Good cash back card for daily driver?

[acropolis]

Hello Everyone,

I need a credit card to insulate my BOA checking account, which has been hit twice in the last year.  I would like to get a decent cash back card, like the BOA 1-2-3 card or maybe an AMEX BCP.  My credit is pretty simple: a mortgage, one credit card (MC with 2.5k CL), and a car loan.  EQ credit score is 717.  AAoA is 3 yrs 6 mos, total accounts is 15.  No derogs or late payments, zero hard inquiries.  My main concern is my utilization, which is at 97%.  I was laid off last December and had to use the card to make ends meet for a few months.

My ideal card would be something like the 1-2-3 BOA Rewards card with a $5k+ limit.  Given the above info, if that reasonable?  If not, which card would you recommend I pursue?  Thanks for all of the advice!!

[SnackTrader]

What would be your ability to bring down the utilization in the short term?

I think that will play a large part in what the members of this forum will recommend.  If you are able to bring your utilization under 30% within the next 3 months, I would recommend waiting so that you can get the best card possible.  If that isn't a possibility currently, I think it will be more difficult to obtain high level rewards cards.

[ceejx]

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@acropolis wrote:

Hello Everyone,

I need a credit card to insulate my BOA checking account, which has been hit twice in the last year.  I would like to get a decent cash back card, like the BOA 1-2-3 card or maybe an AMEX BCP.  My credit is pretty simple: a mortgage, one credit card (MC with 2.5k CL), and a car loan.  EQ credit score is 717.  AAoA is 3 yrs 6 mos, total accounts is 15.  No derogs or late payments, zero hard inquiries.  My main concern is my utilization, which is at 97%.  I was laid off last December and had to use the card to make ends meet for a few months.

My ideal card would be something like the 1-2-3 BOA Rewards card with a $5k+ limit.  Given the above info, if that reasonable?  If not, which card would you recommend I pursue?  Thanks for all of the advice!!

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If you're willing to move over to chase, I would say go for the Chase Freedom card. Chase has excellent customer service, hands down better than BofA. Their card gives you 5% cash back on rotating categories (ie july thruogh september is gas/restaurants and jan through march is gas/amazon) and 1% back on everything else. And when you link it to your Chase checking account they give you 10 extra points for every dollar you spend and 10 extra points for every purchase you make.

In the first two months, I have about  $250 in cash back waiting for me (although $100 of it was the signing bonus).

[LS2982]

I think you would be fine for the card after you bring your utilization below 10%.

[Revelate]

Welcome to the forums!

I think the BOFA 1-2-3 rewards card is a pretty good everyday card; however, if you pay down that utilization you're probably in the 750ish range which is so close to gold plated honestly you can probably pick and choose what you want with near impunity.  Until that's done the utilization rate is a red flag to any lender you request further credit from even though the rest of your report probably is mighty pretty, it only takes this one thing to give you a suboptimal approval or an outright denial.

While there's a non-zero chance of approval now, you'll do better if you can pay off that balance and then apply.

[compassion101]

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@acropolis wrote:

Hello Everyone,

I need a credit card to insulate my BOA checking account, which has been hit twice in the last year. 

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What does is mean "insulate" your checking account and what does it mean your checking account has been hit twice?

Agree with above, that your util will hold you back but if you can get it down (at least temporarily) it sounds like you'd stand a good shot at getting most of the decent cards out there.

[ceejx]

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@compassion101 wrote:

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@acropolis wrote:

Hello Everyone,

I need a credit card to insulate my BOA checking account, which has been hit twice in the last year. 

---

What does is mean "insulate" your checking account and what does it mean your checking account has been hit twice?

Agree with above, that your util will hold you back but if you can get it down (at least temporarily) it sounds like you'd stand a good shot at getting most of the decent cards out there.

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I'm going to take a guess that he means overdraft protection and probably got two NSF fees recently...

If that's the case, remember that if your credit card is used for insufficient funds, it will be used as a cash advance and you'll be charged a 3% (or whatever it is) fee usually with a minimum and AFAIK points don't usually come from cash advances, best option is to use your credit card for everything, without going over your normal spending and then pay in full each month. That way you get points for everything and you have liquid cash in case an emergency pops up and you can make minimum payments if yuo absolutely have to, and on that Chase Freedom is giving 15 months of 0% interest, can't beat that if you have to carry a balance.

[Cory]

I personally think when you go for a card, that you are better off with BofA Cash Rewards 123 as you mentioned. Since you bank with them anyway. I love BofA, never had any issues with their customer service, in fact they are great people to deal with in my experience. Since you drive a lot, the 3% gas is perfect. And BofA will be generous with credit limits as they see ontime payments, and especially if you pay in full.

[afjock21]

How is your score 717 when you're MAXED OUT... ??

I'm doomed.

[Jazzzy]

If by stating that you are a daily driver it means you are looking for good cash back on gas, then consider PenFed. Anyone can join with a small donation ($10?) to an organization for military families.

We use their 5% cash back on gas card that gives you the actual credit on your monthly statement. No need to mess with turning in "points." We like the ease of it and get enough credit at the end of each month for a full tank of gas. They have cards that give 5% in points as well, so there's nothing wrong with doing that either.

Also...this is year round, so you don't have to worry about changing categories.

I would echo the advice to bring down your utilization prior to applying for anything.