Which credit card should I get?
02-29-2016, 03:49 PM
#81
Senior Moderator
Gonna hijack and ask a quick question regarding credit cards since this looks to be the best thread.
I have had my own individual checking/credit account at bank A for 10+ years. Wife had her own checking credit account at bank B for 10+ years. Both of us have excellent credit.
Recently got married. She added me to her joint checking account at bank B and we opened up a new joint credit account at bank B as well. (What's mine is yours and yours is mine thing).
I no longer have a use for my accounts at bank A but I've read closing an account with lots of good history on it can hurt your score. Should I close it now or close it later or keep it open?
I have had my own individual checking/credit account at bank A for 10+ years. Wife had her own checking credit account at bank B for 10+ years. Both of us have excellent credit.
Recently got married. She added me to her joint checking account at bank B and we opened up a new joint credit account at bank B as well. (What's mine is yours and yours is mine thing).
I no longer have a use for my accounts at bank A but I've read closing an account with lots of good history on it can hurt your score. Should I close it now or close it later or keep it open?
)
02-29-2016, 03:52 PM
#82
02-29-2016, 03:57 PM
#83
Senior Moderator
Also don't "never use it" (double negative i know 
)
Banks will auto-close credit cards after a pre-determined amount of non-use. I'd use it once in a while to buy something small so that they don't close the account.
The other negative of close accounts is that it increases your Credit-to-debt ratio..
Take for example the following:
you have 5 credit cards with a CL of $10,000 each. (Total CL: $50,000).
you owe $10,000 total on them ( so you have a 20% credit utilization rate)
If you decided to close one of the cards today, the amount you owe would be the same ($10,000), but all of a sudden, your utilization rate would increase to 25% ($10,000/$40,000).
There are few objective factors that affect your credit but two things I've personally seen first hand are : 1. average age of accounts 2. credit utilization ratio.
If bank A credit card charges a fee. call/meet with them and see if you can do a "product change" to a no fee card just to keep your credit history there. The number and age will stay with the card but your Annual Fee will be gone.
)Banks will auto-close credit cards after a pre-determined amount of non-use. I'd use it once in a while to buy something small so that they don't close the account.
The other negative of close accounts is that it increases your Credit-to-debt ratio..
Take for example the following:
you have 5 credit cards with a CL of $10,000 each. (Total CL: $50,000).
you owe $10,000 total on them ( so you have a 20% credit utilization rate)
If you decided to close one of the cards today, the amount you owe would be the same ($10,000), but all of a sudden, your utilization rate would increase to 25% ($10,000/$40,000).
There are few objective factors that affect your credit but two things I've personally seen first hand are : 1. average age of accounts 2. credit utilization ratio.
If bank A credit card charges a fee. call/meet with them and see if you can do a "product change" to a no fee card just to keep your credit history there. The number and age will stay with the card but your Annual Fee will be gone.
02-29-2016, 05:25 PM
#84
Team Owner
03-01-2016, 01:18 AM
#85
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If the bank account has no fees, keep it open. It allows you the ability to pull cash from more ATMs w/o charge, or get money from one bank if the other bank's network crashes.
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jyrtl (10-23-2017)
03-01-2016, 08:23 AM
#86
Q('.')=O
iTrader: (1)
The checking account has a $10 fee if don't keep a large balance in it or have direct deposit so I closed that. I'm going to keep the credit account open and use it a few times a year like you said.
03-02-2016, 10:08 AM
#87
Marriot has been sending me insane amounts of offers the past year to open a card with them. The perk is that if I spend 3k in the first three months, I would get 80,000 Marriot points. The card does have an annual fee of $85, but it comes with one free stay annually. So you're basically paying for a night each year in the annual fee.
I've been pondering over this one for months. 80,000 Marriot points is no joke.
I've been pondering over this one for months. 80,000 Marriot points is no joke.
03-02-2016, 10:13 AM
#88
Senior Moderator
Marriot has been sending me insane amounts of offers the past year to open a card with them. The perk is that if I spend 3k in the first three months, I would get 80,000 Marriot points. The card does have an annual fee of $85, but it comes with one free stay annually. So you're basically paying for a night each year in the annual fee.
I've been pondering over this one for months. 80,000 Marriot points is no joke.
I've been pondering over this one for months. 80,000 Marriot points is no joke.
I'll probably hold on to it just for the free night each year.
03-23-2016, 11:22 AM
#89
Needs more Lemon Pledge
OK, new CC issue...
For over a decade my personal card has been an Amex Blue Cash. I liked the straight cash reward, even though it only ended up being 1%.
However, Costco is now dumping Amex for Visa, so I have a few choices.
I was initially planning on switching the Amex to a Citi Mastercard 2% card, but Costco will not take this. I would either need to (a) use a no reward visa debit card, or (b) find a no annual fee visa card to use exclusively at costco and then use the Citi2% card for everything else. Seems like a giant hassle.
Any thoughts/ideas?
FYI, weekly Costco averages about $75.
EDIT: I just did the math and even at 2%, the total rewards for that costco spending is only $78...
Maybe the debit card isn't such a big loss just for costco. The only hesitation would be if I made a large purchase there (tv/patio furniture/etc.)....
I guess the extra 1% throughout the year from the Citi2% card would more than make up for the loss of reward on the costco purchases through the use of a debit card.
For over a decade my personal card has been an Amex Blue Cash. I liked the straight cash reward, even though it only ended up being 1%.
However, Costco is now dumping Amex for Visa, so I have a few choices.
I was initially planning on switching the Amex to a Citi Mastercard 2% card, but Costco will not take this. I would either need to (a) use a no reward visa debit card, or (b) find a no annual fee visa card to use exclusively at costco and then use the Citi2% card for everything else. Seems like a giant hassle.
Any thoughts/ideas?
FYI, weekly Costco averages about $75.
EDIT: I just did the math and even at 2%, the total rewards for that costco spending is only $78...
Maybe the debit card isn't such a big loss just for costco. The only hesitation would be if I made a large purchase there (tv/patio furniture/etc.)....
I guess the extra 1% throughout the year from the Citi2% card would more than make up for the loss of reward on the costco purchases through the use of a debit card.
03-23-2016, 11:27 AM
#90
Senior Moderator
I would get the Executive Membership through Costco stogie. that way you get 2% just from that. I always recommend this over the regular membership because the difference is only $50. if you don't spend enough during the year to recoup that $50 (crazy...) then they'll give you $50 back anyway.. it's a no lose situation to me 
On top of that you can apply for the Costco Amex which will turn into a Costco Citi Visa card that will continue to get 1% at Costco. There's no AF other than the fee you pay for Costco anyway.
Might be something to look into, Stogie?
and for what it's worth, I NEVER use my debit card for purchases... that's a faux pas for me
I only use rewards earning cards.
On top of that you can apply for the Costco Amex which will turn into a Costco Citi Visa card that will continue to get 1% at Costco. There's no AF other than the fee you pay for Costco anyway.
Might be something to look into, Stogie?
and for what it's worth, I NEVER use my debit card for purchases... that's a faux pas for me
I only use rewards earning cards.
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stogie1020 (03-23-2016)
03-23-2016, 06:58 PM
#91
Team Owner
Are there any cash back cards that are Visa?
03-24-2016, 02:41 AM
#92
I have the Citi double cash as my daily card right now. The other card I carry with me is a Chase Freedom Visa. This card has 1% cash back and 5% for quarterly purchases for the first $1500 each quarter. Next quarter (April to June) are grocery stores and warehouse stores.
I would use the Visa for purchases that fit the quarterly bonus as to not use up the 1500 limit too early and use the Citi Mastercard for all other purchases.
Downside is that every year the categories change but for the past few years that I've had it, grocery stores and gas stations have always been a category for a quarter. So even if warehouse stores aren't on there next year, at least you can use it for gas or grocery stores.
I would use the Visa for purchases that fit the quarterly bonus as to not use up the 1500 limit too early and use the Citi Mastercard for all other purchases.
Downside is that every year the categories change but for the past few years that I've had it, grocery stores and gas stations have always been a category for a quarter. So even if warehouse stores aren't on there next year, at least you can use it for gas or grocery stores.
Last edited by aznboi2424; 03-24-2016 at 02:44 AM.
03-24-2016, 04:14 AM
#93
Senior Moderator
Originally Posted by doopstr
Are there any cash back cards that are Visa?
Here's a good source of info: https://www.nerdwallet.com/the-best-credit-cards
03-24-2016, 02:16 PM
#94
Senior Moderator
Capital One Quicksilver is Visa, 1.5%, and no annual fee.
03-31-2016, 03:06 PM
#95
Needs more Lemon Pledge
So the terms of the new Cotsco Citi-Visa are out:
https://www.citi.com/credit-cards/cr...ard-conversion
4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter
3% cash back on restaurant and eligible travel purchases worldwide
2% cash back on all other purchases from Costco and Costco.com
1% cash back on all other purchases
I still may want to do the Citi-Double MC for all non-Costco purchases (except travel and restaurants) like utiliies/bills, etc...
https://www.citi.com/credit-cards/cr...ard-conversion
4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter
3% cash back on restaurant and eligible travel purchases worldwide
2% cash back on all other purchases from Costco and Costco.com
1% cash back on all other purchases
I still may want to do the Citi-Double MC for all non-Costco purchases (except travel and restaurants) like utiliies/bills, etc...
Last edited by stogie1020; 03-31-2016 at 03:09 PM.
03-31-2016, 03:39 PM
#96
I am with you. I have no use for AMEX once Cotco doesn't take it.
I use Chase Sapphire for everything, and AMEX for Costco.
I have executive at Costco, and my yearly expenditure is $9300-9555 last 4 years.
I use Chase Sapphire for everything, and AMEX for Costco.
I have executive at Costco, and my yearly expenditure is $9300-9555 last 4 years.
So the terms of the new Cotsco Citi-Visa are out:
https://www.citi.com/credit-cards/cr...ard-conversion
4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter
3% cash back on restaurant and eligible travel purchases worldwide
2% cash back on all other purchases from Costco and Costco.com
1% cash back on all other purchases
I still may want to do the Citi-Double MC for all non-Costco purchases (except travel and restaurants) like utiliies/bills, etc...
https://www.citi.com/credit-cards/cr...ard-conversion
4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter
3% cash back on restaurant and eligible travel purchases worldwide
2% cash back on all other purchases from Costco and Costco.com
1% cash back on all other purchases
I still may want to do the Citi-Double MC for all non-Costco purchases (except travel and restaurants) like utiliies/bills, etc...
04-06-2016, 11:22 AM
#97
Needs more Lemon Pledge
OK, wifey and I are going to do the Costco Visa for Costco purchases, and the Citi Double Cash MC card for all non-Costco purchases. I have been am AMEX holder since 1999, will be cancelling it once the others arrive and I can redeem my cash back.
04-06-2016, 11:25 AM
#98
I have a CITI diamond Visa I never use. Do you know if I can call CITI and ask them to convert that into a Costco VISA?
04-06-2016, 06:35 PM
#99
Needs more Lemon Pledge
No idea, but my guess is no...
04-06-2016, 08:49 PM
#100
Team Owner
I think I'm going to do like Stogie. There is a Costco opening near me in the Summer. 
04-07-2016, 02:37 AM
#101
So since it's been about 2 years since I got my first card and I've paid it in full 100% of the time, I've been getting credit card offers from places that once denied me. 2 AMEXs in the same day and one Discover. AMEX Everyday, AMEX Gold and Discover It.
Would love to get rid of my current card since it's with a bank I absolutely hate. For the sake of my credit score, should I hold on to it for awhile then transition do a different (and maybe when the time comes, better) card in a couple more years? Or at this point would dropping my current card for any other option not affect my score that much?
Would love to get rid of my current card since it's with a bank I absolutely hate. For the sake of my credit score, should I hold on to it for awhile then transition do a different (and maybe when the time comes, better) card in a couple more years? Or at this point would dropping my current card for any other option not affect my score that much?
04-07-2016, 09:21 AM
#102
So since it's been about 2 years since I got my first card and I've paid it in full 100% of the time, I've been getting credit card offers from places that once denied me. 2 AMEXs in the same day and one Discover. AMEX Everyday, AMEX Gold and Discover It.
Would love to get rid of my current card since it's with a bank I absolutely hate. For the sake of my credit score, should I hold on to it for awhile then transition do a different (and maybe when the time comes, better) card in a couple more years? Or at this point would dropping my current card for any other option not affect my score that much?
Would love to get rid of my current card since it's with a bank I absolutely hate. For the sake of my credit score, should I hold on to it for awhile then transition do a different (and maybe when the time comes, better) card in a couple more years? Or at this point would dropping my current card for any other option not affect my score that much?
I don't know how old you are, but I was in a similar situation as you a couple of years ago. I simply am not old enough to have that long of a credit history, so I'm hesitant to close any cards. That being said, I still have the very first CC I got which was a BoA Visa that started as a secure card with a $500 limit. It now has a 25k limit and helps increase my credit length tremendously.
So if there is no annual fee, it might be in your best interest to go the same route I did if you have similar circumstances.
PS - If you do get an AMEX, do you mind if I refer you?
PM me if you're interested.
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Rapture (04-07-2016)
04-07-2016, 11:47 AM
#103
Senior Moderator
So since it's been about 2 years since I got my first card and I've paid it in full 100% of the time, I've been getting credit card offers from places that once denied me. 2 AMEXs in the same day and one Discover. AMEX Everyday, AMEX Gold and Discover It.
Would love to get rid of my current card since it's with a bank I absolutely hate. For the sake of my credit score, should I hold on to it for awhile then transition do a different (and maybe when the time comes, better) card in a couple more years? Or at this point would dropping my current card for any other option not affect my score that much?
Would love to get rid of my current card since it's with a bank I absolutely hate. For the sake of my credit score, should I hold on to it for awhile then transition do a different (and maybe when the time comes, better) card in a couple more years? Or at this point would dropping my current card for any other option not affect my score that much?
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Rapture (04-07-2016)
04-15-2016, 05:36 AM
#104
Honestly I'm just completely lost on what helps/hinders your credit score. Since I hopped aboard the credit train later in life I'm a bit too dedicated to it. I've always thought having an "inactive" credit card negatively affects your score. That tells the banks you take out a line of credit when you don't really need it. This all based on various reading I've done on the subject. Some of it contradicts other sources, too...
04-15-2016, 12:17 PM
#105
Registered but harmless
Join Date: Aug 2005
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Obviously, the lines of credit available on those cards are unneeded (and I wouldn't be able to pay them off if I run them up to the limit
). Regardless, my FICO score is 820 or so, and the available credit and credit history are deemed positives on the credit report. YMMV.
04-15-2016, 12:28 PM
#106
Senior Moderator
So since it's been about 2 years since I got my first card and I've paid it in full 100% of the time, I've been getting credit card offers from places that once denied me. 2 AMEXs in the same day and one Discover. AMEX Everyday, AMEX Gold and Discover It.
Would love to get rid of my current card since it's with a bank I absolutely hate. For the sake of my credit score, should I hold on to it for awhile then transition do a different (and maybe when the time comes, better) card in a couple more years? Or at this point would dropping my current card for any other option not affect my score that much?
Would love to get rid of my current card since it's with a bank I absolutely hate. For the sake of my credit score, should I hold on to it for awhile then transition do a different (and maybe when the time comes, better) card in a couple more years? Or at this point would dropping my current card for any other option not affect my score that much?
Honestly I'm just completely lost on what helps/hinders your credit score. Since I hopped aboard the credit train later in life I'm a bit too dedicated to it. I've always thought having an "inactive" credit card negatively affects your score. That tells the banks you take out a line of credit when you don't really need it. This all based on various reading I've done on the subject. Some of it contradicts other sources, too...
The portion of the credit report you're referring to is the "Credit Utilization Ratio"
Total amount of debt on credit card / Total Credit limit
if you close the credit card, you're raising that ratio because closing that card will lower your total credit limit.
It's all math
If i were in your shoes, I would leave it alone, and just use it once every few months to keep it from getting closed on their own. maybe once every 3 months or so? OR throw your Hulu/Netflix/Pandora subscription on there for a few bucks a month then set up a monthly auto-pay so it's a "set it and forget it" sort of thing At least, that's what I do for my card I rarely use but would prefer to keep open
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Rapture (09-16-2016)
04-15-2016, 04:54 PM
#107
Team Owner
Just live your life, pay your bills, and your score goes up. Easy. By the time you find yourself with an excellent score you may not even need a loan.
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Rapture (06-09-2016)
09-16-2016, 11:37 PM
#108
Yeah I got a Discover It and I'm not sure how accurate the FICO score they give you truly is... but it says my score is fairly high.
But lately I'm getting credit card offers from AMEX like once every 3 days. Currently stockpiling them at the moment... was thinking of doing something trollish with them some day.
But lately I'm getting credit card offers from AMEX like once every 3 days. Currently stockpiling them at the moment... was thinking of doing something trollish with them some day.
09-17-2016, 02:26 AM
#109
Per Discover:
I got my FICO Credit Score from somewhere else, why is it different? What's the difference between the FICO Credit Score and other credit scores?
There are different credit scores available. Some are educational scores such as TransRisk and ExperianPlus, while other scores such as FICO® Scores may be used among other information by lenders when they make their credit decisions. The FICO® Credit Score we provide is the FICO® Score 8, based on information on your TransUnion credit report, and has a score range of 300-850. FICO® Credit Scores as well as other credit scores are based on credit bureau information, and may be different from one credit bureau to the next. When reviewing your credit score, keep in mind that it gives you a general snapshot of your credit report information at a very specific point in time, so take note of the date, the credit bureau and the range for that particular score.
FICO® Credit Score Terms: Your FICO® Credit Score and key factors are based on data from TransUnion and may be different from other credit scores. This information is intended for and only provided to Primary cardmembers who have an available score. See Discover.com/FICO about the availability of your score. Your score and key factors are available on Discover.com and your score is provided on statements. You will see up to a year of recent scores starting when you become a cardmember. Discover and other lenders may use different inputs, such as a FICO® Credit Score, other credit scores and more information in credit decisions. This benefit may change or end in the future. FICO is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
There are different credit scores available. Some are educational scores such as TransRisk and ExperianPlus, while other scores such as FICO® Scores may be used among other information by lenders when they make their credit decisions. The FICO® Credit Score we provide is the FICO® Score 8, based on information on your TransUnion credit report, and has a score range of 300-850. FICO® Credit Scores as well as other credit scores are based on credit bureau information, and may be different from one credit bureau to the next. When reviewing your credit score, keep in mind that it gives you a general snapshot of your credit report information at a very specific point in time, so take note of the date, the credit bureau and the range for that particular score.
FICO® Credit Score Terms: Your FICO® Credit Score and key factors are based on data from TransUnion and may be different from other credit scores. This information is intended for and only provided to Primary cardmembers who have an available score. See Discover.com/FICO about the availability of your score. Your score and key factors are available on Discover.com and your score is provided on statements. You will see up to a year of recent scores starting when you become a cardmember. Discover and other lenders may use different inputs, such as a FICO® Credit Score, other credit scores and more information in credit decisions. This benefit may change or end in the future. FICO is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
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Rapture (09-21-2016)
10-22-2017, 04:21 PM
#110
TONS! Chase freedom as mentioned below. Bank Americard , Wells Fargo.. Basically every bank has their own form of cash back card.
Here's a good source of info: https://www.nerdwallet.com/the-best-credit-cards
Here's a good source of info: https://www.nerdwallet.com/the-best-credit-cards
I've been wanting to finally get rid of my old credit card (which was my first credit card) and I've been hearing a lot of good things about the Chase Freedom card. Can anyone who has one of these let me know what the categories are? I have a Discover It and it would be 
to have 2 cards with identical rotating categories
10-23-2017, 01:44 AM
#111
Registered but harmless
Join Date: Aug 2005
Location: Los Angeles, CA
Age: 59
Posts: 14,842
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I've been wanting to finally get rid of my old credit card (which was my first credit card) and I've been hearing a lot of good things about the Chase Freedom card. Can anyone who has one of these let me know what the categories are? I have a Discover It and it would be to have 2 cards with identical rotating categoriesIt's kind of a pain in the rear to keep track of the system used by Chase, so I only have it as a backup card rather than a primary.
10-23-2017, 09:28 AM
#112
Sanest Florida Man
TONS! Chase freedom as mentioned below. Bank Americard , Wells Fargo.. Basically every bank has their own form of cash back card.
Here's a good source of info: https://www.nerdwallet.com/the-best-credit-cards
Here's a good source of info: https://www.nerdwallet.com/the-best-credit-cards
10-23-2017, 09:53 AM
#113
Senior Moderator
I've been wanting to finally get rid of my old credit card (which was my first credit card) and I've been hearing a lot of good things about the Chase Freedom card. Can anyone who has one of these let me know what the categories are? I have a Discover It and it would be to have 2 cards with identical rotating categories
Right now Freedom is 5% at Walmart and Department Stores. Last quarter it was at Restaurants so I went crazy spending there and met my max ($1,500 per card = $75 cash back or 7500 Ultimate Rewards points) fairly quickly. 
I'm thinking about getting the Everyday Preferred soon ( Personally, I value MEmbership Rewards far more than cash
)
10-23-2017, 12:49 PM
#114
I don't like to think about rewards. Fidelity Visa (formerly AMEX) 2% cash to my fidelity account... no limits. I haven't really noticed any difference with service when they switched to Visa from AMEX.
10-23-2017, 12:58 PM
#115
Senior Moderator
10-23-2017, 01:37 PM
#116
Sanest Florida Man
If I'm getting 6% cashback at grocery stores I'll by gift cards to best buy or gas cards at the grocery store and use those to buy gas or electronics instead of using my AMEX at those places.
10-23-2017, 01:50 PM
#117
Senior Moderator
that's what all the Manufactured Spenders do!
Just be wary that you will lose the Extended Warranty provided as a benefit of your AmEx by buying electronics that way.
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