By Lisann22 AmEx Gold! I hear what LuLu is saying but being I also use it for business purchases, I'm talking forklifts, various other equipment, shipping charges at times, travel for myself and sometimes a 'team' of people that can cost thousands of dollars for me it's the way to go. As I get reimbursed from my company and they pay the annual fee. I rack of thousands of points per month. So I basically travel free most everywhere as I can transfer my points to different airlines and such. The other issue for me is with AmEx I have to pay it off at the end of the month, with the other cards you can let it slip and go monthly if you want. For me personally that never works. I learned I'm not that disciplined even in old age. LOL!
Originally Posted By LuLu TBF - those are good rewards! Thanks for the info. My ex had AmEx Gold but I'm not really sure how points were earned (different from the Costco one, I guess?) but I believe there was an annual fee for the card AND an annual fee for the rewards program. Now, if you're putting multi-thousands a month on it, and the point system is good, I can see that it could still put you ahead. dlkozy - like you, I got the 5% Discover cashback on my recent APs and PP hotel stay. 5 times what Disney Visa would have given me, and the rewards are in cash! (As noted in the Apple topic, $1 in Disney product doesn't cost Disney $1 - plus, they've got you spending money that you probably wouldn't have, otherwise.) So, who works the Disney Visa to their advantage? I know lots of LPers have them, so someone tell us why it works for you!
