Which card would benefit me the most?

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4 posts
aaronkimk
 
Posts: 2
Joined: Wed Feb 27, 2013 6:48 pm
Location: San Jose / CA

Which card would benefit me the most?

Postby aaronkimk » Wed Mar 20, 2013 7:42 pm

Hi I am new to the forum and have few questions for credit experts.

I am looking to get AMEX Platinum card and one credit card.

Questions:

A. Do I have a good chance of getting approved for AMEX Platinum?
B. With below spending habits which credit card would benefit me the most?

1. Restaurants - about $1000 / month
2. Shopping(department stores/etc) - about $500 / month
3. Travel - about $500 / month (personal travel only / corp travel I had to use corp card)
4. Gas - about $250 / month
5. Grocery - about $200 / month
6. other - about 500 / month

Credit score - 718/721/723
Cards that I have
Discover IT (1700 limit) - pays in full every month
Bestbuy (2000 limit) - $800 balance (which I can pay off anytime but since I have 18 month no interest I was just paying the small amount)
Cartier credit card ($3500 limit) - $0 balance
BOFA secured VISA ($500 limit) - $0 Balance

Yearly income $115,800

Thanks,


MemberSince99
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Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Thu Mar 21, 2013 4:52 pm

I don't claim to be an expert at anything in life. But I'll be glad to share what I know.

Not sure of your history but from what I'm seeing it should be no problem. They will like your income. But again Amex can be a bit quirky and we don't know history/inquiries etc. But I am not seeing anything to dislike from what you listed.

With restaurants and shopping, possibly the US Bank Cash + or a Citi card that gives 5% on restaurants would be the best choices for credit cards for you. Cash + allows you to choose restaurants for 5% and you would want to pick that as that would be 50 bucks a month in your pocket just from that.

Citi also has some cards that offer good restaurant rewards I'm not that familiar with their products though.

Also US Bank is known to be tough to get as far as the Cash + goes, they like to see above 740 I'm told but your scores are good and with everything else, it's possible.

TheLethargicAge
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Joined: Tue Oct 16, 2012 11:20 pm
Location: Miami, Cuba

Postby TheLethargicAge » Thu Mar 21, 2013 6:27 pm

Amex Blue Cash Preferred (6% on groceries, 3% on gas and department stores)
Amex TrueEarnings (3% on gas, 2% on restaurants and travel)
U.S. Bank Cash+ (5% on restaurants)
Capital One Cash Rewards (1% on everything + 50% annual bonus) - good catch-all card

Don't waste your money on the Platinum
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)

aaronkimk
 
Posts: 2
Joined: Wed Feb 27, 2013 6:48 pm
Location: San Jose / CA

Postby aaronkimk » Thu Mar 21, 2013 7:45 pm

Thank you membersince99 for very informative insights. So as for my new credit card choice I am now narrowed it down to USBANK cash+ or Chase Sapphire Preferred.

And as for AMEX platinum I want to have it as a symbol not planning to use it much as long as they approve me. Since I have always wanted to have it in my wallet.



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