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Need some honest opinions

Established Contributor

Need some honest opinions

After years of having no credit, then a secured card, then prime only as a AU, I finally have prime cards on my own. I planned on getting 1 more higher limit card (USAA) that is non Amex to use when they are nit excepted. I came across the Chase Sapphire Preferred card, and have been intrigued by the no foreign transaction fees. I travel quite a bit, and have a number of trips planned including 2 out of the country. So now, I'm conflicted about which one to proceed with or both. My EQ score is below, I have no clue about my EX, but both should be higher next month due to 2 baddies coming off. I currently have 2 old baddies from 2007 on both. My AAOA is 8 years, ive had credit for 20 years, and I have great income. My cards are listed below: Amex blue 9/2011 $20000 ( all Amex backdated to 1/2004) Amex BCP 1/2012 $10000 Amex PRG 9/2011 Citi TY preferred 8//2011 $7900 Discover 6/2006 $5000 Nordstrom $5000 11/2011 Chase Universal studios 7/2007 $300 (I haven't used this in years, just waiting for them to close it) I have 3 INQ on EX, 2 from Amex and 1 from FDIC (?) which will be 1 yr old in March. I have 3 on EQ with 2 reaching 1 year in 8/2012. Ok, I'm ready to hear the good, bad, and ugly! Should I get USAA, Chase SP, or both. When would be the optimal time to do it to be successful? Obviously, I know there are no guarantees! Sorry about the format. I had this structured much better than 1 huge paragraph.


Starting Score: TU:676;EQ:648 8/2011
Current Score: TU:738; EQ: 739 ;EX: 729 6/2012
Goal Score: 760


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Current Score: 800
Goal Score: 850

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Message 1 of 10
9 REPLIES
Established Contributor

Re: Need some honest opinions

I won't address the rewards structure, since you didn't mention that as a consideration. You did mention foreign transaction fees and high credit limit. I want to point out that USAA foreign transaction fees are 1%, there is no AF and if you are a full member, I'm fairly confident the APR will be lower as well. It cannot compete with sapphire preferred for rewards, but you already have the citi ty, which I assume addresses this need. For the first year, sapphire AF is waived, but over the long term, you'll have a $95 AF for a foreign transaction fee savings of 1%. So you will need to run $10,000 per year in foreign purchases through the sapphire to offset the AF (vs the USAA at 1%, but no AF). Hope this helps.
In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Message 2 of 10
Established Contributor

Re: Need some honest opinions

How stupid do I feel? I think I just enamored a little with the Chase card. I'm sticking with my plan to get the USAA. I can't be a full member, but 1% foreign trans fee is better than what I paid last week in Mexico on my Amex! Thanks for offering that perspective I should have seen already!


Starting Score: TU:676;EQ:648 8/2011
Current Score: TU:738; EQ: 739 ;EX: 729 6/2012
Goal Score: 760


Take the FICO Fitness Challenge







Current Score: 800
Goal Score: 850

Take the FICO Fitness Challenge
Message 3 of 10
Established Contributor

Re: Need some honest opinions


dharalex wrote:
How stupid do I feel? I think I just enamored a little with the Chase card. I'm sticking with my plan to get the USAA. I can't be a full member, but 1% foreign trans fee is better than what I paid last week in Mexico on my Amex! Thanks for offering that perspective I should have seen already!


I don't like paying extra fees for anything, but I've always felt like a 1% FTF isn't really much of a dealbreaker. Once it starts getting to 3%, yeah. But if you have a card that gives you rewards for usage, the rewards% would offset the FTF anyway.

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
Message 4 of 10
Established Contributor

Re: Need some honest opinions

USAA...I'm not a fan of Chase. And I've heard wonderful things about USAA on here. 


Starting Score: 760
Current Score: 716 Equifax 754 TU 736 Experian
Goal Score: 760
Message 5 of 10
Established Contributor

Re: Need some honest opinions

Go with USAA first and after approval apply for the Chase Sapphire Preferred if you still want it


Starting Score: EQ 686 10/18/11, TU 689 10/25/11, EX 685 10/11 (Amex Pull)....these are all FICO scores
Current Score: EQ 702 10/24/11, TU 689, EX 685
Goal Score: 750+

Score Update: EQ: 743 (02/03/12) TU: 741 (Walmart 01/11/12), now 761 as of 01/27/12 (Walmart), EX: 741 (Amex 01/04/12)
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Message 6 of 10
Established Contributor

Re: Need some honest opinions


frogfan12 wrote:

USAA...I'm not a fan of Chase. And I've heard wonderful things about USAA on here. 


Me too! And I think I get good enough travel/ restaurant benefits with my Amex cards. I still want to wait about 6 mos. I just got a Nordstrom visa 11/2011 and BCP 1/2012 so I want some time to elaspse.


Starting Score: TU:676;EQ:648 8/2011
Current Score: TU:738; EQ: 739 ;EX: 729 6/2012
Goal Score: 760


Take the FICO Fitness Challenge







Current Score: 800
Goal Score: 850

Take the FICO Fitness Challenge
Message 7 of 10
Mega Contributor

Re: Need some honest opinions


dharalex wrote:
After years of having no credit, then a secured card, then prime only as a AU, I finally have prime cards on my own. I planned on getting 1 more higher limit card (USAA) that is non Amex to use when they are nit excepted. I came across the Chase Sapphire Preferred card, and have been intrigued by the no foreign transaction fees. I travel quite a bit, and have a number of trips planned including 2 out of the country. So now, I'm conflicted about which one to proceed with or both. My EQ score is below, I have no clue about my EX, but both should be higher next month due to 2 baddies coming off. I currently have 2 old baddies from 2007 on both. My AAOA is 8 years, ive had credit for 20 years, and I have great income. My cards are listed below: Amex blue 9/2011 $20000 ( all Amex backdated to 1/2004) Amex BCP 1/2012 $10000 Amex PRG 9/2011 Citi TY preferred 8//2011 $7900 Discover 6/2006 $5000 Nordstrom $5000 11/2011 Chase Universal studios 7/2007 $300 (I haven't used this in years, just waiting for them to close it) I have 3 INQ on EX, 2 from Amex and 1 from FDIC (?) which will be 1 yr old in March. I have 3 on EQ with 2 reaching 1 year in 8/2012. Ok, I'm ready to hear the good, bad, and ugly! Should I get USAA, Chase SP, or both. When would be the optimal time to do it to be successful? Obviously, I know there are no guarantees! Sorry about the format. I had this structured much better than 1 huge paragraph.

I would wait until the 2 baddies come off and go for the Sapphire!




EQ FICO 548 3/3/16
Message 8 of 10
Frequent Contributor

Re: Need some honest opinions

USAA World MasterCard

Pros: Great customer service

           No annual fee

           Good CL

 

Cons: Mediocre rewards w/ tiered structure - 0.45% t0 $5k, 0.85% to $10k, 1% to $17k, 1.25% beyond $17k, only redeems once a year

            1% FTF

             No Signup bonus

 

Chase Sapphire Preferred

Pros:   Dedicated customer service line

             No FTF

             Rewards: 1% baseline, 2% dining, 2% travel (airfare, hotel, rental car, cruise, taxi, train), redeem whenever, 20% discount for redeeming through them

             Points transferrable to numerous airlines, hotels, etc

             7% reward bonus annually (essentially makes 1% into 1.07%, 2% into 2.14%)

             50,000 point signup bonus

             Cool metal card

 

Cons:  $95 AF after the first year

             Whatever preexisting feelings you have about Chase in general

             Rewards category overlap with your AmEx PRG - specifically the 3x MR points for airlines


Starting Score: 690
Current Score: EQ 780 EX 814 TU 783
Goal Score: 800

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Message 9 of 10
Established Contributor

Re: Need some honest opinions


LTomBerry wrote:

USAA World MasterCard

Pros: Great customer service

           No annual fee

           Good CL

 

Cons: Mediocre rewards w/ tiered structure - 0.45% t0 $5k, 0.85% to $10k, 1% to $17k, 1.25% beyond $17k, only redeems once a year

            1% FTF

             No Signup bonus

 

Chase Sapphire Preferred

Pros:   Dedicated customer service line

             No FTF

             Rewards: 1% baseline, 2% dining, 2% travel (airfare, hotel, rental car, cruise, taxi, train), redeem whenever, 20% discount for redeeming through them

             Points transferrable to numerous airlines, hotels, etc

             7% reward bonus annually (essentially makes 1% into 1.07%, 2% into 2.14%)

             50,000 point signup bonus

             Cool metal card

 

Cons:  $95 AF after the first year

             Whatever preexisting feelings you have about Chase in general

             Rewards category overlap with your AmEx PRG - specifically the 3x MR points for airlines


Thanks so much for outlining the pros and cons ofthe 2 cards. It only solidified my decision to stick with USAA. My original goal was to find a non Amex high limit card. Rewards aren't as important due to my Amex PRG as you stated. I haven't had much of a relationship with Chase, but I'm not really singing their praises. Can't really justify the AF just to have a neat looking card, because that's really what it boils down o after really looking at your list and the other posts. Thanks, again!


Starting Score: TU:676;EQ:648 8/2011
Current Score: TU:738; EQ: 739 ;EX: 729 6/2012
Goal Score: 760


Take the FICO Fitness Challenge







Current Score: 800
Goal Score: 850

Take the FICO Fitness Challenge
Message 10 of 10