Why would anyone in todays society pay full price for anything? Why would anyone sign up for a credit card with out a 1% cash back bonus? Why would anyone carry only one credit card in our world today? How many cards do you own? Why do you need to have more than one? The simple answer is REWARDS. Last night I decided I wanted to cash in my rewards for the first time in quite awhile. I logged into my Discover account and found that cashing out my cash back rewards was really simple. I simply logged in went to live chat support told them I wanted to withdraw and then the withdraw occurred and will arrive in my BOA account in 3 business days. Really easy and really satisfied with how easy it was. I then proceeded to log into my Capital One account and noticed I could transfer cash back rewards from one card to another card so I did that and put all my rewards onto my Quicksilver card. I then proceeded to find a way to cash out my rewards and saw that the only option I had to receive my money was through a check which will arrive in 2-3 weeks. I wasn’t really that impressed with what Capital One offered since I expected the money to arrive in my checking account just like Discover. After that I logged into my AMEX account and had a harder time finding a way to cash out. I could clearly see my reward dollars in front of me, but needed to connect to live online chat support. I shortly found out that Amex forces you to credit the rewards back to your account. Which is a bunch of bullshit. I was under the impression that I would at least receive a check in the mail. It is my money so I should be able to do what I want with the money instead of being forced to redeem it on their stupid store or for credit. So I lost a lot of respect for American Express.
My American Express Blue Cash Everyday card is easily one of the best cards on the market for someone not willing to pay an annual fee. American Express has done two things recently that need to be fixed though. While they may offer the best rewards card on the market they need to fix their online platform. They spend a lot of time revamping it all the time but they don’t show you your transactions for cash back earned and now they don’t even allow you to request a check for your own money apparently. This card is strictly used for groceries though because it offers me 3% cash back on groceries. 2% back at gas stations and department stores and 1% back on everything else. But you only use this card for groceries that is the only purpose of this card.
My Discover IT card is a solid card to have in your portfolio of credit cards because it offers 5% back on revolving categories. While I will admit most of the 5% categories can be a bit stupid and pointless the card shines during the holiday season which is right now while I am writing this. You receive 5% back on all online purchases and at department stores. Their online platform is beautiful and extremely crisp. Discover easily has the most proficient and user friendly platform. And I was able to actually have MY money put into my bank account instead of being forced to credit to my credit card.
Capital One Quicksilver card is a tank. Everyone knows that getting a Capital One card is extremely easy to do. I was transferred onto the new Quicksilver card when they cancelled my old card to phase in the Quicksilvers. This is easily my favorite card even though it doesn’t offer the same value as my AMEX. Whats great about this card is it offers you a 1.5% cash back bonus on EVERY purchase. That is pretty significant. 1.5% may not seem like a lot but it adds up fast if you use credit cards daily. The only card that competes with this card is the Citi Double Cash card which is brand new. Im holding off on applying for that card, but you will need a higher credit score to apply for this one if you have a low credit score. The Quicksilver should be instant approval for most people.
Credit Card companies are fighting for millennials to sign up with them because our generation is the least educated when it comes to credit and credit scores. We are basically free walking money for these banks to walk all over and gather interest on us. So you need to make sure you receive at least 1% cash back on all purchases and pay off your card in full every month to receive maximum value. A card without incentive in todays society is useless. It is smart to carry multiple cards around because every card holds a certain value for you. Whether it be for groceries, gas, online shopping, movies, or just a regular purchase it’s smart to have a weapon for every round.
The best all around rewards card I currently own is my Capital One Quicksilver card, followed by AMEX Blue Cash Everyday, and then Discover IT. This does not include the new Citi Bank Double Cash Card though. Which probably will replace the Quicksilver for best rewards card, but I don’t need another card right now.
Capital One Quicksilver……………………………. 9.5 out of 10
American Express Blue Cash Every Day…….8.0 out of 10
Discover IT……………………………………………..7.5 out of 10
My next objective is to deposit the money I earned into my Betterment Investment account and start putting the money to work.