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Frequent Contributor
Posts: 371
Registered: ‎12-30-2012
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getting a card that isnt really needed?

I have all the cards I could need. I only use two. I do want the CSP due to the sign up bonus and I think I am ready for it report wise. Should I do it or just write it off and be happy with what I have?


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $12k United Explorer-$5k
Established Contributor
Posts: 726
Registered: ‎05-12-2012
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Re: getting a card that isnt really needed?

IMO people apply for cards for many different reasons. Some apply simply because it may be a goal or "dream" card, others apply for sign up bonuses or maybe because a card has a rewards structure that fills a gap.

 

Personally if a card has a certain reward structure that fits into my plan of action and I can honestly utilize the card, then I think it's worth applying for. I've never been an advocate of applying for cards that you don't need.

 

But this really boils down to one question, "What do you want to do?"


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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: getting a card that isnt really needed?


E150GT wrote:

I have all the cards I could need. I only use two. I do want the CSP due to the sign up bonus and I think I am ready for it report wise. Should I do it or just write it off and be happy with what I have?


No reason to pass up a bonus on a card you want.    IMO, it is always good to have a few spare cards.

Community Leader
Valued Contributor
Posts: 1,413
Registered: ‎07-12-2011
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Re: getting a card that isnt really needed?

Hey E150GT!
If you can use the sign up bonus, you have no large purchases coming up in the next 6 months- I say go for it. The additional available credit will help you in the long run for possible future emergencies with utility and it may just end up being your favorite go to card. Have low utility- and a decent AAoA to qualify . FYI, I'd PC that slate to Freedom to enhance your UR points earning potential after the app and get them to use the new HP for a CLI. Speak to an analyst.

Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Contributor
Posts: 130
Registered: ‎11-26-2012
0

Re: getting a card that isnt really needed?

You can often earn more through a sign-up bonus than the amount you'd earn in a year for a card you "need."

 

For instance, say you need a 5% rotating card.  You get Discover It with no sign up bonus.  With that, you can only earn $75 per quarter on cash back, for a total of $300 from the cash back categories if you actually hit the cap.  Then say you add another through $100 through the 1% cashback and ShopDiscover, for a total of $400 for the year.

 

Contrast that to signing up for say, the Chase United Explorer Card which offers a 50k miles bonus + another 5k for adding an authorized user.  Those miles are worth at a minimum $550, and can be used to book a one-way transatlantic flight that costs at least a couple of thousand dollars (whether it's worth that much money is a different question).  Of course discount the value if you never fly.

 

Point is, rewards credit cards should be used for perks and to earn/save money.  Whether that comes through the sign-up bonus or for everyday spending doesn't really matter.

Chase Sapphire Preferred - 5.6k (3/13) | Amex Premier Rewards Gold - NPSL (1/13) | Chase United MileagePlus Explorer Visa Signature - 9k (1/13) | Amex Delta Gold - 6k (9/12) | Citi Forward Visa - 10k (10/12) | Discover It - 2k (2/12) | Chase +1 Visa - $300 (2/11)
Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
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Re: getting a card that isnt really needed?


improvingmycredit wrote:
Hey E150GT!
If you can use the sign up bonus, you have no large purchases coming up in the next 6 months- I say go for it. The additional available credit will help you in the long run for possible future emergencies with utility and it may just end up being your favorite go to card. Have low utility- and a decent AAoA to qualify . FYI, I'd PC that slate to Freedom to enhance your UR points earning potential after the app and get them to use the new HP for a CLI. Speak to an analyst.

I agree with this. OP go get your signup bonus!!




EQ FICO 548 3/3/16
Frequent Contributor
Posts: 371
Registered: ‎12-30-2012
0

Re: getting a card that isnt really needed?

Yep. I want the cash back. I dont travel too much. 


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $12k United Explorer-$5k
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

Re: getting a card that isnt really needed?


E150GT wrote:

Yep. I want the cash back. I dont travel too much. 


-_-; plz don't get cash back.... you can even book a ticket for a friend or family and have it being worth MUCH more.

 

40k bonus sign up just save points towards 65k and save up for a nice vacation imo. 65k points = $2,800 ticket to Asia or Europe in peak season with United.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Regular Contributor
Posts: 223
Registered: ‎12-08-2012
0

Re: getting a card that isnt really needed?


E150GT wrote:

Yep. I want the cash back. I dont travel too much. 


If you prefer cash back, I'd just remember to PC to the regular Sapphire before the annual fee comes up. Otherwise, you're really making $400-95= $305.

 

EX: 758 (10/12), TU: ???, EQ: ???

BankAmericard Travel Rewards // Citi Forward // Amex Blue Cash Preferred // Gap Visa
Super Contributor
Posts: 6,236
Registered: ‎02-23-2011
0

Re: getting a card that isnt really needed?

[ Edited ]

nickn86 wrote:

You can often earn more through a sign-up bonus than the amount you'd earn in a year for a card you "need."

 

For instance, say you need a 5% rotating card.  You get Discover It with no sign up bonus.  With that, you can only earn $75 per quarter on cash back, for a total of $300 from the cash back categories if you actually hit the cap.  Then say you add another through $100 through the 1% cashback and ShopDiscover, for a total of $400 for the year.

 

Contrast that to signing up for say, the Chase United Explorer Card which offers a 50k miles bonus + another 5k for adding an authorized user.  Those miles are worth at a minimum $550, and can be used to book a one-way transatlantic flight that costs at least a couple of thousand dollars (whether it's worth that much money is a different question).  Of course discount the value if you never fly.

 

Point is, rewards credit cards should be used for perks and to earn/save money.  Whether that comes through the sign-up bonus or for everyday spending doesn't really matter.


+1

 

In the end, it's all about "what you get," after the cost of the nquiry, new account, and recon (whatever), since each card requires requires the same effort and cost.

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