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Old 11-13-2018, 01:00 PM
 
Location: USA
922 posts, read 1,022,421 times
Reputation: 1092

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Five years ago, I opened a Quicksilver card from Capital One, which gives me 1.5% cash back on every purchase.

Recently I learned of two new cards Capital One came out with earlier this year. Here's a breakdown:

Capital One Savor:

- 4% cash back on dining
- 4% cash back on entertainment
- 2% cash back on groceries
- 1% cash back on all else
- $500 sign-up bonus if you spend $3,000 within the first 3 months
- $95 annual fee, though the first year's fee is waived

Capital One SavorOne:

- 3% cash back on dining
- 3% cash back on entertainment
- 2% cash back on groceries
- 1% cash back on all else
- $150 sign-up bonus if you spend $500 within first 3 months
- No annual fee

I thought that maybe I could "upgrade" from the Quicksilver to one of the above, but it doesn't work that way. I would have to close the Quicksilver if I didn't want separate accounts, and I refuse to do that.

I ended up going with the SavorOne, which I was approved for on Friday. Here's why:

- I really hate annual fees.
- I'm not certain I'd spend $3,000 in the first 3 months. I would probably be close, though.
- The sign-up bonus for the SavorOne is pretty easy to get.
- I read online that I would have to spend more than $9,500 a year for the Savor to begin to benefit me more than the SavorOne. I'm not sure I would spend that much in a given year. (If we traveled a couple of times, maybe, but we're not sure if/when we will.) If I were to spend $15,000, I would only be getting $55 more with the Savor. Doesn't seem worth it.

I plan to add my wife to the card so we can get as many points as we can. I figure I can still use the Quicksilver (1.5% cash back) for all things non-dining, non-entertainment, and non-groceries, since the SavorOne gives me only 1% back for those.

It's too bad I won't be getting 4% back for dining and entertainment, but considering I'm not a heavy spender, I think the annual fee would make that card a poor choice.

Do you think I made the right decision?

Thanks in advance for reading.
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Old 11-13-2018, 01:42 PM
 
Location: NJ
23,958 posts, read 30,093,361 times
Reputation: 15900
ultimately it would come down to how much you spend on those "bonus" categories vs non-bonus categories only earning 1%. nobody knows your spend so nobody can say for sure.

there are two 2% cash back cards that i am aware of, fidelity visa and citi double cash. i would say that the vast majority of people would get the best return by getting one of those cards.

a single card where i get bonus points for certain categories wouldnt work for me. i spend too much on non-bonus stuff to make it work. but i do a combo with the chase freedom unlimited/sapphire reserve and chase ink to maximize ultimate rewards points. its a little more complicated than the 2% cash back card but i think i get a little better return out of it.
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Old 11-13-2018, 01:56 PM
 
Location: USA
936 posts, read 363,995 times
Reputation: 2444
Seems like a lot to manage but probably not that different than what we do which is, select cards with 60,000 mile frequent flyer bonuses, earn the bonus and then, cancel the card prior to the one year anniversary. Typically, I can earn 200,000 miles a year as I rotate between myself, my wife and the airlines.

My wife is from Brazil - we've haven't paid for her to travel there in years except for an emergency trip last month. Even then, we used miles for her to go down and then a combination of miles with the purchase of a few miles to get her back home. She did get to travel in business class and first class on the return so it was worth it in that one instance!
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Old 11-13-2018, 02:12 PM
 
Location: USA
922 posts, read 1,022,421 times
Reputation: 1092
Quote:
Originally Posted by CaptainNJ View Post

there are two 2% cash back cards that i am aware of, fidelity visa and citi double cash. i would say that the vast majority of people would get the best return by getting one of those cards.
I wish Citi Double Cash had come out before I got the Quicksilver in 2013. The Citi card is clearly superior.

I considered getting the Double Cash card rather than SavorOne, but if I had gotten the former, there'd be no need for my Quicksilver card. I'd probably never use it. And canceling a 1.5% cash back card for a 2% cash back card doesn't seem worth it.

At least with the SavorOne I'll be getting 3% on dining and entertainment. Made sense to get it since my wife and I like to eat out and go to the movies quite a lot. Plus, we do groceries every week.
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Old 11-13-2018, 07:48 PM
 
11,795 posts, read 21,373,538 times
Reputation: 11486
Open the Savor, put a big chunk down on utility bills, prepay insurance, if you're a little short PayPal your wife the remaining needed and eat the 3% fee.

Both you and your wife can double dip and make $1,000 if you have the cash flow, if not you can just PayPal each other and make $700 within a day of receiving the card. Pay it off and close it, rinse and repeat.

Look at bank deposit bonuses too. I made $2k in one month doing those.

I love making money from the banks.
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Old 11-15-2018, 06:52 AM
 
Location: The South
5,146 posts, read 3,591,278 times
Reputation: 7730
Quote:
Originally Posted by Wordsmith12 View Post
Five years ago, I opened a Quicksilver card from Capital One, which gives me 1.5% cash back on every purchase.

Recently I learned of two new cards Capital One came out with earlier this year. Here's a breakdown:

Capital One Savor:

- 4% cash back on dining
- 4% cash back on entertainment
- 2% cash back on groceries
- 1% cash back on all else
- $500 sign-up bonus if you spend $3,000 within the first 3 months
- $95 annual fee, though the first year's fee is waived

Capital One SavorOne:

- 3% cash back on dining
- 3% cash back on entertainment
- 2% cash back on groceries
- 1% cash back on all else
- $150 sign-up bonus if you spend $500 within first 3 months
- No annual fee

I thought that maybe I could "upgrade" from the Quicksilver to one of the above, but it doesn't work that way. I would have to close the Quicksilver if I didn't want separate accounts, and I refuse to do that.

I ended up going with the SavorOne, which I was approved for on Friday. Here's why:

- I really hate annual fees.
- I'm not certain I'd spend $3,000 in the first 3 months. I would probably be close, though.
- The sign-up bonus for the SavorOne is pretty easy to get.
- I read online that I would have to spend more than $9,500 a year for the Savor to begin to benefit me more than the SavorOne. I'm not sure I would spend that much in a given year. (If we traveled a couple of times, maybe, but we're not sure if/when we will.) If I were to spend $15,000, I would only be getting $55 more with the Savor. Doesn't seem worth it.

I plan to add my wife to the card so we can get as many points as we can. I figure I can still use the Quicksilver (1.5% cash back) for all things non-dining, non-entertainment, and non-groceries, since the SavorOne gives me only 1% back for those.

It's too bad I won't be getting 4% back for dining and entertainment, but considering I'm not a heavy spender, I think the annual fee would make that card a poor choice.

Do you think I made the right decision?

Thanks in advance for reading.
I use the Fidelity Visa. 2% back on everything and the cash back is automatically deposited in my account when it exceeds $50.
I like simple.
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Old 11-15-2018, 07:56 AM
 
1,598 posts, read 522,923 times
Reputation: 3393
Open the first one, spend $3,000 in the first few months, and close it within the first year, then switch to the second. I wouldn't think paying the fee is worth it.

You need to spend $9,500/year on dining, entertainment and groceries alone before you break even on the annual fee with the Savor.
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Old 11-15-2018, 10:38 PM
 
Location: Eagan, MN
645 posts, read 297,402 times
Reputation: 847
My Goto cards are as follows. No annual fee on anything.

Sam's club Master card
5% back on gas
3% back on travel and restaurants.
1% back on everything else
No foreign transaction fee, great for traveling.

Fidelity Visa Card
2% back on everything

Amazon Visa Card
5% back on Amazon purchases
Upload it to your account and forget about it.

US Bank Cash Plus Visa
This quarter is 5% back on home utilities.
I have a lot of properties and lots of utility bills.
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Old 11-16-2018, 09:31 AM
 
13,709 posts, read 7,271,001 times
Reputation: 25080
I use a Citi DoubleCash card as my primary card. 2% cash back.


I use a CapitalOne 1 1/2% cash back card for international travel since it has no foreign transaction fees.


I game Airline cards to get the 50,000 mile bonus and the free first year and then close them down before I have to pay the stiff annual fee. I got my 50,000 United miles with a Chase card a year ago and recently shut down that card. I just had 50,000 American miles land in my FT program from a Citi AAdvantage card. I'll shut that one down eventually.


If I had true credit card rewards OCD, I'd have a couple of the cards that give you bonus cash-back for things like restaurant, gasoline, etc purchases.
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Old 11-16-2018, 11:46 AM
 
18,717 posts, read 13,492,794 times
Reputation: 14107
I just got the chase southwest business card that has a 60k point signup bonus and will get the personal card next month that has 40k sub. I will hit both sub in January and be just short of the Southwest companion pass that would be good for nearly two years
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