Credit Cards — Page 14 — My Money Blog

Our Family Travel Award Redemptions 2019

Posted on July 11, 2019 // 2 Comments

I’m not a Instagram travel blogger and I’ll never visit every country in the world, but I do earn enough points from navigating the top credit card offers to fund a big chunk of our annual travel each year. We are a family of five including a toddler, so we redeem for domestic economy class tickets to see grandparents instead of business class seats to an over-water Maldives bungalow. We also travel in peak times due to school schedules, so it’s harder to hunt for high value opportunities. I used to worry about this, but now we just earn ’em and burn ’em.

We are heading to Kauai later this month, which included these redemptions:

Economy flights to Hawaii – 15,000 to 40,000 American miles roundtrip each
The actual redemption amount will vary based on dates and times. The interisland flights are 7,500 miles each way (both AA/Hawaiian), and Mainland US to Hawaii are 20,000 miles each way.

You can earn American Airlines miles from multiple credit cards, as there are versions from both Citi and Barclaycard. Sometimes one offer is much better than the other, right now both are solid. Marriott/SPG points also transfer over to American miles. The cards will also let us get free checked bags and priority boarding, saving us more money.

Grand Hyatt Kauai – 25,000 Hyatt points per night
I’m excited to visit what is consistently rated the best resort in Kauai for the first time. You can earn Hyatt points from multiple credit cards as well. There is the Chase World of Hyatt card, and Ultimate Rewards also transfer over on a 1:1 basis instantly to Hyatt. That means the Chase Sapphire Preferred, Sapphire Reserve, Freedom, and Freedom Unlimited all earn points that can lead to a nice resort in Hawaii. (I also got a ton of points from the Ink Business Preferred for small businesses.)

Transferring some Chase points over let me top off the account to reach exactly the number of points needed. Redeeming with Hyatt points also includes all taxes and let me avoid the daily $35/resort fee. Here’s a screenshot showing that the total cash cost for our stay would have been $701 per night (2.8 cents per Hyatt point) after adding in the resort fee:

(I’m also getting 10% of my redeemed points back from this promo, so in the end I’ll be getting more than 3 cents per Hyatt point.)

For the holidays, we are heading to visit family in Austin, Texas:

Economy flights to Austin – 20,000 British Airlines Avios roundtrip each
The flights are actually on American as well, just using Avios. While far from my best Avios redemption, it worked out as British Airways allows you to “household” an account. We had a previous trip so a lot of miles were spread across the kids’ accounts, and this feature lets us pool the points and use them all up. For example, what if you had 18,000 points in five different accounts and the award you wanted was 100,000 points? Avios lets you pool them together, and you could transfer over some American Express Membership Rewards or Chase Ultimate Rewards points to top things off.

Besides past flights, our main source of Avios points was the Chase British Airways card.

SpringHill Suites Austin – 14,000 Marriott points per night
No free scuba lessons or water slides here. This is just a nice suite hotel so that we can fit all five of us in comfort. There is a solid free buffet breakfast, and it’s close to family (and a Rudy’s BBQ).

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Marriott also has credit cards from both Chase and American Express that can provide lots of points-earning opportunities.

Both my wife and I apply for a few new cards each year, but we don’t go past that much anymore. Our basic idea is to try out one card at a time. Sometimes the perks are pleasantly much better than expected, and other times they are harder to use than expected.

Filed Under: Credit Cards, Deals & Offers, Travel //

Last updated: May 30, 2020

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Which Airline Miles Are Easiest To Redeem For Economy Awards? 2019

Posted on June 30, 2019 // 2 Comments

Cashing in your frequent flier miles for a free flight can be hit or miss, especially around a holiday. Which airlines are the most generous with making seats available? Each year, consulting firm IdeaWorks tries to run a fair comparison of all the major airlines to keep them honest. This WSJ article (paywall?) discusses their process:

In March, IdeaWorks searched for two award seats together on various travel dates between June and October on each airline’s busiest routes. Seats have to be available at the airline’s lowest everyday price—typically 25,000 miles round trip for a domestic coach ticket. The company made nearly 4,000 queries.

Below are the rankings of the 6 major US airlines. It is important to remember that this ranking focuses on domestic economy tickets only (no business class or international flights). The article does also rank international airlines on availability from a related metric.

For 2019, the most improved airline is United Airlines, while the worst decline goes to Delta. Not surprisingly, United claims this was totally on purpose because that’s what customers want and they are all about that… Meanwhile Delta suggested that the change was simply a result of more demand because their program is so popular. Shrug.

If you fly a lot on United, you can get significantly expanded award availability with the Chase United Explorer card. Add in the free checked bag for you and a companion, and the perks can easily offset the annual fee.

Southwest and JetBlue remain on top at close to 100% availability, but that is a bit misleading since both of their points are revenue-linked with no blackout dates. For example, 25,000 Southwest points will buy you basically any “Wanna Get Away” ticket that costs up to about $375. So the results are really just saying that Southwest’s busiest routes almost always have a flight that costs under ~$375. JetBlue is only 98% because some of their flights are just over the price threshold. I wonder if they included flights to Hawaii, now that Southwest flies there?

I have come to appreciate the simplicity of Southwest’s structure, especially now that I primarily shop for multiple economy tickets. For example, you can reliably value their credit card bonuses of 40,000 points = $600 in Wanna Get Away airfare, and 80,000 points = $1,200 of Wanna Get Away airfare. I can buy five seats on the same flight, no problem. Others prefer the traditional, more complex structure because it offered the skilled person the chance to get outsized value, like a $3,000 ticket for 50,000 points.

Airlines make a huge percentage of their revenue from selling these airline miles, which they create out of thin air both for actual flying and specifically for credit card users. This also means they have an incentive to create “miles inflation” such that each mile is worth less and less over time. I like this annual WSJ survey because it shows that someone is paying attention and calling them out publicly, at least on seat availability.

Filed Under: Credit Cards, Deals & Offers, Frugal Living //

Last updated: June 30, 2019

World of Hyatt Credit Card Review: 60,000 Bonus Points

Posted on June 17, 2019 // 4 Comments

The World of Hyatt credit card is a Hyatt consumer credit card issued by Chase that offers several perks for those that enjoy Hyatt hotels. There is a current sign-up bonus of up to 65,000 Hyatt points. Here are the highlights:

30,000 Bonus Hyatt Points after you spend $3,000 on purchases in your first 3 months from account opening. Plus, up to 30,000 More Bonus Points by earning 2 Bonus Points total per $1 spent in the first 6 months from account opening on purchases that normally earn 1 Bonus Point, on up to $15,000 spent.
Enjoy complimentary World of Hyatt Discoverist status for as long as your account is open.
1 Free Night award each year after your Cardmember anniversary at any Category 1-4 Hyatt hotel or resort.
1 Additional Free Night award at any Category 1-4 Hyatt hotel or resort if you spend $15,000 during your cardmember anniversary year.
Receive 5 tier qualifying night credits towards status after account opening, and each year after that for as long as your account is open.
Earn 2 qualifying night credits towards your next tier status every time you spend $5,000 on your card.
Earn up to 9 points total for Hyatt stays – 4 Bonus Points per $1 spent at Hyatt hotels & 5 Base Points per $1 from Hyatt as a World of Hyatt member
Earn 2 Bonus Points per $1 spent at restaurants, on airline tickets purchased directly from the airlines, on local transit and commuting and on fitness club and gym memberships
$95 annual fee.

If you’ve gotten a bonus from any Hyatt Card within the last 2 years, please note the following:

The product is not available to either (i) current Cardmembers of any Hyatt Credit Card, or (ii) previous Cardmembers of any Hyatt Credit Card who received a new Cardmember bonus within the last 24 months.

If you have the old Chase Hyatt card, you can call them up and ask for upgrade options.

The 5/24 rule applies to this card. On many Chase cards, there is an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 2 years (aka the 5/24 rule). This rule is designed to discourage folks that apply for high numbers of sign-up bonuses. This is applied on a per-person basis, so in our household one applies to Chase while the other applies at other card issuers. The 5/24 rule is now believed to apply to this card.

What can you get with 50,000 Hyatt points? Here are all the Hyatt redemption options, but the most popular options are for free hotel nights, points+cash hotel combinations, or room upgrades. Hyatt allows you the flexibility of combining your points with any other World of Hyatt member to redeem an award.

After the recent Marriott/Starwood merger, I believe that Hyatt points are now the most valuable hotel points on a per-point basis. In general, I would rather convert my Chase Ultimate Rewards points into Hyatt points than any other hotel program.

Below is their points award chart, and here is their award search tool. Free rooms start at 5,000 points. A suite upgrade is 6,000 points.

For example, 50,000 points can get you two free nights at the Category 6 properties like the Hyatt Regency Maui or Grand Hyatt Kauai (25,000 pts/night). You also avoid the resort fees of up to $45 per night with an award redemption. Alternatively, 50,000 points would get you 4 nights at a Category 3 like the Hyatt Regency Grand Cypress in Orlando (12,000 pts/night) with some points left over. Finally, you could get 10 nights at 5,000 points per Category 1 night like the Hyatt Place Austin/Round Rock.

If you compare with the cash cost of these hotels, the number varies you are nearly always getting between 1 cent and 2 cents per point value, sometimes more. We are staying at the Grand Hyatt Kauai this summer on Hyatt points from this card, where the cash value is $701 per night when you include all taxes and the $35/night resort fee. That works out to 2.8 cents per Hyatt point.

Annual fee and free anniversary night. This card does have a $95 annual fee, but in exchange you get a Free Night Certificate good at any Category 1-4 hotel or resort. I can easily get $95 of value out of this certificate, so this card is a keeper card for me. Your travel situation may be different.

You can also earn an additional free night at any Category 1-4 Hyatt hotel if you spend $15,000 during your cardmember anniversary year. I had to spend $6,000 to reach the sign-up bonus the first year, so I went ahead and reached this hurdle to reach a total of 2 free Cat 1-4 nights + 50,000 points after the first year. I probably won’t go for it in future years, though.

Hyatt points expire after 24 months of inactivity, but earning points via this credit card counts as activity. Chase Ultimate Rewards points also convert to Hyatt points and the transfer counts as activity.

Ongoing rewards structure. I might book my Hyatt nights on this card, but the rest of the rewards aren’t terribly exciting to me.

9 points total per $1 spent at Hyatt – 4 Bonus Points per $1 when you use your card at Hyatt hotels & 5 Base Points per $1 you can earn as a World of Hyatt member.
2 points per $1 spent at restaurants, on airlines tickets purchased directly from the airlines, on local transit and commuting and on fitness club and gym memberships.
1 point per $1 spent on all other card purchasesoffer details reference link*

The free Discoverist status from this card gets you a free bottle of water daily, a free upgrade to premium WiFi internet, dedicated check-in area, and a 2pm late checkout upon request at participating locations. You are also eligible for a minor room upgrade within your type booked.

Bottom line. The World of Hyatt credit card is the new co-branded Hyatt credit card. As with most of these types of card, the best value is obtained by folks like like to stay at Hyatt properties. World of Hyatt is my favorite hotel rewards program, and thus my favorite hotel point to earn.

Also see: Top 10 Best Credit Card Bonus Offers.

Filed Under: Credit Cards, Deals & Offers //

Last updated: March 24, 2025

Barclaycard Arrival Plus World Elite Review: $700 Towards Any Travel + Annual Fee Waived First Year

Posted on June 1, 2019 // 8 Comments

This offer has expired.

The Barclaycard Arrival Plus World Elite MasterCard® is a travel rewards card that has just increased their sign-up bonus to 70,000 points (worth $700 towards any travel), and the annual fee is also waived for the first year ($89 annual fee after that). This is the highest total incentive ever for this card. Here are the highlights:

Enjoy 70,000 bonus miles after spending $5,000 on purchases in the first 90 days.
Earn unlimited 2X miles on every purchase
NEW – Control Your Card – Instantly secure your accounts by locking your cards with Barclays SecurHold™, plus set transaction limits and block certain purchase categories for you or your authorized users. Available only on the Barclays mobile app.
Book travel your way—no airline, seat or hotel restrictions—and redeem your miles for travel statement credits
Get 5% miles back to use toward your next redemption, every time you redeem
No foreign transaction fees
International Chip and PIN for use at self-service chip terminals around the world
Miles don’t expire as long as your account is open, active and in good standing
Annual fee waived for the first year ($89 annual fee after that).

Rewards program details. With this card, you earn 2 miles per $1 spent on all purchases. There are no special categories. These miles (easier to think of them as points, really) are then redeemable towards travel booked from any merchant or retailer classified as Airlines, Travel Agencies & Tour Operators, Hotels, Motels & Resorts, Cruise Lines, Passenger Railways and Car Rental Agencies. You can redeem towards any airline on any date.

To redeem, visit any booking site (Delta.com, AA.com, Southwest.com, Expedia.com, Travelocity.com, Hilton.com, Hotels.com, etc) and buy a ticket with this credit card. You don’t need to use any specific portal. Let’s say you buy an airplane ticket for $250. Then, you visit your Barclaycard account website and you’ll offset your purchase. You’ll redeem 25,000 “miles” and see a $250 statement credit on your statement. I’ve done this multiple times, and it always went smoothly with no issues.

Travel statement credit redemptions start at 10,000 miles for $100 toward a qualifying travel purchase of $100 or more made within the last 120 days. For example, you could use 10,000 points for a $100 credit towards a $200 plane ticket, if you wished.

On top of that, the card gives you a 5% miles rebate when you redeem for any travel. So if you redeemed 50,000 miles, you would get 2,500 back in your account after about a week. Although this is more complicated than just spending less points, you can calculate that getting $500 of value out of 47,500 miles at 2X miles/$ spent works out to 2.11% cash back towards any travel. Everything else (gift cards, merchandise) offers a significantly worse redemption ratio, so I wouldn’t bother.

During the first year, the $89 annual fee is waived. However, in future years it comes back. So I would take the first year and see how you like it. You would have to put over $80,000 in purchases on this card annually in order to get the 0.11% advantage to offset the $89 annual fee (after the 1st-year waiver) when compared to a 2% cash back card. That’s a big number.

Another option is that you are allowed to use 8,900 miles to offset the $89 annual fee. (Minimum increment is 2,500 points for $25 against annual fee.) Finally, you can also ask them to downgrade your card into the “plain” Arrival card with no annual fee (and no 2X miles).

Bottom line. The Barclaycard Arrival Plus World Elite MasterCard is a travel rewards card that earns double miles on all purchases (even more with the 5% rebate). The sign-up bonus has been raised to 70,000 points – worth $700 in travel statement credits – the highest ever for this card. The $89 annual fee is waived for the first year, but applies in subsequent years. This is a very strong offer as there is a $700 net value over the first year.

Applying for this card can cover a huge chunk of your annual vacation travel budget. I have added this offer to my list of Top 10 Best Credit Card Bonus Offers.

Filed Under: Credit Cards, Deals & Offers //

Last updated: June 7, 2019

Chase Freedom Card Review: 5% Cash Back on Quarterly Categories + $150 Sign Up Bonus

Posted on June 1, 2019 // 24 Comments

The Chase Freedom Card is a popular cash back rewards credit card. What makes it unique is the combination having no annual fee and the ability to get 5% Cash Back on up to $1,500 in combined purchases in bonus categories each quarter. Here are the highlights:

Learn more about this card HERE

$150 cash bonus after $500 in purchases within your first 3 months.
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate.
New 5% categories every 3 months like Gas Stations, Restaurants, and Select Grocery Stores
Unlimited 1% cash back on all other purchases.
Cash Back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back.
0% Intro APR for 15 months from account opening on purchases and balance transfers. 3% intro balance transfer fee when you transfer a balance during the first 60 days your account is open, with a minimum of $5.
Free credit score, updated weekly with Credit Journey^SM
No annual fee.

Note the following text regarding the sign-up bonus eligibility:

This product is available to you if you do not have this card and have not received a new cardmember bonus for this card in the past 24 months.

2020 5% Cash Back Category Calendar

From July 1st through September 30th, 2020 you can earn 5% cash back on up to $1,500 spent in the following categories:

Amazon.com
Whole Foods Market

Activate each quarter at ChaseBonus.com, via your online account page, or call the number on the back of the card. The categories usually include at least one big-spending area, and seem to go with the seasons (home improvement for spring, gas and travel for the summer). This is another “keeper” card for me, as I can keep it around and use it when the bonus categories fit my spending needs.

If you’d rather have “set it and forget it” rewards, compare with the Chase Freedom Unlimited Card, which offers a flat 1.5% cash back on everything (no special 5% categories) and no annual fee.

Synergy with Chase Sapphire Preferred and Chase Sapphire Reserve. Technically, you earn Ultimate Rewards points which can also be converted to airline miles or hotel points instead of cash if you have a Chase Sapphire Preferred or Chase Sapphire Reserve card.

This turns the 5% cash back categories into 5X Ultimate Rewards categories. That’s like earning 5 United miles per dollar spent, or 5 Hyatt points per dollar spent. With the Sapphire Reserve, 5X Ultimate Rewards = 7.5% back towards travel (flights, hotels) booked through the Chase travel portal.

Bottom line. The Chase Freedom Card is a unique cash back rewards card that lets you earn 5% cash back on select categories each quarter. It’s a little extra work to keep track of things, but it allows me to earn hundreds of dollars in extra cash each year without buying extra stuff I don’t need.

Learn more about this card HERE

Filed Under: Credit Cards, Deals & Offers, General //

Last updated: June 25, 2020

Capital One Savor Cash Rewards Credit Card Review – $200 Bonus + 3% Cash Back at Restaurants and Grocery Stores (no Walmart/Target)

Posted on May 17, 2019 // 17 Comments

Capital One has refreshed their Capital One Savor Cash Rewards Credit Card with a sign-up bonus, no annual fee, and unlimited 3% cash back at both restaurants and grocery stores (no Walmart/Target Superstores). Here are the highlights:

One-time $200 cash bonus once you spend $500 on purchases within the first 3 months from account opening
3% cash back at grocery stores (excluding superstores like Walmart® and Target®). No spending cap.
3% cash back on dining, entertainment and popular streaming services.
1% cash back on all other purchases.
8% cash back on Capital One Entertainment purchases.
5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply.
No rotating categories or sign-ups needed to earn cash rewards; plus cash back won’t expire for the life of the account and there’s no limit to how much you can earn.
0% intro APR on purchases and balance transfers for 15 months; 19.24% - 29.24% (Variable) after that; balance transfer fee applies.
No foreign transaction fees.
No annual fee.

The application page provides some direct clarifications on the rewards structure.

What counts as dining?
Purchases at restaurants, cafes, bars, lounges, fast-food chains and bakeries.

What counts as entertainment?
Buying tickets to a movie, play, concert, sporting event, tourist attraction, theme park, aquarium, zoo, dance club, pool hall or bowling alley. Also, making purchases at record store and video rental locations. This excludes non-industry entertainment merchant codes like cable, digital streaming, and subscription services.

What counts as a grocery store?
A supermarket, meat locker, freezer, dairy product store and specialty market. Excludes superstores like Walmart® and Target®.

The rewards on this card are nice and simple. You earn cash, which can be redeemed as a statement credit or a mailed check. There are other options, but none are especially interesting or more valuable than cash.

Bottom line. The Capital One Savor Cash Rewards Credit Card has a $200 sign-up bonus, no annual fee, and unlimited 3% cash back at both restaurants and grocery stores (no Walmart/Target Superstores).

Also see: Top 10 Best Credit Card Bonus Offers.

Filed Under: Credit Cards, Deals & Offers, General //

Last updated: January 2, 2025

The Personal Finance Index Card: Book Version Differences

Posted on April 22, 2019 // 7 Comments

After rediscovering the young adult versions of fitting personal finance advice on an index card, I decided to go back and read the book The Index Card: Why Personal Finance Doesn’t Have to Be Complicated by Helaine Olen and Harold Pollack. (I was able to find it via library eBook.)

I noticed that the book version of the “index card” was slightly different. The original card had 9 items, but two of them were merged away into each other (401k/IRAs) and (Pay Attention to Fees/Buy Index Funds). I bolded the new additions below. (You can see all chapters on the Amazon page.)

Strive to Save 10 to 20 Percent of Your Income
Pay Your Credit Card Balance in Full Every Month
Max Out Your 401(k) and Other Tax-Advantaged Savings Accounts
Never Buy or Sell Individual Stocks
Buy Inexpensive, Well-Diversified Indexed Mutual Funds and ETFs
Make Your Financial Advisor Commit To a Fiduciary Standard
Buy a Home When You Are Financially Ready
Insurance – Make Sure You’re Protected
Do What You Can To Support the Social Safety Net
Remember The Index Card

Here again is the original:

Here are my notes on the newly-addressed topics of home-buying and insurance.

Home-buying. This will always be a hard topic because it mixes in emotion, personal history, peer pressure, and all that fuzzy stuff. If you want to own a home, you need to make sure the purchase won’t blow up your overall financial picture. Nothing really surprising, but still good advice.

Get your debt under control first.
Save up as close to a 20% down payment as you can.
Stick with a 15 or 30 year fixed-rate mortgage.
Prioritize what you really want and need in a home. Stay within your budget.
Location, location, location.

Insurance. There are low-probability events that can destroy decades of hard work, and that’s why humans invented insurance to spread the risk. Here are their cut-to-the-chase bullet points:

Emergency fund – Maintain one!
Life insurance – If you’re young(ish), just buy 30-year level term insurance.
Property insurance – Raise your deductible as high as you can handle.
Health insurance – Always sure you stay in-network.
Liability insurance – Coverage for at least twice your net worth.

I’m glad that this book still retained its “quick-and-dirty” nature. No single rule will cover every scenario, but it’s good to have a clear and concise collection of the big points along with just enough explanation that you understand the basic reasoning behind it.

Filed Under: Book Reviews, Budgeting, Credit Cards, Insurance, Investing, Real Estate, Retirement //

Last updated: April 25, 2019

ABOC Platinum Rewards Credit Card Review – 5X Rewards on Rotating Categories

Posted on February 7, 2019 // 2 Comments

Update: It appears that this credit card is no longer taking any new applications.

Thank you for your interest in an ABOC Platinum Rewards Card! We have temporarily stopped taking applications while we work on an exciting new set of benefits and features. Stay tuned!

The ABOC Platinum Rewards Credit Card just got revamped to include 5X rewards on rotating categories each quarter. This card is a Mastercard issued by the Amalgamated Bank of Chicago (ABoC), a 100+ year-old commercial bank. Right now, it is offering a $150 sign-up bonus to new cardholders (see requirements below). There are a few quirks, so read on for the details.

$150 statement credit after making $1,200 in purchases within the first 90 days of account opening. Your account must be open and in good standing to get the bonus.
Earn 5x rewards on up to $1500 in combined purchases each quarter in popular categories such as dining, groceries, travel, and automotive.
0% intro APR on purchases for 12 months. After that, your APR will vary with the market based on the Prime Rate.
Late payments will not result in a higher interest rate.
No annual fee.

2020 ABoC Platinum Rewards Calendar

Earn 5x rewards on up to $1500 in combined purchases each quarter. From January 1st through March 31st, 2021 you can earn 5x rewards on up to $1500 in combined purchases this quarter in the following categories:

Groceries
Fitness clubs
Hospitals, vision services, pharmacies
See full list of eligible MCC codes on their site.

You must first register each quarter at ABOCRewards.com or in your online account before you can start earning the 5X rewards.

Points redemption. You’ll note that it says 5X rewards, not 5% cash back. That is because you technically earn points, and the points can be transferred to travel, cash (in the form of a statement credit), gift cards, and merchandise at different ratios.

The best redemption rate is redeeming towards their travel portal at 1 point = $0.01 in value. There are limited details about this on their website. The key question is whether an airfare ticket or hotel night costs the same on the ABOC travel portal as on Expedia, Travelocity, etc. The cash back option is 1 point = $0.0075, which would turn the 5X rewards into 3.75% straight cash back in the form of a statement credit. The gift card redemption value is in between cash and travel credit, and may be worthwhile if its a merchant you shop at anyway.

Similar cards. I will be adding this card to my list of 5% back cards with rotating categories, including:

I would personally get the Chase Freedom and Discover it ahead of this card, if only because they offer a straight 5% cash back on their rotating categories without having to go through a travel portal. However, if you already have those cards, this card would make a nice addition as the category calendars are not exactly the same, and you will get increased spending limits even if they do happen to match up.

Bottom line. The ABOC Platinum Rewards Credit Card offers a sign-up bonus and 5X rewards on rotating categories each quarter. The 5X points can be redeemed for an effective 3.75% cash back, or 5% back through their travel portal. If you already have similar rewards in your purse or wallet, this card can be a great addition as you can achieve higher spending limits and also possibly different categories in any given quarter.

Filed Under: Credit Cards, Deals & Offers //

Last updated: June 29, 2021

Navy Federal Credit Union 0% APR No Balance Transfer Fee Promotion

Posted on January 7, 2019 // 13 Comments

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Navy Federal Credit Union (NFCU) usually offers a special balance transfer promotion every January that is available to both new and existing NFCU credit cardholders. This year, I don’t see anything on their website, but I did just get a paper mailing from them. If you have an existing NavyFed credit card and are looking to lower your interest rates on balances, it may be worth checking in.

The Navy Federal Platinum credit card is still offering new cardholders 0% APR for 12 months on balance transfer with no balance transfer fee. This card is on my list of the best 0% APR balance transfer offers.

Balance transfer promotions can be good opportunities to lower the interest rate on your existing balances and accelerate any debt payoff plans. Try your best to finish your payments within the introductory period, as the rates will increase significantly after that.

Membership eligibility for NavyFed is restricted primarily to those with a military affiliation – including active duty, veterans, retirees, and family members – but also includes some civilian employees in the Department of Defense. NavyFed offers a variety of solid financial products including mortgage, car loans, and home-buying services.

Filed Under: Credit Cards, Deals & Offers //

Last updated: February 4, 2021

Bank of America Customized Cash Rewards Card Review: Choose Your 3% Cash Back Category (Up to 5.25% with Preferred Rewards)

Posted on December 12, 2018 // 36 Comments

The Bank of America Customized Cash Rewards Credit Card is the “3-2-1” cash back rewards credit card in the Bank of America line-up. If you’re a Preferred Rewards client, you can increase that bonus by up to 75%. For such “relationship” customers, the bonus can change this card from good to great. Here are the highlights:

$200 cash rewards bonus after $1,000 in purchases in the first 90 days.
Earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on your choice category up to the first $2,500 in combined grocery/wholesale club/choice category purchases each quarter
Cardholders will be able to choose their 3% cash back category from one of these 6 options: gas, online shopping, dining, travel, drug stores, or home improvement and furnishings. Before it was only gas. You can change your category once each calendar month in-app or online. Do nothing and it will stay the same.
0% Introductory APR offer. See link for details.
Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account
If you’re a Preferred Rewards client, you can increase that bonus to 25% – 75%. See details below.
No annual fee.

Preferred Rewards bonus. The Preferred Rewards program is designed to rewards clients with multiple account and higher assets located at Bank of America banking, Merrill Edge online brokerage, and Merrill Lynch investment accounts. Here is a partial table taken from their comparison chart (click to enlarge):

Let’s consider the options. Bank of America’s interest rates on cash accounts tend to be lower than highest-available outside banks (read: nearly zero), so moving cash over to qualify may result in earning less interest on your cash deposits. Merrill Lynch advisory accounts also usually come with management fees. The sweet spot is therefore the Merrill Edge self-directed brokerage, where you can move over your existing brokerage assets like stocks, mutual funds, and ETFs held elsewhere (Vanguard, Fidelity, Schwab, etc).

In the past, moving over to Merrill Edge at the Platinum and Platinum Plus levels also led to 30 to 100 free online stock trades every month. Fast forward to now, and nearly all major online brokers offer commission-free trades anyway.

Personally, I moved over $100k of brokerage assets from Vanguard to Merrill Edge to qualify for Platinum Honors. You should ask Merrill Edge if they will cover any ACAT transfer fees involved. I realize not everyone will have this level of assets to move around, but if you do then it is worth considering. Keep in mind that it will take a while for your “3-month average combined balance” to reach the $100k level and officially qualify for Platinum Honors. You might become Gold first, then Platinum, and so on. After that, the 25%-75% rewards bonus on credit card rewards kick in. Once you reach a certain tier, BofA guarantees that you will stay there for a year no matter what, even if your balance fluctuates.

Note that the terms state “The Preferred Rewards bonus will replace the customer bonus”, which means that you will lose the 10% customer bonus when you qualify for the 25% to 50% bonus.

Cash Back Rewards after Preferred Rewards bonus:

Recall that the basic structure is “1/2/3”; you get 1% cash back on every purchase, 2% at grocery stores and wholesale clubs and 3% on choice category for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter (1/2/3). Here’s how the bonuses work out:

Platinum Honors: 1.75% cash back on every purchase, 3.5% at grocery stores and wholesale clubs, and 5.25% on choice category for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter.
Platinum: 1.5% cash back on every purchase, 3% at grocery stores and wholesale clubs, and 4.5% on choice category for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter.
Gold: 1.25% cash back on every purchase, 2.5% at grocery stores and wholesale clubs, and 3.75% on choice category for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter.

Note that the terms state “The Preferred Rewards bonus will replace the customer bonus you may already receive with the card.”, which means that you will lose the 10% bonus for redeeming your cash back into a Bank of America® checking or savings account.

I like the idea of getting up to 3.5% cash back at Costco, Sam’s Club, and BJs wholesale clubs. Costco only takes Visa, so make sure the application shows a Visa. If you have a Mastercard, you could try and call them and request to switch to a Visa version of the card instead of a Mastercard.

I also like the idea of getting up to 5.25% cash back on “online shopping” assuming that includes Amazon, although Amazon’s own card already offers 5% back.

This is finally a case where bundling services actually worked out for me. Bank of America has managed to convince me to go from only having a checking account with them to now also having a Merrill Edge brokerage account and a Bank of America credit card.

Not all Bank of America consumer credit cards qualify for Preferred Rewards. Other cards of interest that do qualify are:

Bottom line. The Bank of America Cash Rewards Credit Card is an “okay” cash back rewards card with a 1/2/3 structure, but turns into an “excellent” rewards card if you can take full advantage of their Preferred Rewards program. If you transfer $100,000 of existing brokerage assets over to Merrill Edge, you can qualify for the highest Platinum Honors tier. This won’t be a good option for everyone, but something to be aware of if you can swing it.

Filed Under: Banking, Credit Cards, Deals & Offers //

Last updated: July 26, 2021

Citi Simplicity® Card Review: 0% Intro APR for 21 months on Balance Transfers, No Late Fees, No Penalty Rates

Posted on October 11, 2018 // 1 Comment

Interest rates are rising, and that applies to credit cards as well. The Citi Simplicity® Card comes with an extended 0% intro period for balance transfers while also offering some “accident forgiveness insurance”. Do you have a balance that you are finally ready to pay off? The highlights:

No Late Fees, No Penalty Rate, and No Annual Fee… Ever
0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 18.99% – 29.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening. There is an introductory balance transfer fee of $5 or 3% of the amount of the transfer, whichever is greater for balances transfers completed within 4 months of account opening.
Stay protected with Citi® Quick Lock
Simplicity = No Late Fees, No Penalty Rate, and No Annual Fee.
Simplicity = When you want to speak to a human, just call and say “representative”

No late fees, no penalty rate details. On most other credit cards, if you make a late payment, you’ll first be charged a late payment fee of about $35. On top of that, your super-low interest rate disappears and instead gets jacked up to something called their “default rate” or “penalty rate”. This could be over 30% APR! This card adds a bit of flex in that they do not charge penalty rates or late fees.

Note that if you are 30 days late on this or any credit card, Citi will still report this activity to the credit bureaus. This card may be forgiving but you should still keep your credit score as high as possible.

The strongest part of this card is the long 21 month period, so you can spread out payments over 1.75 years and ideally pay it all off by the end. There is a 5% balance transfer fee ($5 min). 5% works out to under 4 months of interest at 18% APR. Transferring a balance to this card from a 18% APR card would be the equivalent of under 4 months interest at 18% APR and then having 17 months with 0% interest. Once the intro period on all 0% cards expire, the rates will go right back up. You’ll either need to pay it off or transfer your balance again if you need more time. With this card, you’ll have a full 21 months to spread your payments out.

Alternatively, if you are certain that you will pay it off within a shorter time period, look for a card with no balance transfer fee. Compare with other low fee 0% APR balance transfer offers.

This card does not earn any cash back, points, or airline miles. Many times, rewards cards are bad deals for those carrying balances. I’d open a separate card for rewards after your balances are paid off and you join the “Paid in full every month” club.

Bottom line. The Citi Simplicity® Card is best for folks that are serious about paying off their balances. You get a long 0% introductory period of 21 months on balance transfers along with consumer-friendly features that help ensure your low rates don’t get hiked with a single late payment. If you do the math and can make adequate payments to pay down your balance over a 21 month (1.75 years) span, this card may help get you debt-free with minimal gotchas. No annual fee.

Citi Simplicity® Card application link

Filed Under: Credit Cards, Deals & Offers, Reviews //

Last updated: May 9, 2023

Amex EveryDay® Credit Card: 10,000 Point Referral Offer, 0% APR on Purchases for 15 Months

Posted on September 19, 2018 // 9 Comments

The Amex EveryDay® Credit Card is a great way to earn American Express Membership Rewards points with no annual fee. Right now, there is also a welcome bonus and no balance transfer fee offer for new cardholders. Here are the highlights:

10,000 Membership Rewards Points welcome bonus after $1,000 in purchases in the first 3 months.
0% intro APR for 15 months on purchases.
2X points at US supermarkets on up to $6,000 per year in purchases (then 1X). 1X points on all other purchases.
20% more points if you make 20 or more purchases in a billing period (less returns and credits).
No annual fee.

Note the following:

Welcome bonus offer not available to applicants who have or have had this product.

Earn Membership Rewards (MR) points with no annual fee. American Express has historically been a “premium”-only brand and most every card had an annual fee. This no-annual fee card is a move to welcome more consumers. In addition, if you have Membership Rewards points earned from other American Express cards, having this card would keep all of your MR points from expiring even if you closed those other cards (perhaps to avoid the annual fees). This way you keep the flexibility to transfer the points into a variety of airline miles or hotel points as needed. As there is no annual fee, I can keep this card open forever.

Membership Rewards points can be converted to the following airline miles (there are more, this is just a selection):

Delta SkyMiles
Hawaiian Airlines
ANA Mileage Club (partner of United Airlines)
Air Canada (partner of United Airlines)
British Airways (partner of American Airlines)
FlyingBlue (Air France/KLM)
Virgin Atlantic
Virgin America

With the 20% bonus for 20+ purchases per billing period, you would be getting 1.2 miles per dollar on all purchases and 2.4 miles per dollar at US supermarkets (up to $6,000 per year). A lot depends on how much value you can get out of those airline miles.

Unfortunately, there are many redemption options for Membership Rewards points that are worse than 1 cent per point value. Here are a few examples:

Shop with Membership Rewards Points (~0.5 cents per point)
Shop with Points at Amazon.com (~0.7 cents per point)
Use points at BestBuy.com (~0.7 cents per point)
Gift Cards (varies from 0.5 up to 1 cent per point max)

Bottom line. The Amex EveryDay® Credit Card allows you to earn and maintain Membership Rewards points with no annual fee. The welcome offer currently includes a 10,000 Membership Rewards points welcome bonus and 0% APR on purchases for 15 months.

Filed Under: Credit Cards, Deals & Offers, General //

Last updated: September 23, 2022

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Amex EveryDay® Credit Card: 10,000 Point Referral Offer, 0% APR on Purchases for 15 Months

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