Cap One Quicksilver or Chase Freedom

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13 posts
Michael
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Cap One Quicksilver or Chase Freedom

Postby Michael » Tue Jun 10, 2014 6:52 pm

My wife and I are retired now, and our spending patterns have changed.

Our big spending categories seem to be groceries and medical bills.

We dine out once a week or so, but nothing extravagant, and sometimes pay cash (especially if it's lunch).

Gas is an expense, but not like when we were both working.

We use AMEX BCP for groceries and gas. We have Cap One Quicksilver ($17000 limit opened 2013) and Chase Freedom signature ($56500 limit opened 2002).

It would be best if we used one or the other, in addition to AMEX, to avoid three credit card bills a month.

I know that the CAP One (1.5% on everything) aligns better with our spending than Chase Freedom, but Chase Freedom is our second oldest card, we bank at Chase and have checking there (extra 10% points annually), and have a huge credit limit.

I am worried that if we do not use the Chase for higher purchases (at least $2000 monthly) then they will cut down our limit.

We are currently using Cap One for the 1.5 %, but maybe we should use Chase Freedom instead, for the high limit and longevity of the account. This means that on everyday purchases we would only earn 1.1% instead if 1.5%.

Annual spend about $6500 on groceries, maybe $3000 on gas, and $30,000 all else (just guesses).

I really would prefer not to have more than two major bank card bills monthly, since we also get Target (5%) and Kohl's (my wife's for sales) bills also.

Where does 'loyalty' begin and end?

Any ideas?

Sorry for the length.


ncosky290
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Postby ncosky290 » Tue Jun 10, 2014 9:05 pm

Chase Freedom.

Capital One is horrible with Customer Service and their rewards rate is horrible.

Plus the 5% will counter that .5% you won't get on everyday purchases. UR with Chase is pretty good too.

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haikuginger
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Postby haikuginger » Wed Jun 11, 2014 7:38 am

Also, bear in mind that since your Freedom is a Visa Signature, you get a lot of benefits with it, like price protection, return protection, and the Extended Warranty feature.

Michael
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Postby Michael » Wed Jun 11, 2014 7:54 am

I forgot to mention that Cap One is also a Signature.

freyj6
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Postby freyj6 » Wed Jun 11, 2014 9:43 am

Well you're looking at a different of about $120 annually (1.5 vs 1.1) so not really a huge deal either way you go. Obviously you'd want to use the Freedom for category spending like gas, restaurants, etc.

Personally I'd just put your big fixed expenses on the cap1 card and set up automatic payments.
Current Strategy

Chase Freedom + Discover IT + Churning

takeshi
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Postby takeshi » Wed Jun 11, 2014 12:04 pm

Michael wrote:I am worried that if we do not use the Chase for higher purchases (at least $2000 monthly) then they will cut down our limit.

What's the basis for this concern?

Michael wrote:Where does 'loyalty' begin and end?

Your call. Loyalty should be reciprocated IMO and none of these companies are going to be loyal to customers.

I suggest using your priorities instead. It sounds like it boils down to having fewer cards versus rewards unless you have other concerns that you have not mentioned. Which is more important to you?

Have you done the math to determine the actually difference in dollars between 1.5% and 1.1% on your spend? It might help to give you a better idea of how much money you're agonizing over and whether it's really worth the worry in the first place.

ncosky290 wrote:Plus the 5% will counter that .5% you won't get on everyday purchases

Can't just assume that. OP need to analyze his spend.

ncosky290 wrote:UR with Chase is pretty good too.

Subjective matter. UR isn't suited to everyone and I say that as one who prefers UR and has 3 UR cards.

Michael
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Postby Michael » Wed Jun 11, 2014 3:04 pm

I am trying to get to a point where I do not have to carry a separate card for every category where I might lose maximum rewards if I do not.

For instance, I could be carrying AMEX for groceries, gas, and department stores, CAP one for everyday purchases, and Chase freedom for restaurants, not to mention Target (shop there often) for their 5% off and Discover for home improvements IN CASE I make an unplanned visit to Home Depot, etc.

Next quarter Chase and Discover both offer 5% on gas, so I better carry both, CAP One has their usual 1.5% on everyday stuff, and AMEX for 6% on groceries, etc. Not to forget Target for their consistent 5%.

This is what happens when you carry a card for every category.

This is also the only way to not miss a cent of rebate: carry every card all the time.

Who really wants 4-5 cards in their wallet all the time?!

I don't.

thetringuyen
 
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Postby thetringuyen » Fri Jun 13, 2014 1:26 pm

Quick question, why do you need to carry both freedom and discover if they both offer 5% off on gas?

Michael
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Postby Michael » Fri Jun 13, 2014 5:40 pm

I don't, not for next quarter.

Since I also have Chase checking, I'm better off with Freedom, for the extra 10% at year-end.

But I'm talking about generally not having to carry 4-5 credit cards, because I'm scared of losing a reward if I'm not carrying the right card at the right place.

There are people, like my wife, who don't give a rat's --- about rewards. I actually envy them.

Michael

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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Jun 13, 2014 7:55 pm

If you want simplicity with reasonably good customer service, Freedom is the way to go.

Rewards are nice but not often worth the mental effort involved in keeping track many different accounts. 1.1% cash back and occasionally 5.5% - without having to monitor a lot of different accounts - is a way to get good rewards with little effort.
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