- Posts: 1
- Joined: Thu Nov 07, 2013 9:18 am
- Location: Wilmington
My question to you:
I am a 23 year old banker. I work in a regulatory and controls environment making decent money for a 23 year old with less than 2 years of experience. I currently have 4 credit cards.
1. Capital one card: I haven’t used it in years but it’s been open for roughly 6 years with a $3000 limit
2. Freedom Card: I have had this for 2.5 years and love the 5% categories that I always use the card for. Though it recently hasn’t been my card of choice. I have a $4000 line of this card.
3. Chase Sapphire Preferred: My favorite card since most of my money is spent out at the bars and in restaurants. I also travel a fair amount for pleasure with friends. I have had this card for a year and a half. My line on this card is $10,000.
4. Southwest Card: I got this card pretty much for the 50,000 miles signup bonus. I use it sparingly, since those 50,000 miles should last me a few more trips. The benefits really don’t appeal to me greatly because I usually only redeem southwest miles, not book flights on southwest with cash or card. I have a $12,500 line. The annual fee is $65.
My question is regarding the Amex Platinum card. I recently received a direct mail offer offering 100,000 points with the annual fee of $450. I don’t think I would really recoup enough out of the card after the first year after I receive the 100K points. The annual fee going forward would be more than I would be willing to pay after the first year. But would it be worth getting the card for a year?
I fly only a handful of times a year but would love to be able to fly and travel more as my job changes in the future.
What do you think my card strategy should be?
Do I get rid of any of the cards? Any other cards you think I should sign up for? I love the Chase ultimate rewards platform and always redeem through there but have not experienced the Amex Membership points system.
I always monitor my credit score and pay my cards in full every month, spending only a few thousand a month on them. I would love to hear what you think.