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I am new to the credit thing and before learning about these forums i pretty much went wild with the applications in the last 3 months .lol
So basically because of the 5/24 rule im stuck with the following cards .
cap one -venture one
amex -blue cash preferred
chase -freedom
BOA -mlb cash rewards
discover-it
Most of my spending is primarily electric, cable , groceries , gas etc .... maybe a little retail therapy online here and there lol
Which card is best for the most reward/cashback/bonus ?
Thanks for any input in advance !
In case other folks reading your thread don't know, the 5/24 rule is one of the rules that Chase uses in determining whether to approve an application for a new credit card.
If a person has been approved for 5 cards in the last 24 months, Chase automatically rejects him for any new card. That's the rule.
But that rule isn't used by other issuers. Thus, our OP actually could apply for (and possibly be approved for) cards that are not issued by or co-branded by Chase. Citi, Wells Fargo, Bank of America, etc. are all posibilities.
It sounds like our OP's spending is mostly necessary items like cable bills, electric bills, etc. A good choice for these might be the Citi Double cash card (of course he'd have to be approved for it). If he is under the first year on his Discover (double the normal bonus), then that will give an equivalent bonus (1% x 2 = 2%).
For groceries and gas, the best choice would be the Amex Blue Cash Preferred (given that our OP already has it). For gas the Freedom or Discover may be best if gas is a quarterly bonus category.
Anyway, figuring the best card for a particular purchase is pretty easy if you understand what cards you have.