Cash Back Credit Cards

14 Replies

Any suggestions on a "Cash back credit card?" If you recommend using one or if you know of one with a great rate.

Hi @Andrew Briones

I have been very happy with my Fidelity Investment Rewards Amex. It gives 2% cash back everywhere (no worrying about categories) and there is no limit. Also no annual fee.

Only issues are: Amex not accepted everywhere (but almost); it is not a true cash back card as you get less than 2% if you want straight cash, but if you deposit into a Fidelity account (ie IRA), you get the full 2%. I think you could also deposit into a normal brokerage account. For me, I plan to fully fund an IRA each year so I use the card for everything possible and then I don't have to come up with the full amount when it comes time to fund.

I know fatwallet.com has a finance forum where they discuss best credit card offers (among other things) so you might want to check it out.

Thanks for reply and yes I meant cash back rate.

It's not a cash back card per say, but a rewards card. The Barclay Arrival card gives you 40,000 free miles when you spend $3,000 within the first 90 days and 2x miles on all purchases. Sometimes there's a promotion that cuts that $3,000 within the first 90 days requirement to $1,000. If you're like me and you travel a lot, this card could help you save more money in the long run than a cash back rewards card would. Best of luck!

I Searched for cards that would have quick access to cash with low fee's and rates and the best I've seen are from credit unions.

Navy FCU navyfederal.org - has HELOC's up to 90% of market for primary homes and some up to 100% of market value and no fee cash advance credit cards at lower rates (platinum visa) limit up to 50k

Pentagon FCU - penfed.org - has the promise visa card which has no cash advance fee and reasonable rate of 7.99% limit up to 50k

BECU - Boeing Employee's credit union - BECU.org - HELOC's up to 100% CLTV

Medium new american funding logo  Albert Bui, New American Funding | [email protected] | 949‑514‑5106 | http://albertbui.com | CA Lender # 345453, WA Lender # 345453, TX Lender # 345453, TN Lender # 345453

Albert, the 90% is exactly what I did, the terms were what you described. Great way to go I thought. Thanks

@Andrew Briones

The best overall travel card is the US Bank Travel Perks card. It ends up returning over 2% that can be used on any type of travel with no restrictions.

https://www.usbank.com/small-business/credit-cards/FlexPerks-business-edge-travel-rewards.html

I have both the business and personal version.

@Sergio Briones I love my discover card. they have a base 1% cashback and then they have 5% cashback on categories that change every 3 months. They also have 5-20% cashback on certain online stores through their own shopping platform.

I also get 0% APR things in the mail from them every couple months. I would recommend Discover.

My card is called Cashback Bonus

Originally posted by @Jesse Lawrence :
@Sergio Briones I love my discover card. they have a base 1% cashback and then they have 5% cashback on categories that change every 3 months. They also have 5-20% cashback on certain online stores through their own shopping platform.
I also get 0% APR things in the mail from them every couple months. I would recommend Discover.

My card is called Cashback Bonus

Cash back is a nice teaser but discovers rates are really high, probably 11.99 to 18.99% if you're carrying balance it's very rare to get 7.99 to 8.99 fixed from a credit card and even more rare to be able to utilize a cash advance on the entire balance up to the credit limits (50k for some credit unions) while most credit cards like my chase freedom which limits their cash advance to 4000 out of the 20,000 limit.

Strategic use of cash advance can allow you to access funds quickly and may be a good short term tool till more favorable long term financing can be found or exit planned is executed.

Medium new american funding logo  Albert Bui, New American Funding | [email protected] | 949‑514‑5106 | http://albertbui.com | CA Lender # 345453, WA Lender # 345453, TX Lender # 345453, TN Lender # 345453

@Albert Bui

Thanks, I use my discover card for my normal monthly expenses and always pay it off every month. I will look into the cash advance option you mentioned. So that is on cards offered by Credit Unions? Thanks

Originally posted by @Jesse Lawrence :
@Albert Bui

Thanks, I use my discover card for my normal monthly expenses and always pay it off every month. I will look into the cash advance option you mentioned. So that is on cards offered by Credit Unions? Thanks

Not all credit unions usually you can go on their website to see their terms and rates or features and if it's not listed usually you can call their customer service department to ask further questions.

Make sure to read the credit card terms.

Medium new american funding logo  Albert Bui, New American Funding | [email protected] | 949‑514‑5106 | http://albertbui.com | CA Lender # 345453, WA Lender # 345453, TX Lender # 345453, TN Lender # 345453

You'll never get rich off of rewards from credit cards. I don't play that game and we are doing quite well.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you