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I’m considering opening a new credit card. My first and only is the Discover It card, and my credit score is 770+. I put roughly $1k a month on it, and I never carry a balance. My purchases are mostly restaurants, groceries, and gas. I’m interested in rewards, but I don’t travel very often.
I’m considering Chase Freedom Unlimited, Capital One Quicksilver, or the new Citi Rewards+. Which would be best? Or, do you have other suggestions? Should I even get a new card?
Chase Freedom has rotating 5% categories. Bank of America cash rewards is good for gas/groceries. And uber has a new credit card that is surprisingly good. Take a look at those and look on nerdwallet for credit rewards comparison.
I have 5 credit cards, some for recurring payments, some rotating categories, gas, groceries, etc. It becomes a little rewards maximization game
There's no problem having multiple credit cards, especially with how you are using them
Consider cards with no annual fees that let you take advantage of the cash back in your main spending categories. I would recommend:
1) Amex blue cash everyday: Has a $250 sign up bonus when spending $1000 in 3 months. Gives 3% cash back on groceries and has no annual fee.
2) Uber credit card: ironically this card is not so great for Uber rides but is the best no fee option for restaurants with 4% cash back. $100 sign up bonus as well
With these 3 cards you can make sure that you get good cash back % on groceries and restaurants when the category is not active for the discover IT card.
Cards with rotating categories are harder to talk about because it all depends on the category and how much it applies to you.
General use cards I'd say are:
Citi Double Cash – Essentially 2% on everything
Amex Blue Cash – 3% on groceries, 2% on gas, and 1% on everything else
Bank of America Cash Rewards – 3% on the category of your choice (like gas), 2% on groceries, and 1% on everything else
I use Amex for groceries, BoA for gas, and Citi for everything else. Really, my credit card uses are more complex of that, but that is what I was doing for a while.
If you spend a lot of money a card with an annual fee may be worth it. There are websites that break down the break even spend.
Another big factor to consider is the bonus offer. The Amex and the BoA usually have $150 bonus offers, and they are really good cards, so they might be good options.
Travel rewards are a whole other thing.