Comments on: A new gas card rewards strategy

By: rocketc

rocketc — Mon, 28 Jul 2008 04:00:49 +0000

Some cards have caps, some don’t. Sometimes it is hard to wiggle through all of the fine print. Let me try to summarize:

The Freedom Card caps cash back at $18 per statement period on purchases that qualify for the 3% cash back. It does not cap the 1% cash back that you earn on every thing else. For, instance we had a month where we spent $1200 on gasoline (when we moved). We earned $24 in cash back – $18 on the first $600 and $6 on the balance.

From what I have read, the PerfectCard caps all rewards to $15 per statement period.

By: Mrs. Accountability

Mrs. Accountability — Mon, 28 Jul 2008 00:05:34 +0000

I wasn’t aware that rewards cards had caps. We spend so much money in gasoline I keep thinking we need to get a card that gives us money back. I’ve got to find the time to do this.

By: rocketc

rocketc — Sat, 26 Jul 2008 01:52:16 +0000

Ben, I think you can . . .if you open one card in your name and one card in someone else’s name – if you are married. They will issue as many extra cards as you request.

SHP, This is a danger. We try to keep very close tabs on our spending and only purchase items called for in our budget.

By: SHP

SHP — Thu, 24 Jul 2008 18:47:36 +0000

While it is good to get the reward I wonder if the card itself actually increases your monthly spending? There are many studies that show your expenses increase when you use a credit card.

By: Ben E.

Ben E. — Thu, 24 Jul 2008 14:58:28 +0000

I’m curious though – can you open another identical Chase Freedom Card that has the same deal? I mean you can effectively double the amount of categories, or use the same categories without leaving the money on the table. Any thoughts?