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@Mario4 wrote:New member to the forum and just looking for some advice.
I'm going to be replacing one of my current credit cards.
Im looking to get an amex credit card, because I've heard they are fairly generous with limit.
The amex card must be eligible for the 3x CLI after 61 days. Im looking for a card with cash back as well. ( I dont travel )
Any suggestions other than amex are welcome as well.
Cards for 720-850 scores are welcome. I have good-excellent credit.
It depends on how much you're planning on spending to determine this. For light use, the BCE is better, for heavy use, I'll go with the BCP. If you shop alot at Costco, then go with the TrueEarnings Card
As far as spending on groceries. I do spend a fair amount., but do local grocery stores qualify? Or do they have participating locations?
@Mario4 wrote:Awesome and in reponse to both of you guys. I've hear amex is infamous for lowering people's CLI'S
What should i do to avoid getting my CLI chopped in half or something?
thanks guys.
To answer the question, just keep the UTIL no more than 20% in general and make higher payments thant the minimum and you should be just fine
Note:I'm assuming you're referring to Credit Limit and Not Credit Increase Right? For future reference, CL = Credit Limit and CLI = Credit Increase
If you spend more than $2500 a year ($208 per month) on groceries then get BCP otherwise you won't make back AF and BCE would be better. If you do all or most your shopping at Costco then the Costco card is better.
@thelethargicage wrote:They'll cut your limits if they notice high utilization on your other cards. That's what happened to me back in '09. They slashed my CL from $6.5K to $500 once they noticed I was just making minimum payments on my other cards (thanks a lot, ex wife)
How much was your utilization at the time on your other cards? I'm at 44% and 57% on two 0% intro APRs that I wasn't planning on paying more than twice the minimum monthly for the next 6 months. Will be tricky working around those balances with the 3x CLI coming up and now apparently after that time too. I can pay them off now, so maybe I probably should.
There is also the Blue Cash, for heavier spenders. This is a tierd card: For the first $6,500 spend PER YEAR, you get 1% on gas, groceries and drug stores, 0.5% elsewhere. But once you exceed $6,500, you get unlimited 5% on gas/groceries/drugstores and 1% elsewhere.
@Mario4 wrote:As far as spending on groceries. I do spend a fair amount., but do local grocery stores qualify? Or do they have participating locations?
Merchants are assigned codes based on what they primarily sell.
The 6% cash back applies to free-standing "supermarkets".
SuperStores such as Target and WalMart, as well as warehouse clubs, and neighborhood grocery stores (depending on their annual volume) are also not considered to be "free-standing supermarkets", and so may not be eligible for the full 6% cash back.
@red259 wrote:If you spend more than $2500 a year ($208 per month) on groceries then get BCP otherwise you won't make back AF and BCE would be better. If you do all or most your shopping at Costco then the Costco card is better.
Just a question, but I must have missed something. Why is the Costco card better if you shop at Costco? I don't see where you get any additional benefit over the BCP. Don't you get 1% back on your Costco purchases with both cards?
@Longroad wrote:
@red259 wrote:If you spend more than $2500 a year ($208 per month) on groceries then get BCP otherwise you won't make back AF and BCE would be better. If you do all or most your shopping at Costco then the Costco card is better.
Just a question, but I must have missed something. Why is the Costco card better if you shop at Costco? I don't see where you get any additional benefit over the BCP. Don't you get 1% back on your Costco purchases with both cards?
Earn 3% Cash Back at US gas stations and on gasoline at Costco up to $4,000 per year in purchases (then 1%), 2% Cash Back at US restaurants, 2% Cash Back on eligible travel purchases, including at Costco, and 1% Cash Back on other purchases, including at Costco. Terms and limitations apply.‡ You will receive your Cash Back annually in the form of a reward coupon.
The idea is that you get all these other bonuses. Some people do almost all their grocery shopping at costco. In which case the BCP bonus won't count for that spend. Mainly I think it deals with people who go to costco to get their gas. I believe you only get the gas bonus at Costco with their card, so if you are filling up at costco then that is a major factor.
I concur with the majority. If your a Costco member, the true earnings is probably your best bet. If not, and you spend enough on groceries to justify the $75 annual fee, the BCP is the way to go. If none of the above are true, then I'd go with BCE. Also, if you get BCE or BCP, I believe AMEX will let you post convert to either after you've had the card for at least 13 months should you change your mind, but I could be wrong.