What is the best cards that I don't have?

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paparoach429
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What is the best cards that I don't have?

Postby paparoach429 » Tue Mar 10, 2015 2:52 am

So far my main 4 cards are the CSP, the Freedom, the Amex green, and the Citi Forward. I'm trying to branch out to other banks to build relationships and was wondering what you guys thought of Bank of America, Capital One, Discover, BMO Harris, and US Bank. Obviously I'm looking for cards that don't have an annual fee (Since I already have two). If the benefits greatly out do the annual fee. Good customer service, good credit limits, and good rewards. So far I'm eye balling the American Airlines AAvantage card being that they are offering 50,000 bonus miles on it. Also, What do you guys think of personal lines of credit? Are they beneficial to have? Which banks would be best for that?


Brad Bishop
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Postby Brad Bishop » Tue Mar 10, 2015 7:21 am

I used to think of the Discover Card as a joke. Mainly because I remember it's inception at Sears (the only place you could use it in the very beginning - or maybe one of the very few places you could use it) and it just seemed like a kind of joke.

This Family Guy video (looks to be shot by a cell phone) does a pretty good job explaining how people felt about it:
[video]https://www.youtube.com/watch?v=ePT9Ed1pk4w[/video]

My sister had one for years and I used to make similar jokes about it. I finally got one last year and it's turned into my daily go-to card. I normally pay with cash but I do head straight for the Discover if I'm short on cash and take advantage of their revolving 5% cash back deals. Most places that accept Visa/MasterCard also accept Discover. I've run into a few that don't but, by and large, it's not a problem.

I also kind of like that they're their own thing. You're not getting a Discover card from your bank, you're getting it from one place: Discover. It's kind of dumb and really shouldn't matter but it does make it seem less generic than Visa or MasterCard. I used to like Amex for the same reasons but I think that they have diluted their brand with 60 or so different offerings just from themselves along with bank issued Amexes. Like I said, it really doesn't matter as a credit card is a credit card.

As for "building relationships". I'd just go for the best deal for you. My main criteria is: $0 AF / low APR. Most of the extras that they try to sell you on you either think you will use and never do or, for like insurance on purchases, it's a lot more forms than you'd think.

takeshi
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Postby takeshi » Tue Mar 10, 2015 8:55 am

Definitely consider total cost/benefit versus just AF/no AF.

Best/good/etc are always highly subjective regardless of topic. What qualifies as "good rewards" will depend on your spend (categories and amounts) so you really just have to crunch the numbers to see where you would benefit from the various rewards programs.

While creditors vary in what they're willing to extend, limits are based on your credit and income.

paparoach429 wrote:I'm trying to branch out to other banks to build relationships and was wondering what you guys thought of Bank of America, Capital One, Discover, BMO Harris, and US Bank.

I think it's more useful to determine your needs/wants and then find specific products that fit those requirements versus just looking at creditors.

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Postby Vattené » Tue Mar 10, 2015 3:48 pm

I also absolutely love Discover and would recommend them if you're wanting another bank with which to "get in" and "build a relationship." My entire customer experience has been great, from rewards earning/redemption to customer service interactions to the design of their website and app. They've been generous with my credit limit, but others are not so lucky. If you're just interested in getting something else, the Discover it's 5% categories might make a good option for someone that already has several prime cards that can cover a lot of spending. Also look into the Discover it Miles for an interesting take on an introductory offer.

I don't have any sort of relationship with Bank of America (so I can't speak to customer service or anything like that), but I would seriously be looking at their Better Balance Rewards card for myself if I wasn't currently trying to position myself for a mortgage application. You get a $25 statement credit for each quarter you make more-than-minimum payments on time ($30 if you're willing to also open a bank account). I haven't combed through the fine print for any catches, but I do know you have to make charges and have positive balances each billing cycle to get the bonus. Assuming no catches, though, I'd think best-case scenario would be putting as little spending as possible through (e.g. using it exclusively for a netflix subscription) and PIF every month, and get a free $100 per year. Seems to me it would also be a good option for someone that already has major spending covered and is just ready to get something else for rewards optimization.

I also don't have any experience with personal lines of credit, but I would just say if you don't absolutely need one then steer clear. I don't know why you are interested, so maybe you do have a good reason. My thinking is just why take on any more debt and pay any more interest than necessary?
-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

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Mar 10, 2015 5:08 pm

Cards to consider adding: Discover It, Barclaycard Sallie Mae. Discover has already been discussed, and it's good to have SM as a year-round gas/grocery/books/Amazon card. It's boring, but useful.

I'd rethink the Amex Green - possible replacing it with an Amex ED. I think it's ridiculous that Green has the same AF as a CSP.

No experience with personal lines of credit.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
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Letting new accounts cool off since May
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Postby notcool » Tue Mar 10, 2015 7:38 pm

One thing re: annual fees. If you already have two that charge an annual fee, adding a third may not be worth it, unless you are spending a lot of money on these cards with the fees or otherwise recouping the fees.

I am not against annual fees at all. The benefits may outweigh the fee. But I wonder if having several cards with annual fees can pay off absent a lot of spending.

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Mar 10, 2015 11:46 pm

Another consideration about annual fees is the number of 'reward currencies' in which you're earning points. Cash is (usually) easy to redeem, but most travel rewards aren't of much value when you have less than 10000 points (Hyatt is the exception that comes to mind).

Most of my spending earns URs, and I get some MRs at Costco. If I was spreading my everyday spending over MR, UR, TYP cards and a few cobranded airline or hotel cards, I would be paying a lot in annual fees but not earning points quickly enough for it to make economic sense.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

paparoach429
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Postby paparoach429 » Wed Mar 11, 2015 12:53 am

My main reason for going with other banks is mostly just to build the relationship. I bank with Citi and my oldest credit card is with them. I also love Chase because I have the most points with them and they have been the most generous with credit limits. Also, isn't it true about banks reaching a limit in which they will extend credit to? I have almost 20k with Chase. I know alot of you guys have alot more, but for my age, income and credit file I don't know how much more they would extend to me. My reason for the personal line of credit is because I often come across things that I either want personally, or can buy and sell to make money on but coincidentally never have the cash in hand at the time.

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Postby takeshi » Wed Mar 11, 2015 9:22 am

You don't need to "build relationship" just for the sake of doing so. The benefit of "relationship" is overstated in many credit card fora. If your credit qualifies you'll be approved. If you credit has issues then relationship isn't going to overrule your credit issues.

Again, determine your needs/wants and find specific products that fit.

paparoach429 wrote:Also, isn't it true about banks reaching a limit in which they will extend credit to?

Of course. No creditor will extend infinite credit.

paparoach429 wrote:I have almost 20k with Chase. I know alot of you guys have alot more, but for my age, income and credit file I don't know how much more they would extend to me.

There's no sense in worrying about it until you run into it. If you hit your internal limit when applying for another Chase card you can reallocate to open the new card.

There's no way you'll be able to determine how much each creditor is willing to extend to you until you run into a denial.

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Mar 11, 2015 10:15 am

takeshi wrote:You don't need to "build relationship" just for the sake of doing so. The benefit of "relationship" is overstated in many credit card fora. If your credit qualifies you'll be approved. If you credit has issues then relationship isn't going to overrule your credit issues.


I agree. With the one exception of getting a PRG (which I've decided to keep, anyway) before the allegedly slightly harder-to-get BCE, I've always just gone for the cards I wanted. I've seen people make some questionable moves like opening low/no rewards cards after being declined for a high-rewards card from the same issuer, just for the sake of 'building a relationship'. Yes, a low/no rewards card can sometimes be PC'ed to a more desirable card, but that often means the loss of a lucrative signup bonus. So what was the point of getting the low/no rewards card in the first place?

There are times (not always) when it's better to just take the HP as a loss (keeping your existing cards) than to open a card that isn't really what you want.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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