Advice on switching card or new card

Anonymous · ‎01-12-2020

Awhile ago, I defaulted on several accounts and none of them appear on my credit report anymore. I would like to have a premium card for work, since everyone I work with has them (sounds weird I know) and I usually just use my Citibank 2% back card when at company functions.

Since I had a prior default with American Express and Chase, I know their nice cards are out. I think that leaves me with either the Luxury Black, which I get mailers for. or the Citibank Prestige.

I have a Citibank cash back card and a Diamond preferred (switch started as a secured card eight years ago). I've read on hear about people switching cards with them. I was considering switching my Diamond preferred to a Prestige (if they allow it) because I'd like to keep my streak going for not applying for new cards. I know I would not get a signup bonus, but I saw the Luxury one doesn't even offer one.

I was wondering if the Prestige is a little better than the Luxury card?

Also, if they allowed me to change to the Prestige, I know I would not get a sign up bonus but would I still get all the other features of the card benefits (extra points per dollar on spending categories and transfer partners)?

Thank you

Anonymous · ‎01-12-2020

run, don't walk, away from luxury card, when you see somebody swipe it out, you know they are idiots.

prestige is not just "little better", its miles away better, however, best card is what works for you. There is no need to pay 500 AF just for a good looking card. If look of the card is important to you, consider no AF wells fargo propel, excellent earning, metal, and good looking.

if you do want a list of cards, you may want to provide your fico scores and more details on yoru current portfolio, spending categories.

FinStar · ‎01-12-2020

@Anonymous wrote:
run, don't walk, away from luxury card, when you see somebody swipe it out, you know they are idiots.

prestige is not just "little better", its miles away better, however, best card is what works for you. There is no need to pay 500 AF just for a good looking card. If look of the card is important to you, consider no AF wells fargo propel, excellent earning, metal, and good looking.

if you do want a list of cards, you may want to provide your fico scores and more details on yoru current portfolio, spending categories.

While the Luxury Card by Barclays may not be suitable for your preference and may not be the right fit for everyone, this is a credit card forum shared by a diverse community. Let's refrain from the name calling as you would not be intimately familiar why an individual may have it in the first place, regardless of choice @Anonymous

Anonymous · ‎01-12-2020

I was looking at prestige to get around opening a new account. People at work joke about me always using the cash back Citibank card or my other MasterCard. Just the industry I’m in.

My credit karma scores are 803 on TransUnion and 822 on equifax. My FNBO Direct Card says my experian is 809.

My cards are in order of age
Citibank Diamond 17,300 was secured about eight years ago.
Citibank cash back 20,100
USAA Low Rate Visa 12,100
FNBO Direct 22,000
BMO Harris Rewards 32,000
2 month old auto loan

soxfaininfl · ‎01-12-2020

OP, how much did you burn Amex for? If you pay them back, they will let you back in.

FinStar · ‎01-12-2020

@Anonymous wrote:
Awhile ago, I defaulted on several accounts and none of them appear on my credit report anymore. I would like to have a premium card for work, since everyone I work with has them (sounds weird I know) and I usually just use my Citibank 2% back card when at company functions.

Since I had a prior default with American Express and Chase, I know their nice cards are out. I think that leaves me with either the Luxury Black, which I get mailers for. or the Citibank Prestige.

I have a Citibank cash back card and a Diamond preferred (switch started as a secured card eight years ago). I've read on hear about people switching cards with them. I was considering switching my Diamond preferred to a Prestige (if they allow it) because I'd like to keep my streak going for not applying for new cards. I know I would not get a signup bonus, but I saw the Luxury one doesn't even offer one.

I was wondering if the Prestige is a little better than the Luxury card?

Also, if they allowed me to change to the Prestige, I know I would not get a sign up bonus but would I still get all the other features of the card benefits (extra points per dollar on spending categories and transfer partners)?

Thank you

Welcome to the forums @Anonymous.

IMO, I would not get a 'premium' CC just because 'everyone at work' has one. This would almost be like keeping up with the Jones' mentality. If you do have the interest of obtaining one because it truly fits your needs based on your actual lifestyle, there's a few options available.

These Citi Prestige may be viable. I would entertain applying for it versus a PC since you won't qualify for the SUB if you decide to go the PC route (which may not be available with Diamond Preferred).

FinStar · ‎01-12-2020

@Anonymous wrote:
I was looking at prestige to get around opening a new account. People at work joke about me always using the cash back Citibank card or my other MasterCard. Just the industry I’m in.

My credit karma scores are 803 on TransUnion and 822 on equifax. My FNBO Direct Card says my experian is 809.

My cards are in order of age
Citibank Diamond 17,300 was secured about eight years ago.
Citibank cash back 20,100
USAA Low Rate Visa 12,100
FNBO Direct 22,000
BMO Harris Rewards 32,000
2 month old auto loan

Thanks for providing the additional details. I realize everyone may approach things differently, and I'll be blunt, in the industry that I'm in with high-profile client visibility, I really don't care what anyone says or jokes about what card I plop out of my wallet...your money, your rewards, your choice (i.e. I don't cater to the image factor or to impress people ¯\_(ツ)_/¯)

That said, if Prestige is the card you want, then best to apply directly to get their current SUB as you'd be missing out on that.

How many accounts have you opened in the past 6-12 months? Inquiries?

Anonymous · ‎01-12-2020

I have one new account in the last three years, which is my two month old auto loan. I have two inquiries on Transunion and one on experian from the auto loan two months ago. I do not have any inquiries on equifax. My most recent card (BMO Harris) was opened a little over three years ago.

I also have a closed/paid off auto loan on my credit reports and two paid off student loans as well.

Someone asked about American Express past debt. I owed them between 6,000 and 7,000 when I defaulted on the card in 2008. I asked about the Optima program I read online several years ago and I was told that my debt was too old to be given the Optima card if I paid them back.

kerplunk · ‎01-12-2020

@Anonymous wrote:
Awhile ago, I defaulted on several accounts and none of them appear on my credit report anymore. I would like to have a premium card for work, since everyone I work with has them (sounds weird I know) and I usually just use my Citibank 2% back card when at company functions.

Since I had a prior default with American Express and Chase, I know their nice cards are out. I think that leaves me with either the Luxury Black, which I get mailers for. or the Citibank Prestige.

I have a Citibank cash back card and a Diamond preferred (switch started as a secured card eight years ago). I've read on hear about people switching cards with them. I was considering switching my Diamond preferred to a Prestige (if they allow it) because I'd like to keep my streak going for not applying for new cards. I know I would not get a signup bonus, but I saw the Luxury one doesn't even offer one.

I was wondering if the Prestige is a little better than the Luxury card?

Also, if they allowed me to change to the Prestige, I know I would not get a sign up bonus but would I still get all the other features of the card benefits (extra points per dollar on spending categories and transfer partners)?

Thank you

I think you'll soon learn that the people who make fun of your choices are usually insecure about their own choices.

Citi Double Cash is a great general use card.

As for acquiring an annual fee card, just do the math and see if you will come out ahead. If not, don't do it.

Anonymous · ‎01-12-2020

@kerplunk wrote:
@Anonymous wrote:
Awhile ago, I defaulted on several accounts and none of them appear on my credit report anymore. I would like to have a premium card for work, since everyone I work with has them (sounds weird I know) and I usually just use my Citibank 2% back card when at company functions.

Since I had a prior default with American Express and Chase, I know their nice cards are out. I think that leaves me with either the Luxury Black, which I get mailers for. or the Citibank Prestige.

I have a Citibank cash back card and a Diamond preferred (switch started as a secured card eight years ago). I've read on hear about people switching cards with them. I was considering switching my Diamond preferred to a Prestige (if they allow it) because I'd like to keep my streak going for not applying for new cards. I know I would not get a signup bonus, but I saw the Luxury one doesn't even offer one.

I was wondering if the Prestige is a little better than the Luxury card?

Also, if they allowed me to change to the Prestige, I know I would not get a sign up bonus but would I still get all the other features of the card benefits (extra points per dollar on spending categories and transfer partners)?

Thank you
I think you'll soon learn that the people who make fun of your choices are usually insecure about their own choices.

Citi Double Cash is a great general use card.

As for acquiring an annual fee card, just do the math and see if you will come out ahead. If not, don't do it.

Lol. Yep. I generally suck on this forum. But I like my cards and the strategy I use to get a good return on my rewards and credit score, as well as trying to reduce possibility of the smallest adverse action (if that's even possible) all at the same time. Terms will change and those things no one has control over.

I always go for a card that fits my needs, which means it will be used after I get it and likely 3 years and beyond after I get it. It might not provide me the maximum total rewards dollars possible (may have others that might be a little better), but I just might like it better than the other option.

I don't chase SUBs as they are temporary and use of the card after the SUB matters. You have very good cards, and it sounds like you want to tweak what you have to have even better cards. Get the ones that will work for you,and even if one doesn't quite fit as another but you like it better, then go with it.

Citi DC is a great all around card. Its simple and gives a good quick rewards rate without having to think.

If there is a card you really want, and your ok with a small rewards structure and cost, go with it. Just be sure to read the terms and conditions of the card offer so you're not surprised after you apply and then find out something that you cannot live with.