@Anonymous wrote:
Hello all, long time reader first time poster here. Im looking suggestions on a new mastercard preferably with no af or ftf. I have a quicksilver currently but am planning on closing it. I dont feel it will grow with me.(2k limit since 2009) I prefer a mastercard because it will be used at sams club. I also have a best buy store card that i plan on closing soon since i dont use it so i could possibly add 2 cards, mastercard and a no ftf card. My current card line up is:
Cap 1 qs 2k
Best buy store. 2.7k
Us bank cash+ 5k
Amex prg
Amex edp. 3k
Most of my spend is accounted for besides dining, but im willing to move spending around.
I just opened the amex accounts 12-31-14 so the 3x cli is approaching but would new accounts prevent an approval? I also did a refi on an auto loan this week, credit union said tu was at 715, experian from us bank is 726, equifax 726 on credit karma. Would it be best to wait a few months until i apply for another card? Thank you in advance!
The Amex 3x will likely be based on a previous SP or 2. However, I think it is advantageous to try for the 3x, and then use the amex and let it report the new higher limit and usage. So, probably at least another month or so before applying for more cards. Right now you only have one card at or above $5000, so having 2 might help with initial credit limits on new card applications.
The only fico score you listed was TU 715. Ignore the rest. Why is your score so low, when your credit dates back to at least 2009? What baddies are on your reports?
also, do you know how to pay your credit cards in order to optimize your fico score? http://ficoforums.myfico.com/t5/General-Credit-Topics/How-do-I-play-the-1-9-Utilization-Game-Please-Help/m-p/2471257#M199479
Citi Double Cash I believe is a Mastercard. And the Sallie Mae Mastercard is useful to many people. https://www.salliemae.com/credit-cards/sallie-mae-card/
Bank of America Better Balance Rewards is also a MasterCard
Themanwhocan, I think you should factor in sign-on bonus for the cards in your non-category spend table. For example, the Cap1 Venture has 40k points worth $400 and $59 AF after first year free. So when comparing with cards like the Citi Double Cash and Fidelity Amex, the Venture will be ahead for almost 8 years before the AF makes the other cards better. That's really an eternity in the lifespan of credit card products. The Arrival+ offers a similar value proposition, but with higher AF and higher 2.22% rewards, which will allow it to dominate those other cards in the higher spend brackets, especially if you add a few lines to your table to include $3k, $4k, $5k or more per months.
Otherwise, I love your charts. You've definitely influenced me to look into the JCB card and the Security Service Power Travel. How can I do that, with restricted membership? Well, I live in California, but my company is headquartered in Denver and I just signed up for a checking account & membership with Security Service. Just need to garden a little more...
@happypill wrote:Themanwhocan, I think you should factor in sign-on bonus for the cards in your non-category spend table. For example, the Cap1 Venture has 40k points worth $400 and $59 AF after first year free. So when comparing with cards like the Citi Double Cash and Fidelity Amex, the Venture will be ahead for almost 8 years before the AF makes the other cards better. That's really an eternity in the lifespan of credit card products. The Arrival+ offers a similar value proposition, but with higher AF and higher 2.22% rewards, which will allow it to dominate those other cards in the higher spend brackets, especially if you add a few lines to your table to include $3k, $4k, $5k or more per months.
Otherwise, I love your charts. You've definitely influenced me to look into the JCB card and the Security Service Power Travel. How can I do that, with restricted membership? Well, I live in California, but my company is headquartered in Denver and I just signed up for a checking account & membership with Security Service. Just need to garden a little more...
I look at signing bonuses as separate from how much the card earns for purchases.
Example: you apply for a Chase Freedom card, you get a $100 or $200 bonus after using that card for a couple months, and hopefully you were able to use the 5% category for most of that spend. It made no sense to use your Citi Double Cash when the signup on the Freedom was so profitable. But now you have the signup, and it makes sense to use the Double Cash and put away the Freedom, unless your purchase falls into the current Freedom 5% category.
So you need to know which cards earn the most cash back while ignoring the signup bonuses (which change constantly as well) so that you can apply for those cards. Then when a great signup bonus appears, your decision on that depends on whether you can afford an extra 1-3 HP to obtain that card for the signup bonus, and whether that card will be a keeper after you get the signup, or something you will eventually discard. The charts will tell you if its a Keeper or not.
I have a Chase Freedom. $6000 credit limit is plenty for my use, but I wanted at least $10,000 for mainly vanity purposes. I have absolutely no use for a Chase Sapphire Preferred, but I applied for one, used the signup bonus for only $400 cash back since I don't travel, and will transfer the $11,900 credit limit to the Freedom before the annual fee is due. All those choices I made knowing that $400 plus an additional $11,900 credit limit (Chase allows reallocation) was worth 2 HP to me at the time. And I'm not too concerned if Chase is annoyed with me in the short term. So I make decisions based on the normal expected cash back from my cards, which is what the charts show. And i make other decisions on obtaining cards mainly for signup bonuses.
I hope that makes sense.
