The Saving Advice Forums - A classic personal finance community.

How can I figure out which card is better for me?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • How can I figure out which card is better for me?

    I currently use the Chase Freedom card, but have recently gotten offers for the American Express Blue Cash Everday card.

    They use different rewards structures (as shown in the links above), but I cannot figure out which one is better for me. Looking at my 2012 Year End summary with my Chase Freedom card (been a member since 2011), it doesn't show me how many rewards were earned from each category, just how much was spent. So, with revolving categories, it makes it pretty difficult (especially since you cannot look up the previous years' rewards schedule).

    Any ideas?

  • #2
    Use both?

    I have a bunch of rewards cards, and I rotate them depending on what will give me the most rewards.

    I have a spreadsheet to keep track of mine, but if you only had a couple, it seems like it would be easy enough to keep track of them.

    Comment


    • #3
      Originally posted by ShawnaC123 View Post
      Use both?

      I have a bunch of rewards cards, and I rotate them depending on what will give me the most rewards.
      Same here. We have a Marriott Visa, a Chase Freedom, and Discover. We use each of them for different things at different times depending on what promo rates are being offered.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

      Comment


      • #4
        Originally posted by Frügal View Post
        I currently use the Chase Freedom card, but have recently gotten offers for the American Express Blue Cash Everday card.

        They use different rewards structures (as shown in the links above), but I cannot figure out which one is better for me. Looking at my 2012 Year End summary with my Chase Freedom card (been a member since 2011), it doesn't show me how many rewards were earned from each category, just how much was spent. So, with revolving categories, it makes it pretty difficult (especially since you cannot look up the previous years' rewards schedule).

        Any ideas?
        You can keep this real simple. I have a similar rewards program with my cards (except its a BOA CC instead of Amex).

        Since you currently use the Chase card you know how it works so just use that for whatever categories are giving you 5% at the time and use the Blue Cash all the other times. That's it.

        The minimum on the Amex is 1%, as it is with Chase, but groceries and gas are higher on Amex.

        However if you're getting the extra 100 reward dollars for signing up with the Amex make sure you put the required $1000 in the first 3 months on it so you get the bonus.

        One other thing to note also, it looks as if the Amex "reward dollars" can only be "redeemed for a statement credit" whereas with Chase you can get actual cash back.
        The easiest thing of all is to deceive one's self; for what a man wishes, he generally believes to be true.
        - Demosthenes

        Comment


        • #5
          Not going to use both. Juggling cards is too much for me. I try to KISS. I already have the Freedom, REI Visa, Target REDCard, and my credit union credit card. I think any more may look bad on my credit.

          Comment


          • #6
            Originally posted by Frügal View Post
            Not going to use both. Juggling cards is too much for me. I try to KISS. I already have the Freedom, REI Visa, Target REDCard, and my credit union credit card. I think any more may look bad on my credit.
            I thought my method WAS pretty simple. All you're "juggling" is just paying attention to what the 5% categories are for the quarter and using Chase then and Amex the all the other times.

            No sense at all using the REI Visa and your credit union card since the rewards (if any) probably aren't as good as the others. The Target card would be good when shopping there if you get the 5% off though.

            And as far as "looking bad on your credit"...actually having more cards would lower your overall debt usage ratio would probably HELP your credit. Sure applying for another card would ding your credit for a few months a little bit but nothing too bad and it'll go away.
            The easiest thing of all is to deceive one's self; for what a man wishes, he generally believes to be true.
            - Demosthenes

            Comment


            • #7
              I happen to use both the Chase Freedom Card and the American Express Blue Cash Everyday card, and I alternate which I use based on which has the better rewards. But, I can totally understand not wanting to do that.

              I would suggest just looking at how much you spend on gas and groceries. If you spend more on gas and groceries than you do on the other things Chase gives bonuses on, the Amex card is probably the better choice for you. Chase isn't offering 5% on groceries in any quarter of this year, and it's only offering 5% on gas one more time. Most of my spending tends to be on groceries (or on gift cards purchased a grocery stores), so the Chase card hasn't been particularly useful to me recently.

              One thing to keep in mind with the Amex card is that American Express is not as widely accepted as Visa. I seem to run into places where I want to use my Amex card and can't once every few months. As long as you continue to carry at least one other card, it shouldn't be an issue for you. But, I wouldn't make the Amex card my only card for that reason.

              Comment


              • #8
                If you use the AMEX you will need to have a VISA and MC as well. I roll with the AMEX Gold Premier Rewards and a Chase Freedom. Overseas I'll use the BOA ex-Schwab card for the no forex fees and 1% cash back.

                Figure out how much you spend in each category of rewards the card offers and then get the best one for your situation.

                Comment

                Working...
                X