I have recently developed a crazy passion for finding the best credit card rewards programs to maximize savings and cash back. I’ve gone down this path to where we now have different credit cards for different kinds of purchases. The card in the picture above had promise as it was billed as offering 5% cash back on 3 categories we chose and a match of cash back at the end of the first year. Seemed like a no-brainer. But, unfortunately the devil is in the details.
There are limits to the Discover offer both in how much you can get 5% cash back on and, in turn, how much they will match at the end of the year. Also, they pick the kinds of spending that you can get the 5% cash back for. The rest of your purchases just get 1%.
Bottom line, there doesn’t seem to be a clear “best” card for rewards at least in my view. We’re rolling with this plan as of now:
- Capital One Savor Card
3% cash back on restaurants and groceries with no apparent cash back limitations. 1% cash back on everything else. - Citibank Costco Visa
4% cash back on gas, 3% on restaurants, 2% on Costco purchases, and 1% on everything else. - Discover
Weird thinking involved, but 5% on the first $1,500 of restaurants and groceries from July – September will be nice plus they will match that for a whopping total of $150 for the quarter. Better than a poke in the eye. 5% cash back on Amazon purchases from October – December will be nice (plus the match) for Christmas shopping this year.
It’s an illness…it really is.