Quote:
Originally Posted by Templar
I have a MC from USAA with cash rewards and a Discover with their Cash Back thing. I use them often enough on a rotating basis and pay them off to avoid finance charges, but continue to get the cash back. Relatively nice. I took the Discover since I only had one card and wanted to boost my credit score a little. This way, I have two that can be used pretty much anywhere. Signing up for the stuff with Discover isn't so much of a hassle to me as people make it out to be. It's all on their phone app anyway, it takes 2 seconds. 5% cash back from restaurants now. I've made a decent amount of money back off of it. Yes, there is a cap though, but I usually don't spend THAT much to hit the cap.
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Yeah this is like my dream. The vast, vast majority of my spending is for restaurants, and I'm only getting 1% cash back with BoA.
For me, it's still early enough to where I wouldn't mind taking a hit on my credit score to open up some new credit. The only problem with the 5% restaurant cash back cards is the "5% cash back" category usually rotates every quarter. It's probably too late for me to jump on that now, although it could be useful for next year (and beyond).
Now what does the term "restaurant" actually entail? I know some credit cards make a distinction between "restaurants" and "fast food," for example. Is the category "restaurants" as broad as one would expect?
As far as I know, there isn't a single card that offers 5% or even 2-4% cash back on "restaurants" year round.
Quicksilver probably comes the closest, as it offers 1.5% cash back for everything.