Applying for new credit cards. What cards to get?

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Star Lord
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Applying for new credit cards. What cards to get?

Postby Star Lord » Wed Mar 11, 2015 8:42 pm

So after much research I've finally decided that I'll probably apply for 2 more new cards this year and that'll be it since they'll cover my modest spending. I really only spend on groceries and gas then occasionally restaurants. Looking at getting a Discover It now and a Chase Freedom if/when they offer a $200 sign up bonus again.

Anyway so I have 3 cards so far
My bank visa-4k limit also first and oldest card at 7 months old.
Costco Amex-4k approved for last month
Sallie Mae-4.5k approved for this month

Now I'm guessing since I had savings in that bank is why I have a higher limit but there's no way in hell I'll ever reach any of those limits since I budget and only spend what I have from my own bank. That and I consider the magic 9% or less rule my limit for spending so I don't have to pay my card twice or more a month to make sure utilization is low. Otherwise I technically could spend more but I only use my other accounts in an emergency.

Anyway should I stick with my plan of applying for a Discover It now then waiting for a better signup bonus for the Chase? Otherwise the only card I was thinking of that would apply for my spending habits is the quicksilver or double cash which I would use for bills.


Star Lord
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Postby Star Lord » Wed Mar 11, 2015 9:57 pm

Well can't find a way to edit posts but forgot to mention I never carry a balance and don't plan to. I pay in full every month.

notcool
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Postby notcool » Wed Mar 11, 2015 10:44 pm

If you mostly spend on groceries and gas and you only spend modestly I would think the sallie Mae that you already have is ideal. Quicksilver ,freedom, and discover are all good cards in my view. Maybe adding one makes sense if you can take advantage of a sign up bonus or extra rewards.

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Mar 11, 2015 11:05 pm

Discover could be a good option. It offers 5% on restaurants from April through June.

Sallie Mae is great.

The Costco Amex is good if you only want a few cards and to avoid annual fees. I have several cards, some with annual fees, so the rewards aren't very appealing since I'm paying for better perks and rewards, anyway.

With a Sallie Mae and a Discover, you won't really be missing out on much that the Freedom offers for the rest of 2015. So you can wait for a better bonus on that. Again, this advice assumes you want to avoid cards with annual fees and complicated travel rewards.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

Star Lord
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Postby Star Lord » Wed Mar 11, 2015 11:12 pm

notcool wrote:If you mostly spend on groceries and gas and you only spend modestly I would think the sallie Mae that you already have is ideal. Quicksilver ,freedom, and discover are all good cards in my view. Maybe adding one makes sense if you can take advantage of a sign up bonus or extra rewards.



Yeah only reason I'm looking at the others is for coverage and the extra rewards since I like min/maxing. Like I know it's minor but hey if I'm gonna watch Age of Ultron and other movies this summer, I might as well try to get the max cashback with Discover or another card. And of course for when I eat out.

Like right now I'm thinking both Discover and Freedom just because Discover isn't accepted everywhere so it would be nice to have the Freedom visa as a backup and for the categories/building up for chase rewards.

Am also looking to get a card for the bills since before I finally got approved for a CC, everything was paid with debit so I'd love to get some cashback/points since I love getting money for money I was already going to spend. Otherwise nowadays my debits just sit in a sock drawer and are only used to pay bills.

But yeah I'm not going to spend more just to get more rewards for money I don't have, rather I just want to have em so when I do spend I'm getting the best bang for my buck.

Though I have read it can be better to try to spend on 1 card if I wanted to build up for a big ticket reward.

Star Lord
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Postby Star Lord » Wed Mar 11, 2015 11:20 pm

CarefulBuilder14 wrote:Discover could be a good option. It offers 5% on restaurants from April through June.

Sallie Mae is great.

The Costco Amex is good if you only want a few cards and to avoid annual fees. I have several cards, some with annual fees, so the rewards aren't very appealing since I'm paying for better perks and rewards, anyway.

With a Sallie Mae and a Discover, you won't really be missing out on much that the Freedom offers for the rest of 2015. So you can wait for a better bonus on that. Again, this advice assumes you want to avoid cards with annual fees and complicated travel rewards.


Yeah I'm not looking at any annual fee cards since they'd be out of my current budget/income. Would love to get a card for travel rewards but I doubt I'll be able to afford to spend enough to make it worth it or even get the signing bonus. Since I'm planning on visiting my cousin in Europe this year if money allows along with a few other things. Besides those though I'm just looking at cards that give me cashback and simpler rewards that I'll actually use or be able to get.

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Postby takeshi » Thu Mar 12, 2015 8:00 am

Star Lord wrote:My bank visa-4k limit also first and oldest card at 7 months old.

If that's the case you should probably hold off a bit. 3 cards in 7 months with no cards prior is a lot of new accounts for such a credit profile. That said, your limits look pretty good considering so your profile may be stronger than what I'm assuming.

Star Lord wrote:That and I consider the magic 9% or less rule my limit for spending so I don't have to pay my card twice or more a month to make sure utilization is low.

No magic to it. Models favor lower utilization (as long as it doen't hit 0) and fewer balances. You don't have to pay twice or more to lower utilization. You can pay one prior to report date.

Star Lord wrote:Anyway should I stick with my plan of applying for a Discover It now then waiting for a better signup bonus for the Chase? Otherwise the only card I was thinking of that would apply for my spending habits is the quicksilver or double cash which I would use for bills.

It's really your call to make. You can look at the calendars for the it and Freedom to see if they sound like they would be of use to you. In all cases you should look at your spend and do the math to see how much you'd stand to benefit in rewards from a given card.

cardcustomerservice
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Postby cardcustomerservice » Thu Mar 12, 2015 8:29 am

See my post about Chase.. and take a look at the Chase Freedom!

http://creditcardforum.com/general-credit-card-talk/11546-chase.html
Customer Service Rep for a card company

Chase Slate - $8000
Chase Freedom - $5000
Hyatt Rewards (Chase) - $2000
Citi Double Cash - $1000
UPromise Mastercard (Barclay) - $1400
Best Buy Credit Card (Citi)- $1000
Kohls Credit Card (CapOne) -$500
Target RedCard (TD Bank) -$1200
Walmart Credit Card (Synchrony) - $1000
Home Design Card (Synchrony) -$2000

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Mar 12, 2015 12:49 pm

Star Lord wrote:Yeah I'm not looking at any annual fee cards since they'd be out of my current budget/income. Would love to get a card for travel rewards but I doubt I'll be able to afford to spend enough to make it worth it or even get the signing bonus. Since I'm planning on visiting my cousin in Europe this year if money allows along with a few other things. Besides those though I'm just looking at cards that give me cashback and simpler rewards that I'll actually use or be able to get.


Watch out for foreign transaction fees, then! You might also find it easier to have a card with Chip+PIN functionality in some countries. You can get those features in a no-AF card suited for light spending, but the signup bonus and rewards won't be anything special. I would suggest an Arrival from Barclaycard, but you already have a Sallie Mae and Barclaycard has a reputation for disliking it when customers try to get a second card shortly after the first. SDFCU could be a good alternative.

takeshi is right that waiting a bit longer before opening a fourth account could improve your odds and likely CL a bit.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

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Vattené
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Postby Vattené » Thu Mar 12, 2015 5:00 pm

Have you looked into the Discover it Miles card? 1.5% back and they will double all the miles you earned after your first year. It is a travel card in the loosest sense (you can get credits for travel purchases or just redeem to a bank account with no dilution in value). I'm thinking 3% for a full year may be better than whatever mix of 1% & 5% you would get with the standard it, particularly if you will use it to pay bills and you are already getting categorized spending rewards. You could also improve your odds of a Freedom approval by being able to wait longer and you could basically wait around until they offer the $200 bonus.

However, if you wouldn't be interested in it long-term (that is, if you wouldn't be interested in 1.5% after the first year), I couldn't tell you if you would be able to PC to the standard it.
-Vattené
FICO-8:
EX - 805 (2/17) | TU - 787 (2/17)
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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