Which Card Next?

For just about anything you want to get off your chest about credit cards.
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kcarter609
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Which Card Next?

Postby kcarter609 » Thu Aug 09, 2012 2:09 pm

*** I apologize in advance for this big wall of text, but I'm trying to give you guys as much information as possible in the beginning ***

Hi there everyone. My name is Kevin, I'm 21 and I've still got my starter cards. It's time to upgrade, since these cards have low limits and no perks. I feel I have a pretty good knowledge of credit, credit cards, loans, and just finance in general. However, nothing beats input from people who use different cards on a daily basis.

I have a PNC Visa Points card with a $500 limit. This is the first card I ever got when I was 18. It was issued in July of 2009. It just recently, within the last 2 months, started to link to my debit card from PNC so now the points are pooled together. They really are worthless though, since everything cost a fortune in points. I use this card for every subscription-based thing I have. Gym membership, netflix, cell phone, etc. It's paid in full every month. I don't use it for anything else, and how can I? With a $500 cap, I might as well just buy it in cash. The interest rate is about 14.9%.

I have a Capital One Platinum MasterCard with a $750 limit, which is the second card I ever got, only 3 months after my PNC Points Card. It was issued in September 2009. It started as a $500 limit, and after I was in good standing for 3 months, they raised it to $750. I use this card randomly. I buy fuel with it here and there, sometimes food, whatever I feel like. The only reason I use it is to show them some activity. The interest rate is 22.99%, and with a special promotion, they dropped it to 18.9% for 6 months. Again though, with a $750 limit and an interest rate like that, why would I even bother buying anything with it instead of paying in cash?

I have my AMEX Gold (Not the rewards one) which has no pre-set limit, and it's the third card I ever got. I'm happy with the AMEX card. I can buy what I want and pay it in full. Every now and then, I make a bigger purchase and pay it over 2-3 months since the interest is somewhere around 14.9% or so. Not everyone takes AMEX though, so it does limit you a little bit.

I got my car loan May 31st, 2010 with my dad as a co-signer. I pay a bit more than the minimum every month, all of the payments have been 2 weeks early, and the balance is now ~$16.2k. When I got the loan, it was for ~$24.5k. The loan is through Chase Bank, and I've been told by people that it's really good because Chase is very picky about who they loan money too.

Now, there are several reasons why I want to upgrade my cards.
  1. I want points, cash back, or something for using them
  2. I want a higher limit card so I can buy bigger things and pay them off over a couple months if I decide to
  3. I hate that if I spend $300 out of my available $1,250, it sees that as 24% of my available credit being used, lowering my credit score temporarily. With a card that has a limit of $5k or so, that wouldn't even be a factor.
  4. I plan to buy a house within the next 5-6 years, possibly sooner, and having an excellent credit report with credit cards that have limits of $5k or more, along with my car loan in good standing, looks much better than good credit with starter cards that have $500 and $750 limits. *** NOTE *** I don't want to go crazy with credit cards right now, because having crazy limits on your credit cards when you apply for a mortgage counts against you as too much potential debt, and can hurt you. However, having at least one card over $5k is helpful to show you can manage credit properly.

I was going to apply for a Capital One Venture card, but after thinking about it and reading up on everything, I don't know if points are the best option since I don't spend crazy money on cards every year. Under $10k per year on cards currently. I also looked into a Chase Sapphire, but after beating it out of a person on the phone who didn't want to tell me, I found out they really don't want to accept you unless you make $70k at a minimum with an amazing credit score.

I've also been told that airline cards provide more miles, and their miles are worth far more for plane tickets than miles or points from regular cards. I know you also run into the issue of blackout dates and availability and all that. I also don't fly often since I work 6-7 days a week and I'm a really cheap person. I think I've been on 6 round trip flights in my life. That's a reason why I think cash back might be a better option, especially since everything that you can buy with points costs a small fortune.

I just checked my credit with Score Sense and across the board at all 3 bureaus I have a 766. It'll go up to about 775 if I wait another month for it to update since I paid every card in full. I have no hard inquiries (well - there's one on experian from Verizon from just under 2 years ago, and one from Kohl's (store card) from a bit over a year ago -- both companies claim they were soft inquiries, but Score Sense lists them as hard inquiries -- Equifax and TransUnion are clear), no late payments, no judgements, no collections, nothing at all that is negative.


So I'm asking for an opinion from you guys that have all these different cards. What do you think is the best option for me? I'm specifically looking for a VISA Signature top-tier card, which means $5k minimum limit. I read through quite a few threads here, and I see a lot of you guys saying the Chase Freedom is a great card. Since my car loan is with Chase, that would probably help me get approved. Can you guys give me some more details why it's great since you use it every day? Also, are there any income requirements to get it? My main concern is not getting approved for $5k or so which means I wouldn't be able to get a Signature card.


If I left out any information that is necessary, I'll be more than happy to provide it.

Thanks for the help,
Kevin

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)


kcarter609
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Postby kcarter609 » Thu Aug 09, 2012 4:41 pm

Sorry, I forgot to mention I get offers by mail from Discover like 1-2x per week. This has been happening for like 2 months now. They must really want me, but that is a card I'll get in the future when I have the other cards I want. Anyone have an opinion on the discover cards?

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)

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Postby Money card » Fri Aug 10, 2012 12:26 am

Signature cards are suppose to be for people who travel on business, they have the concierge service.

so the top tiered cards are the airlines or hotels like chase united, south west and Marriott however you can only redeem for what you have, for example if you have a chase Marriott you can't redeem a delta ticket , united or jet blue only the airline or hotel.

I think the card your looking for is the Citibank thank you premiere card. have you looked into this card? it's a travel card like the venture and sapphire, it has a 125.00 annual fee but you get 2 airline tickets you and a companion for free every year once a year but only for domestic travel no international flights.

for cash back I love my Discover more card I get 1% back on purchases, there's a 5% cash back rotating popular categories movies, restaurants, gas, department stores etc july through sept is gas , movies and summer fun.

the 1 thing you have to remember is this is a Discover card and is not accepted everywhere like the chase freedom.

I've had my Discover since 1998.

so I see you live in New Jersey how do you like your pnc card? do you shop at garden state plaza?

itsmeandrew
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Postby itsmeandrew » Fri Aug 10, 2012 1:39 am

Money card wrote:I think the card your looking for is the Citibank thank you premiere card. have you looked into this card? it's a travel card like the venture and sapphire, it has a 125.00 annual fee but you get 2 airline tickets you and a companion for free every year once a year but only for domestic travel no international flights.



Maybe I've been living under a rock or something, but do you really get two free (domestic) airline tickets per year? I only travel about once a year so that'd be perfect for me.
Capital One Platinum $500 (2/2010) CLOSED (1/2013)
Wells Fargo College Cash Back $1.2K (8/2011) CLOSED 3/2015
Chase Freedom (Signature) $10K (4/2012)
AmEx Zync NPSL (4/2012)
Samuels Financing $2.9K CLOSED 4/2015
Discover IT $3.95K (7/2012)
Chase Marriott Premier (Signature) $5K (9/2012)
Chase Slate $2.5K (12/2012)
Citi Simplicity $4K (3/2013)
AmEX BCE $9.5K (5/2014)
Chase Amazon $4.5K (5/2014)
Barclaycard Apple Financing $2K (6/2014)
Capital One VentureOne (Signature) $5K (1/2015)


TU (Discover): 760

kcarter609
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Postby kcarter609 » Fri Aug 10, 2012 8:03 am

I only see it mention one free companion ticket per year. Nothing about 2. I'll keep it in mind to compare to the other cards.

Also, I love PNC as a bank. I've never been to another bank that can beat their service. It's the best of the best. The credit cards are done through an outside company though, and they suck. It was just the first card I got at 18, and it was good when it was all done from the last company. I don't shop at Garden State Plaza because that's in North Jersey and I live on the Shore.

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)

Money card
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Postby Money card » Fri Aug 10, 2012 11:03 am

yes you do as far as I know it's just the citibank thank you card, American express might have it or something on there platinum card which is 450.00. then look at the annual fee for the citibank thank you card it's free for the first year if you still want to keep the premiere card then theres an annual fee of 125.00, if you decided you want to lower your level to the preferred you still get concierge service, 1 point per dollar spent. Gas and grocery stores you have to check the offer for what points you get. but you don't get any airline tickets with this level, but there is no annual fee on the perfered card.

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djrez4
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Postby djrez4 » Fri Aug 10, 2012 1:53 pm

Knowing your income would help. My higher limit cards were approved because I make a decent amount of money. If you aren't making that much, banks aren't jumping to give you high limits.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

kcarter609
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Postby kcarter609 » Fri Aug 10, 2012 1:54 pm

My gross income is ~$45k ish. Do they ask you to prove the income? I know it says they may require it, but I've never heard of them verifying with anyone.

I also live rent/mortgage free, so I'm sure that factors in.

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)

FutureBillionaire
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Postby FutureBillionaire » Fri Aug 10, 2012 3:51 pm

Bank of America gave me very generous limits. They are relatively easy to get approved for.

American express would be a good option for you because they have very good rewards cards and they will backdate your membership date. This means that the account won't negativey impact your average account age. Having a high average account age will help you with your house loan.

Discover can be stingy with their credit lines. If you want to get a card with them, apply to them first and get the More and/or Miles/escape card.

What do you think you will use your card the most for?
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

kcarter609
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Postby kcarter609 » Fri Aug 10, 2012 4:00 pm

FutureBillionaire wrote:American express would be a good option for you because they have very good rewards cards and they will backdate your membership date. This means that the account won't negativey impact your average account age. Having a high average account age will help you with your house loan.

As noted in my initial post, I have an AMEX Gold card already. Unless you are talking about a specific one.

FutureBillionaire wrote:Discover can be stingy with their credit lines. If you want to get a card with them, apply to them first and get the More and/or Miles/escape card.

What do you mean stingy? I see quite a few people on here and other forums with Discover limits of anywhere from $5k to $16k. A lot of people have over $10k from what I've seen. Or do they just have a high income?

I will use the card for whatever, and the Chase Trifecta was recently brought to my attention and it seems like a good option. What does everyone think?

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)



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