topic Help Me Pick Out My Next CC in Credit Cards

Help Me Pick Out My Next CC

mmoon24 — Mon, 16 Jun 2014 12:19:05 GMT

Hey guys, it's been exactly one year since I last applied for a CC (AMEX BCP), Currently, I would say I don't have a need for anything specific, but at the same time, if there's opportunity to save money, then why not?

Browsing the forums, I have noticed people like the Sallie Mae card, despite its $250 cap on Gas/Groceries. Groceries are taken care of by the BCP, but I figure I can use it as a gas card when my Freedom is not offerring 5% back (that's easily 6 months). I tend to spend 200 bucks on gas per month anyways due to a long commute, so I figure that should be good, right?

Anyways, would like to hear thoughts on any other potential cards. Thanks.

Re: Help Me Pick Out My Next CC

coldnmn — Mon, 16 Jun 2014 12:26:08 GMT

The new Sam's club mastercard will have 5% on gas anywhere for the first $6000 in spending. If your a Sam's club member that may be an option. It also has 3% restaurants and travel.

Re: Help Me Pick Out My Next CC

takeshi74 — Mon, 16 Jun 2014 12:28:42 GMT

@mmoon24 wrote:
Currently, I would say I don't have a need for anything specific, but at the same time, if there's opportunity to save money, then why not?

What are your major spend categories aside from groceries? You really need to proivde your own criteria to narrow down the options. If you don't need anything then why are you looking for another card? What's lacking with your current set of cards?

Re: Help Me Pick Out My Next CC

Anonymous — Mon, 16 Jun 2014 12:34:25 GMT

@mmoon24 wrote:
Hey guys, it's been exactly one year since I last applied for a CC (AMEX BCP), Currently, I would say I don't have a need for anything specific, but at the same time, if there's opportunity to save money, then why not?

Browsing the forums, I have noticed people like the Sallie Mae card, despite its $250 cap on Gas/Groceries. Groceries are taken care of by the BCP, but I figure I can use it as a gas card when my Freedom is not offerring 5% back (that's easily 6 months). I tend to spend 200 bucks on gas per month anyways due to a long commute, so I figure that should be good, right?

Anyways, would like to hear thoughts on any other potential cards. Thanks.

If you spend $200 a month on gas, and that's all you use the Sallie Mae for, this saves $4 per month over using the BCP, so a total of $24 a year (taking into account the Freedom). That would not be a great use of a HP, you would do better getting a card with a sign-up bonus, which would be several years of $24 saving.

But the situation changes if you have Amazon or bookstore purchases (you don't seem to have these covered on your existing card), and/or if

a) You spend over your $6K grocery cap, in which case the Sallie Mae can be used once that runs out (actually use both each month so as not to waste the $250 a month cash back) or

b) You spend under ~ $4.5K on groceries, in which case you could close the BCP and save the annual fee, and use SM instead (The 1% less is more than made up for by the lack of AF until you spend about $4.5K)

Re: Help Me Pick Out My Next CC

mmoon24 — Mon, 16 Jun 2014 12:39:47 GMT

@takeshi74 wrote:
What are your major spend categories aside from groceries? You really need to proivde your own criteria to narrow down the options. If you don't need anything then why are you looking for another card? What's lacking with your current set of cards?

Grocieres/Gas foot the main chunk. Outside of that, I just do general eating out and shopping of misc things like clothes, electronics, etc. I am still getting the 10% + 10 points per swipe on my Freedom Card, so I abuse that for those purchases as well.

I currently use my AMEX BCP for Gas (3%) when the Freedom is not in season.

Also, my sister is an incoming freshman and brother is in college. So if there's ever a time to get money back on textbooks, now would be it lol.

Re: Help Me Pick Out My Next CC

juniornj23 — Mon, 16 Jun 2014 13:17:26 GMT

Can someone explain me why should anybody wants a gas reward card

In Nj

340 cash

360 credit

So is 20 cent at galon if you do the math is cheaper to pay cash even you get 5 or 3 % back

Re: Help Me Pick Out My Next CC

psm — Mon, 16 Jun 2014 13:43:22 GMT

juniornj23 wrote:

Can someone explain me why should anybody wants a gas reward card

In Nj

340 cash

360 credit

So is 20 cent at galon if you do the math is cheaper to pay cash even you get 5 or 3 % back

Not everyone lives in NJ. Here in MN I have never seen a station that gives more than 3 cents a gallon discount. Most don't give any cash discount.

Re: Help Me Pick Out My Next CC

Anonymous — Mon, 16 Jun 2014 13:42:38 GMT

@juniornj23 wrote:
Can someone explain me why should anybody wants a gas reward card
In Nj
340 cash
360 credit
So is 20 cent at galon if you do the math is cheaper to pay cash even you get 5 or 3 % back

For 2¢ a gallon difference, I think I'd rather use the convenience of a card. It's not like you can fill up for $10-20 anymore.

Re: Help Me Pick Out My Next CC

Anonymous — Mon, 16 Jun 2014 13:44:51 GMT

@juniornj23 wrote:
Can someone explain me why should anybody wants a gas reward card
In Nj
340 cash
360 credit
So is 20 cent at galon if you do the math is cheaper to pay cash even you get 5 or 3 % back

Depending on how you redeem 5% in URs (on the Freedom) might well by worth more than 20% and similarly for MR etc.

Re: Help Me Pick Out My Next CC

Creditaddict — Mon, 16 Jun 2014 16:11:21 GMT

@juniornj23 wrote:
Can someone explain me why should anybody wants a gas reward card
In Nj
340 cash
360 credit
So is 20 cent at galon if you do the math is cheaper to pay cash even you get 5 or 3 % back

This is why I get the Gas brand specific card (76 gas and chevron) because almost all the stations offer the cash price if you use their gas card

Re: Help Me Pick Out My Next CC

Hockeyplayrr — Tue, 17 Jun 2014 00:51:49 GMT

I live in NJ and they just opened up a bunch of 76 gas stations. Their card saves you $0.05 per gallon yet the credit price is ten cents extra... However quick check and Hess stations are same price cash or credit and usually on par or a couple cents more than the cheapest gas station around. So the sallie Mae works well.

Re: Help Me Pick Out My Next CC

B335is — Tue, 17 Jun 2014 01:20:28 GMT

If you aren't looking for anything specific out of a card, why not go for something with a nice big intro bonus. Like Citi Executive AAdvantage. 100,000 miles with $10k spend. Take a nice vacation somewhere. Heck, I'd go for that and Sallie Mae at the same time.

Re: Help Me Pick Out My Next CC

fot1 — Tue, 17 Jun 2014 04:03:54 GMT

Fidelity amex staright %2 card..

As for the gas talk I have a little mom and pop gas station that charges the same price for gas no matter how you pay.. the owner told me he hates getting cash. Says it is easier for him to balance accounts on computer when everything is electronic..

Re: Help Me Pick Out My Next CC

H14 — Tue, 17 Jun 2014 04:25:59 GMT

Chiming in from the NJ crowd, Wawa stations do same price cash or credit as well.

Re: Help Me Pick Out My Next CC

One7 — Tue, 17 Jun 2014 05:10:21 GMT

@fot1 wrote:
Fidelity amex staright %2 card..

As for the gas talk I have a little mom and pop gas station that charges the same price for gas no matter how you pay.. the owner told me he hates getting cash. Says it is easier for him to balance accounts on computer when everything is electronic..

Wow, that's the first time I've ever heard that. There's no fee on cash for store owners like there are on cards.