topic Re: CSP vs. AMEX in Credit Cards

CSP vs. AMEX

Anonymous — Fri, 30 May 2014 23:52:40 GMT

Hi guys!

New to the forum here and also new to Credit Cards. I am interested in either CSP or AMEX, as I will be doing quite a bit of traveling soon for work. I currently have a EXP score of 740 and a Freedom (1k) and BOA Cash (5.4k). These accounts are still quite new. The Freedom being 6 months old and BOA being 8 months. I pay off my charges in full every month.

Which do you guys think has better travel rewards, is possible for me to get and can help build credit (i'm thinking about AMEX backdating)?

Thanks!

Re: CSP vs. AMEX

myjourney — Fri, 30 May 2014 23:57:03 GMT

Welcome to the forum

Which Amex are you looking at?

Re: CSP vs. AMEX

E150GT — Sat, 31 May 2014 00:10:24 GMT

It also depends who you travel with. I really wanted an amex PRG, but the chase partners are much better for me, plus I can way out earn the PRG with the freedom/CSP/ink bold combo I got going.

Re: CSP vs. AMEX

Anonymous — Sat, 31 May 2014 00:17:26 GMT

Thanks for the tips and the welcome

I was thinking of the PRG or maybe Blue travel? I'm usually take star alliance so it works with both I believe.

I'm leaning towards CSP myself. But I'm doubtful of whether I can get it. Didn't get any pre approval when I went by chase today.

Re: CSP vs. AMEX

ztnjpv — Sat, 31 May 2014 00:23:45 GMT

Right off the bat, without knowing anything about what kind of travel you do, I lean toward the CSP. Your Freedom points can then be used on transfers to partner programs along with your CSP points. No foreigtn transaction fees either. Gotta watch the Amex's in that regard...like SPG.

I find this link from Dr Creditcard useful for understanding the Amex and Chase Travel rewards programs:

http://www.drcreditcard.net/fr-spg-vs-mr-vs-ur.html

Re: CSP vs. AMEX

Anonymous — Sat, 31 May 2014 00:41:05 GMT

Definitely need more info for a solid recommendation. If you often travel out of the country, you would really need to compare Platinum vs CSP. Both have no foreign transaction fees which would be very convenient. Platinum gives you airport lounge access, $200 yearly airline fee credit, Global Entry membership reimbursment. However, it carries a hefty yearly fee.

CSP is known to have better transfer partners and its yearly fee is much less, but not as many travel "perks".

Re: CSP vs. AMEX

Anonymous — Sat, 31 May 2014 00:50:28 GMT

Thanks for the tips and the links so far. I do most of my travel within the US but with a fair number of trips out of the country each year.

I'm not too worried about travel benefits due to airline loyalty programs. And agree that the platinum fees are pretty prohibitive right now.

Re: CSP vs. AMEX

j_casteel — Sat, 31 May 2014 01:14:17 GMT

Seeing how you already have the Freedom my vote is for CSP. You can transfer the points to CSP which will make them more valuable. Also, IMO UR points are better than MR points. IME, its also easier to focus earning one type of rewards rather than multilple so you could focus on UR rather than UR and/or MR.

Re: CSP vs. AMEX

mongstradamus — Sat, 31 May 2014 01:43:58 GMT

@j_casteel wrote:
Seeing how you already have the Freedom my vote is for CSP. You can transfer the points to CSP which will make them more valuable. Also, IMO UR points are better than MR points. IME, its also easier to focus earning one type of rewards rather than multilple so you could focus on UR rather than UR and/or MR.

I would say CSP for few reason first being that you can use your freedom points to transfer to csp UR points, which then can be transferred to hotel and airline partners. Reason #2 is that CSP has no FTF if you want to travel overseas.

If you are star alliance guy , CSP has UA and singapore airlines that are both star alliance partners.

Re: CSP vs. AMEX

Anonymous — Sat, 31 May 2014 01:51:28 GMT

I think I'm leaning towards CSP as well. Is this too soon to apply though?

I'm about 6-8 months history with 2 credit cards. EX 740. Income >50k. Current CL 6.4k. Bills paid every month.

Re: CSP vs. AMEX

ztnjpv — Sat, 31 May 2014 01:57:38 GMT

clui78 says:

I think I'm leaning towards CSP as well. Is this too soon to apply though?

I'm about 6-8 months history with 2 credit cards. EX 740. Income >50k. Current CL 6.4k. Bills paid every month.

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Might be too soon. What else is on your report? just the two cards? So your entire credit history is 8 months old with two TLs?

Is one of the cards with a $5k limit by itself? That helps.

You can always check the pre qualify link at chase too

Re: CSP vs. AMEX

Anonymous — Sat, 31 May 2014 01:58:57 GMT

Yea that's all that's on my report. Haha feels like I might be rushing it. Yeah I have a boa with 5.4k.

No luck with the prequalify link sadly

Re: CSP vs. AMEX

navajomyst2003 — Sat, 31 May 2014 02:00:52 GMT

I was approved for CSP with EX of right around 740. Great card.

Re: CSP vs. AMEX

ztnjpv — Sat, 31 May 2014 12:19:30 GMT

clui78,

Yeah, 2 total accounts is pushing it for now. I would look for better ways to broaden your credit file first. A small, 1 year personal loan that you don't need that you can just put in an account and use to make the payments is good addition to your thin credit file.

Beyond that, there are easier cards to get that would be more worthwhile for you at this point. Seeing that you have a Chase and BoA, I would suspect (but I could be wrong) that your EXP report took a hard pull for each card and your TU probably got one too for the Chase card. IOW, your EQ may be clean or less inquired. Discover is easier on light credit files and they pull EQ. I would try them.

Re: CSP vs. AMEX

j_casteel — Sat, 31 May 2014 19:55:34 GMT

Chase pulled EQ for me. They double pulled EX and TU a week earlier for the Freedom.

Re: CSP vs. AMEX

Anonymous — Sat, 31 May 2014 22:22:23 GMT

Yeah I'm definitely still on the fence about this. Good idea about the getting a personal loan as well. Will go speak with a banker about that on Monday.

I know for sure that EX was pulled by both BOA and Chase, not sure about EQ and TU as I haven't got reports from them yet.

Re: CSP vs. AMEX

parakleet — Sun, 01 Jun 2014 02:53:38 GMT

@ztnjpv wrote:
clui78,

Yeah, 2 total accounts is pushing it for now. I would look for better ways to broaden your credit file first. A small, 1 year personal loan that you don't need that you can just put in an account and use to make the payments is good addition to your thin credit file.

Beyond that, there are easier cards to get that would be more worthwhile for you at this point. Seeing that you have a Chase and BoA, I would suspect (but I could be wrong) that your EXP report took a hard pull for each card and your TU probably got one too for the Chase card. IOW, your EQ may be clean or less inquired. Discover is easier on light credit files and they pull EQ. I would try them.

I think this is a mistake. Yes, the OP has a thin file but I think OP has a decent chance for the CSP right how. However, if op wants to increase his/her chances, I would say just wait another 6-12mos and build good history with his current cards and the OP would be fine. I do not think it's necessary to take out a loan and pay unnecessary interest just for the sake of building up a credit profile.

Re: CSP vs. AMEX

eagle2013 — Sun, 01 Jun 2014 03:17:44 GMT

@parakleet wrote:
@ztnjpv wrote:
clui78,

Yeah, 2 total accounts is pushing it for now. I would look for better ways to broaden your credit file first. A small, 1 year personal loan that you don't need that you can just put in an account and use to make the payments is good addition to your thin credit file.

Beyond that, there are easier cards to get that would be more worthwhile for you at this point. Seeing that you have a Chase and BoA, I would suspect (but I could be wrong) that your EXP report took a hard pull for each card and your TU probably got one too for the Chase card. IOW, your EQ may be clean or less inquired. Discover is easier on light credit files and they pull EQ. I would try them.
I think this is a mistake. Yes, the OP has a thin file but I think OP has a decent chance for the CSP right how. However, if op wants to increase his/her chances, I would say just wait another 6-12mos and build good history with his current cards and the OP would be fine. I do not think it's necessary to take out a loan and pay unnecessary interest just for the sake of building up a credit profile.

+1 I agree with all of this. OP just has a short credit history, no baddies. Personal and/or secured loans are good for those rebuilding credit as additions of positive tradelines. Also think the CSP is in reach now as well, but the chances would increase after 6 months.

Re: CSP vs. AMEX

ayeecorreia — Sun, 01 Jun 2014 06:24:04 GMT

I say keep using your freedom, build up those rewards and transfer them in 4-6 months time. Keeping up the good credit history, and you should be golden. CSP is next on my list, but i'm in the garden for a while now.

Re: CSP vs. AMEX

gh17 — Sun, 01 Jun 2014 13:12:48 GMT

@Anonymous wrote:
I think I'm leaning towards CSP as well. Is this too soon to apply though?

I'm about 6-8 months history with 2 credit cards. EX 740. Income >50k. Current CL 6.4k. Bills paid every month.

How much spending will you be putting on the card per year, approximately? And how much spending do you put on Chase?

To give a good answer, we need your spending level as well as how much you would be able to value a Chase UR point at.

Here's a chart someone gave me in another thread:

Redeemed for cash = 1:1

Travel through UR = 1:1.2

Southwest = 1:1.4

United domestic = 1:1.4 - 1.8

Hyatt = 1:1.8

I don't know the details about other airlines. But it really depends on your spending. As a made-up simple example, let's say you charge 18,000 a year (seems relatively reasonable at 50k income). 4000 is in Freedom 5x categories, 4000 is on travel, and 10,000 is on everything else. And let's say you could value these points at 1.4 points per cent.

With the CSP and Freedom, you get 4000*.05*1.4+4000*.02*1.4+10,000*1.4-95=437. With the Freedom and a Fidelity Amex, you'd get 4000*.05+14,000*.02=480.

But you might be at higher spending than that. Or the Fidelity Amex might charge a foreign transaction fee, and I don't know how much you'd spend abroad. Or you might be able to value the UR points a lot higher.