- Centurion Member
- Posts: 532
- Joined: Thu Jan 17, 2013 7:20 pm
- Location: United States
Looking for a "Prestige" card is basically a crap reason to get a card. Credit cards are like investments...if they aren't working for you, they aren't worth having. I'd much rather be getting 10% return on my investment vehicle at a Schwab office than 3% at a private bank.
When you look to get a credit card, do the math. Is this product going to be working for you? Will it give you benefits you truly need? If it is a cash bank card, is it truly better than other products? Let's look at your choices, all of which have annual fees.
1. Amex Gold. Nice benefits with this card (it was one of my first). But will you actually the benefits as offered against the annual fee? And you already carry another travel based card.
2. Amex BCP. A great product, but you must calculate your annual spending on gas and groceries, your estimated cash back versus the annual fee. For a family of 4 like mine, its a easy decision. If you're single in your 20's, it may not be as cut and dry.
3. Sapphire Preferred. Again, a popular card around here, but even for me it was one of the lesser cards in my conquest list. If you apply, will you spend enough on it to get the 40K bonus points? Will the $95 AF be ok for you in a year, especially when you already have another travel card? This card may be good for you in restaurants and to combine points you are already getting on your Freedom card, but you have to do the math and figure out if this card is right for you and your situation.
Again, don't app for cards just for the thrill of it or that you need that blingy product. These are financial products. Keep them only if they make sense and save you money.
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)