Recommendation: 2nd credit card? Have Amex now

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athensarch
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Recommendation: 2nd credit card? Have Amex now

Postby athensarch » Sun Sep 21, 2014 8:15 am

Hi all,

I have an Amex BCE (since '12, CL: $2000) and am looking for a 2nd credit card. I have a Visa debit card and a Macys card, nothing else. Credit score was 740 last I checked. I had a Citicard Platinum Select ('08, CL: $1200) that I didn't renew when they sent me a Diamond Preferred in '12 to replace it.

I spend about $440/mo on groceries, don't own a car, and am in charge of paying utilities in my apartment. I will occasionally buy things on Amazon, but generally don't spend much.

1. Should I keep activate/use the replacement card Citi sent me to keep them in my credit history? Any good no annual fee offerings from them? Is the Citi Doublecard worth getting? I pay my balance in full every week or two.
2. Can anyone recommend a no annual fee Mastercard/Visa?
3. Is there any disadvantage to requesting a credit limit raise on my Amex?

Thank you!


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PlyrStar93
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Postby PlyrStar93 » Sun Sep 21, 2014 9:07 am

athensarch wrote:1. Should I keep activate/use the replacement card Citi sent me to keep them in my credit history? Any good no annual fee offerings from them? Is the Citi Doublecard worth getting? I pay my balance in full every week or two.
Thank you!

Either keeping or closing the card, your history won't be shortened. Closing account only reduces total CL, but not reduce AAoA.

I feel like the Diamond Preferred is essentially a balance transfer card. The Citi Easy Deals is not a reward program, and from my research the deals are not quite worth it.

Now you have the card, you can try to product change it. Citi's product change is YMMV, but you should try to ask to change it to Double Cash, at least ThankYou Preferred (though ThankYou points generally worth less than 1 cent/pt). Since you pay utilities, the double cash can be something useful if you use credit card to pay.
athensarch wrote:2. Can anyone recommend a no annual fee Mastercard/Visa?
Thank you!

Chase Freedom Visa; Sallie Mae MC; Citi Double Cash (it's an MC); etc.
Chase Freedom is for rotating categories, which includes Amazon for the coming quarter.
Sallie Mae gives 5% back for $750 in bookstore each month and Amazon is usually counted as bookstore.

Just find the one(s) you need.
athensarch wrote:3. Is there any disadvantage to requesting a credit limit raise on my Amex?

You can do 3X CLI online (requesting a CLI by 4K for your circumstance) without hard pull. No fear for denial.

FYI if requested CLI will lead to single card with AMEX CL >$25000 or all cards with AMEX CL>$35000, you may be requested to supply documents like 4506T or others. For your case you will not expect one.

athensarch wrote:I spend about $440/mo on groceries

Just suggestion, you may change BCE to BCP, and you can earn more in a year, even if there is annual fee.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

takeshi
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Postby takeshi » Mon Sep 22, 2014 10:39 am

You really should look at total cost/benefit versus just avoiding AF's. With $440/month spend on groceries you're only getting $158.40 annually with the BCE. With the BCP you'd get $241.80 and that's factoring in the AF. Even the Sallie Mae with its $250/month cap would get you $172.80.

athensarch wrote:Should I keep activate/use the replacement card Citi sent me to keep them in my credit history? Any good no annual fee offerings from them?

Your call depending on whether or not it's useful to you. As indicated above, AAoA isn't immediately impacted by closing.

athensarch wrote:Is the Citi Doublecard worth getting?

Also your call. Worth is always subjective. Can you benefit from its 1 + 1 rewards? How much is your other spend that isn't covered by your BCE? Crunch the numbers.

athensarch wrote:Is there any disadvantage to requesting a credit limit raise on my Amex?

Not really. Google "3x CLI" and read up. High limits can help with lowering utilization (assuming your reported balances do not increase).



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