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@SSA_2013 wrote:Well, I've looked over my accounts and I like the cards I have. My issue is I decided that I should probably add a financing card/account for larger purchases.
1) Bill Me Later (I like the hidden utilization factor + different stores accept it... but don't like that you really don't know what you have as a credit line)
2) Amazon Store Card (I do shop quite a bit at Amazon and would benefit from the 6,12, 24 months of financing when I decide to make a large purchase + GE credit limit increases)
I don't know if it would be beneficial to have both or just one. Any advice or recommendations?
PS: myjourney + lexie: I'm still in the garden. I'm just curious as to what I should pick up in a few months
Do both... BML doesn't report to the CB, Amazon does. So regardless of which way you go, IT still benefits you... I have both as well.
@SSA_2013 wrote:Bill Me Later (I like the hidden utilization factor + different stores accept it... but don't like that you really don't know what you have as a credit line)
You'll know as you use it. BML indicates that you have "at least X available credit" for your account on their site.
@SSA_2013 wrote:
I don't know if it would be beneficial to have both or just one. Any advice or recommendations?
Beneficial is always highly subjective. It can certainly be handy to have both but you need to decide based on your specific credit, situation, needs, priorities, preferences, etc. I was using BML quite a bit as I do a lot of online shopping and used eBay Paypal quite a bit.
For Bill Me Later, is it something only used for online purchases, or does it come with a physical card too?
Thank you to everyone!
@ SnackTrader: My main interest in these 2 accounts is that the promotions usually don't end after the initial intro period. When you get a regular card for 12 or 18 months it goes back to the original rate. With these the promotions are almost always available. So I don't get a hit everytime I want to upgrade computers, security systems, etc. My main idea is to upgrade my Mac + TV. I never carry a balance unless it is to show that 1-9% utilization. BUT I like the option of freeing up cash for a few months and finish paying off an item 1-2 months before the interest kicks in. This way I get the best of both 0% and cash to work for me. This is one reason I like the Bill Me Later account. I can get the benefits of a few months of holding onto the cash + no high utilization damage + VISA/MasterCards are all available for emergencies or rewards. The same goes for the Amazon Account. I just don't like the idea of using a regular card to carry a balance even if is at a lower interest rate.
The reality is that is why I got the Lowes card as well. Whenever I use it for monthly expenses I get 5% off and PIF. If I ever need appliances or long term projects I can use it for the 5.9% for 84 months fixed or the usual 12-18 Months at 0%.
I hear they Bork'd the Citi Forward so it doesn't give 5% on Amazon purchases anymore.
You might consider the Sallie Mae World Mastercard. 5% on bookstores upto $750 purchases/month, so that should cover some of your Amazon transactions. And 5% on upto $250 Gas, and 5% upto $250 grocery store purchases. This card is on my short-list of cards I want.
So the Forward would cover your fast food/restaurants, and the Sallie Mae would cover grocery stores. Seems like a good fit. You gotta eat something...
Have you considered switching the Discover More to a Discover IT?
@SSA_2013 wrote:
@hutchj wrote:
@SSA_2013 wrote:Well, I've looked over my accounts and I like the cards I have. My issue is I decided that I should probably add a financing card/account for larger purchases.
1) Bill Me Later (I like the hidden utilization factor + different stores accept it... but don't like that you really don't know what you have as a credit line)
2) Amazon Store Card (I do shop quite a bit at Amazon and would benefit from the 6,12, 24 months of financing when I decide to make a large purchase + GE credit limit increases)
I don't know if it would be beneficial to have both or just one. Any advice or recommendations?
PS: myjourney + lexie: I'm still in the garden. I'm just curious as to what I should pick up in a few months
What cards do you have now?
Chase Sapphire Preferred, Chase Freedom, Citi Forward, Citi Dividend, Discover More, Lowes, Capital One, and the Ring.
I think you need Amex