I recently upgraded from Quicken 2007 to Quicken 2010, and in the process, I decided to clean up some categories to see how much I’ve earned in credit card rewards last year.
Here’s how it broke down:
- Chase Platinum Visa: $391.18 (I’ve considered trying out the Chase FreedomSM though)
- Discover More(SM) Card: $100.00
- Citibank: $57.01
- Discover Business Card: $13.00
- Pentagon Federal Visa Platinum: $3.03 (just got the card in December, but it’s my new favorite card)
Total Earned in 2009: 564.22
Wow, that’s a lot of cash back for buying things I was already going to buy. And the cool thing? I didn’t have to spend a penny in interest to any of these card companies! Because we pay off our balance in full each month on all our cards, we never get hit with interest on our balance. It’s certainly one benefit of being debt free!
Now I will admit that I don’t really try to optimize our spending based on the categories on each card, but I do try to remember which card pays the highest percentage in our common categories. For instance, I used my Chase card for gas purchases (3%) except when Discover offered 5% during its rotating categories periods, and now I use the PenFed card since it offers 5% on gas all the time. But sometimes I forget the Discover categories, or we go somewhere that should be covered in their 5% category, but they don’t take Discover. I don’t plan my purchases around my cashback options, but I do consider the options.
How do you use your rewards cards and how much did you earn last year?