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What type of credit card would make sense

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bourgogne
Valued Contributor

Re: What type of credit card would make sense


@Random_idiot wrote:

How is the Cap1 venture rewards compared to CSP?

 

I have to figure out and see if it makes sense for me to pay an annual fee..


I did not read through this thread and I don’t know if you want an unsolicited opinion but I have one lol.  I don’t know the age on your current tls, if you are in a rebuild or what but if you only have a cl of 1700 on your top card and your scores are really what they are then you are wasting a pull with trying to get anything imo.  If it were me I would focus on using and paying the cap1 to death, get it over 5K which should not take you too long and at that point your scores will be closer to 700 and app for the venture.  After you get 10-20K on that then go for the chase, assuming you get a high cl on the venture.  I cannot see the value in chasing after clis all the time, better to wait until your scores come up and then app.  Lose the ck in your sig and forget them.  Get a current cct and update your sig.  there is is, have a nice weekend

 

Current Score: CK- 658 || EX- 632 || TU-631 || EQ-?? || AAoA-4yrs5mo || uti- 79%

UPDATE: 8/1/16- Impatiently waiting for uti (10%) to update on scores..

 

 

 

Message 31 of 33
takeshi74
Senior Contributor

Re: What type of credit card would make sense


@Random_idiot wrote:

How is the Cap1 venture rewards compared to CSP?


For programs like Ultimate Rewards you need to look at the redemption options that you can use and determine how they impact the value you can get per point.  Programs like Membership Rewards, Thank You, etc will also require this sort of analysis.  The spend you mentioned seems a bit low for these programs to me.  I would guess that you'd be better served with a 2% cash back on all spend card.  You really need to crunch the numbers for your spend and compare the options.

 


@Random_idiot wrote:

I have to figure out and see if it makes sense for me to pay an annual fee..


The AF should certainly factor into your total cost/benefit analysis.

 


@Random_idiot wrote:

I travel domestic. and every 2 years, I travel international or long domestic trips (Hawaii, Alaska, etc). I dont travel first class, it would be economy. and a great value for the accomodation..


Again, you have crunch the numbers to verify but typically the bigger value rewards come from redeeming for preium international travel.  That's not to say that you wouldn't necessarily find redeeming for coach and mostly domestic travel worthwhile but you need to understand the numbers involved in order to make the comparison.

 

Wanting to travel doesn't necessarily mean that a travel card is the best option.  For those with smaller levels of spend a cash back card is generally a better fit.  Those that don't want to be locked into specifc transfer partners may also be better served with cash back.  If you can't redeem for higher value rewards then it may not be worth it to you to hassle with rewards programs like Ultimate Rewards.

 

Be aware that "travel" is a vague term.  There are some travel cards that are basically restricted cash back cards.

 


@Random_idiot wrote:

Mostly movies and dining.


I'm not aware of a card that will offer 5% year round on either so that also tends to point to a 2% card unless you can properly leverage a rewards program.

 


@Random_idiot wrote:

 

lets say with bills and entertainment! I spend about 24k a year.

what kind of rewards card would be most beneficial for that? 

 


The math for cash back is very straightforward.  2% on $24K/year is $480/year.  Now the question is, can you do better than that with another rewards program?

Message 32 of 33
Random_idiot
Established Contributor

Re: What type of credit card would make sense

Thanks for the breakdown takeshi, very informative.

 


Total Credit Line- $89,300| Personal- $78,650 | Biz- $5,650
Current Score [F9]: EX-721 || TU-759 || EQ-768 || AAoA-2yrs7mo || uti- 1% || 100% payment history || 9 inq
Message 33 of 33
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