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Regular Contributor
ukimafija
Posts: 127
Registered: ‎08-13-2012
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Re: What are your suggestions? Sapphire Preferred or BoA Cash Rewards?

BOA does not report the credit limit, i don't really know whether you need more credit to show on your reports. I have it and I am not too happy with it because they round up points in their favor: EX 14.98 gasoline charge got me 14 instead of 15 points and  x3 , Chase would give me 15 points +10 +10% for chase exclusives ....

I know i am picky, but when i make 30+ transactions a month over time the difference piles up....Go for the Sapphire P.

BOA Cash Rewards Visa Sig. 12K; BOA Travel Rewards Visa Sig 5K, US Bank Cash+ 11.5K, AMEX BCE 6200, AMEX BLUE Sky 7K, Chase Freedom Visa Sig. 5400, Fort Knox FCU Visa Platinum 2500; CAP ONE Cash Rewards WORLD MC 5K

Starting Score: 580
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Valued Contributor
improvingmycredit
Posts: 1,402
Registered: ‎07-12-2011
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Re: What are your suggestions? Sapphire Preferred or BoA Cash Rewards?


nuyorican9452 wrote:

So here's the situation, I currently have 4 CCs and 2 active auto loans. 3 cards are from Chase, 1 card is from discover. One of my chase cards is the chase sapphire (not preferred). It's been opened for 5 months now going on 6 months, and I got a pre-approved offer the preferred version. For this offer I can get $400 cash back for spending $2K (which I pay in full.) And BoA is $100 spending $500. I don't have a pre-approved offer for this card. To qualify for the Sapphire promotion, I would need to apply for it,  and close my current one (also transferring the 5K CL to the new account.) 

 

The BoA card will just be a new account. I know the Sapphire preferred is a $95 annual fee, but I do some minor traveling (not out of the country) so that will offset the fee from the rewards. I have a total of 3 years credit history. I know the money is definitely better with the Sapphire, but which is better for my credit? Assuming I can get approved for either.


Hey nuyorican9452!  Welcome to the forms!

You've got a tough decision. :smileyhappy:. Apping for either card is going to ding your credit report a few points. Adding any new account depending on your AAoA is going to affect your credit score.  Any affect on your score will be cured with time.  There is no doubt that the CSP is a better card then the reg Sapphire crd or the BOA card.  I personally think you are too Chase heavy in your credit profile.  Not knowing your credit profile, I'd do a lot of research on this forum and really see what kind of other charge products might be better for your spending profile to better suit your rewards possibility.  At any rate, I'd call Chase since you've got a good history with them and see if a PC to CSP is possible with the sign up bonus without having to app for it.  Also, I'd really look into another credit product to add to your profile that suits your spending habits.  If you have to app for the CSP, I'd also app another credit product on the same day.  (This is assuming you have a decent score with a good AAoA and no baddies). Look into:  BCP/BCE, US Bank Cash+, CitiBank etc... If you elaborate on your profile, maybe others with help with approval odds... Ect.  Good luck!


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Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
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Re: What are your suggestions? Sapphire Preferred or BoA Cash Rewards?

+1


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