Entries Tagged as 'VISA'

How To Use Credit Cards To Your Advantage

If you’re a savvy shopper you know that you can save a great deal of money watching for sales and taking advantage of lost leaders.

It’s your money, so you might as well save as much of it as you can; not like some ones just handing it out to you without hard work.

One of the easiest ways to make your money go further is to take advantage of special offers from credit card companies that pay you money back to use their cards.  Most of the programs are complicated, and maximizing your benefits takes a little bit of discipline, but you can end up with quite a bit of money back every year.

The cards I recommend (in order) are:

  • Citibank Rewards Dividend Platinum Card (Master Card)
  • Chase Freedom (VISA)
  • Citibank Cash Returns (Master Card)

I recommend you get all three of them, and here’s why.

There are limits on the Citi Rewards and Chase Freedom cards, but if you use them right you can get 3% cash back, and with the Chase card as much as 5%!  But if you use your card a great deal you’ll cap it out before the end of the year.

The Citi Cash Returns Card doesn’t have a cap, but only pays 1% (1.2% for the first year).

I believe all Citi cards also provide you with virtual account numbers, which give you control of who can change what to your card when.  Chase unfortunately does not offer virtual cards numbers.  If you must have a VISA with virtual account numbers, Bank of America has several cards with decent rewards programs (more like the Citi Premier Pass Card utilizing the “Thank-You Network”).

There are of course many other cards that you might be able to save money with.

For instance I have a Chase Amazon (VISA) Card, mainly because they gave me $30 off my first purchase (since then they’ve given me $20 for $100 in charges, and $30 for $100 in charges to encourage me to use the card; but since I don’t purchase from Amazon much, it really isn’t that great a card for me).

The other way to make a credit card work for you is use it any time a merchant accepts it; they’ve built it into their pricing, so you might as well get 1-3% cash back for using your card; of course you do need to make sure you pay your bill in full before the due date every month, or those “savings” will quickly disappear with the interest charges!

On other word of advice, don’t acquire a huge number of credit cards; it will adversely effect your credit rating even if you don’t use them or carry a balance.  The immediate hit of lots of credit inquiries will make it harder to get credit, and having a large number of open accounts trims down your score as well.  And honestly, you don’t really need lots of cards, companies like Citi and Chase will provide you with INSANE credit limits.

Originally posted 2008-05-16 21:28:07.

GE Money Bank – Promos

I consider GE Money Bank to be a fairly low end credit card company, but they do often have attractive promotions to get you to sign up for a card… and they continue to offer promotions to get you used to using their cards.

Some of the promotions here of late — Sam’s Discover, $40 instantly off your $100 or more purchase; Wal-Mart Discover, $20 statement credit for a $100 or more purchase; eBay MasterCard 10% up to $25 back from your purchases in the first thirty days; and Chevron-Texaco VISA $10 gas credit for four transactions in the first thirty days (not clear if they need to be at a Chevron or Texaco or not).

Plus, what you start seeing around the end of your first thirty days are offers from GE Money Bank for a $10 statement credit for spending $100 or more at business other than the one the card was issued for — I just generally make my automobile insurance payment with the card, something I would do anyway — you might lose the 1% you would have gotten back on another card, but you get $10 plus whatever the GE Money Bank card bonus is for other charges!

From my experience you get two of the $10 off offers, one each of the months following your sign up — at least I have, and the only thing I charge on the cards is basically what I need to get the promo.

The downside is you’ll probably need to contact your credit card issuer and “remind” them about the promo; they’ll credit it pretty quickly after that (give them a statement period — but call after the statement the credit should have appeared on)… I won’t say the system always fails to apply the credit, but it has for me.  And there’s no reason to get testy with them, just be calm and tell them what happened (I save copies of the promos — both the initial electronic ones and the letters they send me just in case) and you might have to be sent to a supervisor — but you’ll get the credit with no problems as long as you fulfilled the terms of the promotion.

It’s easy cash — and you don’t have to use the cards after you have the money in your pocket; though watch out about accumulating too much credit for your asset level — if you’re not going to use the card, request them to lower your credit limit (or you can consider closing the account, but I would suggest you just lower the credit limit).

Originally posted 2010-12-05 02:00:33.

Where Can You Use Credit Cards?

Here’s a quick list:

  • Grocery stores (3% category on Citi & Chase)
  • Gasoline (3% category on Citi & Chase)
  • Pharmacies (3% category on Citi)
  • Fast Food (3% category on Chase; bonuses for Blinx)
  • Electric & Gas Bills (I highly recommend virtual card numbers)
  • Telephone Bills (I highly recommend virtual card numbers)
  • Cellular Bills (I highly recommend virtual card numbers)
  • Cable Bills (I highly recommend virtual card numbers)
  • Traffic Fines (provided there’s no convenience fee,  I highly recommend virtual card numbers)
  • Property Taxes (provided there’s no convenience fee,  I highly recommend virtual card numbers)
  • Retail
  • Dining Out
  • Movies
  • Movie Rentals
  • Online Shopping (I highly recommend virtual card numbers)
  • Colleges and Schools
  • Travel
  • Hotels

There’s virtually no limit to where you can use credit cards; and every place you use cards that pay cash back gives you cash back (up to you limit, and then just switch cards).

Then you can pay your credit card with you bill payment service; or you can have your credit card company issue an ACH directly from you checking, savings, or money market account (this actually keeps the money in your account longer, and instantly credits to your credit card — of course you’re authorizing your credit card company to withdraw from your cash accounts, so you have decide if it’s right for you and you generally have the option of either automatic payment or directed payments).


Blinx is Chase’s name for PayWay / PayPoint / FastPay — the RFID enabled credit card way to pay (Chase embeds RFID chips inside of many of their credit cards); currently they provide incentives to get people to use RFID style payment.

Virtual Credit Card Numbers are available through services offered by a number of credit card companies.  They differ slightly in implementation, but essentially allow you to set charge amount limits, and expiry dates.  Once an authorization is done to a virtual credit card number the card can only be charged against by that merchant.  You can generally extend the expiry date and charge amount at any time you want.  And you can terminate the card at any time you want (you cannot prevent already authorized charges from being committed to the card).  This is an excellent fraud deterrent, and prevents companies from charging any authorized fees to your account (which saves you the trouble of having to file a charge back).  I’ve used virtual card number ever since I had an MBNA VISA card (MBNA was acquired by Bank of America), they were one of the big innovators in this technology.

Originally posted 2008-05-16 21:35:48.

eBay Master Card

GE Money Bank provides the private labeled eBay Master Card and they’ve been running promotions here of late to give you a fairly substantial cash back bonus (generally up to $25.00) on your eBay purchases (applied as a statement credit, instantly).

This might be a good choice if you have an eBay purchase in mind — but there are many better cash back credit cards out there.

For general purpose use the Pentagon Federal Credit Union VISA card is one the the sweetest.

For private label cards, the Chase Amazon.com VISA offers a $30 instant bonus and 6% cash back for the first 90 days; the Chase Buy.com VISA offers a $40 instant bonus; the GE Money Bank Sam’s Club Discover offers a $40 instant bonus; and the GE Money Bank Walmart Discover offers a $10 instant bonus (plus additional $10 bonuses for using the card at places other than Walmat and Sam’s Club).

You can certainly put a little money back in your pocket by playing the credit card game — of course you have to be careful that you understand the rules for getting the cash back (and make sure you follow them).

A couple things to keep in mind.

GE Money Bank is a major credit card issuer — but they are a very low rent credit card company; and you certainly will not be treated like a “valued” customer or even a customer that has a choice.  Both Chase and Citibank are far better large credit card companies to do business with — and Pentagon Federal Credit Union has out of this world customer service and does value your business.

Your credit score can be negatively impacted by applying for a large number of credit cards in a short period of time (regardless of whether or not you are approved, the credit inquiries may lower your FICO score).  To protect yourself, and insure that you get the best credit offers, don’t apply for more than two credit cards in any one month — and try not to apply for more than four in any consecutive three month period.

Originally posted 2010-10-07 02:00:44.

Working the Chase / Amazon VISA

Right now Amazon has a promotion going that they’ll give you a 5% bonus for gift card purchases with an Amazon VISA card… so that ends up being 8% total (since you normally get 3%).

In fact, you might want to consider Amazon gift cards for routine purchases — particularly when you’re buying from an Amazon merchant…


Well, the Chase /Amazon VISA give you 3% cash back when you purchase items from Amazon; but only 1% when you purchase elsewhere (including Amazon merchants); so to get around this, buy a gift card for the exact amount you’re amount to spend at a merchant (just go ahead and get to the check out screen asking for payment — you can add a gift card there); then open another browser windows and purchase a gift card (for electronic/email) delivery for the exact amount… then apply the gift card number at the checkout and you’re done.

The first time you send a gift card to an email address you’ll have to re-enter your Amazon VISA credit card number (for security), and it seems like it always takes longer than it should to send the email — alternately you can select the option to print a gift card and simply take the gift card coupon number from that.

The 5% bonus program only lasts until the end of this month, and it’s limited to $2000 purchase / $100 bonus — but even after that expires you can still use the gift card purchase trick to get your 3% on your Amazon VISA.

One caveat — if you return an item, you’re going to get a gift card credit; that’s not a big deal of you’re a frequent Amazon shopper (the check out will always apply gift cards by default).

There is no reason to use a gift card for an Amazon purchase after the 5% bonus program is over (or you max out your bonus).

It’s free money… and doesn’t require much extra work to get it.