I want to apply for an Amex EveryDay card (I already have a good cash back card and like that you get full-blown MR points with no fee), but I feel like I don't really have a good reason. Maybe too much time on this forum has left me with app-shame
The biggest reason for Amex is, honestly, the backdating. Personally I feel this is a HUGE perk, but is it too silly a reason to get one now - just for the benefit I might get if I apply for another Amex at some undetermined point in the future? Purchasing a house will be a goal in the future, but I am honestly not sure how far down that will be (no less than a year, but quite possibly longer). So, IF I apply for a card the sooner the better - it would just be that much sooner the inquiry would fall off and that much longer of a history.
I love my current Discover card, but the biggest reason I am considering another is for better travel rewards. I posted a while ago soliciting advice about getting a card specifically geared towards travel, but I think it was the right choice not to as I am not a frequent traveler nor have plans to become one. My wife and I are saving for a belated honeymoon in 2016. I would like to use rewards to offset that cost. Discover's cash back program could do it, but they don't have the travel partners that a Chase Ultimate Rewards or Amex Membership Rewards program does, which would make a card's benefits go that much further. I am not sure how much further though, as non-members don't have access to that much information.
My biggest concern is that I have recently financed a car, and the adverse impact the high balance on that loan would have on my chances for approval. My FICO score has stayed the same, however, despite the fact that the amount I owe (the second-largest component) has shot up. Do you guys think I am justified in worrying about my approval odds, or will creditors likely see a high balance of a recent loan in light of an otherwise creditworthy profile? Is there some ratio I should get to before I even try?