topic Re: Help me pick my next new CC. in Credit Cards

Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 03:16:29 GMT

Hi,

I have been getting a lot of letters from various CC companies asking me to apply for a new CC. I currently only have Capital One and BOA CC but I have also Amazon store card and JCP store card.

I am looking for a new credit card.

Here are my options:

Discover IT

AMEX Platinum

AMEX Everyday

Chase Slate

Chase Freedom

CITI Diamond Preferred

Which do you think I should go with? I mainly use my BOA Visa but want another CC which have cash rewards or points system. My BOA gives $25 quarterly.

Thanks

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 03:23:27 GMT

@Anonymous wrote:
Hi,

I have been getting a lot of letters from various CC companies asking me to apply for a new CC. I currently only have Capital One and BOA CC but I have also Amazon store card and JCP store card.

I am looking for a new credit card.

Here are my options:

Discover IT
AMEX Platinum
AMEX Everyday
Chase Slate
Chase Freedom
CITI Diamond Preferred

Which do you think I should go with? I mainly use my BOA Visa but want another CC which have cash rewards or points system. My BOA gives $25 quarterly.

Thanks

I'd keep a close eye on the Chase Freedom.

I'd start with Discover It though.

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 03:35:26 GMT

Apply for the chase freedom when the $200 offer comes out, and amex plat there used to be a AF version;( sadly it doesnt exist anymore.

Discover it is a good option too, in case to look at ur fico score

Re: Help me pick my next new CC.

mongstradamus — Fri, 07 Nov 2014 03:39:03 GMT

well first think i would think about it are you looking for purely cash back card or rewards or BT.

If you are going to do pure cashback Discover IT probably would be your best choice, Freedom can be an cash back or rewards if you plan on getting CSP or something down the road.

the citi Diamond Preferred and Chase Slate are Balance transfer cards so unless you need to balance transfer i would stay away from those cards.

Now amex plat and ED are cards for travel , you should look at MR partners and see if they are airlines you would actually use to fly. Also look at amex plat and its benefits to see if they fairly steep AF is worth it. Also MR redemption for gc or statement credits are horrible use of MR btw.

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 04:07:49 GMT

Not a question we can answer without more information.

1. Prefer cash back or miles?

2. Want a BT card or rewards card (if rewards, cards like Slate you listed are useless).

3. Do you want 1 cashback or rewards card to use for all purposes? Do you mind 3-4? Are you willing to use more than 3-4 to optimize cashback or miles?

4. Are the only cards you are willing to consider the ones on your list?

5. What are your FICO scores? How many inquiries? How old are the inquiries?

6. What is your monthly CC spend?

Big spender? Like miles? Cards with big sign up bonuses make a lot of sense. In the near term, they will beat out any rewards card.

Low spender? Want a simple 1 card strategy? A card like the Citi DoubleCash make a lot of sense.

There is no 1 size fit all strategy. I use a miles/cashback combo strategy and use cashback cards for 5%+ categories (Sallie Mae, Discover etc), my CSP for dining and travel, and the Citi DoubleCash for anything where I don't have a better card. I still have a few cards I want to optimize my spending, but my strategy might not be your best strategy.

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 05:21:52 GMT

I would get the freedom just because it is accepted at more places

Re: Help me pick my next new CC.

NRB525 — Fri, 07 Nov 2014 05:37:15 GMT

@Anonymous wrote:
I would get the freedom just because it is accepted at more places

My sense is that precisely because Discover is not accepted at as many merchants, that's why they seem to work harder to give benefits back to their card users. And, from what I read, there are probably more places Discover actually works than you might think, they have other networks that they work on. "Run it through the reader and see if it works" is the recommendation.

I have my Discover on a 0% BT and then they gave a $100 cash back for spending $1,000. Mind you have to watch that you are paying that down, I have not tried yet to get a better regular interest rate, but 12-months is a lot of runway.

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 05:50:54 GMT

@NRB525 wrote:
@Anonymous wrote:
I would get the freedom just because it is accepted at more places
My sense is that precisely because Discover is not accepted at as many merchants, that's why they seem to work harder to give benefits back to their card users. And, from what I read, there are probably more places Discover actually works than you might think, they have other networks that they work on. "Run it through the reader and see if it works" is the recommendation.

I have my Discover on a 0% BT and then they gave a $100 cash back for spending $1,000. Mind you have to watch that you are paying that down, I have not tried yet to get a better regular interest rate, but 12-months is a lot of runway.

I've been in very few places that didn't take Discover other than the usual suspects (Costco, Aldi). It must be a regional thing

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 15:14:05 GMT

1. Prefer cash back or miles?

I prefer cash back.

2. Want a BT card or rewards card (if rewards, cards like Slate you listed are useless).

At the moment I do not need a BT card. Thx I will pass on the slate.

3. Do you want 1 cashback or rewards card to use for all purposes? Do you mind 3-4? Are you willing to use more than 3-4 to optimize cashback or miles?

I would love to optimize as there are a lot of people here that use this approach. I am new to doing this and would like to build a good foundation. My only concern at the moment is Discover IT card which not a lot of stores I frequent accept it. What is the next CC that have favorable cash back other than Discover?

4. Are the only cards you are willing to consider the ones on your list?

The cards listed are the ones that have been mailed to me. I would love to know if there are others that are better!!!

5. What are your FICO scores? How many inquiries? How old are the inquiries?

Well credit karma have me at around 700. I have only 2.5 year credit history. I used to have 735 before buying a home. My currect CU is 16%.

6. What is your monthly CC spend?

$1000

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 15:17:18 GMT

well first think i would think about it are you looking for purely cash back card or rewards or BT.

If you are going to do pure cashback Discover IT probably would be your best choice, Freedom can be an cash back or rewards if you plan on getting CSP or something down the road.

the citi Diamond Preferred and Chase Slate are Balance transfer cards so unless you need to balance transfer i would stay away from those cards.

Thanks for the info. I don't travel too often but wondering if I should have a travel card at some point later. AMEX PLAT have such a high annual fee I am going to pass. Currently I do not need a BT so I think Disocver IT or is there is another CC (Visa) which also have good cash back? I don't see Discover as accepted card where I am located.

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 15:17:58 GMT

Apply for the chase freedom when the $200 offer comes out, and amex plat there used to be a AF version;( sadly it doesnt exist anymore.

Discover it is a good option too, in case to look at ur fico score

I think I will watch for the $200 promo. I was not aware of this thanks!

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 15:18:51 GMT

I'd keep a close eye on the Chase Freedom.

I'd start with Discover It though.

Thanks will do. Any other suggestions on a cash card other than the ones listed?

Re: Help me pick my next new CC.

mongstradamus — Fri, 07 Nov 2014 16:32:58 GMT

@Anonymous wrote:
well first think i would think about it are you looking for purely cash back card or rewards or BT.

If you are going to do pure cashback Discover IT probably would be your best choice, Freedom can be an cash back or rewards if you plan on getting CSP or something down the road.

the citi Diamond Preferred and Chase Slate are Balance transfer cards so unless you need to balance transfer i would stay away from those cards.

Now amex plat and ED are cards for travel , you should look at MR partners and see if they are airlines you would actually use to fly. Also look at amex plat and its benefits to see if they fairly steep AF is worth it. Also MR redemption for gc or statement credits are horrible use of MR btw.

Thanks for the info. I don't travel too often but wondering if I should have a travel card at some point later. AMEX PLAT have such a high annual fee I am going to pass. Currently I do not need a BT so I think Disocver IT or is there is another CC (Visa) which also have good cash back? I don't see Discover as accepted card where I am located.

Double cash would be another i would be looking at for pure cash back its 2% , but its funny its 1% when you purchase and another 1% when you fully pif .

As far as travel card goes ED is an really nice one to have no AF, but it does have FTF so if you only travel domestically that could be an good card since its no AF card in existance that i know of that can transfer to airline and hotel partners.

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 17:43:02 GMT

Thanks for the info..

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 17:56:18 GMT

@Anonymous wrote:
1. Prefer cash back or miles?

I prefer cash back.

2. Want a BT card or rewards card (if rewards, cards like Slate you listed are useless).

At the moment I do not need a BT card. Thx I will pass on the slate.

3. Do you want 1 cashback or rewards card to use for all purposes? Do you mind 3-4? Are you willing to use more than 3-4 to optimize cashback or miles?

I would love to optimize as there are a lot of people here that use this approach. I am new to doing this and would like to build a good foundation. My only concern at the moment is Discover IT card which not a lot of stores I frequent accept it. What is the next CC that have favorable cash back other than Discover?

4. Are the only cards you are willing to consider the ones on your list?

The cards listed are the ones that have been mailed to me. I would love to know if there are others that are better!!!

5. What are your FICO scores? How many inquiries? How old are the inquiries?

Well credit karma have me at around 700. I have only 2.5 year credit history. I used to have 735 before buying a home. My currect CU is 16%.

6. What is your monthly CC spend?

$1000

Credit Karma is not a FICO score, but it is an approximation, so I will assume you have a 700 FICO score. With your score you have a good shot at most cashback cards. Some good ones are below:

1. Barclaycard Sallie Mae World MasterCard: 5% back on groceries (up to 250 per month), 5% gas (up to 250 per month), and 5% on bookstores (includes most amazon purchases) up to 750 per month. Great card for people with low grocery spend, moderate gas spend, and moderate to high bookstore/Amazon spend. If you have high gas spend, the Pentagon Federal Credit Union has an unlimited 5% gas card (very hard to get).

2. US Bank Cash+: Select two 5% categories for cashback. Great till end of this year due to restaurant and fastfood 5% categories, but those are getting removed. You can select two other 5% categories, but not as good starting next year (2,000 limit per quarter or 6k per year for the 5% categories).

3. Discover IT/Chase Freedom: Rotating 5% categories. Gas stations, restaurants, departmental stores, Amazon, and more fall within the categories. I find the restaurant rotation most helpful since Sallie Mae can cover Amazon and gas.

4. Amex Blue Cash Everyday Preferred: $75 annual fee. 6% back for up to 6k grocery spend (safeway, trader joes, etc). If you spend over 6k in groceries that is 360 cash back. Also 3% for gas. Only annual fee card on list. Regular version for 3% grocery and 2% gas has no AF.

5. Citi DoubleCash: 2% back on everything. Decent fallback card for those non category purchases.

The above is missing some potentially useful cards, but if you want a pure cashback strategy they should be useful. Barclays pulls TU. Citi pulls equifax or experian for most. Discover pulls equifax (TU for CLI). Amex pulls Experian. Don't recall what US Bank pulls (I'd probably skip the US bank card unless one of the 5% categories other than dining match your spend). If your recent HPs are low and your true FICO score is 700 or so, you should have a decent shot at most of the above cards. Personally, I'd start with the citi double cash to have a general use card and then get the 5% rewards cards that match your spend.

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 18:35:14 GMT

@Anonymous wrote:
@Anonymous wrote:
1. Prefer cash back or miles?

I prefer cash back.

2. Want a BT card or rewards card (if rewards, cards like Slate you listed are useless).

At the moment I do not need a BT card. Thx I will pass on the slate.

3. Do you want 1 cashback or rewards card to use for all purposes? Do you mind 3-4? Are you willing to use more than 3-4 to optimize cashback or miles?

I would love to optimize as there are a lot of people here that use this approach. I am new to doing this and would like to build a good foundation. My only concern at the moment is Discover IT card which not a lot of stores I frequent accept it. What is the next CC that have favorable cash back other than Discover?

4. Are the only cards you are willing to consider the ones on your list?

The cards listed are the ones that have been mailed to me. I would love to know if there are others that are better!!!

5. What are your FICO scores? How many inquiries? How old are the inquiries?

Well credit karma have me at around 700. I have only 2.5 year credit history. I used to have 735 before buying a home. My currect CU is 16%.

6. What is your monthly CC spend?

$1000

Credit Karma is not a FICO score, but it is an approximation, so I will assume you have a 700 FICO score. With your score you have a good shot at most cashback cards. Some good ones are below:

1. Barclaycard Sallie Mae World MasterCard: 5% back on groceries (up to 250 per month), 5% gas (up to 250 per month), and 5% on bookstores (includes most amazon purchases) up to 750 per month. Great card for people with low grocery spend, moderate gas spend, and moderate to high bookstore/Amazon spend. If you have high gas spend, the Pentagon Federal Credit Union has an unlimited 5% gas card (very hard to get).

2. US Bank Cash+: Select two 5% categories for cashback. Great till end of this year due to restaurant and fastfood 5% categories, but those are getting removed. You can select two other 5% categories, but not as good starting next year (2,000 limit per quarter or 6k per year for the 5% categories).

3. Discover IT/Chase Freedom: Rotating 5% categories. Gas stations, restaurants, departmental stores, Amazon, and more fall within the categories. I find the restaurant rotation most helpful since Sallie Mae can cover Amazon and gas.

4. Amex Blue Cash Everyday Preferred: $75 annual fee. 6% back for up to 6k grocery spend (safeway, trader joes, etc). If you spend over 6k in groceries that is 360 cash back. Also 3% for gas. Only annual fee card on list. Regular version for 3% grocery and 2% gas has no AF.

5. Citi DoubleCash: 2% back on everything. Decent fallback card for those non category purchases.

The above is missing some potentially useful cards, but if you want a pure cashback strategy they should be useful. Barclays pulls TU. Citi pulls equifax or experian for most. Discover pulls equifax (TU for CLI). Amex pulls Experian. Don't recall what US Bank pulls (I'd probably skip the US bank card unless one of the 5% categories other than dining match your spend). If your recent HPs are low and your true FICO score is 700 or so, you should have a decent shot at most of the above cards. Personally, I'd start with the citi double cash to have a general use card and then get the 5% rewards cards that match your spend.

You pretty much just summed up what I was getting ready to type!

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 19:40:51 GMT

Credit Karma is not a FICO score, but it is an approximation, so I will assume you have a 700 FICO score. With your score you have a good shot at most cashback cards. Some good ones are below:

5. Citi DoubleCash: 2% back on everything. Decent fallback card for those non category purchases.

Very thorough thank you. AN UPDATE: There is a current Discover IT promo $150 after spending $750 and I like Amazon. I just applied and was approved for $10500. Totally not what I expected because my other 2 cards have are $5k and $3k. I like Barclaycard Sallie Mae or CITI DoubleCash card next. Barclaycard spending patterns are more inline with my life style. So I'm torn which to get first of the 2.

Including my new Discover Card my total CL is approx. 21k.

However I am not sure if I should wait or apply now and take another HP hit.

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 19:43:54 GMT

@Anonymous wrote:
Credit Karma is not a FICO score, but it is an approximation, so I will assume you have a 700 FICO score. With your score you have a good shot at most cashback cards. Some good ones are below:

1. Barclaycard Sallie Mae World MasterCard: 5% back on groceries (up to 250 per month), 5% gas (up to 250 per month), and 5% on bookstores (includes most amazon purchases) up to 750 per month. Great card for people with low grocery spend, moderate gas spend, and moderate to high bookstore/Amazon spend. If you have high gas spend, the Pentagon Federal Credit Union has an unlimited 5% gas card (very hard to get).

2. US Bank Cash+: Select two 5% categories for cashback. Great till end of this year due to restaurant and fastfood 5% categories, but those are getting removed. You can select two other 5% categories, but not as good starting next year (2,000 limit per quarter or 6k per year for the 5% categories).

3. Discover IT/Chase Freedom: Rotating 5% categories. Gas stations, restaurants, departmental stores, Amazon, and more fall within the categories. I find the restaurant rotation most helpful since Sallie Mae can cover Amazon and gas.

4. Amex Blue Cash Everyday Preferred: $75 annual fee. 6% back for up to 6k grocery spend (safeway, trader joes, etc). If you spend over 6k in groceries that is 360 cash back. Also 3% for gas. Only annual fee card on list. Regular version for 3% grocery and 2% gas has no AF.

5. Citi DoubleCash: 2% back on everything. Decent fallback card for those non category purchases.

The above is missing some potentially useful cards, but if you want a pure cashback strategy they should be useful. Barclays pulls TU. Citi pulls equifax or experian for most. Discover pulls equifax (TU for CLI). Amex pulls Experian. Don't recall what US Bank pulls (I'd probably skip the US bank card unless one of the 5% categories other than dining match your spend). If your recent HPs are low and your true FICO score is 700 or so, you should have a decent shot at most of the above cards. Personally, I'd start with the citi double cash to have a general use card and then get the 5% rewards cards that match your spend.

Very thorough thank you. AN UPDATE: There is a current Discover IT promo $150 after spending $750 and I like Amazon. I just applied and was approved for $10500. Totally not what I expected because my other 2 cards have are $5k and $3k. I like Barclaycard Sallie Mae or CITI DoubleCash card next. Barclaycard spending patterns are more inline with my life style. So I'm torn which to get first of the 2.

Including my new Discover Card my total CL is approx. 21k.

However I am not sure if I should wait or apply now and take another HP hit.

Get the Sallie Mae. GO!

Re: Help me pick my next new CC.

heyitsyeh — Fri, 07 Nov 2014 19:47:14 GMT

Wow you have a BBR right off the bat, that's definitely a keeper.

Here are my votes (I agree with the reasons stated in previous posts so no need to retread the wheel)

1. Sallie Mae

A card with rewards in all the right places

2. Discover IT or Chase Freedom

If you have Sallie Mae, the gas categories don't matter so much. If you are a devout holiday shopper, these cards almost always deliver 5% on the last quarter for online shopping.

3. US Bank Cash+

Still has decent categories (i.e. fast food), great for covering your bases.

Re: Help me pick my next new CC.

Anonymous — Fri, 07 Nov 2014 19:57:38 GMT

My other CC is BOA BBR. Pays me $25/quarter which I am quite happy about. However I have spent $20K (using the BOA) past year and now I realize I need something with cash back. I also have a CaptitalOne which I don't carry any reoccuring charges and never use it.

Now could someone tell me how much of a hit my credit will be with 2 new CC for the month? Are there any consequences for getting 2 within days of each other?

Thanks