I need some input on deciding whether I want to open a new card or simply get a CLI one of my excising cards, here is some background info:
I just moved into an apartment where rent is just shy of $3000, since none of my credit cards have a limit over $2000 and I wanted to use the credit card to pay rent, I have to decide.
Score: EQ 772 TU 800 EX 793
Average Age: 3yrs 1 month
Barclays Visa Apple Rewards CL 2000 @ 0%
Chase Slate CL 2000 @ 0%
Discover It 4000 @ 5%
+ 4 additional Retail Store Cards @ 0%
+ 2 additions Retial Store Cards @ <20%
I have had really bad credit in the past, while only making minimum payments, etc. I don’t expect to see an automatic CLI anytime soon, especially after staying between 90-100% Utilization for over 2 years on each card I own.
What do you guys think? I think some kind of rewards card would be nice since I would be charging over $ 36k on the card yearly. Would I even be accepted for something in the $3000+ range? Also would it be worth it since my average credit age is already fairly low?
Any input is greatly appreciated. Have a good day.
Since you have good credit scores, I would just apply for a new card, with a bank or credit union you don't presently use, which has the type of rewards you would value. E.g, if you would like travel, I would consider Citi Premier. If you like cash, I would suggest Citi Double Cash or PenFed Power Cash rewards.
I'm not one to offer financial advise, but you should really think about what your end goal is. As others have pointed out, the convenience fees will eat up any rewards you collect, and pretty quickly too.
For example, my rent is $2240 a month and my building charges me $69 and change for the priviledge of paying with a CC. If I were to use my 2% cash back Citi DC for that payment, I'd earn only $46, for a net loss of ~$23. Doing that every month for a whole year would also earn me a swift kick in the family jewels from my lovely CPA wife...
Your best bet would be to do this short term to hit sign up bonus minimum spends. And only if you make a net gain in value.
Just my two cents!
Hi @rayy166, I've merged your two similar threads into one.
Please avoid crossposting; it's confusing to follow and is against our guidelines here.