Best Backup to AMEX Blue Cash Preferred

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Best Backup to AMEX Blue Cash Preferred

Postby Michael » Fri Feb 14, 2014 5:15 pm

Since I use AMEX Blue Preferred as primary (biggest expenses groceries and gas), I need to carry a Mastercard or Visa as a backup.

I have both Chase Freedom and Capital One Quicksilver.

Chase is my second oldest card (2002) and has a $56,500 limit. Also, Chase is my checking account bank, so I qualify for the 10% year-end bonus.

I just got Quicksilver six months ago ($15000 limit) and have been using it steadily. It is a nice simple card that pays 1.5% on everything. I applied for a $2000 increase about a month ago and was declined.

I had been using Cap One to back my AMEX and actually for all everyday purchases except gas and groceries and Costco.

Now I am thinking that it is more important to give my charging and loyalty to my two oldest card (AMEX BLUE PREFERRED and Chase Freedom) than to feed a new card like Cap One.

I know that I might lose some reward by not getting the 1.5%, but Chase Freedom does have restaurants, gas, and groceries categories (grocery spend easily $6000 annually and gas a little over $2000 annually) that I can use.

Plus, the 5% and 1% from Freedom work out (for me) to 5.5% and 1.1% (with 10% year-end bonus)

Any opinions? I do not want a three card strategy. Two cards is nice and simple.

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Postby MrMosby » Fri Feb 14, 2014 5:45 pm

Keep them all open, use the Amex/Chase. Sounds like its what you want to do anyways.

Keep in mind in the past I've seen CapitalOne close unused cards (happened to me, but I may have just had ****ty credit years ago, or the practice may have changed)
Everyday Preferred $45K | Amex Platinum NPSL | Delta Platinum $30K | Chase Sapphire Reserve $74.5K | Discover IT $42K

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Postby takeshi » Sat Feb 15, 2014 11:05 pm

You need to clarify what you mean by best instead of just assuming it to be a universal matter. What are you major spend categories aside from the ones covered by the BCP? What other criteria do you have for "best"?

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