Sapphire vs BofA Cash Rewards?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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GabeCR
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Sapphire vs BofA Cash Rewards?

Postby GabeCR » Tue Oct 15, 2013 6:19 pm

Hello. New to the forum, sorry if this topic has been discussed before but I searched and didn't see one specifically like this.

I've been living in the US since 2005 and have never had a credit card. I've always just managed with a debit card. I do have a great credit score in part thanks to canceling my student loans ahead of time and not having any debt.

With that said, I am interested in getting a credit card now to continue building my credit history since my loan is over so now I don't have any credit activity going.

I have analyzed several cards. I am a Bank of America customer since 2006, so I feel that would be easy since I could just transfer money every month to pay the credit card with no hassle.

I am deciding between Chase Sapphire and BOA Cash rewards. Which do you think is better from all your experiences??

Thanks in advance for any advice.


takeshi
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Postby takeshi » Wed Oct 16, 2013 9:16 am

Better is always highly subjective, regardless of topic. You need to provide a lot more information. What are you looking for in a card (rewards, benefits, etc)? What are your major spend categories? Any other criteria you have to help narrow it down to one over the other?

These aren't one-size-fits-all matters or else everyone would have the exact same card(s) in their wallets. For me, neither of these cards fits my needs. I do have the Sapphire Preferred but you can't rely on my needs/wants (or anyone else's) to validate the suitability of any given card to your own needs/wants.

If nothing else, why did you select these two cards? The more info you can give people any time you're asking for recommendations on any topic the better the feedback you'll get. Give us a better understanding of your thought processes.

GabeCR wrote:New to the forum, sorry if this topic has been discussed before but I searched and didn't see one specifically like this.

You can't expect every possible permutation of comparison to exist out there in threads. You need to compare any card you're considering to what you need/want.

GabeCR wrote:I have analyzed several cards. I am a Bank of America customer since 2006, so I feel that would be easy since I could just transfer money every month to pay the credit card with no hassle.

I pay all my cards online without any hassle. Some cards are more difficult to deal with due to payment restrictions but if you intend to pay once a month that's not likely to be an issue for you. Are you indicating that starting a relationship with another financial entity is a concern for you?

GabeCR wrote:With that said, I am interested in getting a credit card now to continue building my credit history since my loan is over so now I don't have any credit activity going.

Keep in mind that diversity and number of accounts affect your credit scoring. Accounts in good standing will remain on your reports for 10 years but don't count on a single account to improve/maintain your credit on its own. Your score will be limited if you're only relying on a single revolving account.

DavidNY
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Postby DavidNY » Wed Oct 16, 2013 11:06 am

I would recommend the BofA Travel Rewards (1.65% with rewards to BofA checking) card over the Cash Rewards (3.3-2.2-1.1% with rewards to BofA checking) if you're not buying a lot of gas and at least occasionally use it for travel (Metrocards and taxis count).

Sapphire is a good card too.

You need to do the math and see which would be better for you.

thom02099
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Postby thom02099 » Wed Oct 16, 2013 11:25 am

You stated that you've done your research and narrowed it down to those two card, the Bank of America Cash Rewards vs the Chase Sapphire (NOT the Preferred?)

The benefits (some) of the BofA card from their website:

1% cash back on purchases, 2% at grocery stores and 3% on gas for the first $1,500 in combined gas and grocery purchases each quarter

Plus earn a 10% customer bonus when you redeem into a Bank of America® checking or savings account

Get a $100 cash rewards bonus after you make at least $500 in purchases within 90 days of account opening

Introductory 0%† APR for your first 12 billing cycles for purchases, and for any balance transfers made within 60 days of opening your account. After that, a Variable APR that’s currently between 12.99% and 22.99% will apply. 3% fee (min $10) applies to balance transfers. Please see Terms and Conditions for payment allocation information

No annual fee

The benefits (some) of the Sapphire from the Chase website:

No Annual Fee†

2X points on dining at restaurants

Direct Access to Customer Service Advisors

Earn 10,000 bonus points after you spend $500 in the first 3 months from account opening - that's $100 in travel or any other reward. 2X points on dining at restaurants.

(If you go for the PREFERRED version, those points increase to 40,000 with a $3000 spend in the first 3 months -- worth $400)

Both have additional benefits. Presumably, you've looked at all the benefits for both cards. Look at both in detail if you haven't already.

If you've got pristine credit and excellent score range, you could apply for both. Also keep in mind that with Chase, if you apply for certain other cards in the future, your UR points can be combined.
Retired, and in the process of retiring cards!
EQ = 850 EX=849 TU = 850 as of 07/2017

GabeCR
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Postby GabeCR » Wed Oct 16, 2013 12:00 pm

Thanks for your replies, sorry if my initial question was too open and not detailed.

So I have an update on my situation. I got approved for both BOA Cash rewards and Chase Sapphire. BOA is giving me a $1000 credit line and the Sapphire will be $5000.

I make about $45k a year, I work as a sous chef. I travel maybe once a year. I am not a big spender. I don't own a car cause I live in NYC. My main expenses are utilities, metro cards, groceries, eating out, and well obviously rent which I have to pay with checks. So I am assuming my monthly charges to the card will be about $500.

I know that's not a lot, but I just want a card to build more credit history, since I have finished my student loans there is nothing showing on my credit report anymore, and just slowly build up some points to redeem for rewards down the line.

So now I have 3 choices:
1- Keep both and just divide my spending between them on what is more convenient, like I know the sapphire offers 2x points when dining out.
2- Only use the sapphire since I have a $5000 credit line so I would only be using 10% of the credit limit a month which I've read helps my credit score.
3- Only keep the BOA cash rewards since my spending will be little, I could share expenses between my Cash rewards and my BOA debit card so I would use less than my $1000 a month line. Also I'm assuming I could easily set up an auto pay every month since I would have everything under BoA.

Hope all this informations helps and see what more advice you guys have. Thanks.

GabeCR
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Postby GabeCR » Wed Oct 16, 2013 12:02 pm

also if I go with option 1) I could claim both their new account bonuses too.

GabeCR
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Postby GabeCR » Wed Oct 16, 2013 12:08 pm

I had considered the sapphire preferred, but there is no way I could spend $3000 in 3 months to hit the bonus.

DavidNY
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Postby DavidNY » Wed Oct 16, 2013 12:17 pm

Option 1. I'd keep both since they both have no annual fee.

whit
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Postby whit » Wed Oct 16, 2013 1:31 pm

yup, i would keep both :)

use the sapphire to keep track of your eating out, and put that once a year traveling spend-age on it.

if your bills can be paid via credit card I would have it automatically billed to the bofa, just to keep it generating statements with a bit of balance and that way you can pay your bills (if you can get it all on the cc) hopefully just once a month.

FutureBillionaire
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Postby FutureBillionaire » Wed Oct 16, 2013 3:02 pm

DavidNY wrote:I would recommend the BofA Travel Rewards (1.65% with rewards to BofA checking) card over the Cash Rewards (3.3-2.2-1.1% with rewards to BofA checking) if you're not buying a lot of gas and at least occasionally use it for travel (Metrocards and taxis count).

Sapphire is a good card too.

You need to do the math and see which would be better for you.


You reminded me of the fact that I need to use this card to pay for parking and mass transit. I haven't used it that often since I've conveted.

I need to see if I can get a fee free checking/savings account with them also so I can earn a bit more.
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



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