I think my spending profile is similar to yours OP. I spend about $5k a month for business/travel/dining and $3k per month on personal. I don't have the time or patience to try to maximize point transfers so I prefer maximum cash rewards; it sounds like you're in the same boat there as well.
I like combining the Sallie Mae for 5% on gas, groceries and Amazon (I buy everything I can on Amazon) along with a Venture for 2% on everything else. That gives me at least 2% rewards on everything I buy, with 5% on a few areas where I spend frequently. I do have a lot of travel & dining expenses, so I'm on the lookout to improve the reward rate in those areas. I've also got the Barclays Arrival+ on my list to replace the Venture because it offers 2.22% rewards. You said that your highest spend areas are electronics & sporting goods, so travel & dining rewards might not be that attractive.
I'd recommend getting the Venture or Arrival+ as your do-everything card (Venture has greater likelihood of higher starting limit right now) and then identify the areas where you have heaviest spend and get 1-2 additional cards to reap addtitional rewards.
@Anonymous wrote:
@Anonymous wrote:First post here. Little background, my credit score is right at 800, and I spend... ALOT.
I currently have a Capital One Cash Rewards card that is for my bills, $7500 limit that sees about $2000 a month in purchases. Im not too worried about this one...
My BOA has a $18,500 limit. I've been a member for 10 years. I purchase >100k a year on this card. Year to date this year, I am at 46k. I use this card for large personal expenses and some business expenses (I get reimbursed or they are for my self-employed business). I am constantly having to keep an eye on the card and make several smaller payments throughout the month instead of almost maxing the card or showing a bill with 90% utilization. I love the cash rewards, but I am tired of dealing with constant payments and monitoring.
I need a card that has a large limit, prefer something at 50k plus limit. I've always tried to keep a good eye on my credit but I am not that knowledgeable on cards or options. So I am turning to everyone here for opinions...
Venture.
Try to up the ante on your BOFA CC, my mom has a 50K on her BankAmericard Cash Rewards VS!
@Anonymous wrote:I am fine with my BOA card. I know the rewards arent the best, but they work for me and I like having a >10 year history with a company...
I'm open to AMEX. I just dont know really where to start with them and which cards...
As far as spending... 75% of it is merchandise and products. ALOT of electronics or sporting goods equipment.
Before I applied for anything new, if you're happy with your current account (and it sounds like you are), I'd ask BoA for a CLI to $50k. It's much better to have one HP than 3 AND a new account (if you get the Venture). If they won't do it (I bet they will), then apply for the Venture or an AMEX. BoA generally pulls TU for CLIs, AMEX generally pulls EX for new accounts, so you won't have any issues applying for both a BoA CLI and an AMEX credit card or charge card. Good luck and let us know what you decide to do.
