You will earn this 5% on the first $1,500 you spend at all three areas combined. The maximum amount you can earn will be $75. Just be sure to activate the quarter before you start spending.

HOW SOON CAN YOU ACTIVATE YOUR DISCOVER IT SAVINGS?

You can activate the Discover IT’s quarters 2 months prior to when the quarter begins. For example quarter 3 which lasts from July 1st to September 30th can be activated on May 1st. As you can see in the graphic below, the categories will be restaurants and Paypal. Stay tuned in the coming months when we will discuss the best strategies for maximizing how to earn you $75 cash back.

HOW TO MAXIMIZE QUARTER 1

Most should be able to take advantage and maximize quarter 1 for the Discover IT. Especially in this quarter in the Grocery Store category alone. According to the US Bureau of Labor Statistics in 2018 the average family spends $4,464 per year on groceries. That averages $372 per month.

Because every family’s needs are different, you will no doubt have to adjust accordingly. But for the sake of ease we will use the above numbers for this discussion. For the three months of January, February, and March the average family would spend about $1,116 in the first quarter alone. Only putting you $384 short of the $1,500 cap of earning 5% cash back.

What do most grocery stores, CVS, and Walgreens have in common? They sell gift cards. So what I would recommend doing is purchasing either gift cards to the grocery store you like shopping at since you know you will use it anyway. Alternatively, you could purchase a gift card or gift cards to places you know you will be able to use. Don’t purchase gift cards just to purchase them. You should do so with a clear plan in mind. 

PRACTICAL APPLICATION

What does a practical way of putting this into practice look like? I live in the small town of Houston, Texas. Have you heard of it? Oh, you have? Well anyway, we have a popular chain here called Kroger. They sell a variety of gift cards. 

Anyway my wife and I will be going to California this week for a wedding. While there, we decided to go to Disneyland for a couple days. Kroger sells, you guessed it, Disney gift cards. I purchased $1,000 of Disney gift cards with my Discover IT card. Basically saving my $50.

Now I will get that $50 in the form of available cash back on my Discover IT account that I can use towards my balance or deposit into my bank account. What is great about Discover is if you are still within your first of having this card they will match all of your cash back at the end of your first year. So essentially you could save 10% or $150 each quarter instead of $75.

ANOTHER BENEFIT OF BUYING GIFT CARDS

Another great way I save money when purchasing gift cards at Kroger is being able to take advantage of the promotions they have. Kroger has a fuel rewards program. You earn 1 point per dollar you spend. For every 100 points you earn you can save 10 cents off per gallon of gas.

They usually have 2X fuel points on gift cards and just about every weekend it seems they will allow you to earn 4X fuel points on gift cards.

So my $1,000 Disney gift card purchase earned me 2000 fuel rewards. If it weren’t for my poor planning and waiting until the last minute I could have taken advantage of the 4X fuel rewards that is currently running and earned 4000 fuel rewards.

Kroger allows you to redeem 1000 fuel rewards maximum per transaction. So the most you can save is $1.00 off per gallon. Depending on how many gallons of gasoline it takes to fill up that could be some serious savings. Keep in mind that fuel rewards usually expire within a month. So you won’t want to hoard them.

DO YOU WANT A FREE $50?

If you’re thinking about getting this card now is a great time. You can use this link to apply and get a free $50 as long as you make one transaction within the first 3 months of opening your account.

OVERALL THOUGHTS

The Discover IT card is one of the easiest to use rotating categories credit cards to use. I love that it has no annual fee too. Discover also reveals the whole year calendar ahead of time to help you plan your spend accordingly. Quarter 2 will be Gas Stations, Lyft, Uber, and Wholesale Clubs. Check back for that one. So now that you know how to maximize quarter 1 for the Discover IT, are you ready to start saving?

The post DISCOVER IT | MAXIMIZE QUARTER 1 OF 2020 appeared first on My Credit Card IQ.

This is a cash back card that comes with no annual fee. This is something that is good to keep in mind as this is a card you could keep for the long haul. This card also comes with no foreign transaction fees, which is a selling point of all Capital One cards. This card also comes with a moderate sign-up bonus of $150 cash back bonus after spending $500 on purchases with the first 3 months of account opening.

Sign-Up Bonus tips

When it comes to the sign-up bonus there are a few things to consider. The first one is capital one includes language in their terms that suggests customers are only eligible for the sign-up bonus if they are a new customer. This is generally being applied to new accounts for a product. So, if you have never had the Savor One card before you should be okay. But bear in mind that the way the language is worded you could be at risk for not receiving the sign-up bonus.

More on not receiving a sign-up bonus. Some have complained that when they used the pre-qualify tool on capital one’s website and then approved they never received their sign-up bonus after meeting the requirements. Keep in mind these are complaints from disgruntled customers, so there may be more to the story. But just to play it safe I would recommend using the pre-qualifying tool and if it looks like you have a good shot at being approved either clear your cookies or open an incognito browser.

Savor One Categories

• 3% cash back on dining and entertainment
• 2% cash back at grocery stores
• 1% cash back on all other purchases

What is an Entertainment Purchase for Savor One?

According to Capital One and entertainment purchase is defined as a ticket purchase made at a movie theater, record store, video rental location, does not include streaming and subscription services. Tourist attraction, amusement park, aquarium, zoo, dance hall, billiard and pool establishment, bowling alley, professional sporting event, theatrical promoter, or concert promoter.

Ultimately if the merchant you are purchasing your entertainment from uses an entertainment code that Capital One determines falls under one of those categories, your purchase will earn you 3% cash back. Some restaurants and stores inside say a sporting arena may be coded as “food” or “merchandise”, respectively.

Interestingly, Capital One lists a few non-qualifying entertainment purchases that they don’t offer 3% cash back for. These would be purchases made at golf courses, country clubs (including membership fees), collegiate sporting events categorized as “universities”, charitable organizations that provide live entertainment, amusement park tickets purchased on third-party sites or on entertainment and resort packages categorized as “travel” or “hotel”.

What is a Dining Purchase with Savor One?

Like the entertainment category, it will mainly come down to how the merchant has set up codes for their business. But according to Capital One, you can expect purchases at restaurants, fast-food places, coffee shops, cafes, lounges, bakeries, bars and nightclubs to count towards Dining purchases.

You can see there are plenty of opportunities to earn that 3% cash back with the Capital One Savor One credit card. While the big brother, if you will to the Savor One card. The Savor card earns 4% on dining and entertainment it does come with a $95 annual fee (waived in year 1).

Earning on Groceries

While not game changing, this card does earn a respectable 2% cash back at the grocery store.  There is no cap to the amount of cash back that you can earn in any category, so that is a plus. But frankly there are better options out there when it comes to purchasing groceries. If you are willing to pay a $95 annual fee The Blue Cash Preferred Card from American Express offers 6% cash back at U.S. supermarkets on up to $6,000 in spending each year.

If you don’t want to pay an annual fee the Walmart Credit card and the Target Red card (both debit and credit versions) offer 5% back that you can use on grocery purchases.

SavorOne Earning Potential

One nice thing about the Capital One Savor One card is that there is no maximum to the amount of cash back you can spend. So if you spend a lot in entertainment and dining out you can rack up that cash back quickly. If you think you spend $10,000 or more you may want to consider the regular Savor card which has a $95 annual fee and you can earn 4% cash back in the dining and entertainment category. Also with no cap on earning potential.

Overall Thoughts

If you like eating out and not paying for an annual fee this very well might be the best option for you. The sign-up bonus is decent for a no annual fee card and you can even use this while travelling internationally. If you want a no annual fee credit card that earns 3X in more than just dining and entertainment. The Wells Fargo Propel card might be a better option for you.

The post Capital One Savor One Review | Deliciousness Straight to your Wallet appeared first on My Credit Card IQ.

With the recent changes to the Chase Sapphire Reserve which includes a fee increase of $550 for new card holders effective January 12, 2020 and for existing card holders as of April 1, 2020 and moving forward. One positive is if your annual renewal is prior to April 1, 2020 you will be able to get one more year at the $450 annual fee and still receive all the benefits they added. In this post we will look at 7 reasons to have the Chase Sapphire Reserve in 2020. We won’t be focusing in on the $300 travel credit, of the 3x multiplier on travel purchases. We will be looking at 7 ways to justify this card for 2020. For a detailed post of all the changes click here. These 5 reasons are listed in no particular order.

Do you like Airports?

If so this card comes with complimentary airport lounge access. You’ll receive a Priority Pass Select membership. Which is valued at $99. You can bring two guests with you free of charge. Each additional guest will cost $27. This Priority Pass Select Membership also allows you to use it at select restaurants inside airports towards $28 worth of food at most of the 28 or so participating restaurants, not to mention the 20 or so bars that you can use that credit. Some restaurants allow you to bring one guest and get another $28 worth of food credits, totaling $56. Which is a sweet deal. These credits can’t be applied towards a tip however, so be sure to bring a few bucks for that.

Personally I do not have this benefit as I generally don’t spend much time in airports. I usually get there in time for my flight and once I land I’m headed on to my destination. There are examples of people using this benefit at multiple participating restaurants in the same airport allowing them to use that $28 credit two or even three times. If you’re someone who travels often for work or takes international trips with layovers, this benefit could be very beneficial.

Hate Waiting in line

Are you someone who is always running late or rushing through the airport to catch your flight? Or maybe you just hate waiting in lines. Well, then this is one reason to consider the Chase Sapphire Reserve. I am talking about the Global Entry or TSA PreCheck credit that you get with this card. If you only travel domestically than all you really need is TSA Precheck. But if there is even a chance you might travel internationally within 4 years of getting this, I always recommend going for Global Entry since TSA-Precheck is included in that. If you pay the $85 for TSA PreCheck or the $100 for Global Entry with the Chase Sapphire Reserve you will receive that credited back to your account. You can use this credit once every four years. Which is about how long each membership lasts before it’s time to renew.

Who needs a car?

Do you live in a densely populated area like New York, San Francisco, or Los Angeles? Or maybe you travel for work and instead of renting a car you take a rideshare option. If so you may find yourself taking either Uber or Lyft. Now with the Chase Sapphire Reserve it might make more sense to use Lyft with these new perks.

• 10x points per dollar spent with Lyft
• Complimentary Lyft Pink Membership

With these added perks, not only will you save 15% off your rides, you will earn a higher bonus rate. Plus a few other perks that you can read about here. The 10x benefit is currently being advertised only through March 2022. It will be interesting to see if they extend it or go with a different perk. Although I suspect since American Express has a deal with Uber, Chase will stay with Lyft.

Transfer Partners

Chase has some of the best transfer partners of any of the major credit card players. If your focus is on travel, this card is hard to beat. Points are worth 1.5 cents each when redeemed towards travel through the Ultimate Rewards portal. But many times, you can extract more value by using transfer partners. Points transfer at a 1:1 ratio and sometimes chase even offers bonuses when you transfer to one of their partners.

Here are the Ultimate Rewards transfer partners:

No matter if you only need to rent a car once a year or with every monthly excursion. This benefit is hard to beat. The Sapphire Reserve offers primary collision damage waiver coverage. This basically means that you are covered for any damages that happen to your rental car, regardless of whether you carry other insurance or not. You do have to pay for the rental with this card and decline the collision insurance, for the policy to kick in. Check your cardmember agreement for full details of what type of rentals may not be covered. While thankfully I have never had to use a benefit like this. Knowing that if you use this card to pay for your car rental gives a bit of relief.  

Do you eat?

One of the new changes to this card involves DoorDash. The Sapphire Reserve offers a 1-year DashPass membership. With this service you pay $0 delivery fees when ordering at least $12 from participating restaurants.

You also get $120 of DoorDash credit. This is broken up over two years. You will receive $60 of credit in 2020 and another $60 of credit in 2021. Not a bad benefit overall and one that just about every card holder should be able to take advantage of.

We don’t need no stinking fees!

This card is advertised as a travel card. As such you wouldn’t expect a travel card to have any foreign transaction fees. The Sapphire Reserve doesn’t disappoint. This is an excellent card for purchases made internationally while traveling or even from merchants who may be based in other countries. Say goodbye to those 3% fees.

Those are just 7 reasons why the Chase Sapphire Reserve is still a great option to have in your wallet. Is there a reason that I didn’t include that is a reason you keep this card? We’d love to know. Drop us a comment below, on YouTube, or one of our social media accounts.

The post 7 Reasons to keep the Chase Sapphire Reserve in 2020 appeared first on My Credit Card IQ.

The Wells Fargo Propel American Express credit card is quickly becoming one of the most popular credit cards around. For good reason too. In this post we will take a look at how this credit card earns and an amazing perk that more credit cards should offer.

Sign-Up Bonus

This card comes with an outstanding sign-up bonus for a no annual fee credit card. This card earns in points. So you will earn 20,000 points after only spending $1,000 in the first 3 months of account opening. Those 20,000 points are worth a cool $200. Which gives you a 20% return on your spend.

How The Wells Fargo Propel Earning Potential

• Earn 3x points on
  • Eating out and ordering in
  • Gas stations, rideshares, and transit
  • Flights, hotels, homestays, and car rentals
  • Popular streaming services
• Earn 1x points on other purchases
• No limit to the points you can earn
• Points never expire as long as your account is open

Wells Fargo Propel Unique Perk

This card had a benefit that more cards need to include. That is cell phone protection. All you have to do is pay you cell phone bill monthly with the Wells Fargo Propel Credit Card and you receive up to $600 cell phone protection per claim. This covers damage or theft of your cell phone. You must pay a $25 deductible towards the coverage of repairs or replacement of your original phone. No more than $1,200 can be covered in a 12 month period. 

The cell phone coverage goes into effect the 1st day of the calendar month following your first cell phone bill where you pay your cell phone bill.

The terms and conditions on the Wells Fargo website states that this benefit does not cover phones that are lost (i.e. disappear without explanation). It also does not apply to phones that are rented, borrowed, or received as part of a prepaid plan.

I would recommend keeping the receipt for your cell phone purchase incase it is asked for when making a claim. Also do the math to make sure the coverage makes sense over getting one with your cell phone carrier or cell phone company. With many of the hottest phones costing about $1,000 you may not get enough to cover the cost of that new phone of yours.

Additional Benefits

This card also comes with purchase and travel protections that includes:

• Lost luggage reimbursement
• Car rental loss and damage insurance
• Roadside assistance
• 24/7 travel and emergency assistance, and emergency cash advances
• Retail Protection
• Extended Warranty

Link to all the details of each coverage here as it has a lot of legal jargon that I don’t want to mis-represent.

Overall Thoughts

For a no annual fee credit card, the Wells Fargo Propel card is hard to beat. You earn 3X points in some pretty major categories as well as get a solid cell phone protection benefit. I think this card is a contender for the best no annual fee credit card and can definitely be a card that everyone should consider having for the long haul.

If you love cash back cards we bet you’ll love this card that gives 5X back on travel.

The post 9 Amazing Categories for the Wells Fargo Propel appeared first on My Credit Card IQ.

If you have been thinking about applying for a Southwest Credit Card now is the perfect time to apply. All 3 personal credit cards have an increased sign-up bonus. You’ll have to hurry though as this limited time offer ends 02/10/2020. You can earn up to 75K sign-up Bonus on all 3 southwest credit cards. These signup bonuses only put you 50,000 points away from earning the coveted Southwest Companion pass. In this article we will take a quick look at how to earn those 75,000 points and the benefits of each card.

The three personal cards are the Southwest Rapid Rewards Plus Credit Card, the Southwest Rapid Rewards Premier Credit Card, and the Southwest Rapid Rewards Priority Credit Card. All three cards come with the same tiered sign-up bonus. So the card you go with will come down to which benefits you want. 

How to Earn the 75K Sign-Up Bonus

It is a tiered sign-up bonus. You’ll earn 40,000 points after you spend $1,000 in the first 3 months of when you open the account. Then You’ll earn an additional 35,000 points for an additional $4,000 spent in the first 6 months of account opening. Totaling $5,000 spent in the first 6 months of account opening. Which should be attainable for most.

What Each Card Comes With

What to Know Before Applying

You won’t be able to earn these sign-up bonuses if you already have a personal Southwest credit card. You are only allowed to have one open at a time. You also can not have earned the sign-up bonus on a Southwest personal credit card in the last 24 months. Also, if you have opened 5 or more credit cards within the last 24 months Chase won’t approve you for a new credit card.

Overall Thoughts

There is no better time than now to apply for one of these cards to be well on your way to having plenty of points for travel or 60% on your way to earning that Southwest Companion Pass. So, what do you think about these increased sign-up bonuses and which credit card will you get?

The post 75K Sign-up Bonus on Southwest Credit Cards appeared first on My Credit Card IQ.

With the recent updates announced to the Chase Sapphire Reserve. A lot of credit card enthusiasts have been talking about changes. One of which involves Chase teaming up with Lyft. In this article we will look at how you can earn more on Lyft Rides with Chase. Particularly 10X ultimate rewards points per dollar spent beginning January 12, 2020.

I just found out by doing some reading on lyft.com that this perk is currently slated to last until March of 2022. But I also read about some other exciting information that applies across multiple Chase credit cards.

Chase Credit Cards that earn more with Lyft

Chase Sapphire Reserve: 

        10x total points on Lyft Rides 

        1 year of complimentary Lyft Pink membership per account (business profile is not eligible)

Chase Sapphire Preferred, Sapphire, Ink Preferred, and Ink Plus: 

        5x total points on Lyft Rides 

Chase Freedom, Student, and Unlimited: 

        5% total cash back on Lyft rides 

Chase Ink, Cash, Business, and Unlimited:

        5% total cash back on Lyft rides 

How to earn

Getting started is a breeze.

Step 1: Make sure you have the latest version of the Lyft app downloaded.

Step 2: Set your eligible Chase card as your default payment method.

Step 3: Earn on rides through March 2022.

Please note starting on Jan 12, you’ll be able to activate the Lyft Pink membership. Set your Chase Sapphire Reserve card as the default payment method in the Lyft app (not available for business profiles) by March 2022 and in-app messaging will guide eligible cardmembers through the complimentary enrollment.

How each Chase card earns with lyft

Without taking into consideration other benefits and only looking at the lyft multiplier we will do the math and see where the breakeven point is.

• Chase Sapphire Reserve

With the Chase Sapphire Reserve, you will earn 10X points which can be worth up to a 20% return. Since this benefit is only being added for Chase to up the annual fee by $100. We will use that amount as the breakeven point. You’d have to spend $500 on lyft each year to cover the cost of the $100 fee increase.

$500 X 20% = $100

• Chase Sapphire Preferred, Sapphire, Ink Preferred, and Ink Plus

With the Chase Sapphire Preferred, Sapphire, Ink Preferred, and Ink Plus cards all having a $95 annual fee and earning 5X points which can be worth up to a 10% return. You’d have to spend $950 on lyft each year to cover the cost of the $95 annual fee.

$950 x 10% = $95

• Chase Freedom, Student, and Unlimited and the Chase Ink, Cash, Business, and Unlimited

With the Chase Freedom, Student, and Unlimited cards and the Chase Ink, Cash, Business, and Unlimited cards you earn a flat 5% back. These cards have no annual fee. So there is no break even point here as you have no annual fee to cover. 

What is the best Chase Credit Card to use for lyft?

If you already have the Chase Sapphire Reserve and use Lyft on a regular basis you will probably benefit from keeping it to pay for your Lyft rides.

I think the sweet spot will be to use one of the credit cards with a $95 annual fee. The Chase Sapphire Preferred, Sapphire, Ink Preferred, and Ink Plus as these cards had no increase of the annual fee as of the writing of this article. 

If you have never used lyft before, you can get a free $5.00 credit by clicking here. 

Overall Thoughts

Chase teaming up with Lyft makes sense as a way to add perks that the competitor has.  American Express and Uber have teamed up a while back now. However for those with the Sapphire Preferred in their wallets, this change is pretty lackluster for most. For those with any of the other Chase credit cards mentioned, they will probably receive the most benefit since there is no extra charge attached. 

The post Chase Teaming up with Lyft | Earn with these cards appeared first on My Credit Card IQ.

This amount is up from the $450 annual fee that many of the cards loyal supporters have grown comfortable with and for good reason. As this credit card offered some amazing perks, especially the initial sign-up bonus of 100,000 chase ultimate reward points.

What’s New?

Well, besides the obvious bad news of the $100 annual fee increase. Let’s look at what your new $550 annual fee will get you. The annual fee increase takes effect on January 12, 2020 for new card holders. If you currently have the Chase Sapphire Reserve you will be locked into the $450 annual fee if your anniversary date is prior to April 1, 2020. The below benefits however will go into effect on January 12, 2020 for current and new card holders alike.

• 10x points on Lyft rides — up from the current 3x rate for Lyft rides and all other travel purchases

• Complimentary Lyft Pink membership — you can activate a year for free. Lyft charges $19.99 per month for this service. This will get you access to 15% off car rides, priority airport pickups, surprise offers, relaxed cancellation policies, and up to three free 30-minute bike and scooter rides (including with Citi Bike) per month in certain metropolitan areas

• Up to $120 in DoorDash credits for food delivery — in addition to offering Sapphire Reserve cardmembers a complimentary year of DashPass membership with DoorDash for waived delivery fees and more. DoorDash charges $9.99 per month for this service. Chase is also adding statement credits for the food-delivery service DoorDash. You’ll get up to $60 in 2020, and up to $60 in 2021.

Do these new benefits justify the new annual fee?

Is Chase Sapphire Reserve annual fee increasing to $550 worth the price? It’s a simple question that has more than one answer. It really boils down to if you already use these services that are being added. One year of Lyft Pink membership is valued at $239. One year of DashPass membership is valued at $119. The two years of DoorDash credits you will get is a value of $120. That’s a value of $418 in the first year alone. If Chase decides not to extend the Lyft Pink membership or the DashPass membership you are still receiving $478 in value in the first two years alone.

But, that is only real value if you already use these services and value them as such. If you only start using these services because you have the Chase Sapphire Reserve, you aren’t saving money. The DashPass membership and DoorDash credit will most likely be easier to use and justify. Many people love their cars and rarely use rideshare services unless it’s for a ride to the airport or you live in a metropolitan area.

If you use Lyft regularly, I’d say 2-3 times per week. Getting 10X chase points per dollar now will be extremely exciting and will more than cover the $100 annual fee increase.

Is Chase Removing Any Benefits?

The Chase Sapphire Reserve will still include the same benefits you have come used to relying on, including:

• $300 in annual statement credits towards travel
• Priority Pass select membership for airport lounge access
• 3X points on travel and dining
• No foreign transaction fees
• Trip delay and cancellation coverage

It would have been nice to see an increase in the travel and dining multiplier or an added earning category like gasoline or groceries. However, at least we can breathe a sigh of relief knowing that they haven’t taken any benefits away.

The Verdict

Ultimately it will come down to your spending habits and if you find value in these new added benefits. The value provided can come in handy and save you some serious green. Sadly, if you won’t use these credits it is going to be hard to justify keeping this card in your wallet for that steep $550 annual fee. Thankfully, instead of cancelling the card you have plenty of downgrade options.

Check back for more updates soon as we will be diving into plenty of information on the Chase Sapphire Reserve card and many other great credit cards. If you like earning 5X points check out the ABOC Platinum Rewards Mastercard.

The post Chase Sapphire Reserve annual fee increasing to $550 appeared first on My Credit Card IQ.

This card is bringing it’s A game to the table and I expect it to be a real competitor in the 5% and 5X cash back credit card market. It is a rotating cash back credit card, so it puts it in the same category as the Discover IT card, Chase Freedom, and the U.S. Bank Cash + cards. In this post we will look at how this card earns, some of the perks it comes with, including a sign-up bonus, and of course the categories it earns 5X in.

What is a rotating cash back credit card?

The credit card issuer chooses a category or categories each quarter. For example, the 1st quarter of 2020 is January-March, The Discover IT card’s 5% categories are Grocery Stores, Walgreens and CVS. You earn 5% cash back on your first $1,500 of spending in each quarter in all categories combined. With a maximum earning potential of $75 each quarter. Any spend after the $1,500 and all spend outside of the category earns at a 1% cash back rate.

How to earn points?

The ABOC Platinum Rewards mastercard is no different in the way it earns. You earn 5X points per dollar spent on your first $1500 for all categories per quarter. For ABOC this is calculated at the base rate of 1X point per dollar spent and then an additional 4X points per dollar spent in the given category or categories. Any spend after the $1500 and all spend outside of the category earns at a 1X cash back rate. If you max out the quarters you will have earned $300 cash back without any extra effort on your part.

For any of the 1X cash back rate that you might spend on this card, there is no cap on the points you can earn and the points will never expire. Another thing I like about this card is that once you register your account with this new credit card you don’t have to activate or enroll in any of the quarters 5X bonuses, unlike the Discover IT, Chase Freedom and others. 

You can redeem your ABOC points on Travel, gift cards, merchandise, and cash back in the form of a statement credit. I suspect the Travel and cash back redemption options will be the best route. It will be interesting to see what kind of gift cards will be available. I’ll be sure to update you as new information is released. 

Easy Sign-Up Bonus

This credit card will have one of the easiest sign-up bonuses on the market. You only have to spend $1,200 in the first 90 days of account opening to receive a $150 statement credit. Which is a nice 12.5% return on your spend for purchases you were going to make anyway. The 90 days starts from the day you applied and were approved for the card and not when you receive the card. 

It’s a 5X Cash Back Travel Credit Card? Sorta…

Check out this new 5X #cashback #creditcard. You can even save on Travel, Unbelievable!
Share on X

This card has no foreign transaction fees, so you don’t have to worry if you use this card when traveling abroad or even making purchases with international merchants, Although I suspect you’d have a better card option in your wallet while traveling.

Let’s take a look at the categories. What I really like is that ABOC has released their 5X calendar for the whole year of 2020. They did the same in 2019. This is excellent for those of us in the credit card points, miles, and cash back community as it allows us to plan ahead so we can best optimize our credit card use.

At the outset of this post I stated that this 5X cash back credit card from ABOC Platinum Rewards Mastercard is bringing it’s A game and I truly believe that. All of the categories chosen for 2020 are on par with the big boys. The quarter where I think this card really shines is going to be in quarter 3 July-Sept. You will be able to earn 5X points back on travel. This includes airlines, hotels, car rental, and even travel agencies. 5X back on travel is hard to come by and almost never happens on a no annual fee credit card.

They had the same category in the same quarter in 2019. I think it would have been better at least from a consumer standpoint to have this category in the second quarter for 2020. Since most families are traveling during the summer months, most of these trips were planned and paid for prior to July. But I’ll still take it as an option because this is an amazing category to have available. 

Overall

I think for a no annual fee credit card that comes with an easy to reach sign-up bonus and plenty of fire power options when it comes to how to earn the 5X points, this card is a must add to your wallet. Having no foreign transaction fees is a nice addition too. I suspect it won’t be long before all credit cards do away with them. If you like an extra $300 every year then you should consider getting the ABOC Platinum Rewards Mastercard

The post New 5X Cash Back Credit Card appeared first on My Credit Card IQ.