Reselling Credit Card Strategy
Welcome Sourcing Simplifiers readers. I have setup this page as a way to supplement the information in my credit card strategy post. Below you will find information and links to the best offers for each of the cards I mentioned in that post. Some of the links do provide an advertiser commission, however all links are to the best offers whether or not they provide any compensation.
Note: Some Of These Offers May Have Ended Or Changed Since Publishing
Everyday Spending Cards
Overview: This card earns 1.5 points per dollar for normal everyday spend. These points are worth 1 cent each and can be used to offset travel expenses. If you are a Platinum Plus member of the BofA Preferred Rewards member, you get a 75% bonus on earnings, bringing the cash back rate to 2.625%.
Sign-Up Bonus: 20,000 points ($200) after $1K in purchases during the first 90 days.
Annual Fee: $0
My Take:Â This is my personal everyday spending card. I moved money into BofA in order to reach their top tier and earn 2.625% on my everyday spend.
Barclaycard Arrival Plus
Overview: The Arrival Plus card earns 2 miles per dollar spent and each mile is worth 1 cent when redeemed as a statement credit to offset travel expenses. You also get a 5% bonus when redeeming miles, meaning you effectively earn 2.05%+ cash back, but the downside is redemptions have to be $100 or more.
Sign-Up Bonus:Â 40,000 miles after $3K in purchases during the first 90 days.
Annual Fee: $89 (waived the first year.)
My Take:Â I have an Arrival Plus and love to use it when going to Europe since it is a true chip and pin card. With that said, I don’t think it is worth keeping past the first year, but the $400 sign-up bonus is nice. Barclaycard also pulls from the Transunion credit bureau in most areas which is often the least used and thus has the least impact.
Capital One Venture
Overview:Â This is very similar to the Arrival Plus card, but it doesn’t come with the 5% redemption bonus. You earn 2 miles per dollar spent and each mile is worth 1 cent when redeemed towards travel.
Sign-Up Bonus: 40,000 miles after $3K in purchases during the first 3 months.
Annual Fee: $59 (waived the first year.)
My Take:Â This card is fine, but Capital One tends to run your credit from all three bureaus which is unnecessary in my opinion. I don’t have it for that reason, but if you have a relationship you value with the bank, this could be a good option.
Chase Freedom Unlimited
Overview:Â The Freedom Unlimited earns 1.5% or 1.5X per dollar spent. The points earned can be converted to Ultimate Rewards if you also have a Sapphire Preferred or Ink Plus card. When converted they can be redeemed at a rate of 1.25 cents each for travel or transferred to select travel partners.
Sign-Up Bonus:Â $150 (15,000 points) after $500 in purchases during the first 3 months.
Annual Fee: $0
My Take:Â This is a good card if you want to earn Ultimate Rewards points. If you aren’t looking to sign-up for a new card, an existing Sapphire, Sapphire Preferred or Freedom can be converted to Freedom Unlimited. Note that Chase has been known to deny applicants for this card if they have opened up 5 or more new credit cards within the past 24 months.
Citi Double Cash
Overview:Â This card works simply. It earns 2% cash back on all purchases. 1% is earned up front and 1% is earned when the purchase is paid off. Since you should never carry a balance, this means 2% will be earned on every statement.
Sign-Up Bonus:Â None
Annual Fee: $0
My Take:Â This is a solid card if you are looking at simplicity. There is no sign-up bonus so the best way to get it is to convert an existing Citi card so you can avoid a credit inquiry. For those looking for simplicity, this may be it.
Fidelity Rewards Visa Signature
Overview:Â This is another simple and easy 2% cash back card. You do need to open a Fidelity account to transfer the cash rewards, but that is easy enough.
Sign-Up Bonus:Â None
Annual Fee: $0
My Take:Â Like the Double Cash, this provides simplicity. Fidelity recently switched from Amex to Visa which may be a positive for many people.
Specialty Bonus Cards
Chase Ink Plus
Overview: The Chase Ink Plus is a business credit card. It earns 5X points at office supply stores and on cellular phone, landline, internet and cable TV services on up to $50K in purchases per year. It also earns 2X at gas stations and hotel accommodations on up to $50K in purchase per year. Points are transferable to travel partners and it unlocks the ability to transfer points from other cards like the Freedom and Freedom Unlimited.
Sign-Up Bonus:Â 60,000 Ultimate Rewards points after $5K in purchases during the first 3 months.
Annual Fee: $95
My Take: My wife and I have several of these cards. We use them often for our gift card purchases and they help us rack up a lot of points. After a year you can downgrade to the Chase Ink Cash if you aren’t spending enough in the 5X categories, but that won’t open up points transfers. Note that Chase has been known to deny applicants for this card if they have opened up 5 or more new credit cards within the past 24 months.
Chase Freedom
Overview:Â The Freedom earns 5% cash back on up to $1,500 in spend in rotating categories each quarter. The points earned can be converted to Ultimate Rewards if you also have a Sapphire Preferred or Ink Plus card. When converted they can be redeemed at a rate of 1.25 cents each for travel or transferred to select travel partners.
Sign-Up Bonus:Â $150 (15,000 points) after $500 in purchases during the first 3 months.
Annual Fee: $0
My Take: This is a good card to earn in various categories that don’t normally have a bonus. It often is easy to max out the categories with gift card and/or merchandise purchases. Note that Chase has been known to deny applicants for this card if they have opened up 5 or more new credit cards within the past 24 months.
Discover it
Overview: Like the Freedom, the Discover it earns 5% cash back on up to $1,500 in spend in rotating categories each quarter. During the first year all cashback earned is doubled.
Sign-Up Bonus:Â $50 after first purchase. (Doubled to $100 after the first year.)
Annual Fee: $0
My Take: This is a good card to have for the rotating categories. Additionally, Discover has a good portal which sometimes has better payouts than others. All cashback is doubled the first year (including portal payouts) which can be big for resellers. Just make sure to read the portal terms carefully and pay with the Discover card or it won’t work.
Please feel free to let me know if you have any questions.