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I'm looking to get advice on which card to apply for. I don't travel a lot, only once a year and it's always international, so I don't really wanna go for a specific branded card (e.g. Chase United MileageExplorer or AMEX Delta Gold) which would only be beneficial if I'm on their frequent flyer programs or whatever. Now, it might not make sense to apply for a travel rewards card if I don't even travel a lot, but I've already got 4 cash back credit cards, so I'm just looking to bring something new to the mix; something to rack up points on for the future. AMEX Premier Rewards Gold seems the most attractive, with its extra point earning capability (3X for booking flights, 2X for gas etc.) but I don't know if I'm even going to qualify for it, or if the $175 AF is gonna be worth it for me or not. AMEX Blue Sky seems alright, with the no AF, but it's not really rewarding. 1X point per dollar means I have to spend $7500 to get a $100 statement credit toward travel related expenses.
A little background:
I applied for Discover IT last week after getting preapproval offers in the mail, got a CL of $3600 (my highest CL yet.) Couple of days later, applied for AMEX BCE, got approved for $2000! Both instant approvals. Current Equifax FICO score is 737. Both pulled Equifax. Although, CITI Identity Monitor shows my credit scores as EQ=701 EX=689 TU=669 (FAKO SCORES??)
Other credit cards w/ CL and age:
Chase Freedom - $500 / 8months
Barclaycard Apple Financing - $2000 / 8months
BofA Cash Rewards for students - $700 / 9months
Citi Secured - $500 / 16months
Nissan Motor Acceptance (Auto Loan) - 14.6K Balance
I guess what I'm trying to ask is, also taking into consideration that I only make around 35K annually, would it be wise to apply for the AMEX PRG at this time? I understand that its a charge card, does that make it harder to get approved than the revolvers? If not the PRG, are there any other cards out there with similar rewards (like the PRG's extra points on everyday things like gas and restaurants) which you'd think I'd get approved for? Or should I just not bother with another application, at least until my recent cards get reported to the CRA's?
I figured since I'm already out on a spree, what the hey, right? (I'm sure there is someone out there who can relate .)
Thanks!
Also, how is Chase CSP compared to AMEX PRG?
The three cards in my sig offer travel rewards with no annual fee and no foreign exchange fee. 2 of them have EMV chip too, which makes purchases in Europe easier.
The BoA Travel Rewards probably offers the best rewards at 1.5 points per dollar. Points can be redeemed for cash, merchandise, statement credits, travel. They will let you use your poitns to fully or partially get redemptions for previously purchased travel expenses, including train tickets, tourist destinations, hotels, airlines, busses, etc. They redeem at 1 point per 1 cent travel redemption.... so the 1.5 points per dollar offsets travel expenses quickly.
For a low APR card, SDFCU offers 6.99%. The rewards are good, but not as versatile as the BoA Travel Rewards.
The NFCU goRewards has good options for rewards of cash, merchandise, travel, etc.... it earns 1 point per dollar, but has no EMV chip.
I would also recommend the BofA travel rewards card with no FTF and no AF but EMV chip. For a travel rewards card you want to look for Visa or Mastercard, no Amex due lack of acceptance, no FTF and definitely with a chip integrated. Chip and signature is fine even though chip and pin is more convenient. I never paid attention when I tried to use Discover in Europe that it was not due to the lack of acceptance (Diners Club logo) but more the lack of reading the card in the terminals. Just found out with Barclays Arrival WMC that it is the lack of the chip on the cards. Some terminals in Europe cannot read magnetic stripes anymore. For myself I decided against an Amex charge because I prefer spending through different cards and it would not offset the AF on the AX charge cards unless I would run everything through one card.
@lg8302ch wrote:I would also recommend the BofA travel rewards card with no FTF and no AF but EMV chip. For a travel rewards card you want to look for Visa or Mastercard, no Amex due lack of acceptance, no FTF and definitely with a chip integrated. Chip and signature is fine even though chip and pin is more convenient. I never paid attention when I tried to use Discover in Europe that it was not due to the lack of acceptance (Diners Club logo) but more the lack of reading the card in the terminals. Just found out with Barclays Arrival WMC that it is the lack of the chip on the cards. Some terminals in Europe cannot read magnetic stripes anymore. For myself I decided against an Amex charge because I prefer spending through different cards and it would not offset the AF on the AX charge cards unless I would run everything through one card.
+1. Amex and Discover are not great cards for international travel.
I think I have to chime in on the BoA Travel Rewards card. I just got an approval based on recommendations from this forum. Initially I was super hesitant to open another card specifically for travel, but the more I read about it, the more I understood that it really was a pretty much optimal card for infrequent travelers like me: no AF, no forex, EMV, 1.5 points per dollar spent, 10% annual points bonus if you have a BoA account (making it 1.65 points/$1), $100 sign up bonus and easy to redeem points on travel purchases (I poked around the rewards redemption page on the website and it's super straight forward).
Better yet, they instantly approved me with my highest credit line yet ($5K) and a Visa Signature.
What's not to like?
i had a similar question about travel cards this morning.
after surfing the forum, i'm down to CSP vs. BOFA.
i can't decide. everyone seems to rave about CSP but then there is the annual fee and to redeem the points, you have ot spend 3000 in 3 months!
what about CSP makes it such a good travel card vs. BOFA (other than it seems like bofa cards may not be so prime and people not having such great experiences with BOFA). the 20% discount?
i must say though, CSP is definitely a cooler card to look at.
OP,
Sometimes less is more. you don't really need a travel card for the amount of travel you plan to do and the amount of income you have. Far better to look at your spending and maximize your cash back first. There's your travel money...if and when you go.
Anything will a high AF is simply going to cancel out or chew heavily into any rewards you get....especially a PRG. Bad idea. Now, if you want to take a stab at a no AF travel rewards card, I still say it's probably not a good idea....but at least you net all the rewards you get.
You need to be realistic about how much you spend and on what.....and how much is relevant to credit card usage. And then take those potential rewards and subtract the costs involved....like AF. Is it worth it? Likely not in your case. Sorry, but often people are just looking for an excuse to get a new card toy with no real need or benefit and they don't really think it through. It's very transaparent.
**The only point worth considering in a card selection would one with no foreign transaction fees....if you don't already have one.
toli77,
The value of CSP comes in transferring the points to partner programs like United, Hyatt, Marriott etc. These points transfer 1:1. So if the value of that point in higher than a penny in those desired trasfer partners' programs, then you reap nice value out of those points. It depends on you and what you do with them. Values vary. As cash back or on a 1 point/1 cent basis, the CSP is NOT worth it at all and was never meant to be.