Which credit card should I be using?

[Anonymous]

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@HeavenOhio wrote:

You've hit on the intended purpose of AU cards. People here frequently mention them as a way to improve scores — which they may or may not be, depending on how they're used. But they're really intended to offer convenience: one person buying on another's behalf, a parent giving a child access to a card, a spouse wanting to combine budgeting with the other spouse, etc. I'd suggest that you keep this setup as long as it's beneficial to all involved and as long it's not keeping you from having sufficient scores.

So really, the question becomes which of your own two cards you choose for your personal spending. I'd go with the Freedom Unlimited and use the Citi card just enough to keep it active — or when expenses are higher than usual and you need its limit. If you're able to PC the Citi card into DC, then the FU can move to a backup role.

A third card of your own is a a good idea, but there's no rush. Take the time to do your homework, assess your needs, ask questions here and get multiple opinions, and apply when you think your history and scores are right.

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I'm going to call Citi tomorrow to see if I can PC to the DC without losing my established history. If so, I'm happy to do it. I just redeemed all my ThankYou Preffered points for gift cards so I have nothing left of value there.

[Anonymous]

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@Anonymous wrote:

Hi all,

Great forum, been lurking here for a while and finally decided to post. I'm a 20 year old student that currently has 3 cards. BP Visa i'm AU on, Citi ThankYou Preferred that was my first solo card and a Freedom Unlimited I just opened to pay my school tuition. I'm going to school year round now and won't be doing any traveling so I'm been trying to do as many cash reward bonuses, which is why I opened the CFU.

My question now is which card should I be using for my daily spend. My monthly spending is about $300-350 which is a mixture of food and general shopping purchases, and now every 2 months ish I willl have a tuition payment that will be around $1000-1500. As I said before cash rewards/gift cards are my main goal. I was also seeing if I could change my ThankYou Preferred to a DoubleCash but then I'm not sure if I should focus all my spending on one card or if I should be splitting the spend between the TYP and CFU. Please let me know.

Thanks in advance! I can elaborate anywhere when needed.

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A really good app that has helped me a lot is the TPG (The Points Guy) app.  It detects your location and has a database of vendors.  You add all cards to the app in your wallet, and the app will tell you which card to use for the best rewards.  It has helped me out a great deal and saved me from having to think about why I am using a certain card.

[csryang]

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@Anonymous wrote:

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@Anonymous wrote:
All great advice far

As for the BP Visa, understanding that it may have been a wonderful anchor for depth and history in order to secure the other 2... point is you have them now

That being said, is it a dormant card or does it get use monthly which could effect the # of accounts reporting a balance, especially if you are yinging and whomever handles that account yangs

The point I'm getting at is, you might want to go ahead a establish that 3 revolver on your own, so that you are in complete control over what gets reported.

Also an additional TL, one that could basically be pretty dormant adds depth and width to your profile and although basically dormant to you the aging of said account only helps you
5 years from now you'll have several thick old TL's with a gazillion 'paid as agreed' marks, very nice whereas most 25 y.o.'s wouldn't have such a profile

A nice Discover or a solid CU makes for an outstanding 3rd TL IMO just FYI

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The BP Visa is one of my parent's main cards, been open since 2008 and has a SL of $14k. It never goes above 20% utilization and I use it occasionally when buying stuff for family, home groceries, filling up parents cars, etc. I used it more before I had a job and my own cards but now that I do it is only used to buy stuff that my parents/the house needs.

I would really hate to close since I've had it for so long. I was hoping to add a third card on my own soon but I haven't been able to decide on that either. Something that would get me a cash bonus upon opening would be cool, or if I'm gonna be vain, I would love a metal card. I don't know why I'm so hooked on stupid metal cards but I want one baaadddd.

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Well you can go slow. Check out this forum and search on topics you want to know and read them. Also check out this blog as it has some great info: https://www.doctorofcredit.com/

Definitely no hurry to add a third card of your own until you know what card fits you the best and how you are going to utilize its benefit. A card with good sign up bonus typically require spending a few thousand dollar in 3 months. Can you do that? If so, just pick the one that fits you the best and ask around for people's opinions. 

Unfortunately or fortunately... all the cool metal cards have some sort of annual fee that you need to pay up front. Unless you can fully utilize its benefit and sign up bonus to offset the annual fee, I do not recommend you go for them. Chase CSP and CapitalOne Venture both have waived annual fee first year and somewhat metal but they are not the coolest metal card  

[Anonymous]

Cool looking cards aren't generally high on my concern list for building but I 'get it'

As far as the 3rd card of course there's never a rush, my suggestion had to do with strategy and using DEAD time in college to kill 2 stones vs allowing those months to go by blank, where they can be used building 'paid as agreed' data in the background.

I'm not talking a TL to 'love' I'm definitely talking a possible slam bam thanks for the history TL ( knows, she may get to hang around but as long as she's decent and reports, she's doing what I need from her) Yes, I'm a cad just need a 'body' in the 3rd spot, Sue me😱

[Gregory1776]

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@Anonymous wrote:
Amex blue cash preferred if you buy gift cards at supermarkets. Get the calculator out, start at -95, see if you break even at <6 months of your spend. After that all gravy of course. 7 bucks a week from groceries and general spend in cash back is how your spend sounds. 7x52? Lots of gravy. Amex offers currently are throwing in a lot in the pot too!

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You dont get cash back buying Gift cards... I know, i wanted to get on that gravy train... 

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@Anonymous wrote:
Amex blue cash preferred if you buy gift cards at supermarkets. Get the calculator out, start at -95, see if you break even at <6 months of your spend. After that all gravy of course. 7 bucks a week from groceries and general spend in cash back is how your spend sounds. 7x52? Lots of gravy. Amex offers currently are throwing in a lot in the pot too!

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[Anonymous]

As an update, only took 6 minutes on the phone and i switched to the DoubleCash. Will now focus my spending on that till something else catches my eye. I kind of wish I had gotten a Freedom instead of a Freedom Unlimited to take advantage of the 5% categories, but oh well.

[HeavenOhio]

You can probably PC the Freedom Unlimited card too.

[Anonymous]

What are your 3 real fico scores?  I would be getting whichever card has the best sign on bonus if you were in the high 600's or 700+....go in branch if you can, if not, see if you are prequalified chase.com/prequalified and see if the chase sapphire preferred shows up.  if you would have paid your tuition with that you'd get a heck of a lot more back than 2%.....    2% is nothing as far as cash back goes.  Even alliant cu has 3% the first year, or discover it miles 1.5 then matched a year later so its 3%....

but a card like the merrill+ from bank of america would give you $500 after $3k spend....and the card wouldn't be totally worthless afterwards since its with bank of america and gets great bankamerideals and recurrent bt offers.

i'd avoid capital one.  And hopefully you could find a different AU card that isnt at 20% util but still that is better than 30 or 40!

I am not saying go open 25 cards... but heck, why not open a few.  Check out the man who cans cash back charts (link in my signature) so you can find which cards best align with your spending, when you are not actively working on a bonus.

[NRB525]

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@Anonymous wrote:

As an update, only took 6 minutes on the phone and i switched to the DoubleCash. Will now focus my spending on that till something else catches my eye. I kind of wish I had gotten a Freedom instead of a Freedom Unlimited to take advantage of the 5% categories, but oh well.

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Congrats on the DC PC. The 2% on that card and 1.5 points on Freedom Unlimited will be pretty good at your spend level. 

What are the limits on your cards?

Which grocery store chain do you frequent? The AMEX habit of not coding for groceries can be disappointing at many chains. 

[UpperNwGuy]

I think the Citi Double Cash will be perfect for you.  Unless you plan to engage in churning, which I don't recommend until a person has a long and good credit history, you won't do much better than a 2% no-fee cash back card augmented by another no-fee card that gives you 3% on gas, groceries, or dining.