5% Cashback on Everything — 2023 Strategy

In this video
0:00 Best Credit Cards 2023
1:30 5% Back on Everything
2:11 Not in Wallet
4:23 Dining
7:44 Travel
12:38 Recap - skip the details

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[RamRam-jpkc]

His addiction to 5% is really helping us. And I wish you a happy new year and may you get addicted to more things so we can benefit from your addictions.

[kylehutto]

Another card to consider is the AAA Visa lineup issued by Comenity Bank. They have 2 cards with no annual fee. 1 gives you 5% back on grocery store purchases, the other gives 5% back on gas. (It also gives 3% in several other categories) 2 things to keep in mind: 1) you can only get one or the other - NOT both so choose wisely. And 2)They also have a credit card offer with US bank. Make sure you apply for the one with Comenity bank as the US Bank one tops out at 3%.

[Tammymaidhof]

The truth is with this recent economy Everyone needs more than their salary to be financially stable. The best thing to do with your money is to Invest it rightly because money left for saving always end up used with no returns....

[DerikAasansLevelUpTravel]

How about the US Bank Altitude Go for dining? No Annual Fee. Unlimited 4% cash back on dining. No Foreign Transaction fees. It’s a Visa 🤷🏼‍♂️.

Also Check out the US Bank Altitude Reserve. The 3x points that are worth 1.5c per point on all Mobile Wallet Payments will is a huge deal. 4.5% statement credits.
Check out the “real time rewards” feature.

US bank Cash+ 5% back on certain categories you can choose 2. Utility bills is a awesome one. Cable, internet and streaming is another. Set them and forget it…

[biglan]

Great job once again. Glad to see you back updating credit card videos.

[AndrewJDavis]

Your travel strategy is absolutely the best, you go above and beyond and I have never seen another creator go this in depth, they just pander to social media trends

[BijayKoirala]

Good stuff Dave. Just a note, you can have multiple Citi Custom Cash cards and BAC Cash cards. Also, rather than the BAC Premium rewards card, I think the BAC travel card is better, has no annual fee, no FX fee, and the same 1.5% cash back on everything uncapped (+ plus the premium rewards boost). You can redeem it for anything travel, but the category is so broad that I redeemed it for rent payments.

[avburns]

I was using my Citi Custom as my gas card; but then I decided to app for the Abound Credit Union Visa Platinum which gives 5% on gas. This frees up the Citi Custom to become my dining or grocery card depending on what my rotating cards from Chase and Discovery are doing. I also use discount gift cards to augment my dining. Like if Paypal is a 5% category; I can stack that 5% by purchasing a discount gift card often getting double digit on my dining. Thanks to my Paypal card and BoA card's online shopping category I can always get at least 3% on Paypal; so any discount card offering more than a 2% off discount can exceed a 5% dining category...and I pay no annual fee.

[chrisredfield]

I wish you had a podcast or something, your voice is pleasant to hear storytelling

[hwang]

I think the best strategy is to continuously opening credit cards with $0 fee or $0 downgrade paths and get 10-20% cash back on everything with the sign up bonuses

[thecreditcardmd]

Great to see you back to the YouTube space Dave! Looking forward to the 2022 cash out video and any other CRO decisions you've made, given this ridiculous year lol. Unfortunately X1 reached out to me saying they aren't taking any new applications so I've been sticking with my USB Altitude Reserve which gives me '3X on Apple Pay' spent (4.5% cash out on travel)

[mattf]

Paceline Visa - 3% on everything, 5% back on groceries/pharmacies/sports stores. Free Apple watch credit. $40 annual fee, must reach 150 elevated heart rate minutes per week to get the Boost cash back I listed, if not, it goes down by half. Love this card and use it as my catchall. I'm already into exercise, but it's easy to hit the active minutes in three workouts a week.

[ghgilland]

Love all the changes! The non-category spend is often overlooked and I too have settled on the X1 for that and then some.

[joshua.butler]

Great setup Dave. Getting 5% back on things is a great feeling! The Amex gold is definitely on my radar for later this year. 💪🤑

[rsachoc]

X1 changed the 3x rewards a couple days ago (they must have watched this video).

If you signed up for the X1 Card before January 18, 2023, you were subject to the 3X Annual Spend Bonus, which gave 3X points on all Eligible Purchases once you reached $15, 000 in eligible spend during your Cardholder Year (each anniversary of the date your X1 Account was activated) for the duration of that year. Once you reach the end of your Cardholder Year (i.e., the next anniversary of the date your X1 Account was activated), you will become part of the 3X Monthly Spend Bonus program described in detail above. You do not have the option to continue with the 3X Annual Spend Bonus program once your Cardholder Year expires.

[dlnfox]

I am a 20 year old college student so I don’t spend much money but here’s my current lineup and plan for my main spend categories in quarter 1:

Gas: 5% cashback with the Chase Freedom Flex first year offer

Grocery: 5% cashback with the Discover It student card and Chase Freedom Flex

Restaurants/Fast food: 5% cashback with Citi Custom Cash

Catch all card: 3% with Sofi Credit Card (goes down to 2% after I hit 1 year anniversary)

I also have the Apple Credit card and the APGFCU student card but both of those don’t get used. The cards on my wishlist for 2023 are the US Bank cash+ for its 5% categories, the Kroger card for 5% Cash back on the first $3000 of mobile wallet purchases, the AAA DAILY ADVANTAGE VISA for 5% on grocery, and the AAA TRAVEL ADVANTAGE VISA for 5% on gas. I’d love to hear thoughts, opinions, and critiques or areas I could improve my setup!

[honeybadger_x]

Impressive video! I use the Discover it (rotating 5%) and Freedom Flex (rotating 5%), with the Citi Custom to fill in the gaps at 5%, Sapphire Preferred (essentially $45/year) for dining/travel/free DashPass, and finally the unlimited 2% Wells Fargo card for everything in between. Unless you're a baller those annual fees take a lot of spending to be worth it.

[TheCriticalChris]

A very detailed and informative video, but maaaan, you have a lot of qualifiers to some of the claims you make about these cash back rewards.

For example, one would need to deposit thousands of dollars with some of these banks to reach certain levels of cash back, or one would need to spend like $30, 000 grand a year eating out to defray the cost of the hundreds-of-dollars-per-year annual fee.

[ancientpho]

Dave would hit me over the head for the cards I have:

American Express - Platinum, Gold, Blue Cash Preferred, Hilton Aspire

Chase - Sapphire Preferred, Freedom, Amazon Prime

CaptailOne - Venture (annual fee version)

DiscoverIt

Apple Card

😅

[michaelkim]

my 5% cards are in my sock drawer now. This year I'm working on 15% cashback on gas, groceries, and dining SYW card. Traveling is strictly points this year. Frugal living for 2024.