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The way I now use cash back credit cards is very different than the way I used them in the past. Here’s the list of the credit cards I have and how I use them. Next, I’ll get into the details.
- Ink Business Cash℠ Credit Card – cell phone, internet, and cable TV bills, business meals and drinks
- Ink Business Unlimited℠ Credit Card – most other small business expenses
- Chase Freedom – depends on the month
- TD Cash Credit Card – supermarkets outside the US
- US Bank Cash+ Visa – supermarkets in the US
And the one I really want next is the Capital One® Savor® Cash Rewards Credit Card. To me, this is the best pure cash back credit card.
It’s got a $500 cash bonus after you spend $3,000 on purchases within the first 3 months of account opening. And there’s no annual fee in year 1 with the card.
The unlimited 4% cash back on dining and entertainment is very appealing to me. And I’d likely switch my supermarket spending to this card too because it earns 2% cash back at grocery stores.
Cash Back Credit Cards Are Wonderful But Really, I Rarely Take the Cash Back
are both cash back credit cards. But that’s not how I use them. When I first got my Ink Business Cash℠ Credit Card back in the day, I did in fact take the cash. However, I learned long ago that I can make my travel dreams come to life with a little something called Chase Ultimate Rewards points.
Both the Ink Cash and Ink Unlimited award you Chase Ultimate Rewards points. Now, you can turn those into cash back OR — do what I do — move them over to a premium Chase credit card such as
Once the points are in one of the accounts above, they’re worth much more than a penny a point for cash back. Here are just a couple of recent real-life examples I’ve done:
- Instead of cashing out 140,000 Chase Ultimate Rewards points for $1,400, I flipped those points into a round-trip Business Class flight to Europe during peak summer season. When I looked up the retail price it was ~$8,000. Would I actually pay $8,000? No. Would I pay $1,400 for it? Heck yeah! In fact, for the flights I took, coach would’ve cost more than that. I wanted to go Europe and I was able to fly very comfortably laying down in the bed with quality meals and cocktails on the plane.
- Instead of cashing out 25,000 Chase Ultimate Rewards points for $250, I booked an all-inclusive resort on the beach in the Caribbean. My suite had a retail price of ~$500. I could see the ocean from my jacuzzi in the room. All meals at the restaurants were included, plus name-brand liquor everywhere. The swim-up bar was fantastic.
- Chase Sapphire Preferred® Card – best card for folks new to using travel points
- Chase Sapphire Reserve® – great card if you know you’ll use all the top-notch perks
- Ink Business Preferred℠ Credit Card – the best small business card
Here at Million Mile Secrets we show you step-by-step how to book the award trips. The 2 examples I gave above are super easy to book. Folks on our team frequently use Chase Ultimate Rewards points for free flights and hotels in places like Hawaii, New York City, Costa Rica, Peru, flying home for holidays and special events, and much more.
Ink Business Cash Credit Card
Specifically, I use my Ink Business Cash℠ Credit Card to earn 5X Chase Ultimate Rewards points on cell phone, internet, and cable TV bills. And I use it to earn 2x points at restaurants.
Fine print: You earn 5X points up to the maximum $25,000 spent on combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary. Earn 2X Chase Ultimate Rewards points on the first $25,000 spent on combined purchases at gas stations and restaurants each account anniversary.
Chase Ink Business Cash is for small business owners. I was approved using my social security number on the application. I don’t have a huge business but using the credit card has been helping me grow my side-hustle for sure.
Ink Business Cash sign-up bonus: 50,000 Chase Ultimate Rewards points (worth $500 cash back) after spending $3,000 in purchases within the first 3 months of opening your account. No annual fee.
Chase Ink Business Unlimited Cash Back Credit Card
For other business expenses that aren’t covered by my Ink Cash, I’ll often use my Ink Business Unlimited℠ Credit Card. Because you get an unlimited 1.5% cash back on every purchase. Same sign-up bonus structure: $500 bonus cash back after you spend $3,000 on purchases in the first 3 months. And no annual fee.
Chase Freedom Cash Back Credit Card
Chase Freedom has rotating categories each quarter. You click a link in the email Chase sends you and you’re done — you’ll be earning 5X points per dollar you spend in the categories up to a limit of $1,500 in the quarter to get your 7,500 Chase Ultimate Rewards points. I do this and move the points to my Chase Sapphire Preferred® Card so I can book travel awards.
As for the TD Cash Credit Card and US Bank Cash+ Visa, I got these cards years ago and wouldn’t necessarily prioritize them compared to other cash back credit cards you can get now. To me, the #1 cash back credit card on the market now is the Capital One® Savor® Cash Rewards Credit Card.
Big Cash Back With the Capital One Savor Credit Card
The $500 bonus is solid, especially considering you pay no annual fee in year one. So it’s basically a no-brainer to see how much you actually save and “Savor” before the $95 annual fee hits in year two. For most, the Capital One® Savor® Cash Rewards Credit Card will likely be a card to keep because of the
- 4% cash back on dining (in my experience, most bars and nightclubs “code” as dining, too)
- 4% cash back on entertainment (you’re looking at concerts, tourist attractions, theme parks, and more)
- 2% cash back at grocery stores
Three things I especially like about how Capital One has set-up the Savor…
- no limit on how much bonus cash back you can earn
- You can get a check or statement credit, any time, with no minimum redemption amount
- No foreign transaction fee
And now they’ve added Postmates Unlimited. I haven’t used this service, but it could be a sweetener to their overall offer. They’re giving you $0 delivery fees on orders over $15, plus no “blitz pricing” or minimum basket fees. From what I understand, Postmates goes beyond restaurant delivery and includes pharmacies, alcohol, participating supermarkets, coffee shops, and more.
How it works is, when you pay for a monthly Postmates Unlimited membership using your Savor card, Capital One reimburses you with a monthly statement credit of $9.99 through December 2019.
Summary of Cash Back Credit Cards Intro Bonuses
For each card, you earn the bonus after meeting the minimum spending requirement.
- Capital One® Savor® Cash Rewards Credit Card – $500
- Ink Business Cash℠ Credit Card – $500
- Ink Business Unlimited℠ Credit Card – $500
- Freedom – $150