Credit Card Strategy & Current Considerations:
After today, my 5/24 status will drop from 5/24 to 3/24 (since I opened the Savor1 and AMEX Gold in November 2022). In December, it will drop further to 2/24, after I opened the Apple Card in December 2022. For the record, I don’t plan on applying for anything until mid-December, once my Experian report updates and the two inquiries fall off. Even then, I might not apply for anything.
My current credit utilization (UTI) is 18%, but that includes my HELOC, and Fidelity is slow to report. I paid off about 75% of my balance in October, so my UTI is on the decline, it just needs to report.
Chase Trifecta Thoughts:
I know the conventional advice is to apply for a Chase card, but nothing they offer really excites me on the surface. I’m only two cards away from the Chase "Trifecta," with the next card being the Freedom Unlimited. However, I already have the Fidelity Rewards (2% cash back) and Capital One Quicksilver (1.5% cash back). I don’t see the point in getting another "catch-all" card that offers 1.5% cash back, especially since I already earn elevated cash back on dining with my AMEX Gold and Cap1 Savor, and I don’t shop at drugstores often enough to make use of the Freedom Unlimited’s 3% bonus.
The only real incentive for me would be the SUB (sign-up bonus) and the 15-month 0% APR, but I don't have any big purchases planned. Plus, I’m still in my 0% APR window with the CFF.
Chase Sapphire Options:
As for the Chase Sapphire cards, I don’t think I’ll qualify for the Chase Sapphire Reserve (CSR) due to my current EX score and lingering issues on my credit report. The Chase Sapphire Preferred (CSP) is a solid option, but I don’t travel enough on my own dime to justify the benefits. The main attraction would be the SUB, but if I’m just chasing a SUB, I’d rather wait for the elevated offer for the Sapphire.
Chase Business Cards:
I’m also considering Chase Ink cards for my side hustle. However, I’m not sure if a business card with an annual fee (AF) is worth it. The Ink Business Unlimited and Ink Business Cash would be the most realistic options for me, but with with no balance transfer offers to move BIZ spead to a 0% APR status, I’m still unsure.
Gas & Food Spending:
Since moving to the West Coast, my largest spending categories are gas and food. For gas, I currently use the Discover It Chrome (2% CB) and sometimes the AMEX Gold or CFF for bonus categories. I’d be open to a card(s) that offers more than 2% on gas, but I need to see what options are out there.
Other Cards on My Radar:
AMEX Blue Cash Preferred: I’ve received multiple offers for this card. It offers 6% CB on supermarkets and 3% on gas, which would replace my Gold and Discover IT for those categories. However, I’d prefer Membership Rewards (MR) points instead of cash back, as I’m already in the MR ecosystem with the Gold and BBP.
AMEX Platinum (New Application): I’ve received offers for the Platinum, and I’m considering the Charles Schwab version with 125K MR points after $8K spend in 6 months. The main draw would be the free credits (since I can get the annual fee waived).
AMEX Blue Cash Everyday: Offers 3% CB on gas and 3% for online shopping. This could be useful for my car parts shopping, but I really dislike earning CB as statement credits.
Chase Amazon Prime Card: I buy a fair amount from Amazon, so this card would make sense. However, I think I can get it anytime, especially during the holiday season, so I don’t want to waste a 5/24 spot on it right now.
Citi Shop Your Way: The 5% CB could be huge, but I’d have to redeem SYW points for gift cards (no K-Mart or Sears near me). Also, I previously burned Citi with their Home Depot card in my BK13 years ago, so I’m unsure how that would affect an application.
I’m conflicted about whether I should pursue the Chase Trifecta, especially since I’d eventually be clear of the 5/24 rule and could build up a stash of UR points for future travel. I also want to avoid Chase’s UW rule, which limits your available credit across all accounts to 50% of your annual income. I’ve had to RECON three times for CFF, and I don’t want to deal with that again.
On the other hand, I could apply for cards better suited to my current spending needs (gas, food, etc.).
Let me know if all of this sounds like crazy talk!
@citymunky wrote:On the other hand, I could apply for cards better suited to my current spending needs (gas, food, etc.).
Let me know if all of this sounds like crazy talk!
I know what you mean about Chase cards not fitting your lifestyle. The awards being, so, so. Would be doing it for the SUBS. I'm in the same boat. Don't travel enough to warrant.
I would stop worrying about Chase qualification for now. Can always entertain in the future when your needs change.
I see your into AMEX. For myself they are about on the same blah! level as Chase. Don't fit. Better options.
Don't understand your aversion to cash back cards. Which are the king in my book.
Citi Custom Cash should be your first card for 5% on gas cash back ($500 max per month). Second is a Citi Double Cash Card, after fullfilling the SUB and having been awarded, immediately PC it to a second Citi Custom Cash for 5% on Restaurants, Grocery (non warehouse/department store), or more gas, choose one for the month. Can apply for both around the same time at least eight days apart, 10 to be safe. Both have nice SUBS. I wouldn't think your old BK would be a problem. Only way to find out is apply.
Maybe squeeze that Chase Amazon in immediately after the second Citi card? Then garden.
Aven:
RH:
Wondering how Chase Sapphire's customer service is? The customer service for the Ink cards (even the AF Preferred) has been abysmal in my experience. Whenever I run into a problem or need something on the account changed I just get passed from one indian call center rep to another, and right now we're at pretty much a 0% success rate for getting any problem resolved. Amex outsources all of their customer support to india too, but their reps always seem way more capable and most of the time I can get something resolved within minutes via chat and don't even have to call in.
You may go for CIC biz card first to get 5% on a few categories (no AF and nice SUB). Since the biz cards do not count towards 5/24, you need to get them first.
Afterward, you may go for CSP. It has a nice SUB. Without any travel, you can still offset the AF down to zero, using its monthly perks (e.g. $10/month on Doordash). So, it is a nice card to have for several years.
You may go also for CFF to get 5% on a few categories. Also, Chase Amazon gives 5% on Amazon.
After fulfilling all the good Chase cards that you want and earning all SUBs and bypassing 5/24, you may go for the other lenders like Amex.
Fico8: EX~EQ~TU~840 (12 month goal~850).
@Anonymous wrote:FWIW, I found it if I needed to talk to Amex customer service and do it in the middle of the night India time then I get someone in San Antonio.
I try to time my customer service calls to coincide with standard business hours for that bank's headquarters plus or minus a couple time zones. For US banks, this strategy normally connects me with a US based phone rep who either has some seniority or has easy access to help from a supervisor. For Amex specifically, I often get very pleasant US reps who tell me they are working from home.
Regarding the OPs situation, I understand both the allure and hesitation regarding the Chase trifecta (or quadfecta, or even quinfecta). When Sapphire Reserve first came out, I happily rocked the CSR along with Ink Cash and standard 5% Freedom. I had a Sapphire Preferred too, but I shut that down and redistributed the credit limit amongst the other cards. The happiness lasted for about 3 years. Then, the CSR devalued with an increased annual fee which coincided with the pandemic and a total collapse of my travel opportunities. So, I downgraded CSR to Freedom Unlimited. After fully retiring, I closed my Ink Cash card. Currently, my Chase cards only receive a small fraction of my total spend.
Credit card reward programs are constantly evolving. Prior to my Chase trifecta, I was heavily into the Citi Thank You trifecta (Prestige, Premier, & Forward). The last couple of years, a US Bank trifecta has had my attention (Altitude Reserve, Cash+ which was PC'd from Connect, & Shoppers Cash). Recent changes to US Bank's rewards programs has me on edge once again. Ask me again next year at this time, and I might have a new trifecta (maybe Wells Fargo with Autograph Beyond?).
@ElvisCaprice wrote:
@citymunky wrote:On the other hand, I could apply for cards better suited to my current spending needs (gas, food, etc.).
Let me know if all of this sounds like crazy talk!
I know what you mean about Chase cards not fitting your lifestyle. The awards being, so, so. Would be doing it for the SUBS. I'm in the same boat. Don't travel enough to warrant.
I would stop worrying about Chase qualification for now. Can always entertain in the future when your needs change.
I see your into AMEX. For myself they are about on the same blah! level as Chase. Don't fit. Better options.
Don't understand your aversion to cash back cards. Which are the king in my book.
Citi Custom Cash should be your first card for 5% on gas cash back ($500 max per month). Second is a Citi Double Cash Card, after fullfilling the SUB and having been awarded, immediately PC it to a second Citi Custom Cash for 5% on Restaurants, Grocery (non warehouse/department store), or more gas, choose one for the month. Can apply for both around the same time at least eight days apart, 10 to be safe. Both have nice SUBS. I wouldn't think your old BK would be a problem. Only way to find out is apply.
Maybe squeeze that Chase Amazon in immediately after the second Citi card? Then garden.
I like AMEX for a few reasons, 1) with the Gold card on the personnel side, it forces me to PIF every statement. I know there a Pay Over Time/Plan It options but I want to avoid paying any interest. 2) I like the fact that they don't do a hard pull for a new card (most of the time). 3) Its easy to get approved for a business card (Sole Prop & EIN). 4) I can earn "MR" points from cash back offers with Rakuten.
I'm not opposed to cash back cards, I just don't like the fact that AMEX only way to redeem is as a Statement Credits. With Capital One, Discover, Fidelity and even the Apple card. I can used the CB any way I want. If I want to use the CB in the travel portal..I can. If I want to use the CB to pay down my balance..I can. Mostly importantly if I want to transfer my CB into a checking/Saving account.. I can.
The Citi custom cash is something I can get behind. As of Dec2024. I would be a 0/6, 1/12, 2/24 for new accounts. However the last time I checked to see if I was Pre-Qualified, I was given no options. https://online.citi.com/US/ag/cards/pre-screen
@creditrizz wrote:Wondering how Chase Sapphire's customer service is? The customer service for the Ink cards (even the AF Preferred) has been abysmal in my experience. Whenever I run into a problem or need something on the account changed I just get passed from one indian call center rep to another, and right now we're at pretty much a 0% success rate for getting any problem resolved. Amex outsources all of their customer support to india too, but their reps always seem way more capable and most of the time I can get something resolved within minutes via chat and don't even have to call in.
I don't tend to call customer service that often. The only I called Chase CS was when I tried to RECON for the CFF and I keep getting rejected for debt to income ratio, but at the time I was way below the national avg.
With AMEX, I only called a few times which I got a US based call center, and my issue was always resolved as well.
@xenon3030 wrote:You may go for CIC biz card first to get 5% on a few categories (no AF and nice SUB). Since the biz cards do not count towards 5/24, you need to get them first.
Afterward, you may go for CSP. It has a nice SUB. Without any travel, you can still offset the AF down to zero, using its monthly perks (e.g. $10/month on Doordash). So, it is a nice card to have for several years.
You may go also for CFF to get 5% on a few categories. Also, Chase Amazon gives 5% on Amazon.
After fulfilling all the good Chase cards that you want and earning all SUBs and bypassing 5/24, you may go for the other lenders like Amex.
I'm not sure if you read my whole post (I know it was long one).
I the Ink cards would be cool, but I would like that offered a BT offer with a 0% APR. I need to payoff the balance on my AMEX BBC soon before the APR hits (which I can) but I rather do a BT to keep some working capital on hand.
For the CSP (and CSR for that matter) I can have the AF waived so that is not my concern. The current SUB for the CSP is 60K UR points, but I know at least once a year they elevated to 70/80K UR points. I would rather save my HP until then, or when the CSP shows up in my "Just For You" section.
I have the CFF. With the AMZ Prime, their have multiple reports of people being approved over 5/24, I would rather wait for a later time.