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Hey All,
I'm turning 21 in June and am planning a mini app spree to maximize my rewards and better fill my credit needs. I have already decided that I want to go for the Citi DC, to be a general spend card that I can hold long-term, and hopefully, I won't miss out on the signup bonus. I am torn for the second card I was thinking either the Chase Amazon Prime Visa or the Chase Freedom I think the Freedom is a better long-term play as I would like to get the CSR after law school and they would work as a good combo. The Amazon Prime Visa helps me more in the short term because of 5% on Amazon (Although I'm not the biggest Amazon spender I do spend a decent amount) and the no FTF is key for me as I travel a lot and will be spending 3 weeks abroad this summer and I only have my JetBlue card as another no FTF card with wide acceptance.
If I do get the CSR in the future I won't really need the Amazon Prime for the no FTF and the Citi DC will give me 2% regardless of the categories (but with a FTF ). I thought about the Savor and the QS but they don't really attract me I'd rather have the DC and my JetBlue card already covers me for Groceries and Restaurants. I also looked at the Uber card but am not a huge fan of Barclay and would like to expand my horizons to new issuers. Since I'd be new with Chase I've also contemplated trying to get both the Amazon card and the Freedom for one pull, but I don't want to spook Chase and have them close all my accounts. Also since I already have a card with an AF I would like to stay away from AF cards if I can until I finish school otherwise the Marriott and the Sapphire Preferred look really enticing! Any thoughts from you guys on this? Also, should I apply in any specific order? Any thoughts on my chances to get these cards or any recommendations for other cards?
Some stats for you guys: I'm a 20-year-old college student. I have 2 credit cards (Discover IT Student and JetBlue Plus Mastercard) my first card was the Discover IT student card in August 2015 that has a 4,600 limit and 13.49% APR. My next card was JetBlue Plus Mastercard May 2016 with a $2,200 limit and a 22.24% APR. So I have one hard pull on my record as of now (Barclay TU) but it falls off in May and I have a 770 TU and 770 EQ I'd probably put down like $36,000ish for income. I have no baddies, lates or delinquencies. Squeaky clean but thin file I'm not an authorized user on any cards nor have I been so everything I have as far as credit is all me.
Thanks so much! I just wanted to add some paragraphs to make it easier to read. I really appreciate it!
I can't give you any advice regarding Chase (I'm lol/24) but I really want to give you an internet hi-five for your foresight and planning.
I appreciate it! Sometimes I over plan too much though, in every aspect not just financially.
while planning in general is to be encouraged, I feel long-term planning (more than a year out) in credit card land is not worthwhile.
Cards change (old ones get nerfed, new ones come out), your needs change, and policies like 5/24 change. (For example, I think it would make sense for a bank to increase the threshold to 5/infinity: to require no more than say 5 active card, cards with charges of $1000 a year or more. "If you are using too many cards, you probably wouldn't use mine a whole lot....")
Which is all to say, think of your current needs. If Chase Amazon gives you good rewards now, get that, and worry about Freedom/CSR later on. There's been talk of the Freedom 5x UR not being transferable and we have no idea of what might happen to those cards.
The Chase Amazon is a very rare example of denerfing, going from 3x to 5x (for Prime) with 5x at WholeFoods with no fee change. But that is the exception!
I recommend against an app spree. Go for one card. Use it. Build a strong track record with it. Six months later, apply for a second card.
To do this logically, figure out what your spend is, both how much and in what categories. Next how much cash back would you get in a year from the Amazon card and the Freedom card. Without knowing your spend I'm going to guess it's more on the Freedom. Now figure out how much you're going to pay in FTFs. Do a little simple math and see which card will provide you more value.
Without knowing your spend details, I'd say go with the Freedom. I think it's a better card that offers good value on a lot of categores (including Amazon in one quarter). Use your Jetblue card when traveling and if for some reason it doesn't work, then use the Freedom. You might not even have to use it and won't pay any fees.