By: Revanche

Time to switch credit cards again

December 7, 2009

What’s in my wallet is about to be changed: I’m subbing in a new credit card to earn car repair purchase points.

**Please note that I don’t use the card any more just to earn points and I definitely don’t carry a balance.  That would defeat the purpose of creating this passive income stream.

Chase Cash Plus is my daily go-to card earning 5 points per dollar back on gas, groceries, and drugstore purchases, 1 point per dollar on all other purchases.  My favorite redemption is the 5000 points = $50 check.  It’s a tiny drop in the bucket, but it’s cash and who doesn’t love cash?  [SingleMa. But she has a point.  My cashback goes straight in the bank so I don’t spend it.]

Right now, though, I foresee minor problems with my car cropping up again, in addition to things I never bothered to fix: the fog light housing, the dings and dents, the self-inflicted injuries.  As usual, the cosmetic surgery will wait, but the lock repair is necessary, the light goes wonky and only works if you set it just so, and the smashed housing should be fixed sooner rather than later.

Thanks to the Drive Miles Options, I have $75 worth of points rolled up, but don’t forget the fine print! Miles redemptions requires an equal number of purchase points.  This means switching over from my Chase card to the Driver’s Edge card for all regular purchases.  I’m not sacrificing the 5-1 points ratio on the bonus purchases, just the 1-1 dollar-point ratio.

I’ll have to spend a hefty sum on the Driver’s Edge card to rack up the required points, but when you combine the purchase points with the matching Drive Miles, it’s a 2-1 ratio and free money for car repairs to boot.   Not a bad match, considering I’m saving myself from spending cash ($150) out of pocket.  Compared to the delayed $50 cash redemption ($40 of which is already earned), it’s no contest.

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