Suggestions For a New Rewards Card

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Nader
 
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Suggestions For a New Rewards Card

Postby Nader » Fri Oct 10, 2014 8:10 pm

I am currently in the market for a new rewards card and have come to a fork in the road leading to three separate paths: the Chase Sapphire Preferred, Cap1's Quicksilver, and Citi's new Double Cash card.

These are just the three cards that jumped out to me, of course, as having the most to offer. I am open to suggestions on any other cards based on my spending habits and current accounts.

First, my current credit portfolio:

5/3 Bank- $300 (Literally my first card ever to establish credit. I use it for $1 charges every 4 months just to keep it open).

Discover IT- $4,000 (Recently increased from $1,500. Started as the Discover Student Open Road Card. I'm actually unaware whether my IT is the student version or not).

Bank of America Cash Rewards- $1,500 (Used for gas when IT and Freedom are not at 5% and groceries).

Chase Freedom- $5,600 (My main card due to having my parents as authorized users, it's current 0% promotion, and the future possibility of using its points for the CSP card).

Best Buy- $1,000 (My second card obtained while I used to work there and used for their 18 month no interest financing during the holidays).

About Me/My Spending Habits:

I am a recent college grad that has moved back in with my parents and helping them with their finances. I am very conservative and careful with my paychecks. I only spend on what I find necessary or when I am spending weekends out with friends.

I spend mostly on gas and then secondarily on restaurants. Currently I use my IT or Freedom cards if gas and/or restaurants fall into their monthly categories. Otherwise, I use my BofA card for gas. Other than that, my spending is very miscellaneous.

The Ultimate Question:

Which of the 3 cards would suit me the best?

I love the CSP for its amazing bonus and the great rewards program, but am unsure I would be able to spend the $3,000 in the first 3 months to obtain the bonus. It's actually been at the top of my list due to having a Chase card already (as well as my primary bank account with Chase) and the fact that I can transfer my $340 and growing rewards for the miles. The only drawback is the uncertainty whether I can obtain the bonus and the fact it has an annual fee.

The QS and Double Cash are obviously extremely tempting because of their 1.5% and 2% cash back respectively, but the QS has the upper hand with the sign up bonus which the DC does not offer. These are appealing to me because a majority of my costs are based on the miscellaneous and non-bonuses spending that my parents charge on my Freedom already for their bills and other spending.

I guess the point of this post (and I apologize if it is too long but I know the more info the better) is which of the three cards I should apply for with relation to my credit profile, my spending habits, and the maximum utilization of the rewards.

I will be 23 this month, have had credit for 2.5 years (4.5 if considering my student loans), make ~40k annually, and have a score of 746 according to my most recent FICO on my Discover IT statement.


Michael
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Postby Michael » Sun Oct 12, 2014 5:45 am

I would get the Quicksilver.

Based upon your profile, you need an 'all other charges' kind of card. I think that the 2% Citi Double Cash is too good to last, and Citi has a history of reducing rewards programs and/or pulling the plug on rewards cards altogether. They did this with my ExxonMobil Mastercard, which I loved.

As respects Sapphire, you probably are right, in that you would not meet the spending necessary to get the bonus. The only reason to get the Sapphire is if you travel a lot, or for the ability to transfer points between Freedom and CSP. You don't mention that you travel a lot.

Good luck !!

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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Oct 12, 2014 11:22 am

Neither Citi nor Capital One have glowing reputations for customer service. I don't think Citi is likely to close the DC program or cut benefits any time soon. And even if they do, you can always close it and get a different card. It's not like Citi DC has an annual fee. So between those two, I'd favor the DC.

As a better option, though, I'd look at getting an Amex. There's not one that really stands out for you - unless you're already a Costco member, in which case the Costco TrueEarnings could be great for you. If you're not a Costco member, and don't plan to join, then you might look at Amex EveryDay or Blue Cash Everyday.

Or try the Amex Green or PRG and have the fee waived for a year while you try Amex out.

And the CSP does make more sense if you travel a lot and can make use of the transfer partners. As a cash back card, it's not a good deal - especially if you can't meet the spend requirement to get the bonus!

Often, when rewards do get cut, issuers do it in sneaky ways. Chase gets rid of a 10% point bonus for checking customers. Amex cuts the roadside service benefits. Taking a card called DoubleCash and making it a 1.5% card would be tricky - although they could cap the amount of spending that earns the 2%.

Getting a no-AF Amex is good. Until you start making and spending more money, though, any new card might not make a huge difference in your actual rewards. You already have some great cards, so adding more cards will only give a limited marginal improvement in terms of rewards.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

Omarperez48
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Postby Omarperez48 » Sun Oct 12, 2014 12:07 pm

I am the same age as you and the cards that I use the most are Cap1 QuickSilver (visa) as they have 2 cards with the same name. I use this one for my 1.5% cashback on all other purchases that do not apply to my other cards. CitiPreferred ThankYou. This one for restaurants as it gives me the most back at 2 points. and for electronic purchases and any other big purchases and traveling I use my AMEX PRG. That's what I use on the monthly basis. I did however, take advantage of all their offers including spending a certain amount within 3 months on all 3 card to get all my bonus points. Trust me this helps as I got a lot of money back using these rewards.
AMEX PRG (Npsl)

CitiPreferred ThankYou $3000

CapOne QuickSilver $4000

CapOne Platinum $5000

CapOne Yamaha $10,500

Macy's $3000

PayPal $1500

1St Financial Bank $900 (have had it for 6 years)

Credit One Bank $1000 (don't use this card)

Selfmade 24 year old, ambitious and future 1%er

hockeyplayr
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Postby hockeyplayr » Mon Oct 13, 2014 9:54 am

double cash and sallie mae.
Credit Scores: Equifax - 736 (October Fico) | Experian 726 (October Fico) | TU - 758 (October Fico)

Credit Lines: Diners Club 20k | Citi DC 9.1k | SDFCU 5k | Penfed 7k | Amex BCE - 10.5k | Chase Marriot - 5.2k | CSP - 6.5k |Discover IT - 9k | Sallie Mae 3.8k | Citi TYP - 3.5k | BOA 123 - 4.9k | Total Rewards 3.25k|

TheSwarm
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Postby TheSwarm » Mon Oct 13, 2014 12:48 pm

hockeyplayr wrote:double cash and sallie mae.


+1 to this. Get 5% year round on gas and groceries! Salie Mae.

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Oct 13, 2014 1:00 pm

Well, I do find Sallie Mae to be a wonderful card, but it might not be very useful for the OP right now. The OP spends more at restaurants than grocery stores, and the Freedom, IT, and Cash Rewards cover gas pretty well.

I'd say getting an Amex to start backdating is a better choice.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

TheSwarm
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Postby TheSwarm » Mon Oct 13, 2014 1:25 pm

CarefulBuilder14 wrote:Well, I do find Sallie Mae to be a wonderful card, but it might not be very useful for the OP right now. The OP spends more at restaurants than grocery stores, and the Freedom, IT, and Cash Rewards cover gas pretty well.

I'd say getting an Amex to start backdating is a better choice.


That's true, he can deal with the 3% when the Freedom / IT don't cover gas.

But for restaurant do you think a 2% on all purchases would be better? Or an AMEX?

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Oct 13, 2014 1:51 pm

TheSwarm wrote:That's true, he can deal with the 3% when the Freedom / IT don't cover gas.

But for restaurant do you think a 2% on all purchases would be better? Or an AMEX?


I think getting an Amex in 2014 is better to start backdating. With a $40k income, the difference in rewards on everyday spending won't be huge.

I really like great customer service, and I've reviewed the lender complaint statistics. I wouldn't want a card with Citi or CO, especially with a future Arrival+ as a 2%+ card.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

TheSwarm
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Postby TheSwarm » Mon Oct 13, 2014 3:42 pm

CarefulBuilder14 wrote:I think getting an Amex in 2014 is better to start backdating. With a $40k income, the difference in rewards on everyday spending won't be huge.

I really like great customer service, and I've reviewed the lender complaint statistics. I wouldn't want a card with Citi or CO, especially with a future Arrival+ as a 2%+ card.


Makes sense. Let the backdating begin.

I haven't really looked into the customer service part of cards. I guess I've never really had to call them.



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