There is a way to get $15 through Ebates for the AMEX Platinum Cash Rebate Card(Dont think they offer by this name anymore, so it should be the same app and card); I will post the link when I find it.

Earn $16.00 upon your approval for the American Express Cash Rebate Card!
http://www.netflip.com/oc?v=1&pa=557273&pr=1276&pb=1332785

Yeah - looks like FBB is done for all intents and purposes (1% is just not exciting any more). Anyone know much about Fleet cash rebate card? Seems to be the best option (unless of course Amex will begin getting accepted at more stores.

DCRat: You may want to explore the link give by xoneinax which gives you $16 back instead of a $10 Amazon GC.


For what it's worth, I have tweaked my strategy for using the Amex card. The idea is to use the 6 month 0% APR to make some "quick" cash using savings bonds. I have timing suggestions based on my experience with the Amex application process. I have also added a discussion of two other potentially competing cards. Of particular note is a Citibank card that will allow one to extend the life of the savings bond from 0.5 years to 1.5 years before having to pay back the CC loan without incurring interest fees.

As I have posted before, I have a webpage (with an entirely different purpose) to which I have added details about three cards that I think are worth considering (I currently have two of them: AmEx and Fleet, but not the third: Citibank). The webpage is designed to allow visitors to my site to give me something back. As a result, if you obtain an American Express card using the link on my page, I will receive a reward. I'd be happy for you to do that, but DaveHanson has indicated that Ebates will give you $15 back if you use their link and xoneinax has indicated that netflip will give you $16 back, so you may want to explore those options. As far as I am aware, there is no way to get any cash back for applying for the Fleet or Citibank cards (neither do I receive anything if you use my links).

"Can I return my bond for a refund?
A: All sales are final. However, if you keep the bond for six months, you can take it to the bank and cash it. You get your money back, plus interest…! (Note: You lose 3 months' worth of interest if you cash a bond that's less than 5 years old.) "

I got this from savingsbonds.gov. Do you guys buy the bonds from this site for cash back purposes?

econberkley:
NOTaFool has a thread in this forum about using credit card rewards with savings bonds to increase the return. DaveHanson has a thread about using savings bonds as a low risk investment vehicle that is an alternative to a CD or money market. I'm still debating how I will use it. Right now I'm leaning towards 1) purchasing just enough savings bonds each year to put my rewards cards into the highest tier and 2) using it as a "DH type" investment vehicle (only flipping when I need more cash for 1) or when the yeild goes up).

As far as I know, you must physically hold onto the savings bonds. A safety deposit box is good for this... you need to be at the bank to cash them out, so if you put it in a saftey deposit box at the bank you really only have to make one (at most) extra trip to the bank.

BTW, although I didn't mention it in my last post, I'd love to hear any reaction to my CC rewards webpage. Is something incorrect there or are there other cards that should be listed?

just a thought:
if you use this card for bonds and carried interest. cant we deduct the interrest as investment fees (like margin interest)?

that way, the net out of pocket fees are further reduced

econberkeley, welcome! You might spend some time searching the finance forums. Many of your questions have already been answered thoroughly in previous threads. In particular, check out the two savings bonds threads taylor referred you to. Note also that since bonds are issued to a holder with a particular SS#, loosing them isn't really a problem--they are easily replaced, as the website will confirm. I keep mine in a drawer here at home.

taylor, you asked about your page, a few thoughts:

-NOTaFool beat me to the point about interest rates--you are both right that a "carefully managed" balance carry strategy makes the most sense here. I understand your reluctance to encourage your readers to carry a balance. My suggestion would be to briefly explain why you hold this view, so that readers don't suppose you're simply being paternalistic.

-I would put the content on "giving something back" and a referral on a different page. As it strands, it's not clear whether you want this page to be primarily a revenue generator or a public service. If it were me, I would be concerned that it would create the appearance of being driven by a quest for profit, even though that's not the case. Please understand, I have no qaurrel at all with you asking for the referral--but why not seperate it from your interesting financial advice?

-minor point, but why introduce another term like "blessed" to describe certain purchases? Why not just use Amex's term, "everyday spend?" That will minimize confusion when people try to correlate your advice with the stuff on the Amex website and TOS.

Hope that is useful, feel free to pm or email me on this.

DH and NOTaFool: Thanks for the info on how you store your savings bonds. I purchased my first bonds last month and didn't look carefully at how they could be replaced.

Also, thanks for the feedback on my webpage. I have added a line to indicate that a well managed revolving balance may provide for even greater gains. I got rid of the "blessed" terminology since I agree it has potential to increase confusion. (I wrote that stuff before I got my cardmember agreement.)

I also share DH's concern about the duel purposes for the one webpage. I've decided to stick with just the one page (at least for now) since I'd like visitors to my site to be able to see other CC options before just signing up for the one that gives me a kick-back. I added a "non-referal" link from the page so that options is more apparent. I realize it is still less than ideal, but I'm willing to live with it.

Edit: I forgot to mention that I also added information about the FirstUSA card that kxl19 suggested adding in a different thread.

Membership Rewards usually isn't available to cards that already has some sort of reward associated with it, eg the cash back card. However, the Membership Rewards on most cards is $40 a yr and is one point for $1. If you have the BLUE card, its enrolled in the Membership Rewards OPTIONS program, which is FREE. You still get one for one but when you redeem, it's less, meaning you need more points, than if you were in the regular Membership Rewards program. The less part is about 1/2 of the regular program.

DaveHanson said:

<< Consider applying online at or near the first of the month, ESPECIALLY if you want the carry-balance bonuses. 2 reasons. First, you get a longer 0% period, since it’s end of the month when the 6th billing cycle ends. Second, if you buy bonds, or are considering doing so (most of us might want to with this card), then you’ll want to buy them at the end of the month (for reasons explained on those threads) but have them post to your Amex account at the tail end of your cycle (see the previous reason for why.) OTOH, if you decide to forgo these bonus-carry balances, you might do the same thing that many FBB holders use and apply a few days before the end of the month so that your billing cycle falls on that date. >>

xoneinax has already brought up this question, but no one has answered so I'll repeat: Dave, is this really what you would want to do?

My reading of the terms is that the 0% period last for six months period, NOT the end of the month in which the sixth cycle ends. But I don't have the card & I admit that it is unclear, but I *do* have multiple previous experiences with Amex 0% purchase promotional periods (first Optima, then Blue). Could you pass on where you learned this "end of the month" is the case?

p.s. I would REALLY appreciate someone confirming for me that they give you instant approval, and allow you to make immediate purchases before you even get the physical card (this is what they did for my Blue card late last year). Ta in advance.

edit: removed erroneous arguements about timing of buying bonds and carrying balance to avoid confusing people who read later