Credit Card rewards

moose · May 23, 2012

What credit card reward program do you use ?

for years i used a visa card that had a cash back reward program. it was great !
then a few months ago they switched to a 3rd party provider. now i have thousands of worthless 'reward points' that can only be used to buy from an online catalog. there's nothing there worth my money. & everything is over priced.
needless to say, i am looking to sign on to a new Card.
using a C.C for business expenses buy a lot of rewards real quick.

recommendations please.

hossman2011 · May 23, 2012

Perk Street , We use it for everything but fuel and have gotten a little over $400 each year.. you can get products at face value or just get cash..

jujubeans · May 23, 2012

BAC cash back Visa..this month I'll have over a hundred that can be used to pay on account or issue me a check.

Moot · May 23, 2012

I've been a proponent of credit card use with no fees and a rewards program for years! Provided you are responsible and don't carry a balance. I had a Sears Visa card for a long time, I still have it but don't use because they started jacking me around with point of purchase fees. It was common for me to accrue enough points for a $350 Sears gift card in about 13 months. Sears always had stuff I could use. Past gift card purchases include, but are not limited to iPod, Diehard starting batteries, Optima deep cycle batteries, digital camera, trolley floor jack, air compressor and assorted sundries.

The past few years I switch to a Disney Visa card. By signing up for this card I got $250 Disney Dollars and my wife also got a card but somehow she got $300 in Mickey Money. The points are only good for Disney stuff, so we went to Disney World last year and got to meet Jefferson3000 and his family. We're planning another trip to Disney World for next February and I have $394 in Mickey Money already. Find a card with rewards that you will use and then charge away! It the American way! Just be sure to pay it off every month and never, ever carry over a balance, which isn't exactly the American way. hey, call me a commie, I can take it!

tumbleweeds · May 24, 2012

We got the Costco American Express and get 4 percent on fuel, 2 on motels, 1 on everything else. We use it for everything. Points are only good at Costco. Should have about 3000 by the end of the year. They have great tires and I like the Pizza too.

Moot · May 24, 2012

I also have a Costco AmEx card. I don't buy fuel with it very often on the road. Most Costco stores seem to be a bit off the beaten path and their hours of operation are limited. I have all Costco stores downloaded to my GPS but won't go very far out of my way to buy gas there.

Lawrence · Jun 1, 2012

I've been very happy with my Capital One rewards card. Plus they have a website for booking travel with your rewards. Very easy to use and redeem!

hossman2011 · Jun 1, 2012

Hmmmm credit cards? My suggestion was a Debit credit card so you are not spending money you do not have.. also unless you are paying that bill in full every month that 1% does not come close to covering the 1.5 or more of interest you are accruing.

DannyD · Jun 8, 2012

I use my bank credit card. It's only 1%, but it's simple. Get 10,000 points and I get $100 put in my bank. Other cards are out there that I'm sure are better options. For me, this seems to work though.

cutlass702 · Jun 13, 2012

Chase Rewards. I get a free hotel every other month!

garyatk · Jun 14, 2012

I use Chase Freedom and Ink... Put together with extra rewards points for having my banking accounts with them also, we have already earned almost $1300 in cash back this year. We use this for our annual vacation. We also don't pay interest as we pay the cards off each month....

tumbleweeds · Jun 14, 2012

hossman2011 said:
Hmmmm credit cards? My suggestion was a Debit credit card so you are not spending money you do not have.. also unless you are paying that bill in full every month that 1% does not come close to covering the 1.5 or more of interest you are accruing.

We pay off our cards every two weeks. We never carry a balance and pay no interest. By paying them off every two weeks, you don't risk forgetting to make a payment.

Fkatz · Jun 29, 2012

MOST REWARDS ARE NOTHING BUT A PAIN IN THE YOU KNOW WHERE, THE ONLY ONE THAT I THINK IS WORTH IT IS THE BANK OF AMERICA CASH BACK, HE GETS A SEPARATE BANK STATMENT FOR IT AND HE AS ADDED SOME $25000 IN CASH BACK REWARDS OVER THE LAST 3 OR 4 YEARS,
AND USES IT FOR ALL TRANSACTION INCLUDING FOOD.
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tumbleweeds · Jun 29, 2012

Moot said:
I also have a Costco AmEx card. I don't buy fuel with it very often on the road. Most Costco stores seem to be a bit off the beaten path and their hours of operation are limited. I have all Costco stores downloaded to my GPS but won't go very far out of my way to buy gas there.

You don't have to use it only at Costco service stations, you get points at the other stations unless they are a discount gas station. So we use it at Flying J, Petro etc...

Moot · Jun 29, 2012

Yeah I know. I'm racking up Mickey Money on my Disney Visa so we dine out with Jefferson3000 and his family again in January.

Fkatz · Jul 5, 2012

Any Rewards that you recieve are not considered Income, but they cannot be used as a Deduction on your Business Sch C.
If so, they are considered Income if the rewards total over $600.00 and the credit card CO might send you a 1099 if so.
i AT THE PRESENT TIME CANNOT REALLY VERIFY THIS, BUT i SHOULD HAVE AN ANSWER AT THE EXPO, BOOTH 128, OR IF i FIND OUT MORE PRIOR i WILL ADD IT TO THE FORUM

Fkatz · Jul 5, 2012

i ALSO JUST GOT OFF THE PHONE WITH THE IRS IN REGARD TO THE CREDIT CARD REWARDS PROGRAMS. THEY ARE NOT TAXABLE AT ALL. AND ARE PERSONAL IN YOUR OWN NAME,

IF YOU USE ANY CREDIT CARD REWARDS TO PAY FOR ANY BUSINESS DEDUCTION AT ANY TIME YOU CANNOT USE THAT AS AN EXPENSE. PER PUBLICATIONS 334, 535, 17, AND 443
iF YOU USE THEM FOR HOTELS WHILE ON THE ROAD IT CANNOT BE DEDUCTED AS AN EXPENSE AT ALL, BECAUSE EVEN THOUGH YOU ARE GETTING THE HOTEL FOR THEM, YOU MUST HAVE A RECIEPT STATING THAT IT WAS PAID FOR BY CREDIT , DEBIT CARD OR CASH ONLY.

EVEN THOUGH CREDIT CARD REWARDS ARE NOT TAXABLE TO YOU, IT WOULD BE CONSIDERED INCOME REPORTED ON LINE 21 OF YOUR 1040, AND THEY COULD ISSUE A 1099 mISC LINE 3 OTHER iNCOME, IT MIGHT COME TO THAT BUT DUE TO IT BEING YOUR OWN SPENDING AND RECIEVING CASH BACK IT IS NOT INCOME AND NOT TAXABLE AT ALL.

WE DO NOT KNOW EXACTLY WHAT WILL HAPPEN AS YET UNTIL THE LATEST LAWS AND OTHER ARE PASSED BEFORE THE ELECTION OR JUST AFTER IT.