ideal1983 wrote:I am looking to get a new credit card. i have the Discover More card and i really like it. but i am looking to expand. i see a lot of people saying that they have been denied for Discover cards, and their credit scores are higher than mine (633) but I only got approved for $1700 though.
ive been trying to decide between a Bank of America Credit card, the Chase Freedom, Citi Dividend, or the Costco AMEX. what card should I get?
So do you have any other credit cards besides Discover? If not, then I would recommend a Visa or MasterCard. I am not sure what Money Card has against the Costco True Earnings Amex; however, you do not want to have only a Discover and Amex since they are not accepted everywhere.
Some things to consider: most reward cards are Visa Signature or World MasterCard. Because these are No Pre-set Spending Limit cards, many banks do not report the credit limits. While this is not entirely a horrible thing, if you do not have many other cards with reporting limits, what little debt you carry can seriously eat away at your debit to credit ratio. Of course, most banks require at least a $5K limit to be approved for the World or Signature cards. Citibank has recently begun to report their Visa Signatures and World MasterCards as Revolving with a credit line; however, BofA and Chase do not. Again, this won't be a problem at first since you likely would not get a $5,000 limit up front.
So it really comes down to how you use your cards and what rewards you are after. Chase Freedom and Citibank Dividend are pretty similar (1% everyday with quarterly 5% bonus offers on catagories that rotate such as gas, groceries, travel and home improvement). Bank of America recently introduced a new BankAmericard Cash Reward card that gives 1% on everything and then 2% on groceries and 3% on gas (yearly limit of course). I am not sure what their requirements for approval are and if they offer a non-Signature version with a lower limit.