Sunday, November 13, 2011

Best Credit Card Reward Cards 2011

Cashback Rewards Cards

I am not looking at these cards for the bonus offers, but what they offer per dollar in terms of daily spend. I got the United/Continental cards for their bonuses and probably won't end up keeping them since there are many other Chase cards I would rather have and I dont want to spend the $95 a year fee. But if I can get the fee waived, I might consider keeping them for a while. These 2 cards will soon turn into 1.

Here is how I use these cards:
Capital One Venture Card- Everything Else (2x)
Chase Sapphire Prefferred Card- Dining (2x) and online purchases
Chase Freedom Card- only up to $1,500 on rotating categ. each quarter = 7,500 miles
Penfed Premium Travel Rewards American Express Card- Travel (5x)
Continental/United- online purchases

Click on the links to read reviews I have already writen on these 2 cards:

Penfed Premium Travel Rewards American Express Card - Some experts don’t think that this is a good credit card, since you need to purchase the airline/travel purchases through their booking tool. But I beg to differ and think it’s a great deal, if you are willing to buy tickets through them when it’s not high season and only are interested in economy seats. When it’s high season the miles you need are astronomical! But if you purchase not during high season, tickets cost much less. When I travel between the US and the Middle East, normally I use 80,000 reward miles. With this card I only need to use up 62,500, plus I receive frequent flyer miles!! I charge this card for all my airline tickets since I get 5 miles per dollar spent ($1 on everything else) and now through the end of 2011 one earns 25% more on all earnings. This card has no transactions fees, no yearly fees and currently comes with a 20,000 miles bonus when you spend $650 in 3 months.

Ticket Cost: $350 : 21,875 points
Ticket Cost: $500 : 31,250 points
Ticket Cost: $350 : 46,875 points
Ticket Cost: $350 : 62,500 points

Chase Freedom Card - I don't have this card yet, but I am looking forward to getting it once I have waited 60 days since my last Chase credit card applications (United and Continental). This card offers 5 miles per dollar spent on rotating categories every 3 months up until $1,500 (and receive 7,500 miles) That's 30,000 miles/yr on $6,000 spend. I would recommend only using this card on the rotating categories up until $1,500. Currently (11/2011) the categories are charities, dining, department stores and movie theatres until Dec. 31, 2011. There is no annual fee and rewards never expire.

Continental/United Credit Cards- The $95 yearly fee is waived the first year. These 2 airlines are in the process of merging, so when you get your miles for both airlines, you can merge them. Instead of getting 30,000-40,000 miles for the Star Alliance Network you will be getting 60,000-80,000 miles. Earn 25,000 miles after first use, 5,000 after adding an authorized user who uses the card and 10,000 after $25,000 spend. The latest buzz is that in November (still waiting), United will be increasing their bonus miles from 40,000 to 60,000. I applied for both these cards at the same time and got approved for the Continental Card, but not for the United Card, the same goes for my dear husband . So, I just called up and got approved over the phone for myself. Now, I needed my husband to call to ask for the approval on the United Card, but he was out of the country. By the time he came back, I heard about the possible 60,000 mile offer so I haven’t called Chase, because I would like to go for the extra miles. If it doesn't increase to 60,000 bonus miles, I will probably not try to get the card for him and instead go for the Chase Freedom card for him instead. Generally one only gets one miler per dollar spent with these cards so I only use them for online shopping through their MileagePlus Shopping when they reward more than Chase does or have a store that Chase doesn't. This card offers priority boarding and a free checked bag each time you fly Continental or United and charge it to your card. My husband has become a Gold Elite so this doesn't help him, so therefore I don't charge this card for his travel.

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