Hi all,
So I currently have a USAA Amex ($14k limit) and USAA MC ($24k limit) and I always PIF...however their rewards aren't that great ($25 cash = 3000 points with 1 point per $1 spent).
I use the AMEX for gas (they have a promotion right now, 5% cash back in addition to the rewards) and the MC for "fun stuff" (lunch out, personal things, etc). However, the extra rewards end in September (my 1 year anniv. for the card) and so I'm starting to look at new (better) reward cards.
I have great scores (798 and 777-see sig) and the only debt I have is a SL and a mortgage...however, I am going back to school in the fall for my PhD so I need to apply now when I still have a real income.
Finally, I don't spend more than $5000 a year normally - some times that goes up to $6,000 but never more than that, especially since I'm going back to school. Also, we don't travel a whole lot, so I don't need a card that gives me air miles - I would rather have the cash reward. However, I do have to drive around 80 miles a day so I get gas a LOT but I usually use the grocery store gas station since I get my 10 cents off for spending money on groceries (King Soopers, it's a Kroger brand)...
So I've been looking at the Fidelity Visa 2% cash back - I don't mind investing my cash back and it seems good (plus, I don't have a Visa) but I wasn't sure if there was another card that might be better (Chase? 1-2-3 Mastercard?).
I'm an AU on a few of my mother's cards but she doesn't put a balance on them. I also have a VS card that I use rarely to keep alive but it has a low limit ($650 I think?) and I pay it off within 24 hours after the purchase hits. My "newest" account is the AMEX and it'll be a year old in Sept. I also have my mortgage that will be a year old in July...the others are all over 2 years old.
So any suggestions would be welcome, thanks everyone!
Starting Score: 799
@Lynette: Do you have to have an account with PenFed to get the card? Is there a $25 fee for membership or something...how long does it take to make that up in rewards?
@beamMeup: I don't use my cards for groceries (that's a joint checking account so debit card)...my cards are for my own personal use so while the 1-2-3 card would work if I could use it for gas rewards, it's not the best if it only rewards me for groceries and from what I can see...it will (at best) give me 1 point for $1...and 1000 points = $5 so that's less than I'm getting now...thanks for the suggestion though, it made me actually look at the card and the program ;-)
Thanks everyone! After a combination of things at USAA (no CLI after 6 mo when asking with hint I might use for kitchen remodel, even with huge score improvement and great record + lying about rewards-if you have a promo extra, don't change reward programs until that ends!) I decided to bite the bullet and join PenFed. So I did that, and then applied for the Visa Rewards card...offered $9,500 limit at 13.99% APR. Not really great (my current USAA limits are $14,000 and $24,000 with APRs of 9.9% and 7.75% respectively) but since I always PIF and don't plan on charging more than $600ish a month, I suppose those offers will do.
Hope it's only 1 pull for both, since I did one right after another all online! Can't wait to get my card and REALLY get 5% back on gas (stupid USAA).
Any last suggestions or tips? Otherwise thanks again for the advice y'all.