topic Re: Best CC Lineup?? in Credit Cards

Best CC Lineup??

CEOriginal — Fri, 05 Jul 2013 13:07:06 GMT

I'll be switching banks very soon, as I currently bank with a very localized bank (man that's redundant), that's not located where I'm moving to.

I've been considering choosing my next Money House based off of the bank's CC lineup, because to me, it's easy to have one of my everyday CCs with the same company I bank with.

So, in your opinion, would you say best lineup goes to Chase, CITI, Cap1, Barclays, or Bank of America?

I'm excluding AMEX and Discover, since to my knowledge, they don't have checking account capabilities. Also, I'm including Cap1 and Barclays, because I'm not adverse to online banking.

Re: Best CC Lineup??

takeshi74 — Fri, 05 Jul 2013 13:23:50 GMT

I don't find any one to have a best lineup and that's why I have different cards from different card issuers.

Best is always highly subjective. Rather than just randomly polling you need to consider your needs/wants/priorities/preferences. If you can supply yours then people will be happy to make recommendations suited to you.

Re: Best CC Lineup??

kilj0y — Fri, 05 Jul 2013 14:13:08 GMT

I like Chase because of how valuable UR points are to me. But I also like AMEX because I don't want to be stuck with one type of rewards points.

Re: Best CC Lineup??

Anonymous — Fri, 05 Jul 2013 14:26:24 GMT

Every card that I have serves a purpose for my life.

My Citi card because I like going to concerts, so I want to always get in on a presale (it's how I was able to get tickets to a Beyonce concert that sold out in 5 minutes on the actual sell date)

My Discover/Freedom for the 5% categories.

My Chase Sapphire (which I plan to switch to the Preferred version) for when I eat out. I want the Preferred b/c I'll be able to maximize the UR points and I plan on doing a lot more traveling in the future.

My BoA 123 card b/c it's always 3% on gas.

My BoA BBR because it's an easy $30 back every 3 months for doing what I always do, PIF or pay more than minimum due.

My Barclay card because I do shop at Apple and I like the 0% interest for 6/12/18 months.

Finanlly, my Amex card because 3% always on groceries and 2% always on gas. (This card is best for my needs, even though most prefer the BCP. I don't spend enough to justify the AF).

So look at the things you buy regularly and look for the card that fits that, and you'll have your ideal card/s.

Re: Best CC Lineup??

Open123 — Fri, 05 Jul 2013 14:39:05 GMT

@CEOriginal wrote:
So, in your opinion, would you say best lineup goes to Chase, CITI, Cap1, Barclays, or Bank of America?

Ah, they're all a little different. In my view, you ought to choose based on the following order of relevance: (1) best terms for your mortgage; (2) best terms on your deposit accounts; (3) and, the respective bank's CC lineup.

With that said, in general, here is what I think of their CC portfolios.

1. Chase - Easily the *best* on the list, if you're interested in travel (air and hotel) rewards points redemptions.

2. Citi - Ah, great if you can maximize the TY arbitrage opportunity. Very mediocre offerings, unless you wanted the 0% 18 month promos.

3. BofA - Avg rewards cards with nothing "best in class." Some nice niche cards (Travel rewards & balance rewards), but otherwise better rewards can be found elsewhere.

4. Cap One - Best 1.5% "no hassle" cash rewards for non bonus spending in the group. Their Quicksilver is actually a better non-bonus cash rewards card is better than any of the other lenders on the list.

Good luck!

Re: Best CC Lineup??

armbenderc — Fri, 05 Jul 2013 15:00:08 GMT

@CEOriginal wrote:
I'll be switching banks very soon, as I currently bank with a very localized bank (man that's redundant), that's not located where I'm moving to.

I've been considering choosing my next Money House based off of the bank's CC lineup, because to me, it's easy to have one of my everyday CCs with the same company I bank with.

So, in your opinion, would you say best lineup goes to Chase, CITI, Cap1, Barclays, or Bank of America?

I'm excluding AMEX and Discover, since to my knowledge, they don't have checking account capabilities. Also, I'm including Cap1 and Barclays, because I'm not adverse to online banking.

These are the card I have, so I can comment on them.

1) Amex for sure, the charge card is simply amazing, specially NPSL with 35k PoT.

2)Chase, you know why, Freedom and CSP combo are hard to beat. Not to mention CSP signup bonus, I just cashed out over $500, DD to my Chase Checking.

2)BoA BankAmericard Privileges /w CashRewards. When getting cash back with BoA checking or saving, you get 50% extra. ie, $100 signup bonus become $150 when redeemed. The $75AF will be worth it pretty quick, the bonus alone will cover 2 years of AF. A friend of mine redeem a bit over $500 cashback and got $750.

3)Citi, city easydeal is amazing if you like to shop online. The TY points is okay if you are into it. They constantly offering 0% BT promo and APR for existing cardmembers.

3)Barclaycard RING. 8% apr and obtainable. A good go to card when you need to carry balance and ran out of 0% promo

4)GE PaypalExtras MC. Okay reward with out of this world CLI. You know it.

Re: Best CC Lineup??

CarbonCard — Fri, 05 Jul 2013 16:11:45 GMT

Chase hands down. Get the Freedom + Ink + CSP combo hehe.

Re: Best CC Lineup??

pt310 — Fri, 05 Jul 2013 16:17:38 GMT

Do research citi if you're thinking about them. I opened accounts with them in virginia, but when I moved to florida, there was not a branch within 400 miles!

Re: Best CC Lineup??

pt310 — Fri, 05 Jul 2013 16:18:44 GMT

That was a long time ago tho.

Re: Best CC Lineup??

Anonymous — Fri, 05 Jul 2013 16:47:55 GMT

Chase or AmEx, depending on which travel partners you would use most.

Re: Best CC Lineup??

CEOriginal — Fri, 05 Jul 2013 19:18:58 GMT

Thanks for all the replies! I'd love to quote and reply, but I'm on my iPhone, which is frustrating as it is lol.

I'm looking to grow a relationship with a bank. I'm starting grad school this fall, and as my credit score grows, and as my income grows, I'd like to stay with one main bank. As someone said, for mortgage rates and such down the line....

With that said, Chase seems to be first on my list. I was strongly considering Citi, but I'm very transient and they are not everywhere (as someone mentioned). I like BoA being easily accessible (and they have a free checking account).

I believe I'll be traveling in my intended career, which is why Chase is alluring (CC-wise). There are just so many options of who to bank with... I feel like I'm ordering dinner at the Cheesecake Factory :-/

Re: Best CC Lineup??

GatorGuy — Fri, 05 Jul 2013 19:27:37 GMT

I do not recommend you limiting yourself to one bank. But if you are, honestly a CU is your best bet. Others can chime in with their specific experiences but from what I've found all of those banks *might* look a little bit at your banking history with them but in the end it won't matter much. However it will carry a great deal of weight with a CU. Not to mention, you will get the best auto loan and mortgage rates with them and depending on the CU will be the most generous with CL's.

Of the ones you've mentioned though, Chase is the best. They have a good combo with Ink/CSP/Freedom and you get a bonus if you have a Chase checking.

Re: Best CC Lineup??

Anonymous — Fri, 05 Jul 2013 19:28:55 GMT

Perhaps a minority view, but I don't believe in banking relationships. Many of get CCs from several issuers, I think you should do the same with mortgages and checking and savings accounts. Best rates for interest checking and usually savings are from online banks, and my numerous mortgages and refinancing have come from internet brokers.

Now it's possible in some cases that if your figures are borderline for a certain mortgage offer, say, having a relationship with that bank might get you the offer when non-customers don't, but in my experience, you are not getting the best deals from banks anyway, so this hardly matters.

So that leaves credit cards. And I think it is pretty much YMMV there too. If you have a private banking or similar relationship, then there may be some advantage, but in many cases retail banking and credit card divisions are separate, each with their own criteria and are not swayed by a relationship with the other side of the house, unless it is significant.

Shopping around is what the internet is good for. Don't be stuck with one bank for all!

Re: Best CC Lineup??

Anonymous — Fri, 05 Jul 2013 20:40:25 GMT

@Anonymous wrote:
Perhaps a minority view, but I don't believe in banking relationships. Many of get CCs from several issuers, I think you should do the same with mortgages and checking and savings accounts. Best rates for interest checking and usually savings are from online banks, and my numerous mortgages and refinancing have come from internet brokers.

Now it's possible in some cases that if your figures are borderline for a certain mortgage offer, say, having a relationship with that bank might get you the offer when non-customers don't, but in my experience, you are not getting the best deals from banks anyway, so this hardly matters.

So that leaves credit cards. And I think it is pretty much YMMV there too. If you have a private banking or similar relationship, then there may be some advantage, but in many cases retail banking and credit card divisions are separate, each with their own criteria and are not swayed by a relationship with the other side of the house, unless it is significant.

Shopping around is what the internet is good for. Don't be stuck with one bank for all!

Many banks that offer mortgages (Citibank, Chase, First Republic, etc.) offer a rate discount for paying your morgage from an internal checking account, so there is a concrete benefit to "relationship banking;" this is in addition to any favorable treatment you might receive during the underwriting process by being an existing customer. Of course, you might be able to find better rates (inclusive of all discounts) elsewhere online, but there are distinct benefits to having a good relationship with a bank.

For credit cards, at least in the case of Chase, any customer who has banking deposits >=$10k can receive special consideration for CC underwriting. This banking relationship alone is often enough to turn an application rejection into an approval, especially for those with thin credit files.

Re: Best CC Lineup??

Anonymous — Fri, 05 Jul 2013 22:47:18 GMT

@Anonymous wrote:
Many banks that offer mortgages (Citibank, Chase, First Republic, etc.) offer a rate discount for paying your morgage from an internal checking account, so there is a concrete benefit to "relationship banking;" this is in addition to any favorable treatment you might receive during the underwriting process by being an existing customer. Of course, you might be able to find better rates (inclusive of all discounts) elsewhere online, but there are distinct benefits to having a good relationship with a bank.

For credit cards, at least in the case of Chase, any customer who has banking deposits >=$10k can receive special consideration for CC underwriting. This banking relationship alone is often enough to turn an application rejection into an approval, especially for those with thin credit files.

I don't consider the rate discount to be so important, firstly, because, as you say, there are frequently better deals, but also you usually set up a checking account once you get the mortgage to get the discount. But it's certainly possible with a big enough balance or long enough relationship you can get favorable treatment, but again, it may not be best the best deal you could get.

I am surprised that 10K is enough for chase to give special consideration, but if so, OK. Then you just need to deposit with each issuer you want that has deposit accounts! Some issuers have stated that it has no impact, but that may not be the case.

Re: Best CC Lineup??

Open123 — Sat, 06 Jul 2013 15:22:50 GMT

@Anonymous wrote:
Perhaps a minority view, but I don't believe in banking relationships.

Neither do I, but it could be that I've been unfortunate with my "relationship" managers.

It just seems to me over the years, personal bankers always ask me for a few things: (1) open more deposit accounts; (2) put money in low yielding accounts; (3) open a Heloc; (4) open lines of credit; (5) keeps trying to sell me some kind of variable annuity or single premium insurance product; (6) and, when I say no to all of it, then ask again to open up another checking account.

I'm sure having a relationship helps, but only marginally.

In this day and age, I can't think of any "rate" I can get from a major bank that would be better than one I can acquire on my own.

*Edited* PS - I'm sure it's different with a High Net Worth Private Bank relationship, but being constantly pestered for little "widgets" in the retail banking sector (Citi Gold, CPC, HSBC Premier, or whatever they call it) is just too high a price to pay.

Re: Best CC Lineup??

scenery_guy — Sat, 06 Jul 2013 16:34:05 GMT

There's no rules that say you have to pick one bank. I love Chase after moving most of my business from BofA about a year ago. The card offerings are nice, the service I receive is above my expectations (they are low BTW) and the web site is functional. I still have relations with BofA (albeit a rough and rocky relation). I kept one no fee checking account open with them, I still have two credit cards with them and Merrill Lynch holds one investment account. Honestly I like their web site better than Chase.

I move funds from Chase to BofA via car net (drive thru deposit) when I need more funds in the fee free checking to pay a credit card bill with them. I treat my Chase accounts as my primary accounts. I have debit cards for both banks in case I am traveling and need cash (ew cash...).

Credit cards are selected on what will work best for me without considering the bank that offers the card. Keeping the card after one year is based on if I like the bank that offers the card.

Re: Best CC Lineup??

oscar_actuary — Sat, 06 Jul 2013 16:48:42 GMT

mine is pretty sweet....

someone say you can get $120/yr just by paying if full ?

Another card to look forward to next yr.