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Credit Cards

Revision as of 02:34, 30 May 2020 by David (talk | contribs) (→‎Getting Started)
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Credits Cards categorized by the issuing bank.

Getting Started

  1. Get the Discover It 5% card as your first card
    • Use a referral link for $50 credit
    • Mark your occupation as student to get the student card
    • Make sure you list an income that is >=$10,000
    • If rejected, apply for the Capital One Platinum
  2. Get the Chase Freedom
    • Use a referral link
    • If rejected, get the PayPal MasterCard. I don't have a referral link for this.
    • Or get the Capital One Quicksilver or Capital One Savor One using a referral.

The Discover It and Capital One Platinum cards are easier to get for people with no prior credit history. If you're uncomfortable listing an income >= $10,000 then you may apply for the Discover It secured instead.

Next, you want to get a Chase Freedom card so you can start building a reputation with Chase bank. Chase auto-rejects customers who have opened 5 or more credit cards within the prior 24 months so it is essential to get the Freedom as one of your first 5 cards. The best travel cards to get later on will be the Chase Sapphire lineup. These have great perks.

Finally, at the end you can get an American Express card. Be sure to get an MR points card which will enable you to take advantage of the frequent Amazon offers. The list of no annual fee MR cards from best to worst are: Blue Business Plus, Everyday, and finally Blue. American Express has a convenient preapproval system.

American Express

Amex cards earn MR points. MR points can be redeemed for cash at 0.6 cents per point. Ideally, they should be transferred to airline or hotel partners (e.g. Avios).

Do not apply for Amex cards as your first card. They will typically reject you. They're better for late-game since they will give you a card even if you've already opened a lot of cards.

Bank of America

Capital One

Citi

Chase

Chase cards earn UR points.
UR points can be redeemed for statement credit at 1 UR point = 1 cent.
With the Sapphire Preferred or Reserve cards, they can be transferred or redeemed for travel for more value.

Caveats
  • 5/24 rule. If you've gotten 5 credit cards within the past 24 months, you will get automatically rejected

Discover

Synchrony Bank

Synchrony Bank is one of the more lenient lenders. I have yet to get rejected for a credit card from them. They also give the highest credit limits among banks I've applied to.

Wells Fargo

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