Cash Back vs. Points: Are We Playing the Wrong Credit Card Game?
May 01, 2024•49 min•Ep 170•Transcript available on Metacast Episode description
#170: Chris makes a case for cash back in your credit card strategy based on some recent changes in the points and miles world. He goes deep on strategies for every spending category and shares his analysis of how to optimize points vs. cash back for the best ROI.
Link to Full Show Notes: https://allthehacks.com/cash-back-vs-points-credit-cards
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All the Hacks
Credit Card Optimization Tool v2 (w/ $10 Discount)
All the Hacks Membership
Credit Cards Page
Credit Cards Mentioned
Note: not all cards are allowed to be mentioned here, so for a full list, visit our Best Credit Cards Page
Overall Spend
Robinhood Gold Card
Bank of America® Premium Rewards® Credit Card
Discover it® Miles
Higher Cash Back in 1-2 Categories
U.S. Bank Cash+® Visa Signature® Card
Citi Custom Cash℠ Card
Bank of America® Customized Cash Rewards Credit Card
Rotating Categories
Discover it® Cash Back Credit Card
Dining/Restaurants
Capital One Savor Cash Rewards Credit Card
U.S. Bank Altitude® Go Visa Signature® Card
American Express® Gold Card
Travel
The Platinum Card® by American Express
U.S. Bank Altitude® Reserve Visa Infinite® Card
Wells Fargo Autograph Journey℠ Card
Grocery/Supermarkets
Blue Cash Preferred® Card from American Express
AAA Daily Advantage Visa Signature ® Credit Card
American Express® Gold Card
Verizon Visa® Card
Internet/Cable/Phone Bills
BMO CashBack® Mastercard®
Gas
Abound Visa® Platinum Card
Entertainment/Streaming
Capital One Savor Cash Rewards Credit Card
Rent
Bilt Mastercard®
Mobile Wallet:
U.S. Bank Altitude® Reserve Visa Infinite® Card + Real Time Rewards
Resources Mentioned
Wealthfront: Get $5k managed free & get a 0.5% APY boost
Copilot: Free 2 months access to my favorite personal finance app with code HACKS2
X (Twitter) post: Couple opened 26 credit cards in 2017 and earned 2M points
Full Show Notes
(00:00) Introduction
(01:55) Chris' Personal Points & Miles History
(02:48) 3 Big Changes to Chris' Credit Card Strategy
(04:29) How to Take Advantage of Transfer Bonuses to Book Flights
(11:49) The Basics of Cash Back
(12:50) Best Cash Back Cards for Overall Spend
(14:06) Cards for Higher Cash Back in Certain Categories
(15:11) Other Category Spend
(19:42) Best Cards for Dining
(20:40) Travel Category
(21:44) Uncapped Card for Gas
(21:56) Cards for Groceries
(22:26) Internet, Phone Bill, and Cable Category
(22:35) Chris' Revamped Card Optimization Spreadsheet
(26:35) Main Cards for Team Points Vs. Team Cash Back
(27:44) Chris' Analysis & Category Run Through
(33:42) The Biggest Takeaway on Cash Back
(36:24) Cards for Spending Categories Like Rent, Entertainment, and Office Supplies
(39:32) The Big Wrench: Welcome Bonuses
(41:58) The Points & Miles Game With Player 2
(43:14) Credit Card Issuer Rules for Welcome Bonuses
(48:03) Quick Summary and Chris’ Final Takeaway
Editor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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