Newbie help choosing a card

[Anonymous]

Hello all, my spouse and I are - for the first time in our lives - trying to make a researched and informed decision regarding a credit card. Up until now, the cards we had were impulsive decisions, usually to take advantage of a financing deal (like buying a washer/dryer from Sears as newlyweds), etc. We've worked hard the past 10 years and paid off all debt a few years ago. Of course, we didn't know any better and so immediately closed all LOC except one card. (a Furniture Row CO, a Scheels Visa, a Sears card, a Cabelas Club Visa, JC Penney card...) I thought we were protecting ourselves from fraud by doing that... 

The only card we currently have is an REI Mastercard through US Bank that we opened in 2010. APR 20.24%. CL $2000 (they tried to increase it and we made them put it back.) 5% rewards for REI purchases and 1% on everything else, awarded annually. Which was fine when we lived near an REI but we really don't shop there anymore. Our reward for 2017 was $123. (We didn't know we were earning 1% on all purchases, I thought it was just REI dividends, so we haven't been running most expenses through the card like we would have if I'd realized.)

My score: TU 772, EX 717

Spouse score: TU 746, EX 732

I've looked at so many cards and read so many reviews and am feeling a little overwhelmed at making this decision. At first I was leaning toward the CitiBank Double Cash or the Chase Freedom Unlimited but the high interest rates and reviews about poor customer service, rewards accruing haphazardly, lack of a monthly statement (for the Chase), all scared me off. I like a couple US Bank cards but since the REI is through US Bank, I read it'd be a smart idea to have a card from a different lender instead? I don't want to do AmEx or Discover since I'm so unfamiliar with cards and this will be our only other card while I get used to using a credit card for most expenses. I don't like the idea of rotating, quarterly categories - if it's not a flat rate, I want the ability to pick the ones we'd use the most. And then I thought maybe we should look into our local bank since the rates should be lower, if we do ever have to carry a balance. 

We bank with Synovus. https://www.synovus.com/personal/charge/credit-cards/

They have 3 reward cards which all have 0%APR the first 6 months, then 10.74%, 13.74%, 16.74% or 22.74%

Travel Rewards Visa (which my spouse is leaning towards)

5x points on up to $5,000 annually in net spend for travel purchases

3x points on up to $3,000 in net spend quarterly for purchases in a Dynamic Earn category of your choice

1x points on all eligible purchases, with no limit on the points you can earn

$50 annual fee, waived first year

Paints can be redeemed for travel, merchandise, gift cards, or statement credits

Points are worth 20% more when redeemed for travel rewards

Rewards Visa

3x points on up to $3,000 in net spend quarterly for purchases in a Dynamic Earn category of your choice

1x points on all eligible purchases, with no limit on the points you can earn

No annual fee

Points can be redeemed for merchandise, gift cards, or statement credits

Cash Rewards Visa

3% cash back on purchases in Dining category

3% cash back on up to $3,000 in net spending quarterly for purchases in a Dynamic Earn category of your choice

1% cash back on all eligible purchases, with no cap

No annual fee

Rewards can be redeemed as statement credit or cash deposited into Synovus bank account

I've been reading the Rules & Conditions and I can't figure out if the points redemption means we'd get less for cash. (It sounds to me like points are worth more for travel but not less for other rewards?)

(https://www.synovus.com/-/media/files/credit-card/terms-conditions-rules/rewards-and-travel-rewards-...)

We don't do a lot of traveling but now that we've moved, my spouse is hoping to visit family annually. So the travel card sounds nice but I'm not sure it's worth the fee or if it'd be better to do one of the other cards and use the savings to supplement trips. The Cash Rewards Visa seems like it'd maximise the reward accrual but also limit the redemption options. We'll mainly be using the card for groceries, utilities, auto insurance. But I do have a conference in a few months I need to buy an airline ticket for very soon so that would be some good travel points. 

Any advice? 

[Anonymous]

---

@Anonymous wrote:

Hello all, my spouse and I are - for the first time in our lives - trying to make a researched and informed decision regarding a credit card. Up until now, the cards we had were impulsive decisions, usually to take advantage of a financing deal (like buying a washer/dryer from Sears as newlyweds), etc. We've worked hard the past 10 years and paid off all debt a few years ago. Of course, we didn't know any better and so immediately closed all LOC except one card. (a Furniture Row CO, a Scheels Visa, a Sears card, a Cabelas Club Visa, JC Penney card...) I thought we were protecting ourselves from fraud by doing that... 

The only card we currently have is an REI Mastercard through US Bank that we opened in 2010. APR 20.24%. CL $2000 (they tried to increase it and we made them put it back.) 5% rewards for REI purchases and 1% on everything else, awarded annually. Which was fine when we lived near an REI but we really don't shop there anymore. Our reward for 2017 was $123. (We didn't know we were earning 1% on all purchases, I thought it was just REI dividends, so we haven't been running most expenses through the card like we would have if I'd realized.)

My score: TU 772, EX 717

Spouse score: TU 746, EX 732

I've looked at so many cards and read so many reviews and am feeling a little overwhelmed at making this decision. At first I was leaning toward the CitiBank Double Cash or the Chase Freedom Unlimited but the high interest rates and reviews about poor customer service, rewards accruing haphazardly, lack of a monthly statement (for the Chase), all scared me off. I like a couple US Bank cards but since the REI is through US Bank, I read it'd be a smart idea to have a card from a different lender instead? I don't want to do AmEx or Discover since I'm so unfamiliar with cards and this will be our only other card while I get used to using a credit card for most expenses. I don't like the idea of rotating, quarterly categories - if it's not a flat rate, I want the ability to pick the ones we'd use the most. And then I thought maybe we should look into our local bank since the rates should be lower, if we do ever have to carry a balance. 

We bank with Synovus. https://www.synovus.com/personal/charge/credit-cards/

They have 3 reward cards which all have 0%APR the first 6 months, then 10.74%, 13.74%, 16.74% or 22.74%

Travel Rewards Visa (which my spouse is leaning towards)

5x points on up to $5,000 annually in net spend for travel purchases

3x points on up to $3,000 in net spend quarterly for purchases in a Dynamic Earn category of your choice

1x points on all eligible purchases, with no limit on the points you can earn

$50 annual fee, waived first year

Paints can be redeemed for travel, merchandise, gift cards, or statement credits

Points are worth 20% more when redeemed for travel rewards

Rewards Visa

3x points on up to $3,000 in net spend quarterly for purchases in a Dynamic Earn category of your choice

1x points on all eligible purchases, with no limit on the points you can earn

No annual fee

Points can be redeemed for merchandise, gift cards, or statement credits

Cash Rewards Visa

3% cash back on purchases in Dining category

3% cash back on up to $3,000 in net spending quarterly for purchases in a Dynamic Earn category of your choice

1% cash back on all eligible purchases, with no cap

No annual fee

Rewards can be redeemed as statement credit or cash deposited into Synovus bank account

I've been reading the Rules & Conditions and I can't figure out if the points redemption means we'd get less for cash. (It sounds to me like points are worth more for travel but not less for other rewards?)

(https://www.synovus.com/-/media/files/credit-card/terms-conditions-rules/rewards-and-travel-rewards-program-rules.ashx?la=en)

We don't do a lot of traveling but now that we've moved, my spouse is hoping to visit family annually. So the travel card sounds nice but I'm not sure it's worth the fee or if it'd be better to do one of the other cards and use the savings to supplement trips. The Cash Rewards Visa seems like it'd maximise the reward accrual but also limit the redemption options. We'll mainly be using the card for groceries, utilities, auto insurance. But I do have a conference in a few months I need to buy an airline ticket for very soon so that would be some good travel points. 

Any advice? 

---

Welcome to MyFICO

I'll let others chime in with suggestions for you but did want to address the comment that I highlighted.  Not sure what you are referring to regarding Chase.  There are no issues whatsoever in being credited with your monthly cash back or getting monthly statements for the Chase Freedom Unlimited or any other Chase card.  I wouldn't drop that card or any other Chase ones from consideration.

[Anonymous]

---

@Anonymous wrote:

Hello all, my spouse and I are - for the first time in our lives - trying to make a researched and informed decision regarding a credit card. Up until now, the cards we had were impulsive decisions, usually to take advantage of a financing deal (like buying a washer/dryer from Sears as newlyweds), etc. We've worked hard the past 10 years and paid off all debt a few years ago. Of course, we didn't know any better and so immediately closed all LOC except one card. (a Furniture Row CO, a Scheels Visa, a Sears card, a Cabelas Club Visa, JC Penney card...) I thought we were protecting ourselves from fraud by doing that... 

The only card we currently have is an REI Mastercard through US Bank that we opened in 2010. APR 20.24%. CL $2000 (they tried to increase it and we made them put it back.) 5% rewards for REI purchases and 1% on everything else, awarded annually. Which was fine when we lived near an REI but we really don't shop there anymore. Our reward for 2017 was $123. (We didn't know we were earning 1% on all purchases, I thought it was just REI dividends, so we haven't been running most expenses through the card like we would have if I'd realized.)

My score: TU 772, EX 717

Spouse score: TU 746, EX 732

I've looked at so many cards and read so many reviews and am feeling a little overwhelmed at making this decision. At first I was leaning toward the CitiBank Double Cash or the Chase Freedom Unlimited but the high interest rates and reviews about poor customer service, rewards accruing haphazardly, lack of a monthly statement (for the Chase), all scared me off. I like a couple US Bank cards but since the REI is through US Bank, I read it'd be a smart idea to have a card from a different lender instead? I don't want to do AmEx or Discover since I'm so unfamiliar with cards and this will be our only other card while I get used to using a credit card for most expenses. I don't like the idea of rotating, quarterly categories - if it's not a flat rate, I want the ability to pick the ones we'd use the most. And then I thought maybe we should look into our local bank since the rates should be lower, if we do ever have to carry a balance. 

We bank with Synovus. https://www.synovus.com/personal/charge/credit-cards/

They have 3 reward cards which all have 0%APR the first 6 months, then 10.74%, 13.74%, 16.74% or 22.74%

Travel Rewards Visa (which my spouse is leaning towards)

5x points on up to $5,000 annually in net spend for travel purchases

3x points on up to $3,000 in net spend quarterly for purchases in a Dynamic Earn category of your choice

1x points on all eligible purchases, with no limit on the points you can earn

$50 annual fee, waived first year

Paints can be redeemed for travel, merchandise, gift cards, or statement credits

Points are worth 20% more when redeemed for travel rewards

Rewards Visa

3x points on up to $3,000 in net spend quarterly for purchases in a Dynamic Earn category of your choice

1x points on all eligible purchases, with no limit on the points you can earn

No annual fee

Points can be redeemed for merchandise, gift cards, or statement credits

Cash Rewards Visa

3% cash back on purchases in Dining category

3% cash back on up to $3,000 in net spending quarterly for purchases in a Dynamic Earn category of your choice

1% cash back on all eligible purchases, with no cap

No annual fee

Rewards can be redeemed as statement credit or cash deposited into Synovus bank account

I've been reading the Rules & Conditions and I can't figure out if the points redemption means we'd get less for cash. (It sounds to me like points are worth more for travel but not less for other rewards?)

(https://www.synovus.com/-/media/files/credit-card/terms-conditions-rules/rewards-and-travel-rewards-program-rules.ashx?la=en)

We don't do a lot of traveling but now that we've moved, my spouse is hoping to visit family annually. So the travel card sounds nice but I'm not sure it's worth the fee or if it'd be better to do one of the other cards and use the savings to supplement trips. The Cash Rewards Visa seems like it'd maximise the reward accrual but also limit the redemption options. We'll mainly be using the card for groceries, utilities, auto insurance. But I do have a conference in a few months I need to buy an airline ticket for very soon so that would be some good travel points. 

Any advice? 

---

Based on your 1st and 3rd choice, which one do you spend most?  Dining or travel?  If its dining, I'd suggest Barclays Uber Visa which gives 4% cashback.  On your second choice I'm assuming you select which category you want for the highest cashback reward?

[MrDisco99]

I also bank with Synovus, and I have the Cash Rewards Visa.

It's a good card to have if you intend to deposit rewards into your Synovus checking or savings account.  The process is super simple, although it does have the drawback of only being doable in $25 increments.  Also, the purchase perks site has lots of nice tools to help you analyze your spend categories and figure out which quarterly choice category works best for you.

The Rewards Visa to me is kinda pointless.  You already get a quarterly choice category with the Cash Rewards card on top of the 3% on dining.  And I don't think you can deposit points as cash to your account with that card, though you can claim it as statement credit which may be just as good.

Only get the Travel Rewards card if you travel frequently and would take advantage of the 5% return on travel expenses to help offset the $50 annual fee.

Points are worth one cent each, regardless of how you redeem them, except for the Travel Rewards card where they are worth more toward flights and hotels on the portal.

[EAJuggalo]

I have had my issues with Citi dealing with my Double Cash but the rewards have outweighed the hassles.  I have a Chase Freedom Unlimited and while it's not a bad card I would not keep it if I didn't have a Freedom and CSP.  The other one you could look at is the Quicksilver from Capital One.  It is also a 1.5% cash back card, redeem any amount and the rewards post as soon as the transaction does.  

Currently my Double Cash APR is 5.9% but I don't pay interest on it, I pay it off every month.

[Anonymous]

Others have discussed the cards you suggested and have suggested others. I’ll address something in your original post. Right before the part Irish highlighted you mention being fearful of high interest rates with Chase or Citi. It sounds like you’re determined not to carry a balance so that shouldn’t matter. It sounds like you plan to run most everyday expenses through the card. Assuming you intend to continue to be CC debt free, you’ll only be charging things that you have cash in the bank for, so again, the interest rate doesn’t matter.

I don’t know your local bank but I’ve got accounts with the four big ones mentioned (Citi, Chase, Barclays, and Cap One) and while they each have pros and cons, if you use them responsibly they’re all fine and I wouldn’t try to stay away from a card due to the issuer.

ETA: And if you think one of US Bank’s cards like the Cash + or whatever might be good for you I wouldn’t hesitate based on having the REI card unless YOU are unhappy with THEM.

[Anonymous]

I wouldn't be too quick to dismiss Amex or Discover. I find that their websites, level of customer service and ease of use are the best. Additionally, Discover and Amex are accepted almost everywhere now. I would consider the Amex Blue Cash Everyday if you are shopping at groceries. For no annual fee, you get 3 percent back. For a $95 annual fee, you can get 6 percent back at grocery stores. Amex is extremely generous with credit limits and credit limit increases though so it is good padding for your utilization.

Discover may not be your cup of tea since you don't like roating catagories. However they do have a DiscoverIT chrome that gives a consistent 2 percent at gas and restaurants. Rewards are very easy to redeem and the Discover Deals network is awesome! 

I would say Citi Double Cash is the best flat rate rewards card on the market right now. Citi does have very good fraud protection. I have the Citi Costco card and have had no issues with Citi. I would say that Citi DC is better than the Freedom Unlimited. Citi is also more generous with credit limit increases. 

A recent card that I got was the Huntington Voice credit card which lets you choose your own 3 percent catagory from a list of 10 each quarter. You may not live in the midwest so it might be hard for you to get. 

[Anonymous]

Thanks, everyone. You've given me a lot to think about. I appreciate it!