Help me choose my next card(s) and re-design my credit strategy.

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Joined: Mon Jul 30, 2012 10:16 am
Location: New York

Help me choose my next card(s) and re-design my credit strategy.

Postby urraca » Mon Jul 30, 2012 10:58 am

Currently I have ONE credit card that I used for everything. However, I've recently taken a far greater interest in my personal finance, and wanted to optimize everything and make some changes to my overall credit strategy.

It is American Express Blue Rewards with a $20K limit. It seemed that American Express Blue Cash Preferred would be a great card for me because I spend so much on Gas and at I just cashed out all my points for $ discount at Amazon.

I really like Amex, and plan on keeping one of their cards, but obviously changing to cash back or better rewards. I've always tried to avoid cards that have an annual fee, but seems that BCP would pay for itself.

My FICO scores are all in the 770s and I pay off my balance in full every month.

I was considering the SPG card, which seems to be a favorite...

However, I don't travel as much as I'd like to now, but that is changing. When I travel, I often like to stay in more boutique hotels, instead of big corporate ones, although SPG has decent hotels. But, they wouldn't be my first choice for a vacation spot. I suppose what I'm saying is that free flights are more important to me than discounted hotel rooms at Starwood resorts (but any card that can get me a free room upgrade is nice too...). Maybe the Venture card is better suited for me?

My expenses are:

I spend about $300+ a month on gasoline (If I change jobs, which I'm considering, this may reduce significantly and I will only be using mass transit)

About $500+ a month on restaurants (I'm a bachelor living outside of New York City and don't really cook and eat out a lot)

Grocery: $150 or so

Amazon: All my big purchases are done here, and I probablly spend an easy $100 without even thinking about it.

I feel that I should have a VISA/Mastercard or something not from Amex also...

So is a travel card (SPG, Venture) worth it for someone like me?

Or is there a better card for someone who goes out and eats a lot, uses gas, etc.\

I'm pretty sure I definitely want Blue Cash Preferred, but I'm open to all suggestions.


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