Should I apply for a new credit card or charge card?

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GDaCosta
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Location: Minneapolis

Should I apply for a new credit card or charge card?

Postby GDaCosta » Mon Mar 03, 2014 12:53 pm

So I currently have two credit cards. I manage them wisely, always pay my balances full, and never missed a payment.
I'm thinking of applying for a charge card. (Amex Gold card PRG) I really want this card for the Membership rewards. Does anyone know if I will get denied and if I do get denied will it be a hard or soft inquiry?




Wells Fargo Platinum Secured $300 CL 2/22/13

American Express Blue Cash everday $2,000 CL 9/04/13

Credit score TU 724


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otter
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Location: Grand Forks, ND

Postby otter » Mon Mar 03, 2014 2:32 pm

GDaCosta wrote:Does anyone know if I will get denied and if I do get denied will it be a hard or soft inquiry?


If you are denied, it will be soft since you are already a card holder... charge cards are typically easier to get than revolvers, though.

As for what card you should get... you really haven't given enough info. No one here knows your spending patterns.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

HookEmHorns
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Location: Dallas/Austin

Postby HookEmHorns » Mon Mar 03, 2014 3:17 pm

If I were you I'd wait for the Amex Everyday Preferred. It's a cheaper annual fee and, if this would be your go to card, you could earn more points for the same spend vs a PRG.
AMEX PRG~1/14--backdated to 2012
AMEX BCE~6/13--backdated to 2012
Chase Freedom~5/13
Discover IT ~12/12

:cool:

takeshi
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Postby takeshi » Tue Mar 04, 2014 8:03 am

GDaCosta wrote:Does anyone know if I will get denied

Nope. If you qualified for an AmEx revolver then odd are pretty good for a charge given that the revolver criteria are generally tougher.

GDaCosta wrote:Should I apply for a new credit card or charge card?

Again, not enough info. You need to tell us what you need/want and then we can tell you what might be a good fit for you.

GDaCosta
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Postby GDaCosta » Tue Mar 04, 2014 11:44 am

I don't really get all this credit stuff and I just have two cards. I make 20k I spend about 1000 or more a month and my fico is 724.

linuxmachine
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Location: los angeles

Postby linuxmachine » Tue Mar 04, 2014 1:49 pm

Not including the signup bonus... Let's say you get 15k points a year (assuming you hit some bonus targets), and you were able to convert at a rate of 1.5 cents per point (pretty good if you're new to the rewards game). That's about $225 worth of points. Your annual fee is $175 and you are left with $50 worth of rewards. Just having a straight 1% cash back card (with no annual fee) will net you $120 ($180 with a 1.5% CB card). At that point, you are paying for a handful of shopping/traveling perks that you may or may not decide to use. You can decide which makes more sense.

samhradh
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Location: United States

Postby samhradh » Tue Mar 04, 2014 8:03 pm

Does not seem like the PRG is the right card for you, based on your income/expense levels. I suggest waiting a few weeks and applying for the new EveryDay card if all you want is membership rewards points.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).



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