Which Credit Card Should I Open?

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Which Credit Card Should I Open?

American Express Blue Cash Everyday Card
1
1%
BankAmericard Cash Rewards Credit Card
3
4%
BankAmericard Visa Card
0
No votes
Barclaycard Ring MasterCard
0
No votes
Capital One Quicksilver Cash Rewards Credit Card
9
13%
Capital One Venture Rewards Credit Card
0
No votes
Capital One VentureOne Rewards Credit Card
1
1%
Chase Freedom
6
9%
Chase Ink Plus Business Credit Card
0
No votes
Chase Sapphire Preferred Card
3
4%
Chase Slate
0
No votes
Citi Diamond Preferred® Card
0
No votes
Citi Double Cash
35
52%
Citi Simplicity Card
0
No votes
Citi ThankYou Preferred Card
0
No votes
Discover it
1
1%
Visa Black Card
0
No votes
other
8
12%
 
Total votes: 67

Topic Author
INTRESIS
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Which Credit Card Should I Open?

Post by INTRESIS »

My credit score is 800 so I would probably get approved for just about any card I apply to.

I want to open a new card so that I can increase my amount of available credit, thus decreasing my utilization ratio and increasing my credit score even more. I want a spare card since I have only 1 credit card right now. I also want as many cash back rewards as possible. I want a card that is accepted almost everywhere. I want no annual fees, and I want to avoid fees in general.
kermit
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Re: Which Credit Card Should I Open?

Post by kermit »

INTRESIS wrote:My credit score is 800 so I would probably get approved for just about any card I apply to.

I want to open a new card so that I can increase my amount of available credit, thus decreasing my utilization ratio and increasing my credit score even more. I want a spare card since I have only 1 credit card right now. I also want as many cash back rewards as possible. I want a card that is accepted almost everywhere. I want no annual fees, and I want to avoid fees in general.
I voted for the Chase Sapphire Preferred even though it has a fee and you say you want no annual fees. Do the math and see if paying the fee is worth it or not. I have done the math on the 2 cards I carry that have a fee: the Chase Sapphire Preferred and the Amex Blue Cash Preferred. Both pay for themselves when you compare them to cards that don't carry a fee. But it's very much YMMV depending on how you spend.
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grabiner
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Re: Which Credit Card Should I Open?

Post by grabiner »

INTRESIS wrote:My credit score is 800 so I would probably get approved for just about any card I apply to.

I want to open a new card so that I can increase my amount of available credit, thus decreasing my utilization ratio and increasing my credit score even more.
This should not be the reason to open another credit card. If you have a score of 800, you don't need to improve it, and in any case, your utilization ratio is probably already very low; changing from owing $2000 on $20,000 to $40,000 limits won't affect your score much.
I want a spare card since I have only 1 credit card right now.
But this is a very good reason to open a new card; you want to have a spare card in case your primary card gets compromised or declined.
Wiki David Grabiner
Topic Author
INTRESIS
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Re: Which Credit Card Should I Open?

Post by INTRESIS »

How high of a credit limit would I get with the Citi Double Cash Card?
killjoy2012
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Re: Which Credit Card Should I Open?

Post by killjoy2012 »

I think there's three questions (at least) that need to answer before finding the right answer:

- What do I spend the most amount of $ on? gas? grocery? travel? other?
- What specific benefits am I looking to reap? cash back? airline miles? hotel miles? universal miles?
- Am I looking to churn/MS, or just maximize your personal spend?

A cc that pays 50% cash back on the purchase of tiddlywinks doesn't do you much good unless you buy a lot of tiddlywinks.
A family of 6 buys a lot more groceries than a single guy in his 20's.
Someone who commutes 80 miles a day uses a lot more gas than someone living in NYC.
With knowing these answers and what type of benefits you're looking to reap, it's hard to answer your question.

The Chase Freedom is nice for 5%, but the bonus categories change quarterly. Do you want to chase %s, or more of a simple, everyday card?
The PenFed Platinum Rewards card is nice if you buy a lot of gas, or want a dedicated 4-5% cash back on gas purchases. It sucks for anything else.
The Citi Double is a good everyday choice @ 2%, as is the Fidelity 2% (which you didn't list in your poll). But if you're a Costco member, you may want both.. or wait to see what Costco's plans are.

You also need to be careful with airline miles, unless you really don't have any preferences. Most people favor a certain carrier based on where their home & hubs are.
Topic Author
INTRESIS
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Re: Which Credit Card Should I Open?

Post by INTRESIS »

killjoy2012 wrote:I think there's three questions (at least) that need to answer before finding the right answer:

- What do I spend the most amount of $ on? gas? grocery? travel? other?
- What specific benefits am I looking to reap? cash back? airline miles? hotel miles? universal miles?
- Am I looking to churn/MS, or just maximize your personal spend?

A cc that pays 50% cash back on the purchase of tiddlywinks doesn't do you much good unless you buy a lot of tiddlywinks.
A family of 6 buys a lot more groceries than a single guy in his 20's.
Someone who commutes 80 miles a day uses a lot more gas than someone living in NYC.
With knowing these answers and what type of benefits you're looking to reap, it's hard to answer your question.

The Chase Freedom is nice for 5%, but the bonus categories change quarterly. Do you want to chase %s, or more of a simple, everyday card?
The PenFed Platinum Rewards card is nice if you buy a lot of gas, or want a dedicated 4-5% cash back on gas purchases. It sucks for anything else.
The Citi Double is a good everyday choice @ 2%, as is the Fidelity 2% (which you didn't list in your poll). But if you're a Costco member, you may want both.. or wait to see what Costco's plans are.

You also need to be careful with airline miles, unless you really don't have any preferences. Most people favor a certain carrier based on where their home & hubs are.
Benefits that I am looking for: Cash back.

I am a single man, 27 years old. My credit card utilization is like 3%. My main credit card expenses are: cable/utilities bill, phone bill, groceries, car repairs, and Amazon.com.
Yossarian
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Re: Which Credit Card Should I Open?

Post by Yossarian »

Get as many of them as you can, and maximize spending and signup bonuses. Good credit is meant to be spent.
harikaried
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Re: Which Credit Card Should I Open?

Post by harikaried »

INTRESIS wrote:Benefits that I am looking for: Cash back.
On an ongoing basis or sign up rewards? In terms of sign up bonuses, I believe Chase Sapphire Preferred is the biggest cash-back signup bonus at 40,000 points that can be redeemed for $400 cash/statement credit (or redeemed for $500 worth of travel).
INTRESIS wrote:I am a single man, 27 years old. My credit card utilization is like 3%. My main credit card expenses are: cable/utilities bill, phone bill, groceries, car repairs, and Amazon.com.
If you're looking for a single card, can you put either total dollar or percentage of expenses as:
- groceries/drugstore
- restaurants/dining
- amazon/bookstore
- gas (not repairs)
- other (utilities, insurance, car repairs, sports, shopping)

You can put the dollar amounts into a calculator (click the $ in the green button next to the column "*Annual Rewards [$]"):
http://www.nerdwallet.com/cash-rewards-credit-cards

I would guess that your largest category is other, so with a single card, I would recommend a general purpose 2% card, which right now would either be Citi Double Cash or Fidelity Amex.

For all sorts of "best credit card" questions, you can check out FatWallet Finance Forum's FAQ:
http://www.fatwallet.com/forums/finance/711457/
leod
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Re: Which Credit Card Should I Open?

Post by leod »

I would open 2-3 cards:
1. any card with the nice signup bonus
2. Citi double cash for all spending
3. Rotating category card or Amex blue cash for grocery
Topic Author
INTRESIS
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Re: Which Credit Card Should I Open?

Post by INTRESIS »

I'm afraid that opening up too many credit card accounts will hurt my credits history, thus lower my credit score.
jsut
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Re: Which Credit Card Should I Open?

Post by jsut »

INTRESIS wrote: Benefits that I am looking for: Cash back.

I am a single man, 27 years old. My credit card utilization is like 3%. My main credit card expenses are: cable/utilities bill, phone bill, groceries, car repairs, and Amazon.com.
As others have pointed out we need more specifics on how much spend on each of those categories as many cards have caps on rewards by category.
Sallie Mae Mastercard (not on your list) has 5% cash back on up to $250 monthly spend in each of gas and groceries and $750 on Amazon, 1% on everything else. Being single you may not be breaking those gas and grocery caps so that would maximize cash back in those categories. If you only get one, I would (and did personally until recently adding the Double Cash) go with this.
Citi Double Cash or Fidelity are 2% across the board if you want one card to do it all.
harikaried
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Re: Which Credit Card Should I Open?

Post by harikaried »

INTRESIS wrote:I'm afraid that opening up too many credit card accounts will hurt my credits history, thus lower my credit score.
Opening any credit card will lower your credit score initially. The main factors being number of credit inquiries increases and average age of accounts decreases.

You don't need to open them all at once, so as others have suggested, if you look at what will give you the most cashback for your spending, you can open that card first and use it for most purchases. Then later when you feel comfortable opening another credit card, get the next best card.
Topic Author
INTRESIS
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Re: Which Credit Card Should I Open?

Post by INTRESIS »

Would Chase Freedom have a high credit limit? Would it be higher that Citi Double Cash?
Topic Author
INTRESIS
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Re: Which Credit Card Should I Open?

Post by INTRESIS »

harikaried wrote:
INTRESIS wrote:I'm afraid that opening up too many credit card accounts will hurt my credits history, thus lower my credit score.
Opening any credit card will lower your credit score initially. The main factors being number of credit inquiries increases and average age of accounts decreases.

You don't need to open them all at once, so as others have suggested, if you look at what will give you the most cashback for your spending, you can open that card first and use it for most purchases. Then later when you feel comfortable opening another credit card, get the next best card.
How much would it hurt my credit score to open 1 card? 2 cards?
Brogleski
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Re: Which Credit Card Should I Open?

Post by Brogleski »

jsut wrote:As others have pointed out we need more specifics on how much spend on each of those categories as many cards have caps on rewards by category.
Sallie Mae Mastercard (not on your list) has 5% cash back on up to $250 monthly spend in each of gas and groceries and $750 on Amazon, 1% on everything else. Being single you may not be breaking those gas and grocery caps so that would maximize cash back in those categories. If you only get one, I would (and did personally until recently adding the Double Cash) go with this.
Citi Double Cash or Fidelity are 2% across the board if you want one card to do it all.
+1
Sallie Mae + Citi Double Cash would be a fine duo. If you only want one card, the Sallie Mae card sounds like a good match.
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killjoy2012
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Re: Which Credit Card Should I Open?

Post by killjoy2012 »

INTRESIS wrote:How much would it hurt my credit score to open 1 card? 2 cards?
I can't answer quantitatively, but not all that much. In the manufactured spend/churning world, many recommend the App-o-rama approach - opening multiple cards on the same day to either minimize the credit score hit, or get as many approved apps as possible before it drops too low.

http://en.wikipedia.org/wiki/App-o-rama

Depending on your personal situation, you may be asking the wrong question. Maybe the right question is, why do I care so much about what my credit score is? Or would I rather have an 800 credit score, or a 770 and $2k in my pocket per year? Added to the fact that most bogleheads are savers and may never need another mortgage in their lifetime anyway.
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Riceman
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Re: Which Credit Card Should I Open?

Post by Riceman »

Do ou stay at marriott hotels? Their 70k point offer now is amazing, and you get a free night stay each year and auto silver elite status. There is a fee, but if you use the free nig coupon, it more tghan makes up for it.

Its also a chip and sig with no international transaction fees and has visa sig benefits. All in all a fantastic backup card. Not great as a primary az the points are worth less tghan a dollar.
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Ketawa
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Re: Which Credit Card Should I Open?

Post by Ketawa »

You don't have one credit score. Do you know which score you are even concerned with?

If you want a new card, get one that makes the most sense and don't worry about what it will do to your utilization or credit score. I have opened 13 new cards in the last year and one of my TransUnion scores (according to Barclays) has never been outside the range 765-775. Unfortunately, this isn't the score that matters for other things like mortgages:
Ketawa wrote:I think the FICO from credit cards is a kind of a gimmick. I have had a free FICO score from Barclays, which uses TransUnion, for over a year:

778 in December 2013
775 in January 2015

In the meantime, I applied for and was approved for 15 credit cards, mostly chasing signup bonuses. My score reported by Barclays ranged from a high of 778 to a low of merely 765.

I started a refinance for a home mortgage this month. The bank reported that my TransUnion FICO score was 736. There must be different calculations for these scores, even though they are from the same credit bureau. By saying the score is a gimmick, I mean that if you can get approved for credit cards, who cares? I suspect that the score Barclays is giving me is intended for credit cards, while the score I would really care about is if I'm making a more significant move like refinancing my mortgage.
There's lots of other useful info in that thread.
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MilleniumBuc
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Re: Which Credit Card Should I Open?

Post by MilleniumBuc »

INTRESIS wrote:Would Chase Freedom have a high credit limit? Would it be higher that Citi Double Cash?
Being that you only have one card, both of them will probably match your current limit. Personally, Citi has provided higher initial limits lately to me, but that is because I have more Chase cards.
Raladic
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Re: Which Credit Card Should I Open?

Post by Raladic »

Fidelity Amex gives you flat 2% everywhere and is also good at Costco (until they discontinue accepting Amex at least).
Topic Author
INTRESIS
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Re: Which Credit Card Should I Open?

Post by INTRESIS »

I just applied for the Citi Double Cash Card. I was instantly approved with a high credit limit.
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Kenster1
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Re: Which Credit Card Should I Open?

Post by Kenster1 »

The Fidelity 2% Visa Cash Back Card appears to be popular too - especially for those who don't mind using the Cash Management Account to go along with it.

Chase also has a new Freedom Unlimited 1.5% Cash Back Card. This card could be a good compromise for those who may have "good" credit but don't really have "excellent" credit. My understanding based on reviews and approvals is that the Citi Double Cash 2% card is more difficult to get approval for versus this newer Chase Freedom Unlimited 1.5% Cash Back card. This is no annual fee card.

However, the caveat is that it appears Chase has started to deny applicants who have opened too many credit card accounts (5) in the past 24 months.

The Capital One Quicksilver 1.5% Cash Back card is pretty good too - very good reviews overall - easy to understand and to redeem the cash back rewards and has no annual fee. Good to use as a backup and for international travel to the Citi Double Cash card as this Cap One Quicksilver card has no foreign transaction fee whereas the Citi Double Cash card has a 3% foreign tx fee. And if you get this Quicksilver card in the Visa Signature form - you'll get those little extra perks that Visa Signature offers.

.
Last edited by Kenster1 on Mon Aug 08, 2016 12:55 pm, edited 1 time in total.
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Kenster1
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Re: Which Credit Card Should I Open?

Post by Kenster1 »

Also - for heavy Amazon users - there's also the Amazon Rewards card run by Chase. No annual fee.

3% back on Amazon.com purchases
2% back on restaurants, gas stations, drug stores
1% back on everything else

https://www.amazon.com/gp/cobrandcard/m ... &pr=con321
.
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Exige
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Re: Which Credit Card Should I Open?

Post by Exige »

Wife and I go with the citi double for all main purchases and supplement a few categories with the costco Citi card (Gas, restaurants, Costco). Works well for us always get enough points to cover all christmas expenses we dont spend enough to get any crazy cash back but ill take it.
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BW1985
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Re: Which Credit Card Should I Open?

Post by BW1985 »

Kenster1 wrote:Also - for heavy Amazon users - there's also the Amazon Rewards card run by Chase. No annual fee.

3% back on Amazon.com purchases
2% back on restaurants, gas stations, drug stores
1% back on everything else

https://www.amazon.com/gp/cobrandcard/m ... &pr=con321
.
These do not transfer to UR. Just FYI
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Kenster1
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Re: Which Credit Card Should I Open?

Post by Kenster1 »

For those who opened one of these reward cards but got an interest rate a little high say 18-20% --- have you ever gone back after say improving your credit score and asking for a lower interest rate? If so - how successful where you and which card?

The obvious intent isn't to carry a balance at all but it's just one of the those nice to know things to have if you could lower the interest rate anyways.
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radiowave
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Re: Which Credit Card Should I Open?

Post by radiowave »

Kenster1 wrote:The Fidelity 2% Visa Cash Back Card appears to be popular too - especially for those who don't mind using the Cash Management Account to go along with it.

Chase also has a new Freedom Unlimited 1.5% Cash Back Card. This card could be a good compromise for those who may have "good" credit but don't really have "excellent" credit. My understanding based on reviews and approvals is that the Citi Double Cash 2% card is more difficult to get approval for versus this newer Chase Freedom Unlimited 1.5% Cash Back card. This is no annual fee card.

However, the caveat is that it appears Chase has started to deny applicants who have opened too many credit card accounts (5) in the past 24 months.

The Capital One Quicksilver 1.5% Cash Back card is pretty good too - very good reviews overall - easy to understand and to redeem the cash back rewards and has no annual fee. Good to use as a backup and for international travel to the Citi Double Cash card as this Cap One Quicksilver card has no foreign transaction fee whereas the Citi Double Cash card has a 3% foreign tx fee. And if you get this Quicksilver card in the Visa Signature form - you'll get those little extra perks that Visa Signature offers.

.
+1 on the CapOne Quicksilver. If you travel outside of the US, the lack of foreign transaction fees can save, and the lack of annual fees makes this almost a no brainer for a primary card. I like being able to get a text immediately for each transaction.
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funflex
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Re: Which Credit Card Should I Open?

Post by funflex »

Happy with my Blispay so far and have had several friends apply for it too. 2% cash back without annual fees and great for big purchases.
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