Getting A Better Rewards Card

[CreditPhoenix]

Hi Everyone,  

I'm a 772 FICO with an investment property mortgage and one credit card, a BofA Cash Rewards Preferred Card.  I've come to realize that the BofA card isn't as good as other options out there.  However, in the not too distant future, I want to get another mortgage and don't want to jeopardize my credit.

I'm thinking of getting a Chase Sapphire Preferred card as everyone seems to rave about it.  But I'm also considering adding a Chase Freedom card to the mix as it gives so much cash back, or points.  But will this hurt my credit getting two new cards at once?  And also, since I've had the BofA card the longest, should I keep it even if I'm not using it?

If someone could please advise, I'd greatly appreciate it. 

Thanks.  

[Anonymous]

My favorite rewards card is the Capital One Quicksilver with 1.5% cash back. The points are given to you right away instead of having to wait until the statement date.

[Anonymous]

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@CreditPhoenix wrote:

Hi Everyone,  

I'm a 772 FICO with an investment property mortgage and one credit card, a BofA Cash Rewards Preferred Card.  I've come to realize that the BofA card isn't as good as other options out there.  However, in the not too distant future, I want to get another mortgage and don't want to jeopardize my credit.

I'm thinking of getting a Chase Sapphire Preferred card as everyone seems to rave about it.  But I'm also considering adding a Chase Freedom card to the mix as it gives so much cash back, or points.  But will this hurt my credit getting two new cards at once?  And also, since I've had the BofA card the longest, should I keep it even if I'm not using it?

If someone could please advise, I'd greatly appreciate it. 

Thanks.  

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Please, please only apply for a card after seeing that it fits your needs. Do not get it based on what others think. It's all about YOUR personal preference and lifestyle. 

No, it will not hurt your credit because Chase consolidates hard pulls into one when applying for more than one credit card.

Yes, keep your BOA card in order to maintain your average age of credit once you get your new cards. 

Edited per FinStar's comment.

[CreditPhoenix]

Thank you both for your responses.

Honestly, I don't really know what the best card is for me.  I try and spend only about $1K/mo.  My biggest expenses are rent and mortgage, but I don't think I can put either on a credit card.  I own my car.

I just figure that I should get a travel card so that my wife, our daughter, and I can get a cheap vacation somewhere.  We live fairly modestly.  As a matter of fact, to reach the $4K spent in 3 months, I'd probably put my wife as an approved user so that we'd reach $4K.  I might not reach it on my own.  (Also, we'd get an additional 5,000 points this way.)

I don't need a travel card per se and could perhaps just get the best cash awards card out there.  I don't believe my BofA card is cutting it.  What card would you guys suggest?  The Southwest Card limits us to Southwest.  Some people seem to like the Barclays card, or maybe the Capital One Venture.

Any advice you could give me about the right card would be greatly appreciated.  And will BofA cancel my card of lower my limit if I stop using it?

[FinStar]

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@Anonymous wrote:

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@CreditPhoenix wrote:

Hi Everyone,  

I'm a 772 FICO with an investment property mortgage and one credit card, a BofA Cash Rewards Preferred Card.  I've come to realize that the BofA card isn't as good as other options out there.  However, in the not too distant future, I want to get another mortgage and don't want to jeopardize my credit.

I'm thinking of getting a Chase Sapphire Preferred card as everyone seems to rave about it.  But I'm also considering adding a Chase Freedom card to the mix as it gives so much cash back, or points.  But will this hurt my credit getting two new cards at once?  And also, since I've had the BofA card the longest, should I keep it even if I'm not using it?

If someone could please advise, I'd greatly appreciate it. 

Thanks.  

---

Please, please only apply for a card after seeing that it fits your needs. Do not get it based on what others think. It's all about YOUR personal preference and lifestyle. 

No, it will not hurt your credit because Chase consolidates hard pulls into one when applying for more than one credit card.

Yes, keep your BOA card in order to maintain your average age of credit once you get your new cards. 

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Sorry but this is not entirely accurate.  In a variety of cases, the outcome can be one HP if applications are submitted simultaneously, but others have also reported getting two HPs on the same CR.  So, let's not dismiss the other possibility since at the end of the day it's still YEMV.

Likewise, there can also be an AAoa impact (depending on the OP's overall CR profile) if the OP adds two tradelines to the mix.

[Anonymous]

I think rather than applying for travel credit card, you should just apply for citi double cash, no annual fees and 2% cash back on every purchase. and just cash out when you're ready to travel.

[myjourney]

Also a key is when exactly do you plan on getting this mortgage because this can determine your next step be it cards now or wait till later?

[CreditPhoenix]

Hi Red,

Good tip.  I'll look into that card.  Thanks.

[FinStar]

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@Anonymous wrote:
I think rather than applying for travel credit card, you should just apply for citi double cash, no annual fees and 2% cash back on every purchase. and just cash out when you're ready to travel.

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OP - if you do not travel frequently (not enough to sustain the value of a travel card since most have an AF), then the above suggestion or what SteelCity66 proposed might be some options to consider.

Now, assuming your monthly baseline expenses are roughly $1K, then annually that would translate into about $240 c/b.

[CreditPhoenix]

Hi Journey,

I think the earliest I would get another mortgage would be next summer.  But it may not happen until the summer of 2017.  Is that so far off that I shouldn't even be concerned with this?