@smc733 wrote:Hi All,
Wanted to run some of my thinking by the other credit gurus to see if my logic makes sense.
Right now the BofA 3-2-1 is my primary card, it has served me well for the last 5 years and I don't intend to replace it. The reward structure with the Preferred Rewards bonus is perfect for my needs.
My question pertains to my "secondary" card, which is my backup and the second card in my wallet (the other four sit in the SD). I've had just about enough of both Amex and Discover (lack of acceptance a worry as a backup, Amex rewards and service are subpar as well). I figured a World MasterCard next to a Visa Signature is a nice, simple approach.
The problem for me is this, the Dividend used to be a good card, but the last two years have had pretty bad categories, none of the 5% categories this year will likely ever see any use for me, particularly since this is for personal discretional sepend (re: restaurants, a few personal purchases). The $50 minimum redemption means I will likely never see a cash out from this card.
I am thinking to call and request conversion to the Thank You Preferred, which now seems possible again. With the student loan or mortgage redemption options (which I will likely have at least one of (currently both) for the forseeable future, I can get a 1 to 1 redemption, which is fine for the occasional use, the rewards won't be much anyhow. The 2x on restaurants will help, though.
Is it really a crazy idea to change from Dividend to TYP? Am I the only person who desires a simple card approach, and Amex/Discover just don't fit into that?
It is not crazy to want to PC the Dividend, however, it would be crazy to choose the TY Preferred over the Double Cash as your end product. Why would you want to settle for 2x TY points on restaurants, which can only be valued at 1 cent a piece when redeemed toward mortgage/student loans? That doesn't sound like an exciting proposition to me. I think some gift cards and maybe a few travel bookings may be a decent redemption option as well, but it still doesn't make the TY Preferred a good product. By comparison, the Double Cash will earn 2% cash back on anything you could possibly charge to the card as a purchase, as long as you pay your bill. There are a variety of ways to redeem that cash back as well. Additionally, the redemption threshold is half of what you are dealing with on the Dividend. Finally, you will have an impressive 13.1k limit on the DC if you PC to it. Hopefully, no one will use the argument that the DC 'gives low limits' because it is not applicable nor relevant in this scenario.
Admittedly, I do have a TY Preferred, however, it is solely being used to park a credit line until I can transfer it to another card without a HP. I see no value in the card whatsoever, unlike the Double Cash and TY Premier cards.
@Anonymous wrote:+1 to Sharingan
I started to type the same thing twice and didn't have the energy this morning.
I know exactly what you mean. The number of replies I start typing and end up cancelling... It's probably why my post count is still so low after all this time.
When it comes to looks, I think the Citi TY Preferred looks absolutely atrocious with the ugly orange and red MasterCard logo against the very dark blue background, but that's just my opinion. I think the Double Cash looks sharp, especially the World Elite version with the silver MasterCard logo on the back.
Regardless, I can't advise selecting a product based on its looks over more important criteria like utility and value. For example, the Sallie Mae card is hands down one of the ugliest cards I have ever seen in my life. That doesn't impact the card's incredible rewards structure and usefulness, however. Sadly, it's no longer available to new applicants.
Best of luck in your selection.
@smc733 wrote:Thanks for the replies.
Forgot to update my signature, but I have recently soft-pull CLI'd to $15k on the Citi card.
Double cash does sound attractive, but I have a really petty and (admittedly stupid) reason for not liking it... I don't like the way the card looks... Stupid, right? I think I will let the rational side of my brain win over and give it another look. A $15k World MC Double Cash with a (now 12.24 APR) does seem to be better than what the approvals coming in are.
It definitely does seem like Citi is not interested in preserving the Dividend card, so I'll have to do some type of PC at some point. Thanks all!
you are not alone my friend, that was one of the reasons i converted my Citi DC to Citi Thank You Premier! I'm far from petty but I'm bordering on vain
