cancel
Showing results for 
Search instead for 
Did you mean: 

Which credit cards are the best?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
Established Contributor

Re: Which credit cards are the best?

Since I went over 20 years of my financial career without credit cards, my goal since I started trying to optimize rewards is to get cards that are keepers to build my AAoA. That doesn’t mean I won’t get rid something that is not working for me, but for the most part, I’m trying my best to get cards I’ll still have in 10 years. My mortgage is the only open account I have that is older than 2 years old. I have a couple of old car loans that will fall past 10 years in the not so far away future, and my AAoA is going to take a pretty big hit because of that.
I have about a little over a year to go be fire that happens, and I want to try to snag a few of my goal cards before that and let all of these accounts have some good age to them by the time my mortgage falls off.

Of my 7 cards, 5 get heavy use, and the Summit gets decent use in spurts a couple of times of year when I get the $50 off $250 purchases at Summit. Being that I work on cars a lot, those offers are beneficial. The only card I have that I really don’t have a specific use for is the BB&T card, of course, I didn’t even mean to apply for it. I’ll just use it for utilization padding for now, and hope that Truist comes up with something that I can PC to maybe (probably wishful thinking🙄)

My credit card journey started 3/2018



Summit Speed Card/Sync Car Care - $10000 CL
Discover It - $6500 CL - 5% rotating
AMEX BCP - $10500 SL - 6% groceries
BBVA Clear Points Rewards - $15300 SL - 3% utilities
PayPal Mastercard - $10000 CL - 2% General
PNC Cash Rewards - $5000 SL - 4% gas 3% restaurants
BB&T Spectrum Cash Rewards VS - $6500 SL - 3% gas
Cap 1 Quicksilver - $1600 CL(DW’s card) - 1.5%
Credit One Platinum - $1500 (DW’s starter card) - 1%
AMEX Cash Magnet - $2000 SL (DW’s) 5% general (6 mos)

Total CL - $68800

Cash Back and SUBs earned as of 2/17/20 - $2215.52

In the garden lettin’ ‘em grow!

CU Memberships


FICO 8 Scores as of 2/20/20
731 Experian, 744 TransUnion, 739 Equifax

Goal cards:
Message 71 of 79
Highlighted
Regular Contributor

Re: Which credit cards are the best?


@iced wrote:

@longtimelurker wrote:


I agree, but still, when things change enough, so do long-term strategies.   We've seen fairly dedicated UR people here switch, or at least strongly consider, a switch to MR, basically upending their chosen eco system.   When partners disappear, or things devalue enough, or a competitor gets much stronger, long-term cards can get dropped very suddenly!


People who let their travel be dictated by their cards will probably switch ecosystems in a significant nerfing. People who let their travel dictate their cards, not so much. A career United flyer isn't going to jump ship to Delta and MR just because of DoorDash or a $100 AF increase, just as career Delta flyers stuck with American Express even before their recent boosts. Partner changes can affect that, but those are fairly unusual.

 

Could someone re-evaluate every 5-10 years? Sure, but that's a far cry from the world of the LOL/24's around here who don't stay anywhere much longer than a year.


Not to derail but a lot of flyers don't necessarily choose one airline over another because of personal preference but choose due to lack of options.  Dulles International Airport is a United hub and flyers out of their can't just hop on Delta and fly directly where ever they want.  Unless you want layovers flying Delta or American Airlines you are very likely going to have to fly United out of Dulles.  

Message 72 of 79
Highlighted
Contributor

Re: Which credit cards are the best?

The best credit card imho is a No-AF fee that you can keep for years to come with minimal maintenance from a reputable lender. Think Bank of America Cash Rewards or Travel Rewards. Products that doesn’t change often. Ideally would be a MC/Visa.

Can be Citi, Cap 1 etc but a card in a major bank to have access to PC if needed. “At the moment” such as the Prestige, CSR can devalue bad, anything travel with AF are the first to be cut in benefits.

A normal card, no AF providing you have banking relationship with some multiplier would be the best to keep as oldest accounts. Also as the lender grows in size, it has a variety of PC available and branches where you can service your oldest card.

Message 73 of 79
Highlighted
Mega Contributor

Re: Which credit cards are the best?


@Deuter wrote:
The best credit card imho is a No-AF fee that you can keep for years to come with minimal maintenance from a reputable lender. Think Bank of America Cash Rewards or Travel Rewards. Products that doesn’t change often. Ideally would be a MC/Visa.

Can be Citi, Cap 1 etc but a card in a major bank to have access to PC if needed. “At the moment” such as the Prestige, CSR can devalue bad, anything travel with AF are the first to be cut in benefits.

A normal card, no AF providing you have banking relationship with some multiplier would be the best to keep as oldest accounts. Also as the lender grows in size, it has a variety of PC available and branches where you can service your oldest card.


Interesting!  I would never consider that as a criterion for myself, I have never had to go to a branch for anything cc related, but I guess some people do (but IMO, internet banks for banking are the way to go anyway!)

 

While there is value on having an oldest card that you can keep free of charge and low maintenance, in general to me this always raises the question of what is the real value of a score.    So in one extreme scenario I can have an old no rewards (or say 1% to be nice) card that I keep to maintain a higher AAoA and thus score, in the other I focus on cards with big gains, either SUBs and/or earnings, and worry much less about scores.   Which is "best" for the purposes of the thread!

 

IMO, a slightly careful version of the second is best: taking care before any mortgage is on the horizon to make sure the score doesn't dip too low.

Message 74 of 79
Highlighted
Valued Contributor

Re: Which credit cards are the best?


@longtimelurker wrote:

@Deuter wrote:
The best credit card imho is a No-AF fee that you can keep for years to come with minimal maintenance from a reputable lender.

While there is value on having an oldest card that you can keep free of charge and low maintenance, in general to me this always raises the question of what is the real value of a score.    So in one extreme scenario I can have an old no rewards (or say 1% to be nice) card that I keep to maintain a higher AAoA and thus score, in the other I focus on cards with big gains, either SUBs and/or earnings, and worry much less about scores.   Which is "best" for the purposes of the thread!

 

IMO, a slightly careful version of the second is best


I think both are not only valid answers but would also say that over time, for most consumers, both become more important.  And they can (and should) coexisit.  I have older cards that offer less "cash-back" or other benefits from my newer cards.  But in many ways, I more highly value the older cards that help anchor my AAoA and stabilize my credit scores.  They are harder to replace!  If I can't PC them into more useful alternatives, the older cards will never get the amount of spending of the younger more rewarding cards.  But I keep them around and use them some just to maintain them for my overall credit health. 




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $454K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 75 of 79
Highlighted
Contributor

Re: Which credit cards are the best?

Yes! I’m not saying they can’t co-exist. Look at me with a $500 AF and another $100 AF. I am using the newer more perks & features cards. But i’m just saying that imho the best one is the No AF you can keep as long as you can because that can give you the value, aaoa,credit history you can’t replace.

So that’s one of the reasons why i’m PCing my AA to a DC. I want among many things to keep my oldest card as No AF. And as for the branches it’s always handy. I do too, as you use Internet for most things but that’s also an extra plus to have your bank at hand.

Message 76 of 79
Highlighted
Regular Contributor

Re: Which credit cards are the best?

It is subjective but I am glad I am not the only one who think the ability to PC is an important criteria. 

 

Visa = MC > AmEx >>> Discover

National Bank CC >>> Regional Bank CC

Issuer allows PC

No AF or has downgrade path to no AF card

Ideally from a bank that has a wide range of products

 

Overall I like CCs that are well accepted, adaptable, can change and grow with me financially and I don't mean just CL.  

 

 

Message 77 of 79
Highlighted
Valued Contributor

Re: Which credit cards are the best?


@FieryDance wrote:

... I am glad I am not the only one who think the ability to PC is an important criteria. 

Visa = MC > AmEx >>> Discover

National Bank CC >>> Regional Bank CC

Issuer allows PC

No AF or has downgrade path to no AF card

Ideally from a bank that has a wide range of products

Overall I like CCs that are well accepted, adaptable, can change and grow with me financially and I don't mean just CL.  


Yes, all my four oldest currently open cards (19-27 years) have been PC'd at least once. Smiley Happy

And yes, the big national banks are more likely to adapt to competition

and refresh their offerings, as well as offer the most upgrade/downgrade paths. 

 

This reminds me of a recent thread about the "Big Banks" I did a little research and posted about.  I came up with the "Big Five" banks.  Yes, it is somewhat subjective, but I have data and explanation behind it.  By far, the largest lenders in terms of bank size (assets), cards issued (total numbers issued, types, variety of offerings, and competitiveness), or both were (in alphabetical order to be fair):

 

  AMEX (26th largest bank in assets; 3rd largest card issuer)

  BofA (2nd largest bank in assets; 5th largest card issuer)

  Citi (4th largest bank in assets; largest card issuer)

  Chase (largest bank in assets; 2nd largest card issuer)

  Wells Fargo (3rd largest bank in assets; 8th largest card issuer)

 

There are reasons I left off some other popular names from my "First Team" including U.S. Bank, Discover, Capital One, and Synchrony.  That's not saying the "Second" or "Third" teams are not good banks; they are just not in the credit card game the same way the "First" team is in the game.  I also like having cards with credit unions too, especially the largest ones like NFCU (#1 in US) and PenFed (#3 in US).  Similar to the large banks, they tend to offer competive products and service.  That's why NFCU and PenFed were in my "Second" team list alongside US Bank, Discover, Capital One. See the link for more discussion and comparison.

Original Thread:

   https://ficoforums.myfico.com/t5/Credit-Cards/List-of-Major-Bank-Cards/m-p/5803770#M1679615

 

It's interesting that the new merger between SunTrust and BB&T will form the 6th largest bank (named Truist).  For now, their cards are staying status-quo but I expect them to offer some new cards and shake up their offerings to become more competive with the largest lenders.  I think that will probably move those two banks from my "Third Team" list to "Second Team."

  https://www.truist.com/

 

 

P.S.  As an aside,  I like your new Avatar.  It fits you well.  Smiley Wink




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $454K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 78 of 79
Highlighted
Mega Contributor

Re: Which credit cards are the best?


@FieryDance wrote:

It is subjective but I am glad I am not the only one who think the ability to PC is an important criteria. 

 

Visa = MC > AmEx >>> Discover

National Bank CC >>> Regional Bank CC

Issuer allows PC

No AF or has downgrade path to no AF card

Ideally from a bank that has a wide range of products

 

Overall I like CCs that are well accepted, adaptable, can change and grow with me financially and I don't mean just CL.  

 

 


While I agree that the ability to PC from an AF card to a no-AF is certainly nice-to-have, in other cases a PC to the card you want might not be available when you want it.   Also, I think few banks actually have a blanket "No PC" policy (Sync?) the others have things like "PC only in this family" or "No PC to or from card X at this time", so it's hard for me to consider it a firm requirement.   Even in the AF case, if necessary I can close, and maybe transfer the limit (another discussion point!)

Message 79 of 79
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.