topic Re: Double Cash, Better Balance Rewards or It? in Credit Cards

Double Cash, Better Balance Rewards or It?

IFtkkdx428 — Sun, 24 May 2015 23:08:52 GMT

Yes, I'm thinking of adding another cash back card to the mix. I'm looking for suggestions, both of weather I should get another card or keep gardening. I'm not sure if the following cards are worth getting. I'm also open to other suggestions in regards to other cards, however they must be cash back. I have also added spending provided by Credit Karma and some other helpful information below. Thank you, in advance!

Citi Double Cash: I already have the Capital One Quicksilver One (AF waived lifetime). However, I'm deciding weather .5% extra cash back is worth getting? FTF is nothing I'm worried about, because I don't travel outside of the U.S. The points redemption threshold is also not a concern because I typically wait to use Quicksilver One's cash back until I have $25 or more. However, if I had both the Quicksilver One would no longer be used and it would have a reoccurring charge along with being placed in the sock drawer. I'm pre-qualified for the Double Cash.

Bank of America Better Balance Rewards: Part of me feels guilty for wanting this card. It would be immediately put in the sock drawer upon activation along with a reoccurring charge. I wouldn't open a Bank of America account for the extra $20. I'm pre-qualified for the Better Balance Rewards.

Discover It: This might sound crazy, but I think it would be great to have a Discover It to work along side the Chase Freedom. However, I must admit that I'm a little bad about remembering the quarterly rewards category. For example, I caught myself using Huntington Voice's 3% restaurant category when I have the Chase Freedom at 5% restaurants. Perhaps I could better plan this, but then it goes back to the fact that I'm bad about remembering rotating categories. I know that sometimes Discover It and Chase Freedom's categories overlap, but this year Discover's movie theater category this quarter and department stores next quarter could have been a benefit. I'm pre-qualified for the It.

Spending according to Credit Karma

Gasoline/Fuel: 29.04%
Groceries:14.19%
Uncategorized: 14.14%
Automotive Expenses: 10.92%
Clothing/Shoes: 10.40%
Restaurants/Dining: 7.00%
General Merchandise: 5.41%
Insurance: 3.67%
Travel: 1.54%
Healthcare/Medical: 1.24%
Gifts: 1.06%
Online Services : < 1%
Home Maintenance: < 1%
Office Supplies: < 1%

Helpful Information

Age: 23
Annual Income: $19,000.00 
Monthly Rent/Mortgage Payment: $0 
TU FAKO (Provided by Credit Karma on 5/15/15): 758
EQ FAKO (Provided by Credit Karma on 5/15/15): 759
TU FICO (Provided by Barclay on 4/13/15): 740 
Credit Card Utilization Rate: 3% 
Percent of On Time Payments: 100%
On Time Payments: 61
Total Payments: 61
AAoA: 1 YR 1 MO
Oldest Open Credit Line: 2 YRS 3 MOS
Newest Open Credit Line: 5 MOS 
Total Accounts: 5
Hard Credit Inquiries: 4
Derogatory Marks: 0  

Current Credit Cards
  
Capital One  Quicksilver One
Credit Limit: $2,250
Card issued: Jan/2013  
Credit Card Utilization Rate: <1%

Chase Freedom
 Credit Limit: $3,000
 Card Issued: Jan/2014
Credit Card Utilization Rate: 0%

Sallie Mae Barclaycard
Credit Limit: $2,000
Card Issued: July/2014
Credit Card Utilization Rate: 15%

American Express Blue Cash Everyday
Credit Limit: $9,000
Card Issued: Nov/2014
Credit Card Utilization Rate: <1%

Huntington Voice
Credit Limit: $1,500
Card Issued: Nov/2014
Credit Card Utilization Rate: 0%

Re: Double Cash, Better Balance Rewards or It?

icyhot — Sun, 24 May 2015 23:18:50 GMT

Well, from what I've read BofA and Discover's prequals are kinda useless, but with your scores you shouldn't have any reason to not be approved. If you don't think you're gonna remember the rotating categories then don't get the It. That's pretty much what its good for. Lol but if you do and you know you'll keep track of it then by all means. If you're not gonna use the BBR don't get it. Its a BT card after all. I would say the DC since its a flat 2% card. I would say the BofA Cash since most of your spend is gas and groceries, but your Amex should have those covered.

Re: Double Cash, Better Balance Rewards or It?

Kostya1992 — Sun, 24 May 2015 23:23:37 GMT

Sounds like a question of the .5% extra from DC vs. the $100 from BBR yearly. I feel no guilt for exploiting banks to my best personal benefits, outside of defaulting obviously. Just look at all the stuff they do all the time http://www.usatoday.com/story/money/2015/05/20/billions-in-bank-fx-settlements/27638443/

Re: Double Cash, Better Balance Rewards or It?

Anonymous — Sun, 24 May 2015 23:49:16 GMT

For many years all I ever had was a MC and AMEX. I used to think Discover wasn't really a great credit card option. Well, after thinking like this for like 40 years, I finally got the Discover IT in January, and you know what...it's my favorite of all the cards I apped for this year. I've been using it daily at work because our cafeteria at work reports purchases as a restaurant, therefore I'm getting the 5%. I'll be lost w/o that after June. Their CS is awesome and can't forget, they're most gracious with CLI lately.

Re: Double Cash, Better Balance Rewards or It?

JSS3 — Sun, 24 May 2015 23:52:28 GMT

All 3 of them.

Re: Double Cash, Better Balance Rewards or It?

myjourney — Mon, 25 May 2015 00:07:56 GMT

Where are you pre-quailified for the IT?

I hope it isn't based on the CK findings? Read top right hand corner of CK approval card for you (disclaimer)

Also hope it's not Discover website ...If so go back and enter the following info

First name: Discover

Last name: It

Last 4 SS#: 9999

And congrats you'll have an offer Mr or Mrs Discover It....

Re: Double Cash, Better Balance Rewards or It?

IFtkkdx428 — Mon, 25 May 2015 00:13:33 GMT

@icyhot wrote:
Well, from what I've read BofA and Discover's prequals are kinda useless, but with your scores you shouldn't have any reason to not be approved. If you don't think you're gonna remember the rotating categories then don't get the It. That's pretty much what its good for. Lol but if you do and you know you'll keep track of it then by all means. If you're not gonna use the BBR don't get it. Its a BT card after all. I would say the DC since its a flat 2% card. I would say the BofA Cash since most of your spend is gas and groceries, but your Amex should have those covered.

I'm certainly making an effort to be better about taking full advantage of the Chase Freedom's rotating categories. Actually, the Bank of America Cash Rewards would be useless in this situation. I get 5% on gas and groceries with the Barclay Sallie Mae which beats Cash Rewards with 3% for gas and 2% for groceries. Then of course the 1% on everything else is beaten by Capital One Quicksilver One's 1.5%.

@Kostya1992 wrote:
Sounds like a question of the .5% extra from DC vs. the $100 from BBR yearly. I feel no guilt for exploiting banks to my best personal benefits, outside of defaulting obviously. Just look at all the stuff they do all the time http://www.usatoday.com/story/money/2015/05/20/billions-in-bank-fx-settlements/27638443/

I'm slightly offended by this post because I do work for a bank, however we can set our differences aside. It's not taking advantage of their rewards, that's the problem. It's the use of a hard pull or AAoA being brought done for a card that would be sock drawered for a $100 reward that causes guilt. If there wasn't such a thing as hard pulls or AAoA's then you bet I would collect 100's of Better Balance Rewards cards.

@Vulcan1600 wrote:
For many years all I ever had was a MC and AMEX. I used to think Discover wasn't really a great credit card option. Well, after thinking like this for like 40 years, I finally got the Discover IT in January, and you know what...it's my favorite of all the cards I apped for this year. I've been using it daily at work because our cafeteria at work reports purchases as a restaurant, therefore I'm getting the 5%. I'll be lost w/o that after June. Their CS is awesome and can't forget, they're most gracious with CLI lately.

So, since you have both the Freedom and Discover It. Do you feel they're both worth having together? Thank you for sharing your experience.

@JSS3 wrote:
All 3 of them.

I would, however I don't feel comfortable applying for 3 cards at once. I know I applied for 2 at once last Nov., though I would only like one right now if I decide upon one. Five cards is manageable currently, but I'm seeing each card is more to keep track of. I'd feel comfortable with one more for the time being, but not 3 more until I feel I can handle the responsibility. It's more about keeping track of paying on time more than trusting myself with more credit. I hope this makes sense and you understand!

@myjourney wrote:
Where are you pre-quailified for the IT?
I hope it isn't based on the CK findings? Read top right hand corner of CK approval card for you (disclaimer)
Also hope it's not Discover website ...If so go back and enter the following info

First name: Discover
Last name: It
Last 4 SS#: 9999
And congrats you'll have an offer Mr or Mrs Discover It....

I'm pre-qualified via Discover's website. It's not based on Credit Karma findings, I know better than to trust these. I won't do that, but I believe you when it comes to entering in the above information. I know pre-qualified offers hold little to no weight when it comes to most lenders.

Re: Double Cash, Better Balance Rewards or It?

myjourney — Mon, 25 May 2015 00:19:55 GMT

@myjourney wrote:
Where are you pre-quailified for the IT?
I hope it isn't based on the CK findings? Read top right hand corner of CK approval card for you (disclaimer)
Also hope it's not Discover website ...If so go back and enter the following info

First name: Discover
Last name: It
Last 4 SS#: 9999
And congrats you'll have an offer Mr or Mrs Discover It....

__________________________________________________________________________________________________________________________________________________IMHO I would sit tight and grow the SM card which would fit your spending and offer good cashback

Re: Double Cash, Better Balance Rewards or It?

Anonymous — Mon, 25 May 2015 00:22:45 GMT

IMO go ahead and get the BBR AND the DC. I like double cash because of it being 2% all day every day. And if you go ahead and get the BBR in 12 months the inquiry will not matter any more and being as young as you are your AAOA will not take a MASSIVE dip that can't be made up within that year for the most part as well.

Re: Double Cash, Better Balance Rewards or It?

Anonymous — Mon, 25 May 2015 00:42:42 GMT

@IFtkkdx428: Just a small note on the part where you mentioned having a little bit of trouble remembering which rewards card to use. A lot of people have mentioned at one time or another on these forums the great Wallaby app. It should tell you when you're at a store/restaurant/gas station/etc., which of your rewards cards is the best to use. I recently downloaded it but then realized I don't have enough different rewards cards yet to not know when to use which one, hehe.

Re: Double Cash, Better Balance Rewards or It?

Kostya1992 — Mon, 25 May 2015 00:43:08 GMT

I'm slightly offended by this post because I do work for a bank, however we can set our differences aside. It's not taking advantage of their rewards, that's the problem. It's the use of a hard pull or AAoA being brought done for a card that would be sock drawered for a $100 reward that causes guilt. If there wasn't such a thing as hard pulls or AAoA's then you bet I would collect 100's of Better Balance Rewards cards.
Inquiry and AAoA are an issue if you plan to apply for a car loan or a morgage in the next year or so, otherwise it is just credit score enthusiasm. Plenty of people here mass app for 10+ cards to expand their credit portfolios. Besides, if you have 10+ cards reporting for a long time, eventually the dings to AAoA from opening new credit is virtually non-existant.

Re: Double Cash, Better Balance Rewards or It?

celluloid17 — Mon, 25 May 2015 00:53:26 GMT

This may not be a fun suggestion, but given the cards you already have, I would just continue gardening since all of your bases are pretty much covered. The difference between .5% is infinitesimal in the grand scheme of things. The Discover It is great, but unfortunately it overlaps with Chase Freedom most quarters. I have both of those cards and one inevitably ends up in the sock drawer most of the time. The BBR is great for the quarterly bonus, but it's not really useful beyond that unless you plan to carry a balance, which nullifies some of the benefits of the quarterly bonuses.

I would focus on building your credit limits and aging your accounts until which time a really enticing card comes along that trumps what you have.

Re: Double Cash, Better Balance Rewards or It?

Anonymous — Mon, 25 May 2015 01:19:36 GMT

Vulcan1600 wrote:

So, since you have both the Freedom and Discover It. Do you feel they're both worth having together? Thank you for sharing your experience.

I got the Chase Freedom in April during an app spree. They started me out with a $5k CL, and they are also our mortgage company. I've already got the $100 bonus from them and it's PIF. So far, so good with Chase. I had a Chase card from 1995 to 2010 that I closed and made monthly payments to PIF. I think they're a little leary of me now being CC debt free, but think they'll eventually come around. The big difference between the Discover IT and Chase for me will be the APR after the 0% is over - Discover is 9.9% and Chase will be 18.99% - not an issue because I will PIF, but still worth mentioning.

Re: Double Cash, Better Balance Rewards or It?

Anonymous — Mon, 25 May 2015 01:25:15 GMT

@Anonymous wrote:
@IFtkkdx428: Just a small note on the part where you mentioned having a little bit of trouble remembering which rewards card to use. A lot of people have mentioned at one time or another on these forums the great Wallaby app. It should tell you when you're at a store/restaurant/gas station/etc., which of your rewards cards is the best to use. I recently downloaded it but then realized I don't have enough different rewards cards yet to not know when to use which one, hehe.

I had never heard of this app until I joined myFICO - now I can't imagine not having it.....it's awesome and works great with my Note 4.

Re: Double Cash, Better Balance Rewards or It?

Anonymous — Mon, 25 May 2015 03:37:32 GMT

I have the It and Freedom, happy to have both. This is my first quarter with the Freedom so I can't say much, but I think they're both worth having. Right now both overlap on restaurants, but the It has movies at the moment which Freedom doesn't have, and Freedom has a number of stores that It doesn't have. Plus, even if the categories overlap from time to time, you never know if you might go over the $1500 on one at some point. Also, I've earned a decent amount back during the time I've had my It, Q4 last year was Amazon and department stores, ended up maxing out the $1500, and Q1 was transportation/gas, which I spent at least a few hundred in as I traveled during those months.

In general I love my Discover and am happy to have it, card is pretty, support is awesome, lately CLIs have been great. Also, free Fico score each month, lots of deals to get higher percentages back on various sites by using the Discover Deals portal, aaaaand, they sent everyone (I think?) a $5 Starbucks gift card for Christmas, kind of love them for that little gesture.

With all of that said, if you're absolutely only going to get one card, I'd likely do the Double Cash personally. That's at the very top of my want-list, I would love to have it for all my non-category spending, it would probably see the most month to month use behind my Amex. And since you already have the Freedom the It has less benefit I think. Although you already have Quicksilver as well, so I suppose that's similar!

I'd probably just say to go with all three... Although of course I understand if you don't want to. Just that they all have some really nice perks and are quite different from each other (in my opinion).

Also, @gurlondrums, thanks for mentioning the Wallaby app. I'm pretty new to all this and thought I'd give it a try, seems quite nice! Apparently my Chase Amazon Rewards gives 2x on office supply stores, also totally forgot that Macy's and JCPenney count on the 2% for my Amex BCE. So, seems useful thus far.

Re: Double Cash, Better Balance Rewards or It?

Anonymous — Mon, 25 May 2015 13:28:48 GMT

@David217: Thanks for your input on the cards. It helps me want both Freedom & It now, hehe. And thanks for the mention. Happy to help. Hope you maximize your cash back!

Re: Double Cash, Better Balance Rewards or It?

kdm31091 — Mon, 25 May 2015 13:55:45 GMT

"Get all 3" is not necessarily a good recommendation for everyone. While that may be the ticket to maximize rewards, not everyone wants to have that many cards.

To answer your question OP, I would opt for the It. I know everyone around here loves the BBR for the $25 a quarter without having to spend much; but I just don't find it very exciting. There is no incentive to spend more on it or make it a "daily driver" or anything. It's just a card for occasional use for a small quarterly return. Too much hassle for me and one more account to worry about but YMMV.

Double Cash is a good general spend card; keep in mind that anecdotally it seems Citi gives lower limits and higher APRs than people expect with this card. I've seen even very good scores netting people a $1-2k Double Cash at 22.99%. While the APR doesn't matter as much if you usually PIF, it's still kind of a slap in the face. You have a Quicksilver with no AF. Do the math but I'm not sure Double Cash is a significant enough gain to worry about adding -- your QS would then be useless, and you can simply use your QS as general spend. DC is not a huge gain outside of large spend, and then you'd have two cards that have the same purpose which to me is pointless.

As for the Discover It, they have great categories during the year and I feel it beats the Chase Freedom (strictly on an "on its own" cash back perspective, NOT talking about when joined with CSP which is a different topic). The Discover categories are usually more broad (home improvement and online shopping vs Freedom's just Lowe's or just Amazon), and Discover, at least in my experience, is good about growing with you.

To sum it up, I'd just stick with your Quicksilver and apply for a Discover. There is really no reason to worry about getting a BBR, IMO, an overrated card and the Double Cash is rather superfluous with your QS.

Re: Double Cash, Better Balance Rewards or It?

Anonymous — Mon, 25 May 2015 14:22:41 GMT

@gurlondrums - which card do you have?

Re: Double Cash, Better Balance Rewards or It?

Anonymous — Mon, 25 May 2015 14:25:34 GMT

@Anonymous wrote:
@Anonymous - which card do you have?

Neither. Still rebuilding. I got a nice wishlist though. And reading these forums helps a lot with which cards I put at the top or the bottom or off completely. My plan is to have a nice arsenal to maximize cash back in the categories I spend the most. I think It & Freedom together isn't a bad idea.

Re: Double Cash, Better Balance Rewards or It?

Anonymous — Mon, 25 May 2015 14:46:09 GMT

personally i wouldn't bother with both, but last year the gas categories were separate so basically you get 5% back on gas for 6 months. i can't get into discover lol. denied me in april, but i have had my freedom for 4.5 years