Next Cashback CC To Apply For - PayPal 2% MC, C1 Quicksilver / Savor One, or others?

[Anonymous]

Hello everyone! Been a long time lurker of Myfico and recently decided to join the club, especially since I'm keen on applying for 1-2 cash back credit cards hopefully this month or May. I've had a Discover IT card with a $1k limit for some time, along with a $300 secured BankAmericard that will soon get PC'd into a Cash Rewards card (3/2/1 is what I'm looking forward to). I'm not sure if it's of any relevance, but I do also have a PayPal Credit $2k, a PayPal account, and checking and savings accounts for both BOA and C1. I've researched quite a few credit cards across different lenders, and along those that I've looked at, the PayPal 2% Cashback Mastercard offer was one I recently got incurred to apply via email, with a 4% cashback for the first 3 months (=$200 signup bonus). The no FTF, no annual fee, and it's widely accepted use seemed appealing, but due to the controversial issue regarding Synchrony and its customer service, has left me rather reluctant. 

There has also been the Capital One Quicksilver card that has the 1.5% cashback, with no FTF, no annual fee, and the $150 cash bonus upon spending $500 on purchases within 3 months, which to me seems MUCH more reasonable than PayPal's $200 bonus for spending $5,000 in the first 3 months. Interesting enough is their relatively new Savor One card, which has no annual fee, 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases, with no FTF, and some nice benefits that the Quicksilver offers as well, such as extended warranty, 0% intro APR for 15 months, and travel insurance, all of which PayPal doesn't provide (I think). Again, while I've had a good relationship with Capital One for 5 years, the controversy I've read about with them also has me feeling hesitant... 

But of course, there's even other cards from other issuers, notably American Express Blue Cash Everyday that provides 3% cash back on US supermarkets, 2% on gas, and 1% for all others. It does offer the $150 sign-up bonus for spending $1,000 in the first 3 months, 0% APR for 15 months, no annual fee, and some benefits as well. I've never had an Amex amount, so I'm not sure what my odds of success are with them. They only other issue pertaining to this is that I don't own a car yet, so I think the 2% gas won't do much until I start driving. There's also the Amazon Store Visa Signature Card that is of interest, since I do order Amazon products quite frequently (and will continue to do so in the future), so it's 5% on Amazon purchases seems nice, but, oh boy, the negative reviews and experiences I've read about this card are very telling. Of course, there's the Citi DC that offers 2% flat cashback, similar to the PayPal 2% MC, but that card has the 3% FTF, though I don't have any current plans of traveling outside the U. S. for the next few years ahead.

So many cards, so many options, but I have no idea which among them would be great in the long term! I've been rebuilding my credit with a current FICO score of 692,so I have a good feeling I might get accepted for at least 2-3 of these cards. However, I'm not a heavy spender, and I think despite the tempting sign-up bonuses, I probably won't maximize them, since I'm still in college. I'm pretty sure my spending patterns are more in the light side of things, even for dining and groceries. I'm also keen as to what benefits might best compliment the credit card I sell to go for? What do you guys think about these cashback card options? I truly appreciate any advice and suggestions you guys have for me! 

James

[AverageJoesCredit]

Im confused on what issues you are referring to with Synchrony service and why they are controversial?

Granted it could be better if something goes wrong but i havent had issues of today. Its an excellent card with easy redemptions especially if you have a PP account and linked checking. I highly recommend the PPMC 2% cb card.

By the way , welcome to myFico @Anonymous 

[FireMedic1]

+1 Love my PP card. No problems. Redeem CB to your PP account. Then. Transfer CB to your bank accounts in seconds from PP. MY QS now is used to pay MyFICO's monthly fee and thats it.

[Mv350]

I really like my PPMC, right now it is my daily for everything, except gas which is the Disco's quarter right now. Since you already have the PPC line. Sync would see that as a positive relationship. I applied for mine right after I got my first CLI on my PPC. 

So far, great choice

[Taurus22]

Welcome to the forums, OP....

I know how it is when you're first getting your feet wet with credit, starting to build, and your eyes get big with all the cards out there and your mind is playing games with you, because you want to apply for them all for the instant grtification, etc.

It looks like you have a good start though with the Discover and the PP acct. Go for the PPMC, should be an easy win for you since you are already in their door. I would advise steering away from Citi DC right now only because they like 700+ (I think maybe 720-740) and PP would be an easier shot.

I gather you're also wanting a Dining/Grocery card from the way your post reads, but honestly, don't burn your inquiries up too early with Cap1. They are going to hit you with HP on all 3 bureaus.

Good alternatives would be depending on your geo-location, etc.....Bank of the West, Synovus Cash Rewards, PNC Cash Rewards, TD Bank Cash card, BoA Cash Rewards

Wish you the best! Let us know what you decide to do....

[Anonymous]

@AverageJoesCredit Much thanks for your warm welcome! Oh, my apologies for not providing details on that! Some of the threads I've read on here have somewhat bashed on Synchrony with respect to their experiences, but I think it's likely the case for every other bank out there. I haven't really had any issues with them pertaining to Paypal Credit so far, so I'm likely certain that will be the case for PP 2% CashBack MC, should I desire to apply for it!

@FireMedic1 Well, when you put it that way, seems like a smooth process in retrieving CB from Paypal! QS does sound somewhat appealing, but it's quite difficult to figure out whether their HPs from all 3 credit bureaus is worth it. What do you think?

@Mv350 See, that's what I was perceiving the Paypal MC to serve in respect to the other credit cards in my wallet: as a daily driver. Now that you mention it, I didn't realize having both PP Credit line and an account with them would be recognized as a positive relationship with them! I'm actually impressed how quickly you got approved for yours after getting the CLI for PPC; if you don't mind me asking, how soon was it that you got approved for the PPMC and the CLI on your PP credit line?

@Taurus32 Ah, you understand my predicament all too well then! I wasn't aware that Citi desired highly decent CS of 700+; I was assuming that they were likely on the level of Capital One and Discover, because I've been receiving their Citi DC offers via mail in the past 2-3 months, along with C1's Platinum offers too! And what you pointed out about C1 doing HP from all 3 credit bureaus is what has me well afraid on even considering any of their credit cards. I feel as though if I can get away with a HP or SP from maybe 1 or 2 of the credit bureaus, thaat would be more optimal than suffering a hit from all 3. Oh, and I'm glad you mentioned geo-location as well, as that was something I hadn't even thought of! I'm currently based in Southern California, within the LA County, but I haven't really had any experience with credit unions whatsoever, much less an account with them. Do you or anyone have any experiences or suggestions on potential credit cards from them, or maybe starting a relationship with them?

Oh boy, my ordeal has gotten much more difficult, because just yesterday I learned about this so-called "Trifecta" regarding specific credit cards for both Chase and Amex, both of which I don't have accounts with. Apparently, there's a debate between the Chase trifecta of credit cards versus the Amex trifecta of charge cards (Amex Gold, Platinum, and BCE, I think). Not only that, but I even learned about the Chase "5/24" rule that's apparently heavily emphasized on these forums, and from what I can understand, I think I fall under the 5/24 (though I don't know how worried or careful I should be with this rule). There's apparently a Chase Freedom Unlimited and Chase Sapphire Reserve/Preferred that have some interesting rewards with respect to their rewards system, but I can't really foresee myself taking advantage of their points at my current stage (at least, between pure cashback vs. points). These cards seem to scream "Premium" to me, in that they seem to demand higher spending to compensate for their points. Are points that valuable for the kinds of rewards you can get with them (i.e. airfare, hotels, travel)?

[KLEXH25]

I really like my PPMC and use it a lot when my other cards don't get me better CB. Since you already have and use PayPal, this seems like a good fit. Plus they are pretty generous with limits and can grow quickly. Capital One has a great app and redemption is easy, but it's also a triple pull and can be painful to grow (CLI).

[notmyrealname23]

 A no annual fee 2% cashback card like the PayPal MC is a great option- you now have a completely acceptable daily driver. Get it, use it responsibly, and you'll end up with the credit scores for trifectas, etc. 

[Mv350]

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@Anonymous wrote:

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@Mv350 See, that's what I was perceiving the Paypal MC to serve in respect to the other credit cards in my wallet: as a daily driver. Now that you mention it, I didn't realize having both PP Credit line and an account with them would be recognized as a positive relationship with them! I'm actually impressed how quickly you got approved for yours after getting the CLI for PPC; if you don't mind me asking, how soon was it that you got approved for the PPMC and the CLI on your PP credit line?

Oh boy, my ordeal has gotten much more difficult, because just yesterday I learned about this so-called "Trifecta" regarding specific credit cards for both Chase and Amex, both of which I don't have accounts with. Apparently, there's a debate between the Chase trifecta of credit cards versus the Amex trifecta of charge cards (Amex Gold, Platinum, and BCE, I think). Not only that, but I even learned about the Chase "5/24" rule that's apparently heavily emphasized on these forums, and from what I can understand, I think I fall under the 5/24 (though I don't know how worried or careful I should be with this rule). There's apparently a Chase Freedom Unlimited and Chase Sapphire Reserve/Preferred that have some interesting rewards with respect to their rewards system, but I can't really foresee myself taking advantage of their points at my current stage (at least, between pure cashback vs. points). These cards seem to scream "Premium" to me, in that they seem to demand higher spending to compensate for their points. Are points that valuable for the kinds of rewards you can get with them (i.e. airfare, hotels, travel)?

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I am pretty sure I did them back to back. On Feb 3rd. I requested the increase on my PPC line. Then applied for the PPMC same night. 

Some DP's from when I applied

"Current scores

EX 670

TU 689

EQ 675

2 derogs, 6 years old

Vantage 4.0 is 675 on PPC website

Reporting UTI is about 22%"

I am sure someone with more experience on Chase cards will stop by soon. 

[Anonymous]

@KLEXH25 I think you're right in that it does make sense to pick up the PPMC as my next CC since I'm already well accustomed to using PP Credit line for credit card payments. But is it really true that Paypal/Synchrony is generous with CLIs? I don't think I've received an auto CLI for my PP credit line yet, but I'm not too hung up about it just yet. And with what you mentioned for Capital One, those drawbacks certainly do shy me away.

@notmyrealname23 I definitely agree with that; I think I'm getting too ahead of myself to even consider the trifectas at this point in time. Figured it is probably best to start slow and steady with my credit lineup.

@Mv350 Oh my, well that's certainly intriguing that they were so generous with your CLI request and app, especially on the same day for that matter! Your scores actually are pretty similar to mine as well, although I think my utilization rate is pretty low, and I'm talking more like 4-6%, if that's a good thing. I am kind of tempted to try your strategy today, though I'm reluctant as to whether it could backfire on me. Does the CLI requests associate with an SP from Synchrony/PayPal, or rather HP?

Well everyone, I decided that I would pull the trigger this morning for an app for the PayPal 2% Cashback Mastercard! Despite being very unccertain about the approval, I was relieved to see that my app has been instantly approved!! They gave me a temporary CL of $2k , with the CL of $2k, and a 25.49% variable APR! I was surprised to see this, because I figured I would've been given a lower CL, but I'm not complaining! Even better is that the 4% cashback applies for the first 3 months, and they only pulled from Transunion, with the alert I got from CreditKarma! A great start to a nice weekend if I say so myself!