Hi all, I have * Prime cc to use for amazon/wholefoods (5%) * American express bluecash everyday for groceries except wholefoods (3%) * Bank of america cash reward for online shopping except amazon (3%). I dont have any saving accounts. I have heard good saving interest with Capital One and Citi. How do you use your cc? What saving account is good for my 100k cash? I don't travel a lot. Maybe 1 or 2 per year and prefer not to pay annual fee. Tc 150k at faang 2yoe Thanks #tc #money #saving
Don't use points for cash, that's an incredibly low roi.
I have Chase Sapphire Preferred and Chase Freedom with the rotating % cash back categories, as well as Amex Everyday Preferred for Groceries and gas. I rack up the points for travel instead of so cash back. The Amex points with the Everyday card are not worth as much as Chase Sapphire, but with the Chase Sapphire the points are worth 1.25cents each when booking for travel through Chase. Transfer to a ton of airlines and hotels for additional value. Makes up for the yearly fees I pay.
How is sapphire to buy air tickets ? Say I buy coast to coast flight, how many points it’s worth?
Depends on the airline and how you booked the ticket. If you used the Chase travel portal, which is just white-labelled Expedia, the cost of the ticket in cash is divided by your cent per point value (1.25 cents per point for Sapphire Preferred and 1.5 cents per point for Sapphire Reserve). You can get even better redemption value from your points by transferring those points to an airline's frequent flyer program, and using those airline points/miles to buy tickets. Redemption rates can be much more lucrative, but availability can be much more variable, unless you're booking flights on Southwest. If that's the case, you'll be getting about 1.7 cents per point, which is still better than before, but not as good as with airlines that don't price their frequent flyer redemptions solely on a fixed point to cash value.
If you don't want to go into points/miles, get a 2% card for everything else in addition to what you have (e.g. Fidelity Rewards, Citi DoubleCash, PayPal CashBack).
Sure. Thanks for suggesting. 👍
I use Fidelity...you can pay the balance directly from investment account and the cash back gets automatically dumped into an account as well. Also they run sign up promos like spend X dollars in the first month and get additional points worth something like $150 in cash back (it might have been even more than that)
I have a lot of delta points. Every time I look into booking an international ticket, delta prices are higher than other airlines making me not use delta. Should I sell to one of those companies converting miles to cash ?
I rarely fly delta. Mostly aa or alaska
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General rule of thumb is to keep 6 months of expenses in cash for emergencies. Unless you have some other plans for the cash you can probably invest at least half of that cash in something that will at least keep up with inflation, or better yet, will grow. The cash is losing value every day. Consider a low cost index fund or ETF. As for the rest of the cash, it really doesn’t matter. Interest earned will be near zero and all banks have the same FDIC deposit insurance.
Have you not heard of online banks like Ally?
I heard of ally too. How's it?