My Credit Cards Blog

How many cards do you carry? and do they give you the best cash back options? I suggest to carry around 3-5 cards in order to get the most cash back.
Here’s my list of the best Cash Back Credit Cards:

Best cash back cards for groceries/drugstores:

• 5% Cash Back from AmEx Blue Cash(after $6500 in spending)
• 3.75% Cash Back from Chase Freedom Cash

General Cashback Anywhere on Any Purchases:

• 1.25% Chase Freedom Cash Visa Card

Restaurants:

• 5% Citi mtvU **Everyone can get this card
• 3.75% Cash Back from Chase Freedom Cash
• 3% Citi Professional **$100 bonus too for signing up

Top Cash Back Gas Credit Cards:

• 10% Chase BP Visa Rewards Card, then 5% after 2 months **good only at BP gas stations**
• 5% Discover Open Road Card
• 5% AmEx SimplyCash
• 3.75% Chase Freedom Cash Visa Card
• 3% Chase PerfectCard MasterCard, 6% first 3 months

Office Supplies

• 5% American Express SimplyCash Card *5% gas and Telecom too

Hotel

• Starwood Preferred Guest Credit Card from American Express
• Hilton HHonors Platinum 5 points per dollar on eligible purchases
  

Best Cashback Student Cards

• Discover Student Open Road 5% cash back on Gas and auto maintenance
• Citi Student mtvU 5% cash back on Restaurants and more
• Chase Student Flexible Rewards 1% Cash back on Everything
  

My Wish List

What is My WishList?

My WishList is a program from American Express that offers limited quantities of some of the most sought-after items at incredible Cardmember-only prices, as well as featured products with great savings, and limited-time, limited-supply Wish Certificates. The program runs twice a year: in the spring and during the winter holiday season. It’s our way of saying “thanks” to our Cardmembers.

Why are you doing this program?

It’s just our way of thanking American Express® Cardmembers for their business throughout the year and for making American Express their Card of choice.

How long will the program last?

The Program Period starts at 12:00PM ET on November 27, 2007, and ends at 11:59PM ET (or until supplies last after 7:00PM ET batch) on December 13, 2007.

How does My WishList work?

To See How It Works, Check American Express Promo Page.

To thank Cardmembers, we’re offering four great ways to participate in My WishList:

1. HOT PRODUCTS
Inventory is released three times a day.

* In-demand items at incredible prices
* Very limited quantities
* Available first-come, first-served while supplies last
* To try for a Hot Product, you must verify eligibility by first unlocking the Hot Product box. Click the “Unlock” button and enter your Card information
* Once you have unlocked the Hot Product box, click “I WANT IT” to try to get a Hot Product
* If successful, you will have six minutes to complete your transaction
* If you are not successful, more may become available after initial release if other Cardmembers either cancel their order or are unable to complete their transaction within six minutes
* Click on the days of the week to preview upcoming items. You can even sign up for an e-mail or Tell A Friend

2. FEATURED PRODUCTS
Inventory is available 24/7 while supplies last.

* Great products at Cardmember-only prices
* New items added throughout the program
* Available first-come, first-served while supplies last (generally higher inventory than Hot Products)

3. WISH CERTIFICATES
Inventory is released three times a day.

* High-value offer certificates for savings up to 25% at name-brand merchants
* Available first-come, first-served at no cost to you while supplies last
* To try for a Wish Certificate, you must verify eligibility by first unlocking the Wish Certificate box. Click the “Unlock” button and enter your Card information
* Once you have unlocked the Wish Certificate box, click “I WANT IT” to try to get a Wish Certificate
* If successful, you will have six minutes to complete your transaction

* If you are not successful, more may become available after initial release if other Cardmembers either cancel their order or are unable to complete their transaction within six minutes

4. EXCLUSIVE MERCHANT OFFERS
Inventory available while supplies last.

* Many exclusive Cardmember offers from top-name merchants
* Click here to find savings available now

If you don’t have an AmEx credit card, here are some cards with good bonuses.

Double Points With Business Gold Rewards

You get 5000 bonus points right away for simply making one purchase with the AmEx Business Gold Rewards. 5000 bonus points can be redeemed for a $50 gift card. If you manage to spend $20,000 in one year, you get another 5,000 points. Those that can spend $50,000 in a year, there is a 20,000 bonus points on top of the regular 50000 points.

If you already aAmEx Business Gold Rewards cardholder, login your account to see if you qualify for double membership rewards points for spending $500 each month. I wrote extensively on why you should get a business credit card.

50000 Frequent Flier Miles with American Express Starwood Preferred

You’ll get 10000 Starwood bonus points for making first purchase with AmEx Starwood Preferred Guest Card. Get an additional 15000 bonus points for spending $15K in 6 months. Math: 10K bonus points + 15K regular points for spending $15K + 15K additional bonus points for spending $15K = 40K points.

The 40K points can be converted to 50K frequent flier miles which can be amounted to 2 roundtrip tickets. Apply Today!

If you want an additional 10K bonus Starwood points for just making one purchase, then I recommend to apply for the Starwood Business.

For those using an American Express credit card, there are many promotions going on right now to save you more money. Most of these offers are targeted, but there is no harm in trying. Call the AmEx CSR to see if you qualify.

Blue Cash

Right now, Blue Cash from American Express is giving away an extra 3% Cash Back. You can enroll at www.AmericanExpress.com/bluecashonline

Log into your account using your User ID and Password to see if you qualify for the promotion. If that doesn’t work, call them 1-800-794-1308 and enter promotion code 107400002.

Blue Sky

If you have Blue Sky from American Express, you might qualify to earn double points till Dec. 31st. www.AmericanExpress.com/blueskyonline

Promo Code: 106740009

From the website:

“Skip the lines and you can earn double points from Blue Sky on your eligible online holiday retail purchases from Nov. 1 - Dec. 31, 2007. Already enrolled? Don’t go any further. Just use your Card to keep giving yourself something extra for the rest of the year.”

Platinum Cash Rebate Card

This offer is for those with The Platinum Cash Rebate card.

http://www.americanexpress.com/cashrebateonline

Promotion Code = 107400002

or

www.AmericanExpress.com/platinumcashonline

Promo Code:107400008

Costco AmEx

Finally, with the Costco AmEx credit card, there is an extra 2% on top of your current 1% cash back.

Enroll at www.AmericanExpress.com/costcoonline

Just login into your account and see if you qualify for the promotion or you can call 1-800-794-1308 with promotion code 107400004.

Everybody I know have a Chase Freedom Cash Card (Review). There is a $50 Bonus for making the first purchase for new card holders. However, if you are already have a Chase freedom card, you can make an extra $50 by adding two authorized users. No social security is required. Login into your account or call them 1-800-524-3880 to see if you qualify. YMMV since this may be targeted.

Here’s the letter:

Add authorized users to your Chase Freedom account

Get up to $50 in rewards

And it’s easy to add more authorized users – just go to www.chase.com/creditcards.com or call 1-800-524-3880

The small print states:
The $25 reward will be earned fro the addition of an authorized user to your account from now through December 31, 2007. The maximum reward accumulation fro this promotion is $50 in rewards. When you qualify for the bonus reward, they will be reflected on your monthly statement approximately 8-10 weeks following the end of the month that you added the authorized user to your account.

I spoke to many people about credit cards. They don’t feel comfortable about applying for a business credit card. I tell them over and over again, whether you have a home-based business or that you have sold something on Ebay, you can apply for a business credit card. You can put your name as the business name and your social security number as the tax id. Your business is called sole proprietorship and it’s perfectly legal with the IRS. The absolute answer is: Yes, it’s a good idea to get a business card!

Top reasons to get a business credit card

1. When you charge on your business credit card, the amount is hidden from your personal credit report. For that very reason, your credit utilization is lower hence you credit score stay higher.
2. Business cards have the best 0% APR on purchases or balance transfer.
3. For the most part, you are most likely to get a higher credit limit when applying for a business credit card. Make sure to request a high credit line on your application. Household income will dictate how much you get on your credit line for a regular card. With a Business credit card, issuers are willing to increase your credit need for your business startup.
4. If you have reached the maximum credit exposure across the board with most issuers, now is the time to call them and ask moving your personal lines over to the business side to hide some of this available credit. After your credit profile is updated, then apply for more credit cards.
5. Your punctual in payments is worth more when it comes to Business credit ranking and less on utilization. They see spending as investment leverage in order to grow your business.

I will review in details on how you can apply for new business credit cards.

When you click on a Business credit card like the American Express SimplyCash, enter your information like you normally would with name, DOB, Social Security, and so on. Fill out home address.

1. They will ask you to fill out the business address, so simply check the box “My Home Address is the same as my Business Address”
2. Put your full name as your legal business name
3. Home phone is the same as business phone
4. Pick an industry..any will do..Normally I pick retail since I claim Ebaying as my business.
5. Years in operation: 1-2 years
6. Federal Tax ID: LEAVE THIS BLANK They will assume leaving blank as sole proprietorship
7. Annual Business Revenue: $1 - 25000
8. Put down your name as your business name for the card.

I highly recommend the American Express SimplyCash, since you get 5% cash back on gas, office supplies, and wireless services. Then 1% cash back on everything else.

The above steps are perfectly legal. As long as you have sold anything on Ebay or Amazon, mowed someone’s lawn, painted a house, or washed a car and got paid for it, then you are a sole proprietorship. You do not need to file any paper to be a sole proprietorship. For tax purposes, your Social Security Number is your TIN.

One thing I would recommend is Do not lie on your application. If your business makes $0 so far, then put down $0. Many startup businesses start with $0 revenue. Don’t put your day job workplace as your business. That would be fraud unless you own the business.

The cards below are my recommended list of business credit cards.

There is No Balance Transfer Fee

1. Citi Professional Thank You Card Network - 0% APR on Balance Transfer for 9 months ($100 bonus too)
2. Citi Professional Cash Card - 0% APR on Balance Transfer for 12 months
3. Citi Professional No Reward Card - 0% APR on Balance Transfer and Purchases for 12 months.
4. Citi Premier Pass Business - 0% APR on Balance Transfer for 12 months ($150 bonus too)
5. Citi Business Card - 0% APR on Balance Transfer and Purchases for 12 months
6. Citi Business Card ThankYou Network - 0% APR on Balance Transfer for 12 months ($150 Bonus too)*

Balance Transfer Fee is Cap

1. Advanta BusinessCard Rewards - 15 months 0% APR on BT. $50 cap on BT fee.
2. Advanta Platinum BusinessCard - 15 months 0% APR on BT. $50 cap on BT fee.
3. Chase Platinum Visa Business - 12 months 0% APR on BT. $75 cap on BT fee.
4. Discover Business Miles - 12 months 0% APR on BT. $75 cap on BT fee.

Great Cashback Business Credit Cards:

1. American Express SimplyCash: 5% cashback on gas, wireless services, and office supplies
2. American Express Blue Cash : 5% cashback on everyday purchases
3. Chase Business Rebate Card: 3% cashback on restaurants, office supply stores, gas stores, and more.

Great Bonus Points/Miles/Cash Business Credit Cards:

1. AmEx Platinum Business FreedomPass: 5000 points = $50 gift card after first purchase.
2. AmEx Starwood Business: 10K Starwood points. No fee first year.
3. AmEx Business Gold Rewards: 5000 points = $50 gift card. No fee first year.
4. AmEx Gold Delta SkyMiles Business: 15K Skymiles after first purchase. No fee first year.
5. AmEx JetBlue Business: 50 True Blue points = 1/2 free flight. $40 annual fee.
6. CitiBusiness/AAdvantage: 20K Bonus Miles after first purchase. No fee first year.
   

Here are the many ways you can get money from the 0% APR Balance Transfer offers from above:

1. Advanta: Request direct deposit to your checking account.
2. Chase: They will send BT check or request the BT check with card, make check to yourself, and then deposit into personal checking account.
3. Citi: Call and request BT check payable to yourself, and then deposit into your checking account.
4. Discover: Call and request BT checks, write check to yourself, and then deposit into your checking account.

For those who still have the Citi Dividend card, Citi is running a special offer for Citi Dividend cards. Simply log into your Citi account and the promotional offer should be in your account. You need to activate the offer in order to earn 5% on Electronics, Department and Apparel stores for 3 months.

If you don’t see the promo, remember to register your Citibank dividends card at Citicard in order to activate the promotion. The special promotion section is under the Manage Account menu bar that drops down. You will then get a pop window or a new window with this promotion ad/button.
From the website:

*Earn up to 300 Dividend Dollars in a calendar year, payable in checks of at least $50 only upon your request. Dividend Dollars earned through the Citi Bonus Cash Center are not subject to the calendar-year maximum accumulation. Additional terms and conditions apply. For complete details, see the Citi Dividend Directory of Services.

If you don’t have a Citi Dividend card, I recommend the 5% Cash back on Everything for 3 months with Citi CashReturns Card.

Here’s the latest AmEx Promo where if you buy 5 American Express gift cards, you will get a free $25 gift card.

Download the promo form here. When ordering the gift cards, make sure to use online code HOLIDAY07 to waive the fees off. You will get a profit of $19 since there is a $5.95 Shipping charge.

I don’t need to tell you that having credit card’s debt is bad idea. If you are paying 18% or 22% on 10K balance, that’s like giving away $200 each month. You want to transfer the balance to a 0% APR credit card, but there is always a fee at least $75 per transaction or even 3% with no cap. I have compile a list of credit cards that has no balance transfer fee. Balance Transfer is also a great way to make money by putting it into a WaMu 4.75% APY Savings.

So if you are carrying a high credit card balance or simply want to cash out your credit limit and deposit into a 5% savings account, below are credit cards with no balance transfer fee.

Citi Platinum Student - 0% APR on Balance Transfer for 6 months

Citi Professional Thank You Card Network - 0% APR on Balance Transfer for 9 months ($100 bonus too)

Citi Home Rebate - 0% APR on Balance Transfer for 12 months

Citi Professional Cash Card - 0% APR on Balance Transfer for 12 months

Citi Professional No Reward Card - 0% APR on Balance Transfer and Purchases for 12 months.

Citi Premier Pass Business - 0% APR on Balance Transfer for 12 months ($150 bonus too)

Citi Business Card - 0% APR on Balance Transfer and Purchases for 12 months

Citi Business Card ThankYou Network - 0% APR on Balance Transfer for 12 months ($150 Bonus too)*

For the above Citi cards, it states “there is no fee with the 0.00% APR balance transfer offer described above” or “Balance transfer fee: 3.00% of amount of each balance transfer, $5.00 minimum, $50 maximum, but waived with this offer.” This means that the balance transfer fee does not apply to the first balance transfer.

*Citi Business Thank $150 bonus, you must close the window to see the extra 5000 bonus points.

**For those $$ bonus card, make sure to fulfill the first purchase requirement and get your bonus money. Then pay off the card immediately. You don’t need to wait for the statement, but just pay through bill pay. Then do balance transfer with no fee.

***Whether you have a home-based business or that you have sold something on Ebay, you can apply for a business credit card. You can put your name as the business name and your social security number as the tax id. Your business is called sole proprietorship and it’s perfectly legal with the IRS.

These Bank of America Credit Cards have No Balance Transfer Fee:

You will get 0% APR for Six Months on Balance Transfer.

Financial Rewards Visa Platinum Plus

MilesEdge Visa

If you have one of these Costco American Express True Earnings credit card, then you might qualify for an extra 2% on cash back for all online purchases by enrolling through this AmEx link. Check to see if you qualify by putting your user id and password. If it doesn’t work, try calling 1-800-794-1308 with promo code 107400004 to see if it works. YMMV however. Valid only for the month of December.

From the website:

Enrollment required by 12/31/2007. This offer is good for solicited Cardmembers only. Through this offer you may earn an extra 2% cash back for your qualifying purchases made between 12/1/2007 and 12/31/2007 on an eligible Card. This is in addition to any rebate you may earn per the terms and conditions of this Card. Qualifying purchases are purchases made online, by phone or by mail order from eligible U.S. retail, department store, home improvement, drug store, wholesale club, consumer electronics, publishing and grocery store merchants. Charges for payments made via PayPal and other online payment intermediaries and for purchases from online auction sites do not qualify. This extra cash rebate will be awarded on up to $25,000 in qualifying purchases, for a maximum extra rebate of $500. Credits for purchase returns will result in a corresponding cash rebate reduction. To earn your reward your account must be active and not in default at time of bonus fulfillment. Please allow 4-8 weeks following 12/31/2007 for this one-time extra 2% cash rebate to post to your account as a statement credit.

You get 3% cash back because the promotion offers says earn an ADDITONAL 2% on top of the 1% you already get from your TruEarnings card.

For December, you can get an extra 5% cash back on groceries purchases in addition to restaurants and movies. The maximum is only up to $200 on groceries purchases which is $10 cash bonus. This only work on Discover cards that do not have 5% permanent cash back such as the Discover More or Discover Motiva Card.

In order to get the 5% cash back on groceries, you must login into your Discover account. Then click here to go directly for the sign up page.

Here’s a screenshot of the promo.