Will these maximize my rewards? Need Advice

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3 posts
Zener
 
Posts: 2
Joined: Thu Jul 18, 2013 6:39 pm
Location: Cal

Will these maximize my rewards? Need Advice

Postby Zener » Sun Jul 21, 2013 7:25 pm

Here is what I'm thinking

BCP — 6% Groceries (Only spend $2400 on groceries per year, but remaining will be used to buy GC)
USBank Cash+ -- 2% Drug Stores, 5% Department Stores, 5% Fast Food (or restaurants)
Penfed platinum or FKFCU Visa or Sallie Mae Mastercard— 5% gas
Fidelity Amex — 2% on anything that doesn’t meet any of the above categories

I really like the Discover it card as well for their online store. I'm not sure if the Cash+ card would be the best 5% card.

Another note, I am not planning on really abusing these cards by churning VRs and such. However, I will buy GC with the BCP to make use of the 6% groceries. I plan to use these cards legit in their respective categories to maximize rewards which is why the Sallie mae MC might work for me.

An estimation of per month expenses:

Rent: $600

Groceries: $200

Gas: $140

Department Stores: $100

Internet: $35

Cell Phone: $60

plus some other misc. expenses


+ Flights about once or twice a year at $300 round trip


But what I really need help on is what are my chances of getting these cards given that I just found out today that my FICO score is 716 (at Equifax at least). However, I am pissed because that is a very poor reflection on how I spend and how I manage my credit. I have never missed a payment, have no loans, no debt, and always pay in full and on time. However, I have only had a credit card (1st one) for 3 and a half years and it only has a $1200 limit because it's a student card. Therefore, I am always using about half of my available credit at any given time so I believe that hurts my credit utilization ratio. What I want to do is do something like an app-o-rama to be able to get all of these cards. I am not doing it for the signup offers, just for the fact that I want multiple cards to be able to utilize maximum cash back. Do you think I have a reasonable chance of getting all of them given my credit history or am I out of my mind?


RewardHop
Centurion Member
Centurion Member
 
Posts: 307
Joined: Wed Jan 02, 2013 3:43 pm
Location: USA

Postby RewardHop » Mon Jul 22, 2013 11:04 pm

Zener wrote:However, I am pissed because that is a very poor reflection on how I spend and how I manage my credit. I have never missed a payment, have no loans, no debt, and always pay in full and on time. However, I have only had a credit card (1st one) for 3 and a half years and it only has a $1200 limit because it's a student card. Therefore, I am always using about half of my available credit at any given time so I believe that hurts my credit utilization ratio


Just a quick tip, you can reduce your credit util ratio by paying in advance of the statement close date. So say your statement closes on the 20th of every month. Just submit a pay for whatever amount of your balance before the 20th and only the remaining balance (if any) will reflect on your credit report.
[size=60]
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]

Zener
 
Posts: 2
Joined: Thu Jul 18, 2013 6:39 pm
Location: Cal

Postby Zener » Thu Jul 25, 2013 7:42 pm

Thanks for the info. I will absolutely start doing this. I recently just started researching about credit, so this did not occur to me. But are there any suggestions for my original post? Can I get any or all of these cards easily?



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