It seems like my blog is turning into Money Talk, but at least I am keeping the conversation flowing.
Due to the economic downturn and credit card reform, banks decided to raise rates. My American Express Blue card went to 15.24, but I politely asked to see if they could lower it. However the only way they budged was to 14.24 APR. American Express Blue is nice because I could use it at Costco, but I might just end up get myself to 10,000 points then cash out and not bother using it for a long while.
Bank of America Visa Signature card is my best card out of the bunch, even though I do not like them for their checking account services. The APR is at the best tier at 10.24, but the rewards program is disappointing. I feel like I will most likely just do Add it Up, where I buy from an affiliate link and I get a small amount deposited back to pay down my balance. This card is the oldest in my credit history and even if BOA is making the terms of the card strict, I’ll keep it since its almost a 10 year plus credit card.
Only positive about the Signature card is that Visa’s own promotions dealing with the card is quite nice at times, but the free shipping with Barnes and Noble purchases is no longer there. However if I am still a college student I will get Amazon prime for awhile.
I know it is taboo to get credit cards up the wazoo, but I try not to carry a balance higher than 20% of the limit of the credit card or have the card paid off entirely would be preferred. With the eminent switch to Wells Fargo, if I do consider overdraft protection I would need to choose one of their credit cards, but honestly I have been quite prudent about making sure there is money in my bank accounts so having a credit card of theirs for balance protection would be a bad idea.
Good thing is rewards are easier to obtain with Wells Fargo, but they are not as easier to obtain like HSBC and not as stingy as Bank of America.
Lastly, HSBC is the other credit card provider I have utilized. The HSBC Plus Platinum card used to have an APR of 16.99 then got boosted to 19.99, where I stopped using it for a year due to its high rate. Then HSBC ended up lowering my rate to 15.99 where now I am a mid-tier customer.
Too many credit cards ends up becoming a confusing hot mess, but ending a relationship with a particular credit card can be a dangerous affair too. For credit you need to use credit to get credit. However we all need to play responsibly.