23F. I’m moving out of my parents house so I’ll start paying rent and other monthly payments. I’ve only ever had one credit card and that is with Bank of America. I’ve had it for 6 years now. Thinking of opening two more credits one for monthly bills and subscriptions and the other for everyday use. Freedom with Chase Bank and Blue cash everyday with Amex, since I want to build my points with both banks.
Is this smart, useful or not really necessary?
If not Freedom and Blue cash then which credit do you recommend and why?
Is the cash back worth it? Is it easy to get accepted? I don’t have any debt and my score never went lower than 720.
For context: I don’t splurge. I do however take care of my younger sister. She will be moving in with me along with my mom as well. I also don’t want to pay a monthly fee now maybe in the future. I’m also planning on not using my Bank of America acct or credit anymore for personal reasons but I won’t close it. I’ll just use it once or twice a month. I did some research and that’s what I came up with but I’m open to other suggestions.
Thank you!
23F only had one credit card. 780 score. Looking into the Freedom Chase and Amex blue cash
byu/Mindless_Boat9143 inCreditCards
Posted by Mindless_Boat9143
4 Comments
Both of those cards are good options, in particular I like the Blue Cash for early 20s as it covers your main spending pretty well. Nothing wrong with the Freedom either!
Just to make sure you know, rent is not covered on a lot of cash back cards and often has a fee to even use a credit card for, so make sure you don’t trap yourself with fees there.
720 is probably gonna be fine for both cards. The Blue Cash has a pre approval process that will tell you if you can get it before it actually hits your credit report. It’ll only hit it if you accept the card.
For your existing card, find one of your lowest recurring payments, put it on the card and set it to autopay and don’t think about it. Something like a streaming service or your phone bill, etc.
Capital one savor
Definitely AMEX Blue Cash Everyday, I have 4 cards and it is my most used card with 3% gas, supermarkets, and online retail purchases.
If you can get a membership through Navy Federal Credit Union (bank), they have the Flagship Credit Card that gives free annual Amazon Prime membership and TSA pre check, 2% on all purchases, and 3% on travel purchases, but a $49 annual fee (usually pays for it itself).
Yeah that setup could work, maybe just start with one card first and see how it fits your spending before adding another. Cash back is usually worth it for everyday stuff, and keeping your oldest card open and lightly used like that makes sense.