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wfdavies

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I need advice on choosing a new credit card.
Hello! I have had four credit cards (Bank of America Visa, small credit union card from college, target visa, Gap card) for some time and was recently told it wouldn't be a bad idea to add a fifth. I have excellent credit and would like to keep raising my score while taking advantage of good offers that save money/have good rewards (whether they are deals, cash back, miles or points).

About my use: I pay my bills on time and almost never carry a balance on cards (only if I've made a major major purchase like a big car repair) and usually pay off any balance within 24 hours of using my credit card. I travel a few times a year to visit family and friends (I am a law student in DC with family /friends in the Midwest). I have never used the points I've accrued on my current BofA visa but that is primarily because I did not know how until recently. I am looking to take advantage of deals (especially building travel miles) and earning cash back to save $$$.

I would prefer not to pay any annual fees.

I have been considering five options: the Capital One Venture One Rewards Credit Card, the Amex Everyday Credit Card, the Blue Cash Everyday Card, and the BofA Travel Rewards Card, and the BofA Cash Rewards Card. I like these because they don't have annual fees and seem (to my very limited knowledge of what makes a credit card a good one) to be good options.

Any honest input is greatly appreciated! Usually when I ask advice from my bank, they use it as a chance to sell me on their card, so I am excited to hear the perspective of a more neutral party. I'd like to know which option appears to be the best and also if getting a new card is a good idea in the first place--it's been a while since I got a new one.

Thank you in advance for any help!

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You need to look at your spending habits and how much you're spending on what.  Mint.com is a free website where you can track all your spending and assets.  I suggest you look at the Nerd Wallet website for card advice.  There are a host of other sites for advice through search engines.  You need to make at least 20 purchases a month on The Amex Everyday card for benefits.  Chase Bank and American Express have concierge services available, through their credit cards where you can call and make travel arrangements, where your reward points go even further than booking travel yourself.  If you have accounts at Bank of America, and you have your points from one of their rewards credit cards go into a checking or savings; you earn an additional 10%. I understand you don't wish a credit card with a fee, but you need to weigh the benefits to your spending especially with the American Express cards and their Preferred line. The Amex Platinum card has a $450 yearly fee, and I've spoken to some skinflint card holders who travel extensively.  They said the card more than makes up for the fee due to baggage credits and you can go into the airport lounges. The Platinum card is useless to me because I don't travel a lot, but the Amex Blue Cash Preferred with a $75 fee earns 6% on grocery shopping up to $6000 annually, where I also purchase gift cards and liquor.  I also have the B of A cash rewards card and have already earned almost $400 in four months.  I use my credit cards for almost all my bills, and pay the credit cards off before the end of the billing cycle so I pay no interest.  I hope this has helped a bit, and if so, please click the helpful icon.

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I cannot give you any honest recommendations because I do not know. This probably isn't the best place to be looking for advice on prime credit cards, the majority of topics on this forum is about bad credit issues. I would say to spend a couple of nights reading the reviews on the cards that are placed across the internet and get an idea from that.

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One other thing, you said you never let any of your cards carry a balance, that is not good. You should always let one card report a small balance at statement time, then pay it off before the due date. Less than 10% of the credit line should report on one card. You must show revolving activity on your reports for scoring purposes.

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