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Best 2 percent card?


Journeyjeans
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Hello everyone!

TL;DR: What's the best 2 percent card that can grow to at least $20,000 as a pry bar account? (so that at a later date, I can have other issuers match that limit).  My average scores are roughly 710 across the board. (FICO)

 

 

Long story:  I am just getting out of rebuilding per this two year old thread that I posted here.  (Finally closing on home, long story, wont bore you.)

 

I was reading the above thread to refresh myself of the wisdom of the members here, (Thank you!) and then I decided that I will go ahead and get a card with a large limit, hopefully 2 percent.

 

My first choice was going to be Navy Fed CASH Rewards.  It's only 1.5%, but I hear Navy Fed give out high starting limits...but I've lost faith in that because they don't give out high limit CLOCs anymore, and I'm not sure I want to risk getting a card under $10,000.  Otherwise, I would jump on this if the limit was high.

 

Then I saw this FNBO Prequalify link for one of their 2 percent products. This was the first prequal link that I ever saw where the lender TOLD you what your limit might be.  They want to start me at $15,000I like that alot, but have NEVER heard of FBNO and I fear that they might be a sub prime smear on a credit report type bank.  Otherwise, I would jump on this.

 

Then I saw this card by Wells Fargo (yes, I know lol) The card looks attractive to me...but it's Wells Fargo.

 

What would YOU suggest as a good starting card to grow with that also gives good starting limits?  I have hears of Citi Bank's Double Cash product, and it seems well liked.  Thank you for your insight! 

 

 

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Hello everyone!

TL;DR: What's the best 2 percent card that can grow to at least $20,000 as a pry bar account? (so that at a later date, I can have other issuers match that limit).  My average scores are roughly 710 across the board. (FICO)

 

 

Long story:  I am just getting out of rebuilding per this two year old thread that I posted here.  (Finally closing on home, long story, wont bore you.)

 

I was reading the above thread to refresh myself of the wisdom of the members here, (Thank you!) and then I decided that I will go ahead and get a card with a large limit, hopefully 2 percent.

 

My first choice was going to be Navy Fed CASH Rewards.  It's only 1.5%, but I hear Navy Fed give out high starting limits...but I've lost faith in that because they don't give out high limit CLOCs anymore, and I'm not sure I want to risk getting a card under $10,000.  Otherwise, I would jump on this if the limit was high.

 

Then I saw this FNBO Prequalify link for one of their 2 percent products. This was the first prequal link that I ever saw where the lender TOLD you what your limit might be.  They want to start me at $15,000I like that alot, but have NEVER heard of FBNO and I fear that they might be a sub prime smear on a credit report type bank.  Otherwise, I would jump on this.

 

Then I saw this card by Wells Fargo (yes, I know lol) The card looks attractive to me...but it's Wells Fargo.

 

What would YOU suggest as a good starting card to grow with that also gives good starting limits?  I have hears of Citi Bank's Double Cash product, and it seems well liked.  Thank you for your insight! 

 

 

FNBO is anything but subprime.

 

You can get 1.75% on your normal Navy cards if you have direct deposit. If Navy gives you a low starting limit, the problem is you, not Navy. In any event, CLIs are relatively quick and easy.

 

The Citi Double Cash is ok, but I do not like how their 2% is structured. First, you have to wait until after statement date to get your money and even then it may be two statement dates if you make a payment after you received your first statement. Then, you can only redeem if you have at least $25 in rewards.

 

On the other hand, the PenFed Power Cash rewards card gives you your 2% as soon as each transaction posts. You can redeem as little as $0.02.

 

 

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7 hours ago, Journeyjeans said:

Then I saw this card by Wells Fargo (yes, I know lol) The card looks attractive to me...but it's Wells Fargo.

One nice thing about the WF cash back is that you can use it to buy gift cards, and there are usually some for sale at 10% off.  I recently purchased a $250 Lowe's gift card for $225.  I've also purchased a $25 Dominos card for $22.50 and we gave a $50 Bed Bath and Beyond card as a Christmas gift to a niece and it cost us $45. 

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7 hours ago, PotO said:

FNBO is anything but subprime.

 

You can get 1.75% on your normal Navy cards if you have direct deposit. If Navy gives you a low starting limit, the problem is you, not Navy. In any event, CLIs are relatively quick and easy.

 

The Citi Double Cash is ok, but I do not like how their 2% is structured. First, you have to wait until after statement date to get your money and even then it may be two statement dates if you make a payment after you received your first statement. Then, you can only redeem if you have at least $25 in rewards.

 

On the other hand, the PenFed Power Cash rewards card gives you your 2% as soon as each transaction posts. You can redeem as little as $0.02.

 

 

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Wow!  I like that Power Cash card!  And THANK YOU for educating me about FNBO.  I really never heard of them, and was worried.  I’ll take a second look then, at them AND Navy Federal. (I didn’t know about that extra .25 percent either!  Thank you!)

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6 hours ago, A Credit Ed said:

One nice thing about the WF cash back is that you can use it to buy gift cards, and there are usually some for sale at 10% off.  I recently purchased a $250 Lowe's gift card for $225.  I've also purchased a $25 Dominos card for $22.50 and we gave a $50 Bed Bath and Beyond card as a Christmas gift to a niece and it cost us $45. 

EXCELLENT strategy!!!  Appreciate the tip!  I currently have a Cap One a Quicksilver.  1.5%, but I LOVE three things about this card.

 

1.  Rewards are accessible immediately, in any denomination.  I mean ANY.

 

2.  Payments are credited INSTANTLY freeing up credit space immediately.

 

3. I can use the rewards with your strategy that you just told me.  Appreciate you so much!  Thank you!

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In my experience if you want a high limit 2% card I'd take the FNBO offer and ask them for SP credit limit increases every 6 months.

 

WF didn't give me a high limit (and I applied when I had a good sum of money in my account) and not much of an increase when I asked.

 

Same with Citi double cash. They have increased it every time I asked but only by $2k or so

 

Fidelity/Elan has been a little better and I haven't pushed much with the limits, I think the one time I asked they did an HP. Not the end of the world but I'm ok with the 19k limit and I'd rather not b... never mind logged in limit increased another $5k. Note you need a Fidelity account to get the 2% otherwise the points are only worth 1%.

 

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20 hours ago, chrishillson said:

In my experience if you want a high limit 2% card I'd take the FNBO offer and ask them for SP credit limit increases every 6 months.

 

WF didn't give me a high limit (and I applied when I had a good sum of money in my account) and not much of an increase when I asked.

 

Same with Citi double cash. They have increased it every time I asked but only by $2k or so

 

Fidelity/Elan has been a little better and I haven't pushed much with the limits, I think the one time I asked they did an HP. Not the end of the world but I'm ok with the 19k limit and I'd rather not b... never mind logged in limit increased another $5k. Note you need a Fidelity account to get the 2% otherwise the points are only worth 1%.

 

 

Thank you!  So, FNBO vs Navy it is.  Not a bad choice of first large limites cards to grow.  Thank you!!!

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What types of accounts and/or balance requirements are in place for the higher rewards? 

Accounts where they suck fees out of you.

 

You'd come out far less cheaper by just going with [mention=767]Hegemony[/mention]'s Slovenian girlfriend.

 

 

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  • 4 weeks later...

Thank you everyone again for your Wisdom!

 

So for me at my economic position, it looks like my choices are the:

 

Alliant 2.5% (I think an account is needed)

 

Navy Federal 1.75% (account is needed for extra .25)

 

FBNO 2% (no gimmicks)

 

Elan Fidelity 2% (gimmick for the 3%)

 

PenFed 2% Power Cash (Have to join credit union…not sure if I can or if it is even worth it since I have Navy Fed)

 

Thank you ALL for your insights!!!

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Thank you everyone again for your Wisdom!
 
So for me at my economic position, it looks like my choices are the:
 
Alliant 2.5% (I think an account is needed)
 
Navy Federal 1.75% (account is needed for extra .25)
 
FBNO 2% (no gimmicks)
 
Elan Fidelity 2% (gimmick for the 3%)
 
PenFed 2% Power Cash (Have to join credit union…not sure if I can or if it is even worth it since I have Navy Fed)
 
Thank you ALL for your insights!!!

Of the ones you listed, PenFed as been the best for me when it comes to rewards.

To be fair, in order to get 2% from PenFed you need to maintain a checking account with either direct deposit or a minimum balance requirement or, IIRC, $600. A few things I like about PenFed is that you do not have to wait until you have accumulated a certain amount before cashing out the rewards. Also, the rewards post to your account and are available as soon as each individual charge posts. In addition, PenFed doesn't screw you on international exchange rates.

I actually tested the exchange rate with both PenFed and Bank of America. I placed identical charges on each in HK dollars and the authorization for each showed US $123.75. When the charges posted two days later, PenFed remained at $123.75, but Skank of America posted $125.07.

With Navy Federal, you have to have direct deposit to get the additional 0.25%. If no DD, you only get 1.5%.

I have an Alliant credit card, but it's not -- as far as I know -- 2.5%. Not sure what the requirements are to get the 2.5%.


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2 hours ago, PotO said:


Of the ones you listed, PenFed as been the best for me when it comes to rewards.

To be fair, in order to get 2% from PenFed you need to maintain a checking account with either direct deposit or a minimum balance requirement or, IIRC, $600. A few things I like about PenFed is that you do not have to wait until you have accumulated a certain amount before cashing out the rewards. Also, the rewards post to your account and are available as soon as each individual charge posts. In addition, PenFed doesn't screw you on international exchange rates.

I actually tested the exchange rate with both PenFed and Bank of America. I placed identical charges on each in HK dollars and the authorization for each showed US $123.75. When the charges posted two days later, PenFed remained at $123.75, but Skank of America posted $125.07.

With Navy Federal, you have to have direct deposit to get the additional 0.25%. If no DD, you only get 1.5%.

I have an Alliant credit card, but it's not -- as far as I know -- 2.5%. Not sure what the requirements are to get the 2.5%.


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Just wanted to update this info posted by PotO regarding PenFed as it was correct as of about a week ago.  However PenFed just changed their checking accounts to FREE and there is NO longer a requirement for any type of minimum balance or direct deposit.  PenFed Checking Accounts - Checking Made Simple | PenFed

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Just wanted to update this info posted by PotO regarding PenFed as it was correct as of about a week ago.  However PenFed just changed their checking accounts to FREE and there is NO longer a requirement for any type of minimum balance or direct deposit.  PenFed Checking Accounts - Checking Made Simple | PenFed

 

To be eligible for the 2% rewards, you need to have the Access America checking account. Access America requires either a DD or minimum balance to avoid the $10 monthly fee.

 

Oh, shite! I just noticed that now they will accept any checking account to qualify for the 2% and not just the Access America.

 

Thank you for pointing that out!!

 

 

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23 minutes ago, PotO said:

 


To be eligible for the 2% rewards, you need to have the Access America checking account. Access America requires either a DD or minimum balance to avoid the $10 monthly fee.


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PenFed is not very clear on their website, however you can qualify with the FREE checking, however:

Members with a Free Checking account must also 1) maintain a minimum $500 daily balance OR 2) set up monthly direct deposits of $500 or more in order to maintain Honors Advantage Eligibility. A minimum balance or direct deposit is not required to maintain a Free Checking account.

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PenFed is not very clear on their website, however you can qualify with the FREE checking, however:
Members with a Free Checking account must also 1) maintain a minimum $500 daily balance OR 2) set up monthly direct deposits of $500 or more in order to maintain Honors Advantage Eligibility. A minimum balance or direct deposit is not required to maintain a Free Checking account.

Thanks for clarifying. You are right in that their website is not very clear.


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11 hours ago, PotO said:

I have an Alliant credit card, but it's not -- as far as I know -- 2.5%. Not sure what the requirements are to get the 2.5%.

 

Alliant has discontinued the old 2% card, though those of us who have that card are grandfathered in.  The only rewards card they now offer is the 2.5% card (for the first $10k of spend per month, then 1.5% after that).  It requires a minimum of $1k in a checking account that is kept active with electronic deposits.

 

https://www.alliantcreditunion.org/bank/visa-signature-card

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  • 3 weeks later...
On 1/28/2022 at 10:58 AM, nemo said:

Alliant has discontinued the old 2% card, though those of us who have that card are grandfathered in.  The only rewards card they now offer is the 2.5% card (for the first $10k of spend per month, then 1.5% after that).  It requires a minimum of $1k in a checking account that is kept active with electronic deposits.

 

https://www.alliantcreditunion.org/bank/visa-signature-card

 

FYI, Alliant has now confirmed all this information on the phone.  I just called in to convert my discontinued 2% card to the 2.5% card, which they were happy to do.

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