- Posts: 2
- Joined: Fri Jul 19, 2013 12:43 pm
- Location: Chicago, IL
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.