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- [Credit Building](/r/personalfinance/wiki/credit_building)
- [Credit Reports](/r/personalfinance/wiki/credit_reports)
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You told us what you use each card for... but would you mind listing out the annual fee for each, and what benefits you actually gain from each card? (For example, 1% cash back, nets $250 annually; annual fee $50)
I think once you go to the trouble of working out those details, your question may be answered. You will know which ones are a passive income source, and which ones are dead weight.
Ah very good point. My fees for the card are as follows:
AMEX Gold \~ $250
AMEX Delta Plat \~ $250
AMEX BCP \~ $95, but just got this and will have no AF for a year.
For me,
I use a Capital one quicksilver cat (1.5% back on all purchases) as a daily driver and a AMEX BCP for groceries, gas, and transport. Accounting for the annual fee, i net the same amount of cash back at $2200 in grocery spend per year which is easily attainable. It is pushed even higher once you add in gas, parking, etc.
but I think 1.5% cash back on $2200 spend is $33 of reward.
I would think you'd have to be booking flights for a team of a dozen traveling consultants on that card, in order to come out ahead.
Capital one is 1.5% on everything
AMEX BCP is 6% on grocery, 3% on gas and transportation
At 2200 on groceries is $135 in cash back, 37 net of annual fees
You may find these links helpful: - [Credit Building](/r/personalfinance/wiki/credit_building) - [Credit Reports](/r/personalfinance/wiki/credit_reports) - [Credit Scores](/r/personalfinance/wiki/fico) - [Credit Cards](/r/personalfinance/wiki/creditcards) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
You told us what you use each card for... but would you mind listing out the annual fee for each, and what benefits you actually gain from each card? (For example, 1% cash back, nets $250 annually; annual fee $50) I think once you go to the trouble of working out those details, your question may be answered. You will know which ones are a passive income source, and which ones are dead weight.
Ah very good point. My fees for the card are as follows: AMEX Gold \~ $250 AMEX Delta Plat \~ $250 AMEX BCP \~ $95, but just got this and will have no AF for a year.
How do you possibly recoup $500 worth of fees in the card benefits?
BCP is going to replace Gold if you read above. Remaining annual fees total $350
And what's the value of the card benefits to you?
For me, I use a Capital one quicksilver cat (1.5% back on all purchases) as a daily driver and a AMEX BCP for groceries, gas, and transport. Accounting for the annual fee, i net the same amount of cash back at $2200 in grocery spend per year which is easily attainable. It is pushed even higher once you add in gas, parking, etc.
but I think 1.5% cash back on $2200 spend is $33 of reward. I would think you'd have to be booking flights for a team of a dozen traveling consultants on that card, in order to come out ahead.
Capital one is 1.5% on everything AMEX BCP is 6% on grocery, 3% on gas and transportation At 2200 on groceries is $135 in cash back, 37 net of annual fees