Should I get a better credit card?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Jrobnc
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Should I get a better credit card?

Postby Jrobnc » Thu Aug 02, 2012 2:36 pm

So I am hoping you guys can give me advice as far as what a good/better rewards card might be or maybe I shouldn't apply for another one at all?

I have
Amex BC - 2300 (11/2011)
WF - 800 (01/2010)
Bank Visa - 2250 (08/2009)
Belk (GE backed) - 350 (11/.2009)

Month to Month I typically don't carry a balance though it just depends. This past month I had 275 on the amex.
In contrast I have a car loan for 20K 5 months old and student loans around 25K which are in deferrment because I am a full time student but I also work making about 30K/yr.

I use my amex for basically everything, I make about one purchased on the bank visa every other month and never use my WF visa or belk card. I applied for an amex CLI increase last month and was denied, likely because the previous month I had let a higher than usual balance post though on the denial letter it listed my EX score as 747.

The most common purchase I make is for food, usually restaurants not groceries which is why I feel I could be getting much better rewards than the Amex offers. I have looked at the Chase freedom or a Discover card in the past but wasn't took sure. I also realize now it may be a bad time because of the new car loan.

Any advice or suggested course of actions would be greatly appreciated.
Amex BCE - 6600. Marriott Premier - 12k. Freedom - 2600.
Discover IT - 5500. WF College Card - 1200.


CC Deville
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Postby CC Deville » Sat Aug 04, 2012 12:32 pm

Was your Wells Fargo Visa previously a Wachovia Visa? I can't stand Wells Fargo.....

Anyway, if you are a big spender at restaurants, the Citibank Forward card nets very good points on restaurants. If you are looking for cash back, the new US Bank Cash + card lets you choose restaurants and fast food restaurants for the 5% cash back. Just be warned that this card is a Visa Signature and requires a $5K minimum credit line. I believe if you apply for this card now you may get downsold to their 1% Visa Platinum.

Chase Freedom and Discover also usually offer at least one quarter of 5% on restaurants. But you never know from year to year what their bonus catagories are going to be.

I would wait at least until next month to apply for anything else as you just established the car loan.

Jrobnc
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Postby Jrobnc » Sun Aug 05, 2012 1:35 am

It wasn't a Wachovia, I applied right at the tail end when they stopped taking new Wachovia credit card apps and forced Wells Fargo. Had I known at the time how unappealing the card would become to me then I would have not even applied. Thanks for the suggestions I'll look into both of those and I will probably wait a month or so like you said to give the loan more time as well as have no balances posted to my credit accounts.
Amex BCE - 6600. Marriott Premier - 12k. Freedom - 2600.
Discover IT - 5500. WF College Card - 1200.

Money card
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Postby Money card » Thu Aug 09, 2012 10:24 pm

you say you use your credit card for everything, but you mentioned you use it mostly for restaurants. would paying an annual fee bother you? Capital1 venture card gives you 2 miles per dollar, the annual fee is 59.00 but waved the first year.

theres a chase sapphire which gives 2 points per dollar on restaurants, American express has nice premium cards
the green up to platinum give you 1 point per dollar, theres no interest on these higher level cards.

with the Chase Sapphire preferred theres a 95.00 annual fee waved the first year.

if paying an annual fee bothers you I would then look into a Discover More or Miles,

Jrobnc
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Postby Jrobnc » Wed Aug 15, 2012 8:15 am

By spending it on everything I meant I use it for everything I purchase which tends to rank per month as
1. Restaurants/fast food 2.Gas

I don't mind paying an annual fee but I don't think I spend enough to get enough rewards and make the fee justifiable.

I will certainly consider the forward, discover cards and maybe the chase freedom or the US bank card but I wouldn't want to be stuck without the preferred 5% version so maybe I should wait until that's more likely? . I would be open to any other suggestions as well.
Amex BCE - 6600. Marriott Premier - 12k. Freedom - 2600.
Discover IT - 5500. WF College Card - 1200.

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t528491
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Postby t528491 » Wed Aug 15, 2012 10:07 am

Yep, I'd say the Citi Forward is likely your best bet, followed by the Discover It or Chase Freedom. I agree that an annual fee card is not a great idea unless you're spending a good bit of money.
[size=80]
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]

SignHere
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Postby SignHere » Wed Aug 15, 2012 11:47 am

I heard the Freedom is a solid card so I went for that one during my app spree. If you are going to shoot for the Chase Freedom, I would say shoot to get your BCE credit line increased first. If you app for a Chase Freedom card, the 5% cash back on gas and restaurants ends in about a month so it might not be worth going for that quite yet especially since the next rewards scheduled are hotels, airlines, Best Buy and Kohls (none of which you mentioned you really spend on). But, I think it is your best bet to stay with cards that get you cash back so you see immediate rewards. If you are not running thousands of dollars a month through credit cards, it can take a long time for you to see rewards with point based cards.
Amex PR Gold - NPSL (Daily) [8/2012]
Amex Zync - NPSL (Ex-Daily) [10/2010]
Amex BCE - 19.2k [8/2012]
Chase Freedom Visa - 5k [8/2012]
PSECU Visa/PSL - 20k [9/2012]

FutureBillionaire
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Postby FutureBillionaire » Wed Aug 15, 2012 2:51 pm

SignHere wrote:I heard the Freedom is a solid card so I went for that one during my app spree. If you are going to shoot for the Chase Freedom, I would say shoot to get your BCE credit line increased first. If you app for a Chase Freedom card, the 5% cash back on gas and restaurants ends in about a month so it might not be worth going for that quite yet especially since the next rewards scheduled are hotels, airlines, Best Buy and Kohls (none of which you mentioned you really spend on). But, I think it is your best bet to stay with cards that get you cash back so you see immediate rewards. If you are not running thousands of dollars a month through credit cards, it can take a long time for you to see rewards with point based cards.


This is very sound advice.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Money card
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Postby Money card » Sun Aug 19, 2012 12:51 am

since restaurants as gas are 1&2 what about upgrading to the Bluecash perfered , with this card you get 6% cash back on grocery stores, 3% back on gas stations and 3% back on department stores the card is free for the first year after that theres a 75.00 annual fee.

If your not intrested in this then what about the Citi Forward and pendefed visa 5% back on gas pendefed 5% back on restaurants Citi Forward.

Rory
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Postby Rory » Sun Aug 19, 2012 12:55 am

yes, yes you should :)

building multiple lines of credit always helps your score as long as they are all managed correctly and paid in full. look over all your latest statements highlight common categories and then report back to us on which categories add up the most. doing this will consolidate what your truly looking for rewards wise.
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
Chase Freedom - 2000 limit
Chase Slate - 2000 Limit
BoA Cash Rewards Privileges- 3000 limit
Barclaycard Rewards MC - 3000 limit
Discover IT- 3500 limit
Marriott PR- 5000 limit
21 years old with alot of life to spend ;)
Its not about the ending, its about the journey,
just as long as the ending is just as good :cool:



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