Replacement for AmEx once Costco relationship ends

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liberate
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Location: Iowa

Postby liberate » Fri Feb 20, 2015 10:21 am

Vattené wrote:Have you looked into the Sallie Mae MasterCard issued by Barclay? 5% back on gas, grocery, and bookstores. There are relatively low monthly caps on cash back ($250, $250, and $750, respectively) but if you have much spending in those categories it can really be beneficial because it's hard to beat that rewards return. I've been eyeing it lately myself just for the gas cash back. I believe it's more difficult to get than a Freedom, but with a 750 FICO (absent any other context) you could have good odds.

Edit - I hadn't refreshed since your last reply, but I'll leave this up in case it interests you.


Thanks for the information. I did come across this card, but I should've read a bit more and been more open-minded about it. Barclay is not a familiar name to me, and I assumed that I had to have a student loan or be affiliated with Sallie Mae in some way. It seems that is not the case. I'll consider it for the future.

Really I suppose I should be opening accounts now, gaining reputation with the big CC companies, and letting them age while I finish grad school. Right now I'm sitting on my CL with accounts that I pay off in full each month, so I maybe hit 1-2% utilization in a given month. I won't have a reason to need good credit for the next few years.

I just had the hard pull from Chase along with a couple soft pull CLIs on my Discover and AmEx cards, so I'm going to see how the next Discover FICO looks. If it looks fine, I'll consider looking at the Sallie Mae.

Brad Bishop wrote:I think, for those of you with the Amex-Costco co-branded card, that you have a pretty good position:
- American Express wants to keep you as a customer
- CostCo wants to keep you as a customer

All that you have to do is sit back and decide what's best for you.


This makes sense. I guess I prematurely assumed that they would just close the accounts.
It: $19.5k
TrueEarnings: $12k
Sallie Mae: $5k
Freedom: $2.5k

Best Buy: $8k
Kohl's: $0.8k

Discover TU FICO: 754 (6/2015)
Building credit while completeing grad school. Three long years to go...


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Vattené
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Postby Vattené » Fri Feb 20, 2015 4:20 pm

liberate wrote:Thanks for the information. I did come across this card, but I should've read a bit more and been more open-minded about it. Barclay is not a familiar name to me, and I assumed that I had to have a student loan or be affiliated with Sallie Mae in some way. It seems that is not the case. I'll consider it for the future.

Really I suppose I should be opening accounts now, gaining reputation with the big CC companies, and letting them age while I finish grad school. Right now I'm sitting on my CL with accounts that I pay off in full each month, so I maybe hit 1-2% utilization in a given month. I won't have a reason to need good credit for the next few years.

I just had the hard pull from Chase along with a couple soft pull CLIs on my Discover and AmEx cards, so I'm going to see how the next Discover FICO looks. If it looks fine, I'll consider looking atth
e Sallie Mae.


It does seem to be a little-known gem. They are a London based bank; maybe you've heard of the Arrival+ or their Barclaycard Rewards MasterCard. They're their more popular products.

Anyway it's certainly worth considering. Looks like you're in a good position when it comes to credit cards, too. With no foreseeable need for new credit for a few years, you're free to go for anything that optimizes your rewards with no real concern about the credit impact. By the time you need new credit, the accounts should help you.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

yfan
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Postby yfan » Fri Feb 20, 2015 6:08 pm

My guess - and hope - is that Amex keeps the accounts and changes us to a different product like the Blue Cash Everyday (or the Everyday). If Costco goes with a partner that issues a Mastercard or Visa or Discover, they will accept all cards of that particular network, all of which I have and have no interest in acquiring more of. Although if Costco goes with Capital One, I hope Capital One will allow me PC one of my Quicksilver cards to whatever Costco product they come up with.



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