cancel
Showing results for 
Search instead for 
Did you mean: 

Cards That Are Good Longterm.

tag
Anonymous
Not applicable

Cards That Are Good Longterm.

What are some credit cards that are good to keep forever? Lurking around here, I have seen several posts about members struggling with closing old cards that are not of very much use, but have a lot of age. It would seem that making calculated choices now could help to minimize this in the future.

 

I would imagine that having low/no AF and allowing easy PC would be good qualities. Maybe large issuers that are unlikely to get swallowed up by other banks? What else?

 

Personally, I am looking to add 3-5 cards over the next year or two. My goal is to be buried with these core cards. Smiley Happy 

 

(Specific to me, I have 800ish FICO across the board, a Freedom (9 years) and Discover (2 months). Would like a BCP as my only AF card, but I'm open to anything else.)

Message 1 of 21
20 REPLIES 20
too-much-time
Frequent Contributor

Re: Cards That Are Good Longterm.

Since you have Freedom, I suggest CSP for transferring points 1:1 to airlines for best value. Along these lines, the non-AF MR Everyday card is a better long-term Amex than BCP.

 

Message 2 of 21
kdm31091
Super Contributor

Re: Cards That Are Good Longterm.

We can't just spit out names of cards we like...you need to list what you are looking for. What is your spend? Income? What interests you, travel cards or cash back?

 

If you're looking to keep things long term I'd stick to cash. Usually no fee, and well, cash is cash. No risk of points being devalued down the line etc. Sure cash back cards are nerfed at times but travel cards have more variables that can be nerfed.

 

Yes, OP has Freedom. That doesn't mean CSP would even benefit them. The combo is good. But it's useless if someone doesn't travel/fly frequently. So we can't make the recommendation without more information.

Message 3 of 21
Broke_Triathlete
Valued Contributor

Re: Cards That Are Good Longterm.


@kdm31091 wrote:

We can't just spit out names of cards we like...you need to list what you are looking for. What is your spend? Income? What interests you, travel cards or cash back?

 

If you're looking to keep things long term I'd stick to cash. Usually no fee, and well, cash is cash. No risk of points being devalued down the line etc. Sure cash back cards are nerfed at times but travel cards have more variables that can be nerfed.

 

Yes, OP has Freedom. That doesn't mean CSP would even benefit them. The combo is good. But it's useless if someone doesn't travel/fly frequently. So we can't make the recommendation without more information.


This. If you're wanting to squeeze out every bit of rewards (benefits) out of having the cards we need info like KDM mentions. If you're wanting a general unspecific answer then basically anything without an annual fee. That way you're not spending money on something you may or may not be using.

Personal:

Business:


Message 4 of 21
UncleB
Credit Mentor

Re: Cards That Are Good Longterm.

For me, if I were looking for cards to 'hunker down' with, I would be very sensitive to the AF, strongly leaning towards a card with no AF, of course.  Smiley Wink

 

You mention the BCP... I have it, and it works great for me.  If you're looking for MR points rather than cash, the Everyday card (no AF) would indeed be worth checking out. 

 

However, if like me you value cash over points, with the right spending profile the BCP can't be beat.  You'll get a $150 bonus for spending $1K during the first three months, which basically pays the fee for the first two years, giving you time to see how it works for you.  If you realize the AF isn't worth it, you can have it PC'd to a BCE, which is just the 'lite' version, but with no AF.  I use mine primarily at the grocery store, and the cut-off point for making the BCP more valuable than the BCE is approx. $210/month grocery spending, not including any bonus you get from gas or department store purchases.  At this time I easily spend this at Kroger and Publix each month, so I don't see myself changing for the near future.

 

The CSP is a fantastic product, but it does have an annual fee, which might or might not be for you, since you mention "for the long haul" and not just for the bonus.  Honestly, I would lean to the QuickSilver Visa (without AF).  The rewards post as soon as the transaction does, and you can cash them in at any time, for any amount... about as straight-forward as it gets.  I looked at the Venture myself, but after deducting the $59 AF, even at 2% rewards compared to QS's 1.5%, it doesn't work for me, plus with the Venture you have to use the rewards to "erase" travel charges only... again, the QS can be straight-up cash or statement credit.  Also, with the QS if you realize in the future there's a better Capital One offering, you (should) be able to simply PC, or open a new account and have the credit line from the old acct. moved to the new one... they're getting the glitches out of this as we 'speak', but by the time it matters to you it should be working fine.

 

Another thought of a 'cradle to grave' card might be a good CU if you have access to one.  Historically, they might not have aggressive sign-up bonuses or all the 'bells-and-whistles' of a big bank, but most of them are 'solid', and if you find a good one with a low APR it can be used to pad utilization, or come in handy if you need to carry a balance for a few months.

 

My final thought is a card you already have... a Discover.  It's currently on my 'wish list', and I'm just waiting a few months for my score to come back up a little bit more so hopefully I'll get better terms.  In your case, it's already in your wallet, so you're set.  I like Discover because they historically give nice credit lines, are easy to deal with, and of course, there's good rewards and no AF. 

 

Hope this helps a little bit...  Smiley Very Happy

 

Just my 2¢

 

 

Message 5 of 21
Anonymous
Not applicable

Re: Cards That Are Good Longterm.

OK, here is some more information about me...

 

Annual household income $80-100K 

We spend less than $2K a month on cards, including utilities. A lot of groceries with two little kids (thus why I was looking at the BCP)

Rarely travel and prefer simple cash rewards (statement credit)

 

I would like...

 

A total of 5 or 6 core cards. Others may come and go but I want a few nice old cards.

A max of one AF card which could be used as my primary card.

Cards that have the ability to grow large limits ($15K+) either through CLI or combining limits with other cards.

 

I don't really care about...

 

Sign up bonuses, 0%, or travel rewards.

Cash rewards are nice if I happen to be using the card, but $300-$600 a year is not worth jumping through a bunch of hoops.

Message 6 of 21
kdm31091
Super Contributor

Re: Cards That Are Good Longterm.


@Anonymous wrote:

OK, here is some more information about me...

 

Annual household income $80-100K 

We spend less than $2K a month on cards, including utilities. A lot of groceries with two little kids (thus why I was looking at the BCP)

Rarely travel and prefer simple cash rewards (statement credit)

 

I would like...

 

A total of 5 or 6 core cards. Others may come and go but I want a few nice old cards.

A max of one AF card which could be used as my primary card.

Cards that have the ability to grow large limits ($15K+) either through CLI or combining limits with other cards.

 

I don't really care about...

 

Sign up bonuses, 0%, or travel rewards.

Cash rewards are nice if I happen to be using the card, but $300-$600 a year is not worth jumping through a bunch of hoops.


Well here's the thing. If you really don't care too much about rewards like your last sentence indicates, there is no real need to have 5 or 6 cards...you can have a good, healthy score with 3 cards, sometimes even less.

 

BCP is worthwhile if you spend enough on groceries, and is a great choice for families. For other spend, I like either a Quicksilver or Double Cash. The Quicksilver is a straight 1.5% on everything, redeemable anytime, very straightforward. The Double Cash takes a bit longer to give you the full reward (2%) as it is 1% as you buy, 1% as you pay and only updates on statement cut. Not a huge big deal but just not quite as simple as Quicksilver. Either one is a great general spending card.

 

But outside of that and maybe a 5% rotating card like Discover to cover misc things during the year, if rewards aren't super important, you'd be fine with those 3 IMO.

Message 7 of 21
UncleB
Credit Mentor

Re: Cards That Are Good Longterm.


@Anonymous wrote:

OK, here is some more information about me...

 

Annual household income $80-100K 

We spend less than $2K a month on cards, including utilities. A lot of groceries with two little kids (thus why I was looking at the BCP)

Rarely travel and prefer simple cash rewards (statement credit)

 

I would like...

 

A total of 5 or 6 core cards. Others may come and go but I want a few nice old cards.

A max of one AF card which could be used as my primary card.

Cards that have the ability to grow large limits ($15K+) either through CLI or combining limits with other cards.

 

I don't really care about...

 

Sign up bonuses, 0%, or travel rewards.

Cash rewards are nice if I happen to be using the card, but $300-$600 a year is not worth jumping through a bunch of hoops.


I think you're already heading in the right direction.  I do have one addition to make since you mention buying groceries for a family of four... you might consider supplementing your BCP with a no-AF Sallie Mae from Barclaycard.  They will give you 5% off $250 of groceries per month (also 5% off $250 gas as well as 5% off $750 at bookstores (Amazon).  Since the BCP 'maxes out' at $6000 spend/year, if you spend over $500/month on groceries you'll want to use another card so you can maximize your cash rewards. 

 

Also, since the Sallie Mae is from Barclay, you'll have the option to move the credit line to another Barclay product in the future if your needs change, or if you feel something else will work better for you. 

 

Do a search here on "Sallie Mae" and you'll find literally 'reams' of info about it; probably much more than you even want to know... LOL

Message 8 of 21
kdm31091
Super Contributor

Re: Cards That Are Good Longterm.


@UncleB wrote:

@Anonymous wrote:

OK, here is some more information about me...

 

Annual household income $80-100K 

We spend less than $2K a month on cards, including utilities. A lot of groceries with two little kids (thus why I was looking at the BCP)

Rarely travel and prefer simple cash rewards (statement credit)

 

I would like...

 

A total of 5 or 6 core cards. Others may come and go but I want a few nice old cards.

A max of one AF card which could be used as my primary card.

Cards that have the ability to grow large limits ($15K+) either through CLI or combining limits with other cards.

 

I don't really care about...

 

Sign up bonuses, 0%, or travel rewards.

Cash rewards are nice if I happen to be using the card, but $300-$600 a year is not worth jumping through a bunch of hoops.


I think you're already heading in the right direction.  I do have one addition to make since you mention buying groceries for a family of four... you might consider supplementing your BCP with a no-AF Sallie Mae from Barclaycard.  They will give you 5% off $250 of groceries per month (also 5% off $250 gas as well as 5% off $750 at bookstores (Amazon).  Since the BCP 'maxes out' at $6000 spend/year, if you spend over $500/month on groceries you'll want to use another card so you can maximize your cash rewards. 

 

Also, since the Sallie Mae is from Barclay, you'll have the option to move the credit line to another Barclay product in the future if your needs change, or if you feel something else will work better for you. 

 

Do a search here on "Sallie Mae" and you'll find literally 'reams' of info about it; probably much more than you even want to know... LOL


Not that your suggestion is bad because it makes sense from a rewards point of view, but OP sounds like they may not want to juggle multiple cards for the same categories. I got the impression from their last sentence in their post that rewards are not of super importance, so keeping things simpler (i.e. one main card and a couple supplements for other categories) is probably what they actually would like best. Of course OP can answer that definitively.

Message 9 of 21
UncleB
Credit Mentor

Re: Cards That Are Good Longterm.


@kdm31091 wrote:

@UncleB wrote:

@Anonymous wrote:

OK, here is some more information about me...

 

Annual household income $80-100K 

We spend less than $2K a month on cards, including utilities. A lot of groceries with two little kids (thus why I was looking at the BCP)

Rarely travel and prefer simple cash rewards (statement credit)

 

I would like...

 

A total of 5 or 6 core cards. Others may come and go but I want a few nice old cards.

A max of one AF card which could be used as my primary card.

Cards that have the ability to grow large limits ($15K+) either through CLI or combining limits with other cards.

 

I don't really care about...

 

Sign up bonuses, 0%, or travel rewards.

Cash rewards are nice if I happen to be using the card, but $300-$600 a year is not worth jumping through a bunch of hoops.


I think you're already heading in the right direction.  I do have one addition to make since you mention buying groceries for a family of four... you might consider supplementing your BCP with a no-AF Sallie Mae from Barclaycard.  They will give you 5% off $250 of groceries per month (also 5% off $250 gas as well as 5% off $750 at bookstores (Amazon).  Since the BCP 'maxes out' at $6000 spend/year, if you spend over $500/month on groceries you'll want to use another card so you can maximize your cash rewards. 

 

Also, since the Sallie Mae is from Barclay, you'll have the option to move the credit line to another Barclay product in the future if your needs change, or if you feel something else will work better for you. 

 

Do a search here on "Sallie Mae" and you'll find literally 'reams' of info about it; probably much more than you even want to know... LOL


Not that your suggestion is bad because it makes sense from a rewards point of view, but OP sounds like they may not want to juggle multiple cards for the same categories. I got the impression from their last sentence in their post that rewards are not of super importance, so keeping things simpler (i.e. one main card and a couple supplements for other categories) is probably what they actually would like best. Of course OP can answer that definitively.


Absolutely agree... I mentioned the Sallie Mae almost as an 'afterthought', and if they value simplicity over rewards the BCP is the clear winner.  Smiley Wink

Message 10 of 21
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.