The short answer is No. Here is the long answer. First, the details on the offer:
Ok, it’s definitely not the worst card since there are a few decent bonus categories. Plus, it has no annual fee. It’s just that you can probably do much, much better with other offers on the market. If you are looking for a decent long-term card, check out my list here Sign-up bonuses is what you are after? Head on over there Still confused? Check out my Free Consulting Service page and shoot me an email.
What prompted this post is a question I recently got from my friend:
“Here is my predicament. I’m considering buying a tablet that is currently cheapest on Amazon, list price is $315. Chase Freedom will give us 10% back, so $31.50 off in a sense. Citi Thank You card will give us $100 Amazon gift card (my notes: there is a better offer of $200 in cash), but we have to wait for approval and till it comes in the mail, and by then the tablet price could change. It already has since yesterday if we wanted it in black.
“Hey! Well, it’s up to you, of course. Personally, I would never sign up for a card that gave me only $80 Amazon.com credit. I do realize I’m different from most people, though. While 3% on Amazon purchases is OK, I believe you can do much better by sticking with Freedom. First of all, as you pointed out, you will get 10% cash back right now, so the sign-up bonus is already worth less by that logic. Also, Freedom has rotating categories throughout the year which give 5% cash back.
For example, drug stores and gas stations are frequently on the list (side note: 2016 bonus categories for Freedom have just been announced). You can buy Amazon gift card at CVS (or other place that happens to sell it) and save 5% instead of 3% with Amazon Visa. The only reason to stick to using credit cards is if you buy expensive electronics or if a purchase might be disputed down the road. For everyday stuff, gift cards will do just fine.