What would you do?

For just about anything you want to get off your chest about credit cards.
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chip12
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What would you do?

Postby chip12 » Thu Sep 26, 2013 3:18 pm

I typically use my Chase Southwest RR Visa Signature as my go-to card, but with the recent changes (70 points per dollar to redeem vs. 60), I am wondering if it is worth it for me to keep this card. Here are the cards I currently have:

Chase Southwest RR Visa Signature (2012, $8500 limit)
Citibank AAdvantage Visa (2013, $6500 limit)
Bank Americard Cash Rewards Platinum Plus Visa (2010, $4300 limit)
Discover It (2007, $3500 limit)

I feel like I need a change in strategy. My general rule of thumb is to use Discover or BofA only when it is a bonus category purchase. Other than that, I usually use my Chase Southwest card and occasionally my Citibank AAdvantage. My credit score is 775 and I earn $55K a year (if that's relavent). Any advice? What would you do? If there are any great cards out there that would be a good fit please let me know. :)


Ikarus
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Postby Ikarus » Thu Sep 26, 2013 9:52 pm

Don't cancel your Chase Southwest RR Visa Signature. It's your largest credit line and dropping it would greatly and negatively affect your credit utilization ratio. Also, it's your only Visa Signature card, and that's a great feature to have for renting cars (you get to always opt out of rental insurance, among other things).

Does it have an annual fee? If not, I'd just sock it away and use it from time to time so they won't close it.

Why not get a Chase Freedom as your go-to card? No annual fee and great rewards directly integrated with Amazon. Speaking of which, 5% for Amazon purchases runs Oct 1 - Dec 31. If you shop on Amazon for X-Mas gifts, etc., you'll get a ton of cash back.

You pretty much have all of the main prime bank cards. Maybe round out your portfolio with an AMEX Blue Cash or Cash Everyday account? Get 3% back on groceries.

And/or get a Cap One Quicksilver to get steady 1.5% back on everything. That could make a great everyday card, as well.
Merrick Bank (Hooters) 4100
Cap One Quicksilver 2800
Discover it 2500
Citi Forward 5400
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 5600
Cap One Visa Platinum 750 (CLOSED)

SuperKirby
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Postby SuperKirby » Sun Sep 29, 2013 2:11 pm

I second @Ikarus, I think the Freedom is one of the best No-AF cards out there.

takeshi
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Postby takeshi » Mon Sep 30, 2013 11:02 am

chip12 wrote:If there are any great cards out there that would be a good fit please let me know.

You'd have to clarify for us to suggest cards that are a good fit. What's your spend like? What rewards do you want? Are cash, Southwest and AA all you're after? Any other criteria or considerations?

chip12 wrote:What would you do?

I wouldn't have applied for any of the cards in your wallet in the first place so what I'd do is really irrelevant. As you indicated, what's a good fit for you is what matters.

chip12
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Postby chip12 » Mon Sep 30, 2013 11:33 am

Thanks Ikarus and SuperKirby, I will definitely check out the Freedom!

But takeshi, your know-it-all answer really contributed nothing to the post. Some people just really love the sound of their own voice, I guess.

Robrus1
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Postby Robrus1 » Mon Sep 30, 2013 5:49 pm

chip12 wrote:Thanks Ikarus and SuperKirby, I will definitely check out the Freedom!

But takeshi, your know-it-all answer really contributed nothing to the post. Some people just really love the sound of their own voice, I guess.


I think Takeshi, in a bit of a condescending way, was trying to target more specifically what you spend money on, if you travel much, etc to recommend cards specifically to you and your situation. When he/she said he/she wouldn't have apped for any of your current cards, he/she meant that they wouldn't benefit he/she personally, not implying you made poor choices on your current cards.

Where does most of your spending go? Mine goes to gas/groceries, and I use my BCP for that. I travel some and use my CSP and Platinum for that. I use my SPG for Starpoints and hotel benefits.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

SuperKirby
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Postby SuperKirby » Mon Sep 30, 2013 6:51 pm

Robrus1 wrote:I think Takeshi, in a bit of a condescending way, was trying to target more specifically what you spend money on, if you travel much, etc to recommend cards specifically to you and your situation. When he/she said he/she wouldn't have apped for any of your current cards, he/she meant that they wouldn't benefit he/she personally, not implying you made poor choices on your current cards.

Where does most of your spending go? Mine goes to gas/groceries, and I use my BCP for that. I travel some and use my CSP and Platinum for that. I use my SPG for Starpoints and hotel benefits.


Yes, it really helps to know what a lot of your spend will be on as well. If you travel a lot, what airline(s) do you fly the most? Only Southwest and AA?

You might want to consider the Chase Sapphire Preferred with the Freedom combo if you're thinking of still maybe transferring some points to southwest. Or maybe transfer points to United or British Airways (for short haul flights). With the CSP + Freedom, you'll have lots of flexibility.

Or if you really like AA, i'd go for the Citi AA (which u already have) with the Amex SPG combo. Use the Citi AA for 2x on AA purchase with AA perks and the SPG card for 1.25x on all purchases (since transferring 20K points to AA will net you a free extra 5k AA miles).

Now this is just me, and only IMO...but I like to stick to ONE program, that way it doesn't take forever to redeem for something, since points devaluate so fast.

So stick with combos that go to the same program as per my examples.

Of course if you're spending $100,000s a year, then maybe you have the luxury of spreading your points across multiple programs, otherwise, stick with one similar program.

So I would sock drawer your Discover and BofA cards (since you asked what I would do), since their points don't go to any program.

However, like other posters have said, if you're main goal is cashback, then that's a whole different story. So it really depends on what u want more.



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