In my late 20s and have 3 cards:
- Discover Open Road (opened 9/2006, $5500 CL)
- Kohl's (opened 10/2008, $1000 CL)
- Old Navy (opened 1/2014, $2700 CL)
According to Discover, my FICO is 796. It was 805 last month, nothing changed other than reported balances that I'm aware of. Utilization is almost always under 10% (currently 4%).
I'm realizing that with credit this good, I could be getting so much more in terms of rewards than the measly $3-4/mo cash back I'm getting with the Discover on gas. We have always believed in not using credit cards except minimally to build credit, so we use our debit cards for everything. We know we are responsible spenders so are now considering making more of our purchases on credit to get the rewards, obviously still PIF every month.
I started looking at getting a better card than the Open Road; I think I want a cash back card not a travel card, because we don't travel often (usually once a year, always domestically). Chase Freedom and Citi Double Cash were the two majors options I was considering; Freedom has the $100 signup bonus right now while Citi has nothing, and it seems that opinions on Citi's service are mixed. But, Freedom has rotating categories and we don't really like the idea of having to track categories, we're looking for more of an "every day" card -- gas, groceries, etc.
It occurs to me that perhaps I could/should convert the Open Road to a Discover it to get a "bonus categories" card, and then get a Citi Double Cash to use for everyday purchases that don't fit the current categories?
Any advice one way or the other, or other ideas, is appreciated!