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Either could be good. The big question is, what is your lifestyle, income, spending levels, and where do you put the majority of your spend? I would highly suggest you consider what attributes you will appreciate in a card for the long-term, not just to help you qualify for a car loan.
Both cards have a base payout of 1% on "everything else" uncategorized spend, so that is a "tie".
Costco card is great but spend is oriented much differently that BCE. First, do you already have a Costco membership and a Costco in your area that you shop at regularly?? Costco membership starts at $60 so this effectively becomes an "annual fee" card if you don't offset the fee with savings from regular Costco shopping. Highest payout is in gas at 4%. Do you drive a lot? Next highest is Dining Out/Travel at 3%. Great payout if you spend on these anyway. 2% at Costco/Costco.com. On the other hand, BCE pays 3% on groceries, which Costco doesn't have a special higher payout category for. Do you eat out more or buy groceries more?? BCE pays much less (HALF) on gasoline at 2% vs Costco 4%. BCE is a no-AF card, so it might be best if you don't already have a Costco membership.
From what I've read about credit limits with profiles such as yours, you might get a higher CL with AMEX if that is important for you. But I don't think the difference in CL between the two would make any difference on getting approved for a car loan or the terms offered.
Thank you for your reply!
I have Costco membership and I do shop and fuel up there all the time.
So, I consider that CC as no annual fee because I am shopping at Costco anyway.
About the CL, I thought that it makes a difference if I am asking for a 15k car loan with just let's say 6k of available credit at the moment of application (if I apply for Citi Costco and they give me let's say 2k SL) vs 10-12k available credit (if I get BCE with let's say 6-8k SL).
In the long term you can have both. I have both, and use both regulerly. Bith will grow with usage and on time payments.
@MrPepperoni wrote:Thank you for your reply!
I have Costco membership and I do shop and fuel up there all the time.
So, I consider that CC as no annual fee because I am shopping at Costco anyway.
About the CL, I thought that it makes a difference if I am asking for a 15k car loan with just let's say 6k of available credit at the moment of application (if I apply for Citi Costco and they give me let's say 2k SL) vs 10-12k available credit (if I get BCE with let's say 6-8k SL).
Blue Cash Everday only gives 3% on groceries at stores that code as grocery, primarily chains like Kroger or Safeway, Costco will code as Membership/ Wholesale Club for 1%. BCE gives 2% on gas, but I'm not sure Costco codes as gas, it might also code as Membership /Wholesale Club. High CC limits won't help your car loan, high down payment & low DTI will (debt to income ratio).
Costco Gas codes as gas not wholesale club.
I think with your scores you would get the following credit lines if approved.
AMEX BCE 2 OR 4K
COSTCO about 4k-6500
If you change your Costco membership to the Executive Membership first, might make a difference in starting line. It also increases your rewards at Costco spend to an extra 2% to 4% for the extra 60.00 annual fee.
Also, check out the Costco car buying service when you come to it. I bought my vehicle using the service. Hassle free!
@KELSTAR wrote:I think with your scores you would get the following credit lines if approved.
AMEX BCE 2 OR 4K
COSTCO about 4k-6500
If you change your Costco membership to the Executive Membership first, might make a difference in starting line. It also increases your rewards at Costco spend to an extra 2% to 4% for the extra 60.00 annual fee.
Also, check out the Costco car buying service when you come to it. I bought my vehicle using the service. Hassle free!
To add on to the Executive membership, if you do not make the extra $60 in cashback at the end of the year, you can go to membership services and they will refund your $60 at the end of the year. The membership is for you to gain money, they do not want you to lose money on the Executive Membership.
Hi Community,
So far fellow members were very helpful and I got where I am right now with my credit
Just wanted to see what you guys think on my approval odds for the for Citi Costco / CSP at the moment.
I have a thin file and a perfect but short history.
You can see all the details in my signature. The plan is to have a chase trifecta and I was planning to get citi costco first but Credit Carma shows "Fair Approval Odds" for Citi Costco and "Good Approval Odds" for CSP...so this is why I started thinking maybe it makes sense to go with CSP now and later Citi Costco !?
What do you think?
Also, I just found out that Citi Costco cashback is redeemable only once a year...which makes it less attractive now...so maybe I should get another card instead? But yes I shop and fuel up at costco.
Thank you!