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Wife and I are going on vacation in march and moving homes / states at the end of April. I figure we will rack up quite a few expenses during this time and I'm considering opening another CC but not sure if there are better longterm benefits over what I'm using now.
Currently we use the following:
Everyday spending / travel / online purchases: CapitalOne Quicksilver World Mastercard (1.5% cashback on anything) 11,000 CL
Dining, Gas and Amazon: Chase Amazon Rewards Visa Signature (2% Dining, 2% Gas, 5% Amazon) 3,500 CL
I don't want to open a new card if I can't use it longterm though as I"d hate for it to sit in the wallet and be forced to use it once a month just to pay it off to keep the account from closing. Any suggestions? We will probably be spending between $4000-5000 USD on a CC by Mid May if it matters for rewards. Not looking to transfer any balances as none are carried over month to month.
Important Info: (based from capitalone free transunion report)
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Transunion Score: 754 as of today ( hasn't changed but a few points in months)
Inquiries: 1 in the last 2 years
New Accounts: 2 in the last 2 years
Utilization: 3%
Are you looking for cash rewards or points for this possible new card? I ask this because as far as I can see and from what you're telling us you like to minimize the number of cards to have. And other than perhaps a travel card per say to I don't see much improvement on what you can get that you will want to see continued use on (maybe a 2% card like Paypal/DC but that leaves QS in the dust and gains are perhaps minimal) unless you want to delve into points.
Don’t use Capital One’s score, it’s Vantage, not FICO.
You can definitely do better than you’re doing right now - the PayPal cashback MasterCard is a nice simple 2% cash back on everything card and Synchrony would likely issue you a high limit if your TU is high enough (my TU FICO8 was 706 when I got approved for $8K on my PayPal card and I’m low income).
Definitely get your FICO scores though. You can get Experian’s free from the Experian app. You can get all 3 with a free trial of CreditWorks Premium - get the Experian app and hit scores, tap on Equifax or Transunion and it will give you the option to get a 7 day free trial.
Your FICO can be wildly different from your VantageScore so we will need that first.