Another card to consider is the AAA Visa lineup issued by Comenity Bank. They have 2 cards with no annual fee. 1 gives you 5% back on grocery store purchases, the other gives 5% back on gas. (It also gives 3% in several other categories) 2 things to keep in mind: 1) you can only get one or the other - NOT both so choose wisely. And 2)They also have a credit card offer with US bank. Make sure you apply for the one with Comenity bank as the US Bank one tops out at 3%.
@@Cody_Powers No you do not. However to sign up use a zip code to find the particular card you want. Again, I would stay away from Comenity Bank. They will cut your credit limit without warning. Not good when you're on the road.
His addiction to 5% is really helping us. And I wish you a happy new year and may you get addicted to more things so we can benefit from your addictions.
The truth is with this recent economy Everyone needs more than their salary to be financially stable. The best thing to do with your money is to Invest it rightly because money left for saving always end up used with no returns....
The FED has lost it and the sad fact is, it's pretty obvious that we are headed for hyperinflation. I would advise you invest rightly because sooner things might get ugly.
I agree with you and believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don't know who agrees with me but either way I recommend either real estate or crypto and stocks.
@@ebenezerdsouza2105 Yeah!! It would be more beneficial and yield more profit if you actually trade on cryptocurrency I've been trading since the dip, I've made so much profit trading
@@taxuantrung3268 The adviser I'm in touch with is STEINER CHIARA SCHMID. She works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else. for me her strategy works hence my result, she provides entry and exit point for the securities I focus on.
How about the US Bank Altitude Go for dining? No Annual Fee. Unlimited 4% cash back on dining. No Foreign Transaction fees. It’s a Visa 🤷🏼♂️. Also Check out the US Bank Altitude Reserve. The 3x points that are worth 1.5c per point on all Mobile Wallet Payments will is a huge deal. 4.5% statement credits. Check out the “real time rewards” feature. US bank Cash+ 5% back on certain categories you can choose 2. Utility bills is a awesome one. Cable, internet and streaming is another. Set them and forget it…
I was using my Citi Custom as my gas card; but then I decided to app for the Abound Credit Union Visa Platinum which gives 5% on gas. This frees up the Citi Custom to become my dining or grocery card depending on what my rotating cards from Chase and Discovery are doing. I also use discount gift cards to augment my dining. Like if Paypal is a 5% category; I can stack that 5% by purchasing a discount gift card often getting double digit on my dining. Thanks to my Paypal card and BoA card's online shopping category I can always get at least 3% on Paypal; so any discount card offering more than a 2% off discount can exceed a 5% dining category...and I pay no annual fee.
Other options for gas is the AAA Advantage Visa Signature: 5% on gas and electric charging up to $7000/year. And Redstone Credit Union's Visa: 5% on gas and restaurants.
Your travel strategy is absolutely the best, you go above and beyond and I have never seen another creator go this in depth, they just pander to social media trends
Good stuff Dave. Just a note, you can have multiple Citi Custom Cash cards and BAC Cash cards. Also, rather than the BAC Premium rewards card, I think the BAC travel card is better, has no annual fee, no FX fee, and the same 1.5% cash back on everything uncapped (+ plus the premium rewards boost). You can redeem it for anything travel, but the category is so broad that I redeemed it for rent payments.
X1 changed the 3x rewards a couple days ago (they must have watched this video). If you signed up for the X1 Card before January 18, 2023, you were subject to the 3X Annual Spend Bonus, which gave 3X points on all Eligible Purchases once you reached $15,000 in eligible spend during your Cardholder Year (each anniversary of the date your X1 Account was activated) for the duration of that year. Once you reach the end of your Cardholder Year (i.e., the next anniversary of the date your X1 Account was activated), you will become part of the 3X Monthly Spend Bonus program described in detail above. You do not have the option to continue with the 3X Annual Spend Bonus program once your Cardholder Year expires.
Paceline Visa - 3% on everything, 5% back on groceries/pharmacies/sports stores. Free Apple watch credit. $40 annual fee, must reach 150 elevated heart rate minutes per week to get the Boost cash back I listed, if not, it goes down by half. Love this card and use it as my catchall. I'm already into exercise, but it's easy to hit the active minutes in three workouts a week.
Great to see you back to the RUclips space Dave! Looking forward to the 2022 cash out video and any other CRO decisions you've made, given this ridiculous year lol. Unfortunately X1 reached out to me saying they aren't taking any new applications so I've been sticking with my USB Altitude Reserve which gives me '3X on Apple Pay' spent (4.5% cash out on travel)
Impressive video! I use the Discover it (rotating 5%) and Freedom Flex (rotating 5%), with the Citi Custom to fill in the gaps at 5%, Sapphire Preferred (essentially $45/year) for dining/travel/free DashPass, and finally the unlimited 2% Wells Fargo card for everything in between. Unless you're a baller those annual fees take a lot of spending to be worth it.
@@toxicviks545 So you get 5% back on those cards, in different categories that rotate quarterly throughout the year. So quarter 1 (right now) with the Discover it you get 5% back at grocery stores. Quarter 2, 3, and 4 it might be gas stations, Walmart, things like that. Makes it a little more work to keep track of, but worth it in my opinion.
@@toxicviks545 So the Citi Custom is funny. Basically every payment cycle (30 day period that doesn’t necessarily start on the 1st of the month), you get 5% back on your highest spend category for that payment cycle. So if your other 5% cards are covering you for grocery stores and Walmart, this cycle you might use the Citi every time you fill up at gas stations, and you’ll get 5% back on all of that. Basically whatever category you spend the most on will be 5% back, and everything else will be 1% back I believe. So you can fill in the 5% gaps essentially with the Citi.
I am a 20 year old college student so I don’t spend much money but here’s my current lineup and plan for my main spend categories in quarter 1: Gas: 5% cashback with the Chase Freedom Flex first year offer Grocery: 5% cashback with the Discover It student card and Chase Freedom Flex Restaurants/Fast food: 5% cashback with Citi Custom Cash Catch all card: 3% with Sofi Credit Card (goes down to 2% after I hit 1 year anniversary) I also have the Apple Credit card and the APGFCU student card but both of those don’t get used. The cards on my wishlist for 2023 are the US Bank cash+ for its 5% categories, the Kroger card for 5% Cash back on the first $3000 of mobile wallet purchases, the AAA DAILY ADVANTAGE VISA for 5% on grocery, and the AAA TRAVEL ADVANTAGE VISA for 5% on gas. I’d love to hear thoughts, opinions, and critiques or areas I could improve my setup!
Personally love US Bank Cash+ card, especially because it has 5% Household Utilities Category which no other card issuer has. You have a great card line-up regardless of age.
I think the best strategy is to continuously opening credit cards with $0 fee or $0 downgrade paths and get 10-20% cash back on everything with the sign up bonuses
My strategy is to keep accumulating a big bag to take profits along the way. Also I will never sell a certain percentage of my XRP converting it to FIAT which is losing value by the minute and then gotta pay capital gains tax on the profits. I would also rather sell my other cryptos then my XRP. XRP over time will be a very high stable price and will try and earn passive income from it
Actually I trade cry ptØ currency on her broker with assistance from there top cry ptő analysts Mrs Lauren she's my professional assistant. I have been under her for 2 years now.... I've really made alot trading from her strategies in Crypto currencᎥes this period.
Not bad! I earn unlimited 7.5% back on noncategory spend, 9% on Amazon, and 10% on groceries and dining (only 8% on dining depending on the quarter). All with no AF.
@@digitalwitness9305 doesn't work anymore. But I used to be able to pay my credit card bills with the coinbase card earning 4% back in crypto (that I would sell every few days for real money), I was also using the curve card which earned an additional 1% CB on all purchases, and finally I got the Ollo Optimum which earns 2.5% on everything. So for all noncategory purchases I was earning 7.5%. Everything else I was able to earn about 5% additional back on assuming it wasn't a visa card or had some weird quirk, from there it's fairly easy to tell how I got 10% in some categories. From the coinbase card alone I was able to pull in almost $2k (real dollars) before they dropped the reward rate from 4% to 0.5%. At 0.5% it's not worth the hassle and I almost lost my Ollo card when they got suspicious of me making all the payments through PayPal.
A very detailed and informative video, but maaaan, you have a lot of qualifiers to some of the claims you make about these cash back rewards. For example, one would need to deposit thousands of dollars with some of these banks to reach certain levels of cash back, or one would need to spend like $30,000 grand a year eating out to defray the cost of the hundreds-of-dollars-per-year annual fee.
Dave would hit me over the head for the cards I have: American Express - Platinum, Gold, Blue Cash Preferred, Hilton Aspire Chase - Sapphire Preferred, Freedom, Amazon Prime CaptailOne - Venture (annual fee version) DiscoverIt Apple Card 😅
Dave's 2023 resolution: Post more videos! But on a serious note, what do you think about the bill that would ban credit card companies to offer rewards? What are the chances this passes? I am very concerned, as a small business these rewards help me out tremendously.
my 5% cards are in my sock drawer now. This year I'm working on 15% cashback on gas, groceries, and dining SYW card. Traveling is strictly points this year. Frugal living for 2024.
I have the red BOA Cash Rewards card too and I’m curious on how you got those travel & dining percentages. For my card it says I can choose a 3% category (I chose gas), 2% groceries, 1% everything else
The % he's showing is the 'preferred rewards'. To make that 5.25% back you need to have a three-month average combined balance of over $100k in a BoA account and/or Merrill Investment account.
Great video. I wish you would put out more content. I’ve watched you for years and I’ve gotten some great tips in the past. Between friends, I think you may have made your life more complicated than necessary. I’m using the AMEX platinum from Schwab and the Bank of America premium rewards with the platinum honors boost and at the end of the year I’m looking at between $4500 and $5000 in cash back. We just got back from a top shelf New Year’s vacation in Turkey thanks to that “free money.” 😂 Happy 2023 and keep the videos coming !
The X1 card redemption at Costco and Home Depot is .71 of a cent, not 1 pt to 1 cent. Those are the two stores I spend all my money. Also, they no longer retroactively give you the extra bonus point. So 2 pts per $1 for first $15K or 3pts after spending $1.5K each month. It takes 5 days to clear any payments as well and no phone call CS. I am ready to switch cards again. I would rather pay for a 3% than this card.
Hey Dave, great concise and informative video as usual. Quick question about your previous BofA card strategy. Why did you choose the Premium rewards card instead of the unlimited cash rewards card in the first place? Unlike the premium card, it has no annual fee and it gets the same 2.62% cash back with the same balance requirements. I've had it for a while now and love it as my everything else card. Curious what drove you to use what seems to be the same card just with an annual fee? Thanks!
Premium rewards card earns 3% cash back base (up to 5.25% with platinum honors), and the annual fee is canceled out if you use the $100 incidental credit. Others have been able to earn the credit from gift card purchases at the airport, but I earn it from traveling a budget airline (frontier, spirit) that triggers the incidental code when you pay for carry on bags since it’s not included in the ticket price. So in a way, I’m paid $5 each year to use the card and have all the benefits of 2.62% cash back + the travel benefits, with the “travel” category being extremely inclusive (normally excluded transactions like subways/any transit, Airbnb, and booking sites like Expedia to name a few).
@@shmuel9363 You're referring to the Customized Cash Card, which that does the 5.25% in a category. @Gabriel G. is referring to the "Premium Rewards" card mentioned at 9:50 in the video. Indeed the $100 incidental credit is useful for some, but not for me who doesn't always use those incidentals every year. I'll note that you can buy build up gift cards at American or Southwest online and not at the airport. You can also sell them for usually at least 70% at certain gift card buying websites sometimes (but not always unfortunately). There's also some other stuff like Global Entry I'll add one other big reason to get the Premium Rewards card over Unlimited Cash: No Foreign Transaction Fee, though their Travel Rewards card also does this. Travel Rewards I believe is basically a slightly better Unlimited Cash Rewards card. Despite it's name it has almost nearly the same redemption options as Unlimited Cash plus some extra ones. The only limitation is when redeeming for Statement Credit, it only discounts travel/dining, but you can redeem the full amount to checking/savings/merrill.
Your dining line graph assumes you must keep one and only one card for the full four years. At 29k a year, it would be more lucrative to have the Amex gold for only one year and then switch to Altitude Go after redeeming the Amex gold welcome offer. I could see that if you did start factoring in Uber and some restaurants, you might still come out ahead, especially as you said, assuming inflation. However, is the annual fee not also likely to go up with inflation?
That 3% X1 seems like a hassle with cash back only receiving .7x redemption. I get 2.625% with the BofA card and $100k in Merril Edge. Also I do Citi Custom Cash for 5% for first $500 in restaurants. Then US Bank Altitude for 4% unlimited restaurants. No need to mess with that $250 fee.
Nice setup I started using cards last year and I have the cash back plans only due to my current job position. One thing that changed this year you may want to look into which will free up your Citi Custom Cash for other opportunities is the Redstone credit union's Visa Signature card it's a no annual fee with 5% return on restaurants and gas I thought there may be a catch to this when the pre approval arrived in my mailbox and they haven't updated their site in December now that January is here the site is updated which makes it a must have for my wallet.
Great card, great requirements. Unless one works for the government or the army, laymen eligibility is only possible if situated and working for certain organizations in AL and TN. That 5% cashback in restaurant and gas is nugget gold to HA, CA, NV, and WA.
@Victor Vargas yeah it is gold i know the credit union started in Alabama and is now in TN not sure if I got the offer because im a member living in TN, but manthe bonus is a bit lacking for 3,000 spend for $150 something not quite reachable at the moment for me until I finish my citi custom cash card. I would suspect anyone should be able to grab it that would be a good benefit for all of us you shouldn't have to bank to get it.
@@randydodson1570 You got 90 days, friend. That's like $1000 a month to figure out. At the same time, you wouldn't know how much of a credit limit they may impose on you which might make it a challenge to reach 3K. Good luck.
Since you quoted my comment(thx), I will add more. My current sytem has 1 BofA unlimited for non-category purchases (2.625%), 2 CFF + DiscoverIT for rotational 5%, and 5 BofA Cash Rewards (5.25%) + 2 CCC (5%) configured to be complementary to CFF&DIT, and overall the whole year, I managed to achieve an average 4.85% cashback. Absolutely $0 AF setup, and no points redemption hassle. Simplely cashback.
Title is a bit click-baity - I don't like the X1 not getting 1 penny per dollar for actual cash back returns, nor do I want to rely on referrals for extra rewards. I use the AOD 3% Visa for true 3% cashback everywhere (no longer available, but there was a 2 year period from 2020 - early 2022 to get it). My wife and I do P1/P2 and each have Citi Custom Cash rewards - one is for gas, the other for fast food and restaurants. For groceries, USAlliance has a 6% (2k per month cap, works at all grocery stores including Wal-Mart, just NOT as Sam's Club & Costco) cashback card for all of 2023. Some things that you didn't cover here, or perhaps I didn't watch long enough - how do you pay property taxes or car insurance and get 5%? Also what about local shopping, i.e. stores that aren't on X1's "sponsored" list? I/we don't only shop online. I might want to stop at a mom&pop boutique and do some general spend. Not sure if you mention USBank Cash+ for utilites + Internet Streaming 5%, but that's what I use there. I thought I was the only one using dataseets, MINT, and other tools to track my spending and maximizing cash rewards to this degree. Also my wife insists on continuing to shop at Costco - while she uses AOD for 3% and we get 2% for the executive membership, it's still $120 annual fee and capped at $1k cashback. There is no 5% solution for car insurance, property taxes or Costco that I can work out. And I have a zillion cards.
Happy New Year Dave. Love the new card strategy but I am missing the X1 card. Really difficult card for me to get. Great to see you back and looking forward to more videos.
Dave, I think my setup is way better! I use BofA 4 cash reward card each at different category. One for gas, one for online, one for dining and one for travel. Yes you can have multiple of the same card. They cap at $2500 per quarter, but since you have 4, it's much harder for a single man like me to spend over those limits.
Do you find it annoying to use 5 different credit card companies? I had to dial back to the optimization a tiny bit but for me keeping it to two credit card companies was worth it
Not at all. Everything is set to autopay in full so I barely notice they’re different companies UNTIL it’s time to cash in the points. That is annoying, but I only do it once a year. Stay tuned for that video
It will take a little bit to set up, but you can automate most of this for yourself. Such as Uber, make sure you have the right card paired to your Uber app. Like Dave mentions he does not keep all of these in his wallet. Your normal spending like food or gas you would have that card in your wallet.
Hopefully the wealth save visa comes out. My strategy would be to have that 6% cash back on absolutely everything and Bilt for 1% on rent. Also please check to see if the restaurants you’re going to count for the full 4.3% cash back on average for your Amex gold.
Do you have any videos about how you manage your checking, savings, investments, retirement etc? Can’t find much out there about which specific platforms/banks people use.
Currently trying to do this inhuman amount of research as well but for reward debit cards. Fun for me, but more options come out of the woodwork every day.
Dave, what about all your other cards? Do you keep them alive with minimum spend or do you cancel them (which i imagine isn't great for your credit score)?
Thank you for putting this together, and thank you so much for doing all that insane extra work so we don't have to! I don't know if you read comments this far back, but a recommendation for 2024 would be to look at other, more typical categories like groceries. Most of us don't have the ability to travel or dine out a lot, groceries and gas tend to make up the book of expenses, and of course that Amazon!
Nice natural light background! I've received hotel points on reservations made through Amex travel. When confirming the booking, you can add your loyalty number, if still the hotel doesn't register it, at least with Hyatt I was able to simply log in, click on request points from past stays, added dates and name, and within a week the points and the stay were added to my account. It's also worth mentioning the Fine Hotels and Resorts Program included with the Platinum Card: $300 in hotel credits ($100 at property, $200 back in card), free breakfast for two (usually better than the breakfast you get with the hotel loyalty program), and room upgrades. In Hawaii, we booked a $600/night room and got upgraded to a $3,600/night one upon arrival... it was a once in a lifetime experience and 110% worth the annual fee. We stayed in a hotel we would've stayed in anyway, had a dream vacation, got half of the annual fee back in credits, and our experience and travel were enhanced beyond our wildest expectations... if you travel this card is so worth it.
This setup has an AF of 1084$. Assuming an average of 5% cash back you would have to spend at least 21,680$ to break even. To be fair, this analysis excludes any other discounts from SUBs and coupons that these cards might offer.
I am the first to say this setup isn’t for everyone. My calculation is completely based on spending I’d make anyway - even if the perks weren’t perks. My fees are more than covered by the incremental cash back % and/or perks I’d pay for anyway. I spend more than most people - it might be interesting if I made an optimized system like this for someone who spent less… like pick a random viewer who was willing to share all of their card spending for a year and find the best cards for them. It’s going to be different for everyone
im in the process of doing exactly this and couldnt wait to click. A few thoughts 1.)custom cash card ...i, myself, use the 5% on restaurants, since that's a bigger spend for me than gas (I work from home)....so this card is ONLY for eating out 2.)citi flex - offers 5% off all flights booked through the app/website. I just bought tickets last night after pricing every other option and....it's the real deal and cheapest (for me). 3.)citi flex - rotating categories 5%...i keep track, on grocery quarter, i ALSO purchase ebay and amazon gift cards (5 percent). and 5% on paypal (etsy, and apple store online) quarterly 4.)Discover It - rotating catagories 5%...i keep track, on grocery quarter, i ALSO purchase ebay and amazon gift cards (5 percent)a nd 5% on paypal (etsy, and apple store online) quarterly 5.)Amex preferred blue - 6% on groceries (98 annual), up to 6000. I keep track and any unused, i buy Starbucks, EBAY and Amazon gift cards at 6% So, I end up paying 5 percent on all groceries, all restaurants (fast and slow food), amazon, ebay, airline tickets, and, paypal (paypal savings are only 6 months/year....as it depends on the 2 rotating credit cards) I pay 3 percent for gas (not much spent here) 6.)Paypal and WF card give 2% for ANYTHING...so this is car repairs, dentist, etc... 7.)Paypal card ALSO gives 3% for anything bought via paypal, SO...i buy apple products ONLINE, use paypal, but pick up items at the store....that is IF it's not Paypal quarter on Discover it and Flex (and I have two of these cards, so that a total of 6 months)...which means i have a 50% chance of 5% via Paypal (again, etsy, apple store, anything else online using paypal)....or 3% if it's not. I keep an updated table in the notebook in my iphone that tells me which card to use when and that's how I know which cards to keep in my wallet. i think you and are opposites on restaurant vs groceries. Clearly you spend more on restaurants and I spend more on grocery food that i prepare at home. Not surprisingly, we plan our credit cards accordingly. Very interesting post. Thanks for putting this out there.
US Bank Cash+ lets you choose two 5% categories from their list and one 2% category, everything else 1%. Cash+ is the only card I know of that has Utilities 5% category. My two 5% categories are Utilities and Phone/Internet. I set up my bills to automatically charge Cash+, then my Cash+ is set up to debit my checking account. I keep my actual credit card in my safe deposit box now, saves space in wallet for my other 5% daily drivers (mainly groceries & gas). I'm surprised how underrated/overlooked this card is.
Hey there Dave! Love this new guide. Still using the wells fargo propel card you recommended so long ago! Thanks for the update. Wish the x1 gave real cash back though at 1 to 1.
How is Citi redemption? ie with Amex Blue Cash Everday, you can only redeem $25 certificates. So if you have $20 in rewards, you get nothing until you reach $25. Or if you have $30, you can only cash out $25. Any Citi users? My wife has a get $300 for spending $750 so I'm about to pull the trigger.
While the 4x in restaurants and supermarkets look great doesn’t the Cash Bank calculate to a much smaller amount than 1% of points upon cash redemption?
It depends on how you redeem the points. If you cash them out with Amex, they pay 0.6 cents per point. If you use them in Amex’s travel portal for airfare, it’s 1 cent a point. You can cash them out with Charles Schwab at 1.1cpp. The best is to transfer them to one of Amex’s travel partners where you’ll get 1.5-4cpp.
You can get an additional 1-3% back for paying off your credit card statements using a rewards debit card like Fold or Upgrade via PayPal bill pay. I also use this strategy to get cash back for paying my mortgage each month.
Is Paypal's bill pay feature capable of auto-paying my full credit card balance every month? I have a business account and haven’t looked into it but if not… That’s a dealbreaker!
@@HeythereDavehere No, it’s manual but only takes a few minutes each month and worth it given my monthly credit card spend and mortgage. Upgrade gives 1% back in USD. Fold gives up to 100% back in BTC but I average 1-3% back each month. The Coinbase card is a third option which gives 4% back in XLM at the moment.
@@BarbellFinancial within PayPal app, is there an "upgrade" tab? or where do I setup a payee with my mortgage loan holder? Thanks for any add'l insight
Hope you had a great Christmas and new year Dave! I was so excited for a new video about credit cards. Do you use your credit card to pay your income taxes?
Good question. In the chart shown on screen, I valued everything at the cash value. For the Sapphire Preferred, thats 3X points for dining worth 0.01 +10% annual bonus = 0.011 = 3.3%. I also reviewed and considered 0.011 +25% (travel/pay yourself back) = 0.01375 = 4.125% but excluded it from consideration because I was looking for a card to use for dining and I didn’t plan to use the card in categories that qualified for that bonus… WHICH, by the way, Chase removed from the card yesterday!! There is no more 25% bonus on the Preferred for Pay Yourself Back and the 50% bonus on Reserve was cut to 25%.
@@HeythereDavehere I assumed you had made this thorough analysis, but had to be sure. BUT - did you ever consider transferring UR points at maybe $0.02 / point to an airline for redemption instead- which could in perfect circumstances yield 6.6% from just using the card for dining? Or maybe there is something I am overlooking that makes that not a good option. Cheers
The 10% annual CSP bonus is on base points only, not on multiplier points, so the CSP dining return is 3.1x not 3.3x. But I still consider 3.1x UR better than AmEx Gold 4x MR because I value UR higher than MR, because my preferred way to redeem is high-value Hyatt transfers. For example I’ve got Wailea Beach Villas booked in July at 4.3cpp. 4.3cpp x 3.1 UR/$ of restaurant spend = 13% back on restaurant spend using CSP.
Another card to consider is the AAA Visa lineup issued by Comenity Bank. They have 2 cards with no annual fee. 1 gives you 5% back on grocery store purchases, the other gives 5% back on gas. (It also gives 3% in several other categories) 2 things to keep in mind: 1) you can only get one or the other - NOT both so choose wisely. And 2)They also have a credit card offer with US bank. Make sure you apply for the one with Comenity bank as the US Bank one tops out at 3%.
Do you have the card? I am looking at the 5% on gas. I heard bad things about Comenity Bank.
do you have to be a AAA member?
@@357twilson I agree about Comenity Bank. Their reputation is not good. So the other card from AAA is through US Bank. That may be the way to go.
@@Cody_Powers No you do not. However to sign up use a zip code to find the particular card you want. Again, I would stay away from Comenity Bank. They will cut your credit limit without warning. Not good when you're on the road.
His addiction to 5% is really helping us. And I wish you a happy new year and may you get addicted to more things so we can benefit from your addictions.
The truth is with this recent economy Everyone needs more than their salary to be financially stable. The best thing to do with your money is to Invest it rightly because money left for saving always end up used with no returns....
The FED has lost it and the sad fact is, it's pretty obvious that we are headed for hyperinflation. I would advise you invest rightly because sooner things might get ugly.
I agree with you and believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don't know who agrees with me but either way I recommend either real estate or crypto and stocks.
@@ebenezerdsouza2105 Yeah!! It would be more beneficial and yield more profit if you actually trade on cryptocurrency I've been trading since the dip, I've made so much profit trading
@@Tammymaidhof Do you work with someone or you do this on your own? Can you guide me?
@@taxuantrung3268 The adviser I'm in touch with is STEINER CHIARA SCHMID. She works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else. for me her strategy works hence my result, she provides entry and exit point for the securities I focus on.
How about the US Bank Altitude Go for dining? No Annual Fee. Unlimited 4% cash back on dining. No Foreign Transaction fees. It’s a Visa 🤷🏼♂️.
Also Check out the US Bank Altitude Reserve. The 3x points that are worth 1.5c per point on all Mobile Wallet Payments will is a huge deal. 4.5% statement credits.
Check out the “real time rewards” feature.
US bank Cash+ 5% back on certain categories you can choose 2. Utility bills is a awesome one. Cable, internet and streaming is another. Set them and forget it…
Great job once again. Glad to see you back updating credit card videos.
It was too long!
I was using my Citi Custom as my gas card; but then I decided to app for the Abound Credit Union Visa Platinum which gives 5% on gas. This frees up the Citi Custom to become my dining or grocery card depending on what my rotating cards from Chase and Discovery are doing. I also use discount gift cards to augment my dining. Like if Paypal is a 5% category; I can stack that 5% by purchasing a discount gift card often getting double digit on my dining. Thanks to my Paypal card and BoA card's online shopping category I can always get at least 3% on Paypal; so any discount card offering more than a 2% off discount can exceed a 5% dining category...and I pay no annual fee.
Other options for gas is the AAA Advantage Visa Signature: 5% on gas and electric charging up to $7000/year. And Redstone Credit Union's Visa: 5% on gas and restaurants.
Get more custom cash cards lol
Jacksucksatlife gang haha
Your travel strategy is absolutely the best, you go above and beyond and I have never seen another creator go this in depth, they just pander to social media trends
Good stuff Dave. Just a note, you can have multiple Citi Custom Cash cards and BAC Cash cards. Also, rather than the BAC Premium rewards card, I think the BAC travel card is better, has no annual fee, no FX fee, and the same 1.5% cash back on everything uncapped (+ plus the premium rewards boost). You can redeem it for anything travel, but the category is so broad that I redeemed it for rent payments.
I am not clear how you are redeeming for rent? are you doing straight cash back option since you are making too many points?
I wish you had a podcast or something, your voice is pleasant to hear storytelling
X1 changed the 3x rewards a couple days ago (they must have watched this video).
If you signed up for the X1 Card before January 18, 2023, you were subject to the 3X Annual Spend Bonus, which gave 3X points on all Eligible Purchases once you reached $15,000 in eligible spend during your Cardholder Year (each anniversary of the date your X1 Account was activated) for the duration of that year. Once you reach the end of your Cardholder Year (i.e., the next anniversary of the date your X1 Account was activated), you will become part of the 3X Monthly Spend Bonus program described in detail above. You do not have the option to continue with the 3X Annual Spend Bonus program once your Cardholder Year expires.
Hey there dave
Paceline Visa - 3% on everything, 5% back on groceries/pharmacies/sports stores. Free Apple watch credit. $40 annual fee, must reach 150 elevated heart rate minutes per week to get the Boost cash back I listed, if not, it goes down by half. Love this card and use it as my catchall. I'm already into exercise, but it's easy to hit the active minutes in three workouts a week.
Thanks for sharing Matt. I saw Ben @TheCreditShifu talk about that card. Interesting concept, but a little too gimmicky for my taste.
Great to see you back to the RUclips space Dave! Looking forward to the 2022 cash out video and any other CRO decisions you've made, given this ridiculous year lol. Unfortunately X1 reached out to me saying they aren't taking any new applications so I've been sticking with my USB Altitude Reserve which gives me '3X on Apple Pay' spent (4.5% cash out on travel)
Love all the changes! The non-category spend is often overlooked and I too have settled on the X1 for that and then some.
Great card and literally the only credit card app I actually have on my phone
Impressive video! I use the Discover it (rotating 5%) and Freedom Flex (rotating 5%), with the Citi Custom to fill in the gaps at 5%, Sapphire Preferred (essentially $45/year) for dining/travel/free DashPass, and finally the unlimited 2% Wells Fargo card for everything in between. Unless you're a baller those annual fees take a lot of spending to be worth it.
Thats a close to the setup i run.
What does the rotating 5% mean?
@@toxicviks545 So you get 5% back on those cards, in different categories that rotate quarterly throughout the year. So quarter 1 (right now) with the Discover it you get 5% back at grocery stores. Quarter 2, 3, and 4 it might be gas stations, Walmart, things like that. Makes it a little more work to keep track of, but worth it in my opinion.
@@honeybadger_x oh okay thank you! So it also works like that with the citi custom card is that different?
@@toxicviks545 So the Citi Custom is funny. Basically every payment cycle (30 day period that doesn’t necessarily start on the 1st of the month), you get 5% back on your highest spend category for that payment cycle. So if your other 5% cards are covering you for grocery stores and Walmart, this cycle you might use the Citi every time you fill up at gas stations, and you’ll get 5% back on all of that. Basically whatever category you spend the most on will be 5% back, and everything else will be 1% back I believe. So you can fill in the 5% gaps essentially with the Citi.
I am a 20 year old college student so I don’t spend much money but here’s my current lineup and plan for my main spend categories in quarter 1:
Gas: 5% cashback with the Chase Freedom Flex first year offer
Grocery: 5% cashback with the Discover It student card and Chase Freedom Flex
Restaurants/Fast food: 5% cashback with Citi Custom Cash
Catch all card: 3% with Sofi Credit Card (goes down to 2% after I hit 1 year anniversary)
I also have the Apple Credit card and the APGFCU student card but both of those don’t get used. The cards on my wishlist for 2023 are the US Bank cash+ for its 5% categories, the Kroger card for 5% Cash back on the first $3000 of mobile wallet purchases, the AAA DAILY ADVANTAGE VISA for 5% on grocery, and the AAA TRAVEL ADVANTAGE VISA for 5% on gas. I’d love to hear thoughts, opinions, and critiques or areas I could improve my setup!
Personally love US Bank Cash+ card, especially because it has 5% Household Utilities Category which no other card issuer has. You have a great card line-up regardless of age.
Thanks for the shout-out Dave!! The new system looks great, I can't wait to hear about your final cashback numbers in 2022!
I think the best strategy is to continuously opening credit cards with $0 fee or $0 downgrade paths and get 10-20% cash back on everything with the sign up bonuses
Finally back with credit card videos.
SAY HEY THERE DAVE HERE NOW
he's back!
Great setup Dave. Getting 5% back on things is a great feeling! The Amex gold is definitely on my radar for later this year. 💪🤑
My strategy is to keep accumulating a big bag to take profits along the way. Also I will never sell a certain percentage of my XRP converting it to FIAT which is losing value by the minute and then gotta pay capital gains tax on the profits. I would also rather sell my other cryptos then my XRP. XRP over time will be a very high stable price and will try and earn passive income from it
People prefer to spend money on liabilities,Rather than |nvest¡ng
You're so correct! Save, invest and spend for necessities and a few luxuries relatives to on's total assets ratio.
@@Danie651 I'm just shocked you mentioned Expert Lauren James thought am the only one trading with her
Actually I trade cry ptØ currency on her broker with assistance from there top cry ptő analysts Mrs Lauren she's my professional assistant. I have been under her for 2 years now.... I've really made alot trading from her strategies in Crypto currencᎥes this period.
Not bad! I earn unlimited 7.5% back on noncategory spend, 9% on Amazon, and 10% on groceries and dining (only 8% on dining depending on the quarter). All with no AF.
Using what card? Lol
@@digitalwitness9305 doesn't work anymore. But I used to be able to pay my credit card bills with the coinbase card earning 4% back in crypto (that I would sell every few days for real money), I was also using the curve card which earned an additional 1% CB on all purchases, and finally I got the Ollo Optimum which earns 2.5% on everything. So for all noncategory purchases I was earning 7.5%. Everything else I was able to earn about 5% additional back on assuming it wasn't a visa card or had some weird quirk, from there it's fairly easy to tell how I got 10% in some categories. From the coinbase card alone I was able to pull in almost $2k (real dollars) before they dropped the reward rate from 4% to 0.5%. At 0.5% it's not worth the hassle and I almost lost my Ollo card when they got suspicious of me making all the payments through PayPal.
A very detailed and informative video, but maaaan, you have a lot of qualifiers to some of the claims you make about these cash back rewards.
For example, one would need to deposit thousands of dollars with some of these banks to reach certain levels of cash back, or one would need to spend like $30,000 grand a year eating out to defray the cost of the hundreds-of-dollars-per-year annual fee.
Dave would hit me over the head for the cards I have:
American Express - Platinum, Gold, Blue Cash Preferred, Hilton Aspire
Chase - Sapphire Preferred, Freedom, Amazon Prime
CaptailOne - Venture (annual fee version)
DiscoverIt
Apple Card
😅
Dave's 2023 resolution: Post more videos!
But on a serious note, what do you think about the bill that would ban credit card companies to offer rewards? What are the chances this passes? I am very concerned, as a small business these rewards help me out tremendously.
my 5% cards are in my sock drawer now. This year I'm working on 15% cashback on gas, groceries, and dining SYW card. Traveling is strictly points this year. Frugal living for 2024.
Anyone come here to see if he says “hey there, Dave here” later in the video?
He doesss
@@Jamie. yup, I watched this after Jacks video and then when I re watched Jacks video I got so irritated he didn’t watch 5 seconds more😂
+1 for custom cash as a gas-only card. I just ordered mine for that exact reason.
Surprised to not see the US Bank Cash +
I consider Cash+ a foundational card just for the 5% Utilities category alone.
Been looking forward to an updated version of your strategy. As before, I'm impressed.
Hey there, dave here
I did it! I made it to the end!
Fantastic Video! Tracking expenses with my new wife this year and we are going to look into this a lot as the year unfolds. Thanks for the tips!
Glad it was helpful!
Why didn’t you immediately say Hey there dave here 😭😭
Glad I didn’t! Jack gave me more screen time!
I have the red BOA Cash Rewards card too and I’m curious on how you got those travel & dining percentages. For my card it says I can choose a 3% category (I chose gas), 2% groceries, 1% everything else
Looking for this info as well!
yup, that, also that % only apply to the 1st $2500 per quarter. not sure that’s 5% unless you got massive amount of money in saving.
The % he's showing is the 'preferred rewards'. To make that 5.25% back you need to have a three-month average combined balance of over $100k in a BoA account and/or Merrill Investment account.
To add to @@honeybadger_x that might not be obvious: Roth IRA accounts are included as well.
Correct
Gotta say your set looks lovely, that background is like a good whiskey and high grade honey desert. 👏🏻👏🏻
AMEX Blue Cash Preferred Card at 6% on groceries might deserve an honorary mention.
Bars are not included with the Amex gold. This is why I use the usbank go.
Haha, I love the evolution and the updates Dave! You're my hero!
Great video. I wish you would put out more content.
I’ve watched you for years and I’ve gotten some great tips in the past. Between friends, I think you may have made your life more complicated than necessary. I’m using the AMEX platinum from Schwab and the Bank of America premium rewards with the platinum honors boost and at the end of the year I’m looking at between $4500 and $5000 in cash back. We just got back from a top shelf New Year’s vacation in Turkey thanks to that “free money.” 😂
Happy 2023 and keep the videos coming !
The X1 card redemption at Costco and Home Depot is .71 of a cent, not 1 pt to 1 cent. Those are the two stores I spend all my money. Also, they no longer retroactively give you the extra bonus point. So 2 pts per $1 for first $15K or 3pts after spending $1.5K each month. It takes 5 days to clear any payments as well and no phone call CS. I am ready to switch cards again. I would rather pay for a 3% than this card.
Get a curve card and add 1% to all your cards. You can also add rules so it picks the right card to use.
Hey Dave, great concise and informative video as usual. Quick question about your previous BofA card strategy. Why did you choose the Premium rewards card instead of the unlimited cash rewards card in the first place? Unlike the premium card, it has no annual fee and it gets the same 2.62% cash back with the same balance requirements. I've had it for a while now and love it as my everything else card. Curious what drove you to use what seems to be the same card just with an annual fee? Thanks!
Premium rewards card earns 3% cash back base (up to 5.25% with platinum honors), and the annual fee is canceled out if you use the $100 incidental credit. Others have been able to earn the credit from gift card purchases at the airport, but I earn it from traveling a budget airline (frontier, spirit) that triggers the incidental code when you pay for carry on bags since it’s not included in the ticket price. So in a way, I’m paid $5 each year to use the card and have all the benefits of 2.62% cash back + the travel benefits, with the “travel” category being extremely inclusive (normally excluded transactions like subways/any transit, Airbnb, and booking sites like Expedia to name a few).
@@shmuel9363 You're referring to the Customized Cash Card, which that does the 5.25% in a category. @Gabriel G. is referring to the "Premium Rewards" card mentioned at 9:50 in the video. Indeed the $100 incidental credit is useful for some, but not for me who doesn't always use those incidentals every year. I'll note that you can buy build up gift cards at American or Southwest online and not at the airport. You can also sell them for usually at least 70% at certain gift card buying websites sometimes (but not always unfortunately). There's also some other stuff like Global Entry
I'll add one other big reason to get the Premium Rewards card over Unlimited Cash: No Foreign Transaction Fee, though their Travel Rewards card also does this. Travel Rewards I believe is basically a slightly better Unlimited Cash Rewards card. Despite it's name it has almost nearly the same redemption options as Unlimited Cash plus some extra ones. The only limitation is when redeeming for Statement Credit, it only discounts travel/dining, but you can redeem the full amount to checking/savings/merrill.
Surprised there is no Coinbase card here with 4% back in XLM so essentially 4% cash back
Great video Dave! Learned a lot from this one. Best credit card content on You Tube!
I made it to the end, your awesome!
Why not Chase Sapphire Reserve for Dining? 3X Points on Dining which is effectively 4.5% if you use the points towards travel?
Let me give you a little tip Dave. Ditch the Citi Custom Cash card, Get the Gemini card. 10% back on gas till November.
Your dining line graph assumes you must keep one and only one card for the full four years. At 29k a year, it would be more lucrative to have the Amex gold for only one year and then switch to Altitude Go after redeeming the Amex gold welcome offer.
I could see that if you did start factoring in Uber and some restaurants, you might still come out ahead, especially as you said, assuming inflation. However, is the annual fee not also likely to go up with inflation?
That 3% X1 seems like a hassle with cash back only receiving .7x redemption.
I get 2.625% with the BofA card and $100k in Merril Edge.
Also I do Citi Custom Cash for 5% for first $500 in restaurants. Then US Bank Altitude for 4% unlimited restaurants. No need to mess with that $250 fee.
Smart Fella! 😂 I did product change from my Double Cash too!
The Bank of America Unlimited card no longer has an annual fee just btw
I need to remember to downgrade my $95 card to the Unlimited!
Nice setup I started using cards last year and I have the cash back plans only due to my current job position. One thing that changed this year you may want to look into which will free up your Citi Custom Cash for other opportunities is the Redstone credit union's Visa Signature card it's a no annual fee with 5% return on restaurants and gas I thought there may be a catch to this when the pre approval arrived in my mailbox and they haven't updated their site in December now that January is here the site is updated which makes it a must have for my wallet.
redstone credit union....good one. looked it up. thank you
Great card, great requirements.
Unless one works for the government or the army, laymen eligibility is only possible if situated and working for certain organizations in AL and TN.
That 5% cashback in restaurant and gas is nugget gold to HA, CA, NV, and WA.
@Victor Vargas yeah it is gold i know the credit union started in Alabama and is now in TN not sure if I got the offer because im a member living in TN, but manthe bonus is a bit lacking for 3,000 spend for $150 something not quite reachable at the moment for me until I finish my citi custom cash card. I would suspect anyone should be able to grab it that would be a good benefit for all of us you shouldn't have to bank to get it.
@@randydodson1570 You got 90 days, friend. That's like $1000 a month to figure out. At the same time, you wouldn't know how much of a credit limit they may impose on you which might make it a challenge to reach 3K. Good luck.
@Victor Vargas yeah thats real facts it will pay for itself quick even if i don't hit it so im not truly missing much if I do miss it.
What do you think about the Venture X with 10x points on hotels and car rental?
Since you quoted my comment(thx), I will add more. My current sytem has 1 BofA unlimited for non-category purchases (2.625%), 2 CFF + DiscoverIT for rotational 5%, and 5 BofA Cash Rewards (5.25%) + 2 CCC (5%) configured to be complementary to CFF&DIT, and overall the whole year, I managed to achieve an average 4.85% cashback. Absolutely $0 AF setup, and no points redemption hassle. Simplely cashback.
Wow. Just wow. That’s a lot of cards! (5 BofA cash?!) I admire your determination to the no AF high cash back way of life!!
Title is a bit click-baity - I don't like the X1 not getting 1 penny per dollar for actual cash back returns, nor do I want to rely on referrals for extra rewards. I use the AOD 3% Visa for true 3% cashback everywhere (no longer available, but there was a 2 year period from 2020 - early 2022 to get it). My wife and I do P1/P2 and each have Citi Custom Cash rewards - one is for gas, the other for fast food and restaurants. For groceries, USAlliance has a 6% (2k per month cap, works at all grocery stores including Wal-Mart, just NOT as Sam's Club & Costco) cashback card for all of 2023. Some things that you didn't cover here, or perhaps I didn't watch long enough - how do you pay property taxes or car insurance and get 5%? Also what about local shopping, i.e. stores that aren't on X1's "sponsored" list? I/we don't only shop online. I might want to stop at a mom&pop boutique and do some general spend. Not sure if you mention USBank Cash+ for utilites + Internet Streaming 5%, but that's what I use there. I thought I was the only one using dataseets, MINT, and other tools to track my spending and maximizing cash rewards to this degree. Also my wife insists on continuing to shop at Costco - while she uses AOD for 3% and we get 2% for the executive membership, it's still $120 annual fee and capped at $1k cashback. There is no 5% solution for car insurance, property taxes or Costco that I can work out. And I have a zillion cards.
Thank you Dave
Super informative! Love how you break it down and ease of listening. subscribed!
Thank you for this video. I'm currently learning how maximize points/cash back out of my credit cards and this video was extremely helpful.
Happy New Year Dave. Love the new card strategy but I am missing the X1 card. Really difficult card for me to get. Great to see you back and looking forward to more videos.
Dropping two comments. Thanks for your alternative opinion on the cashback world. Too many love to accumulate points but cash is king!
Totally agree
Dave, I think my setup is way better! I use BofA 4 cash reward card each at different category. One for gas, one for online, one for dining and one for travel. Yes you can have multiple of the same card. They cap at $2500 per quarter, but since you have 4, it's much harder for a single man like me to spend over those limits.
Do you find it annoying to use 5 different credit card companies? I had to dial back to the optimization a tiny bit but for me keeping it to two credit card companies was worth it
Not at all. Everything is set to autopay in full so I barely notice they’re different companies UNTIL it’s time to cash in the points. That is annoying, but I only do it once a year. Stay tuned for that video
It will take a little bit to set up, but you can automate most of this for yourself. Such as Uber, make sure you have the right card paired to your Uber app. Like Dave mentions he does not keep all of these in his wallet. Your normal spending like food or gas you would have that card in your wallet.
I’ve had the bofa cash rewards card for a while and I’ve never gotten above 3% back how do you get 5%?
Hey welcome back! I subscribed to your channel a while back after watching your every crypto cards video, which was cool
Hopefully the wealth save visa comes out. My strategy would be to have that 6% cash back on absolutely everything and Bilt for 1% on rent.
Also please check to see if the restaurants you’re going to count for the full 4.3% cash back on average for your Amex gold.
Surprise Surprise crypto cash back is dead. It's almost as if the old adage "if it's too good to be true it probably is" still holds true.
Agreed. I’ll show how much I spent and made on Crypto card in next video
@@HeythereDavehere but did you cash it out before it crashed?
Do you have any videos about how you manage your checking, savings, investments, retirement etc? Can’t find much out there about which specific platforms/banks people use.
Currently trying to do this inhuman amount of research as well but for reward debit cards. Fun for me, but more options come out of the woodwork every day.
Dave, what about all your other cards? Do you keep them alive with minimum spend or do you cancel them (which i imagine isn't great for your credit score)?
Thank you for putting this together, and thank you so much for doing all that insane extra work so we don't have to! I don't know if you read comments this far back, but a recommendation for 2024 would be to look at other, more typical categories like groceries. Most of us don't have the ability to travel or dine out a lot, groceries and gas tend to make up the book of expenses, and of course that Amazon!
Nice natural light background! I've received hotel points on reservations made through Amex travel. When confirming the booking, you can add your loyalty number, if still the hotel doesn't register it, at least with Hyatt I was able to simply log in, click on request points from past stays, added dates and name, and within a week the points and the stay were added to my account. It's also worth mentioning the Fine Hotels and Resorts Program included with the Platinum Card: $300 in hotel credits ($100 at property, $200 back in card), free breakfast for two (usually better than the breakfast you get with the hotel loyalty program), and room upgrades. In Hawaii, we booked a $600/night room and got upgraded to a $3,600/night one upon arrival... it was a once in a lifetime experience and 110% worth the annual fee. We stayed in a hotel we would've stayed in anyway, had a dream vacation, got half of the annual fee back in credits, and our experience and travel were enhanced beyond our wildest expectations... if you travel this card is so worth it.
This setup has an AF of 1084$. Assuming an average of 5% cash back you would have to spend at least 21,680$ to break even. To be fair, this analysis excludes any other discounts from SUBs and coupons that these cards might offer.
I am the first to say this setup isn’t for everyone. My calculation is completely based on spending I’d make anyway - even if the perks weren’t perks. My fees are more than covered by the incremental cash back % and/or perks I’d pay for anyway. I spend more than most people - it might be interesting if I made an optimized system like this for someone who spent less… like pick a random viewer who was willing to share all of their card spending for a year and find the best cards for them. It’s going to be different for everyone
Wow! So much detailed information in this video. I really appreciate that. Subscribed!
Amazon prime for students is free for the first six months.
I see Dave Hanson. I click and watch. No questions asked!
Great video, have you ever thought about releasing the spreadsheet you used for the analysis?
im in the process of doing exactly this and couldnt wait to click. A few thoughts
1.)custom cash card ...i, myself, use the 5% on restaurants, since that's a bigger spend for me than gas (I work from home)....so this card is ONLY for eating out
2.)citi flex - offers 5% off all flights booked through the app/website. I just bought tickets last night after pricing every other option and....it's the real deal and cheapest (for me).
3.)citi flex - rotating categories 5%...i keep track, on grocery quarter, i ALSO purchase ebay and amazon gift cards (5 percent). and 5% on paypal (etsy, and apple store online) quarterly
4.)Discover It - rotating catagories 5%...i keep track, on grocery quarter, i ALSO purchase ebay and amazon gift cards (5 percent)a nd 5% on paypal (etsy, and apple store online) quarterly
5.)Amex preferred blue - 6% on groceries (98 annual), up to 6000. I keep track and any unused, i buy Starbucks, EBAY and Amazon gift cards at 6%
So, I end up paying 5 percent on all groceries, all restaurants (fast and slow food), amazon, ebay, airline tickets, and, paypal (paypal savings are only 6 months/year....as it depends on the 2 rotating credit cards)
I pay 3 percent for gas (not much spent here)
6.)Paypal and WF card give 2% for ANYTHING...so this is car repairs, dentist, etc...
7.)Paypal card ALSO gives 3% for anything bought via paypal, SO...i buy apple products ONLINE, use paypal, but pick up items at the store....that is IF it's not Paypal quarter on Discover it and Flex (and I have two of these cards, so that a total of 6 months)...which means i have a 50% chance of 5% via Paypal (again, etsy, apple store, anything else online using paypal)....or 3% if it's not.
I keep an updated table in the notebook in my iphone that tells me which card to use when and that's how I know which cards to keep in my wallet.
i think you and are opposites on restaurant vs groceries. Clearly you spend more on restaurants and I spend more on grocery food that i prepare at home. Not surprisingly, we plan our credit cards accordingly.
Very interesting post. Thanks for putting this out there.
For once a month bills like heat, water, electricity, what credit card does he use? That is the question.
US Bank Cash+ lets you choose two 5% categories from their list and one 2% category, everything else 1%. Cash+ is the only card I know of that has Utilities 5% category. My two 5% categories are Utilities and Phone/Internet. I set up my bills to automatically charge Cash+, then my Cash+ is set up to debit my checking account. I keep my actual credit card in my safe deposit box now, saves space in wallet for my other 5% daily drivers (mainly groceries & gas). I'm surprised how underrated/overlooked this card is.
This is ok, but now put that energy into making MORE MONEY 🙂🙂🙂
For frequent traveler, which card is best ?
I made it to the end. Thank you for the info.
Great video Dave! You should also do a restaurant blog with all that eating out.
Another way to get 5x on everything is if you buy Visa gift cards with the Chase Ink Cash! More work involved but great payoff!
Hey there Dave!
Love this new guide. Still using the wells fargo propel card you recommended so long ago! Thanks for the update. Wish the x1 gave real cash back though at 1 to 1.
I made it to the end!
How did you get the house hold program to give the secondary user the 5% on the credit card?
How is Citi redemption? ie with Amex Blue Cash Everday, you can only redeem $25 certificates. So if you have $20 in rewards, you get nothing until you reach $25. Or if you have $30, you can only cash out $25. Any Citi users? My wife has a get $300 for spending $750 so I'm about to pull the trigger.
- citi will let you cash out your ty pts at 1 cent per pt in any increment
Yay, it’s Dave!!! I’m loving that lighting setup in the background!! 🎬👍
Thanks Lisa! It’s a permanent sunset at my house 🌅
@@HeythereDavehere A permanent sunset....sounds nice!
My head is now spinning! 😊
This is amazing TY. It makes sense. I'm trying to up my credit card game.
While the 4x in restaurants and supermarkets look great doesn’t the Cash Bank calculate to a much smaller amount than 1% of points upon cash redemption?
It depends on how you redeem the points. If you cash them out with Amex, they pay 0.6 cents per point. If you use them in Amex’s travel portal for airfare, it’s 1 cent a point. You can cash them out with Charles Schwab at 1.1cpp. The best is to transfer them to one of Amex’s travel partners where you’ll get 1.5-4cpp.
Always love watching your content
You can get an additional 1-3% back for paying off your credit card statements using a rewards debit card like Fold or Upgrade via PayPal bill pay. I also use this strategy to get cash back for paying my mortgage each month.
Is Paypal's bill pay feature capable of auto-paying my full credit card balance every month? I have a business account and haven’t looked into it but if not… That’s a dealbreaker!
@@HeythereDavehere No, it’s manual but only takes a few minutes each month and worth it given my monthly credit card spend and mortgage. Upgrade gives 1% back in USD. Fold gives up to 100% back in BTC but I average 1-3% back each month. The Coinbase card is a third option which gives 4% back in XLM at the moment.
How does this work for mortgage payment each month? Would love to know and use if could leverage cash back on mine
@@ddyoder Add your mortgage payee to PayPal’s bill pay feature and then use one of these debit cards to pay your mortgage using PayPal bill pay.
@@BarbellFinancial within PayPal app, is there an "upgrade" tab? or where do I setup a payee with my mortgage loan holder? Thanks for any add'l insight
I m looking for a crédit card who gives you the best X for clothes shopping (not online) what do you recommend me?
Thanks by advance!👍🏼
Hope you had a great Christmas and new year Dave! I was so excited for a new video about credit cards. Do you use your credit card to pay your income taxes?
Question for Dave: in your dining analysis chart at 6:33, when you were analyzing the Sapphire Preferred, what value did you assign to it's points?
Good question. In the chart shown on screen, I valued everything at the cash value. For the Sapphire Preferred, thats 3X points for dining worth 0.01 +10% annual bonus = 0.011 = 3.3%. I also reviewed and considered 0.011 +25% (travel/pay yourself back) = 0.01375 = 4.125% but excluded it from consideration because I was looking for a card to use for dining and I didn’t plan to use the card in categories that qualified for that bonus… WHICH, by the way, Chase removed from the card yesterday!! There is no more 25% bonus on the Preferred for Pay Yourself Back and the 50% bonus on Reserve was cut to 25%.
@@HeythereDavehere I assumed you had made this thorough analysis, but had to be sure. BUT - did you ever consider transferring UR points at maybe $0.02 / point to an airline for redemption instead- which could in perfect circumstances yield 6.6% from just using the card for dining? Or maybe there is something I am overlooking that makes that not a good option. Cheers
The 10% annual CSP bonus is on base points only, not on multiplier points, so the CSP dining return is 3.1x not 3.3x. But I still consider 3.1x UR better than AmEx Gold 4x MR because I value UR higher than MR, because my preferred way to redeem is high-value Hyatt transfers.
For example I’ve got Wailea Beach Villas booked in July at 4.3cpp. 4.3cpp x 3.1 UR/$ of restaurant spend = 13% back on restaurant spend using CSP.