What is the right rewards card for me?

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Adam715
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Posts: 7
Joined: Thu Jun 24, 2010 11:15 pm
Location: florida

What is the right rewards card for me?

Postby Adam715 » Thu Aug 12, 2010 10:42 pm

Here is a little bit of a background on my credit history. I am 22 years old and have had 1 single credit card since I turned 18. I have never missed nor have I been late on a payment. I maxed out the card one time ($500 limit emergency). That was 3 years ago and I quickly paid it off. I haven't utilized more than 40% of my current limit of $500. I was considering applying for an increase in my current credit card, but it requires a hard pull. Should I apply for an increase on my current card or would I be better off with a 2nd credit card to establish my credit?

I have been considering the following credit cards

Discover More, Chase Freedom, Amex Clear, Amex Blue(NOT Blue CASH).

Most of my purchases will consist of gas, online purchases (especially from Amazon.com), food, and day to day items. I don't plan on using it for traveling.

The Discover More seems the least appealing as you need to spend $3,000 annually to receive the 1% cashback on your purchases. I have been leaning towards the Chase Freedom and the Amex Clear lately. Is there a better rewards card out there for me? If not, what would you recommend out of the aforementioned credit cards?

Thanks for any help!


Adam715
Green Member
Green Member
 
Posts: 7
Joined: Thu Jun 24, 2010 11:15 pm
Location: florida

Postby Adam715 » Thu Aug 12, 2010 10:57 pm

I just also wanted to point out that I am not interested in the Blue Cash card simply because I won't spend $6,500 a year. I won't even spend half that. Otherwise, it would be on the top of my list. I am also considering the Citi Forward card. I appreciate any input I can get. I would really appreciate a response soon because I plan on making a purchase with it soon.

jeffysdad
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Joined: Thu Apr 30, 2009 2:32 pm
Location: Texas

Postby jeffysdad » Fri Aug 13, 2010 5:32 pm

"Hard pull." I'm not picking on you, but it amazes me how this term has worked its way into our consumer lexicon. It wasn't that long ago that nobody cared about credit scores and reports. The folks at Fair Isaac and the three reporting agencies and Suze, etc. have everybody brainwashed that their credit score is some giant financial planning tool. It's not. As long as it's decent, which it will be if you pay your bills conscientiously and consistently, you'll be fine.

If you apply for a new card or ask for a credit line increase. you'll wind up with the dreaded hard pull.

I suggest you get a second card, though. Don't accept anything with an annual fee or anything with less than 1% cash back. Obviously because your spending is low, tiers don't work for you.

Get the Chase Freedom.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.



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