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Best credit card with no annual fee?

lsquare 124 10 March 9, 2016 at 02:55 AM
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I am currently using a very basic Bank of America Credit Card and I'm looking for something better with more benefits and no annual fees. I am leaning on a cashback card instead of travel rewards card simply because I am afraid that the companies will devalue my miles/points in the future. I am willing to make an exception if a card will not charge any foreign exchange fees like the Bank Americard Travel Rewards.

1. Capital One Quick Silver 1.5% CB with no foreign transaction fees
2. Citi Double Cash
3. BankAmericard Cash Rewards Credit Card
4. BankAmericard Travel Rewards Credit Card

What do you guys think?

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#2
Highly recommend the Discover IT. Good cashback categories each quarter, and a free FICO score every month.
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#3
Quote from RiotAct41 View Post :
Highly recommend the Discover IT. Good cashback categories each quarter, and a free FICO score every month.
Thanks for the suggestion. I have never signed up for a Discover product before, but do most stores, restaurants, and websites accept Discover cards? It doens't do me any good if the vast majority of stores out there only accept Mastercards and Visas.
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#4
Quote from lsquare View Post :
Thanks for the suggestion. I have never signed up for a Discover product before, but do most stores, restaurants, and websites accept Discover cards? It doens't do me any good if the vast majority of stores out there only accept Mastercards and Visas.
In a word, yes.

American Express still seems to be, by quite a lot, the card issuer that's accepted in the LEAST number of places. Discover acceptance is very widespread - lower swipe fees and all that.
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#5
Do you care about your credit score right now? In other words, will you be applying for a loan such as a mortgage or a car loan within the next two years where a 10-25 point drop might move you down a category from excellent to good, good to fair, etc.? If your score doesn't matter, then go ahead and apply for exactly the cards that will give you the best rewards. There will be an initial drop in your score from the inquiries which will fall off after 24 months but your score will probably rebound before then thanks to the positive history from the new cards.

Since it shouldn't require a hard-pull on your credit report which would lower your score, I would first try to "Product Change" (PC) your current BoA card to another card with better rewards. The rewards for the two BoA cards [bankofamerica.com] that you're considering aren't amazing but you might also try PCing to the Better Balance Rewards card which some users are reportedly [doctorofcredit.com] still able to PC to. With this card, you could make a small monthly purchase ($5 or more [doctorofcredit.com]) that isn't part of a bonus category elsewhere then get $100 ($120 if you have a BoA checking account) cash back each year. This would be up to 200% cash back if you just put $5 on the card each month and paid it off.

Are you able to estimate how much you spend in various categories each month? Do you plan to do a lot of foreign spending? You'll have to use this information to decide what cards to get.
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Last edited by dhc014 March 9, 2016 at 10:37 AM
#6
CitiCard Double Cash got my vote
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#7
Fidelity Rewards Visa Signature.

Unlimited 2% cash-back - no fee.

Couple this with DiscoverIT for rotating categories.
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Last edited by tennis8363 March 10, 2016 at 05:16 AM
"This whole.. I have XX company so my pee pee is 2" longer talk is hilarious. Who cares what company is cheapest, best, etc. Pick the company and plan you want and keep it to yourself."
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#8
Quote from dhc014 View Post :
Do you care about your credit score right now? In other words, will you be applying for a loan such as a mortgage or a car loan within the next two years where a 10-25 point drop might move you down a category from excellent to good, good to fair, etc.? If your score doesn't matter, then go ahead and apply for exactly the cards that will give you the best rewards. There will be an initial drop in your score from the inquiries which will fall off after 24 months but your score will probably rebound before then thanks to the positive history from the new cards.

Since it shouldn't require a hard-pull on your credit report which would lower your score, I would first try to "Product Change" (PC) your current BoA card to another card with better rewards. The rewards for the two BoA cards [bankofamerica.com] that you're considering aren't amazing but you might also try PCing to the Better Balance Rewards card which some users are reportedly [doctorofcredit.com] still able to PC to. With this card, you could make a small monthly purchase ($5 or more [doctorofcredit.com]) that isn't part of a bonus category elsewhere then get $100 ($120 if you have a BoA checking account) cash back each year. This would be up to 200% cash back if you just put $5 on the card each month and paid it off.

Are you able to estimate how much you spend in various categories each month? Do you plan to do a lot of foreign spending? You'll have to use this information to decide what cards to get.
Quote from dhc014 View Post :
Do you care about your credit score right now? In other words, will you be applying for a loan such as a mortgage or a car loan within the next two years where a 10-25 point drop might move you down a category from excellent to good, good to fair, etc.? If your score doesn't matter, then go ahead and apply for exactly the cards that will give you the best rewards. There will be an initial drop in your score from the inquiries which will fall off after 24 months but your score will probably rebound before then thanks to the positive history from the new cards.

Since it shouldn't require a hard-pull on your credit report which would lower your score, I would first try to "Product Change" (PC) your current BoA card to another card with better rewards. The rewards for the two BoA cards [bankofamerica.com] that you're considering aren't amazing but you might also try PCing to the Better Balance Rewards card which some users are reportedly [doctorofcredit.com] still able to PC to. With this card, you could make a small monthly purchase ($5 or more [doctorofcredit.com]) that isn't part of a bonus category elsewhere then get $100 ($120 if you have a BoA checking account) cash back each year. This would be up to 200% cash back if you just put $5 on the card each month and paid it off.

Are you able to estimate how much you spend in various categories each month? Do you plan to do a lot of foreign spending? You'll have to use this information to decide what cards to get.
Thanks for the response. Are you sure if I change cards within the Bank of America family of credit cards, they won't do a hard check on my credit report, thus lowing my score? I have no intentions of getting a mortgage or a car loan.

I'm a single working professional that goes out to eat a lot. I also like to spend my money purchasing electronics/gadgets and travelling.

Quote from tennis8363 View Post :
Fidelity Rewards Visa Signature.

Unlimited 2% cash-back - no feed.

Couple this with DiscoverIT for rotating categories.
What do you mean by no feed?
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Last edited by lsquare March 9, 2016 at 11:57 PM

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#9
Quote from lsquare View Post :
Thanks for the response. Are you sure if I change cards within the Bank of America family of credit cards, they won't do a hard check on my credit report, thus lowing my score? I have no intentions of getting a mortgage or a car loan.

I'm a single working professional that goes out to eat a lot. I also like to spend my money purchasing electronics/gadgets and travelling.


What do you mean by no feed?
No fee.
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#10
Quote from lsquare View Post :
Thanks for the response. Are you sure if I change cards within the Bank of America family of credit cards, they won't do a hard check on my credit report, thus lowing my score? I have no intentions of getting a mortgage or a car loan.

I'm a single working professional that goes out to eat a lot. I also like to spend my money purchasing electronics/gadgets and travelling.
My quick internet searching suggested that BoA does not do hard-pulls for product changes. More about PCs [freequentflyerbook.com].

I would still PC your current card to the BoA BBR card and make that small monthly purchase and payment to earn the rewards, but I would also get a few good cash-back rewards cards now while the short-term ding to your credit doesn't matter. The Citi Double Cash is a good card to have for its unlimited 2% cash back on everything.

Another card to consider if you buy groceries and gas is the PenFed Platinum Rewards Visa Signature Card [penfed.org] which offers 5% CB on gas and 3% CB on groceries but also has no foreign transaction fee.

There are some other cards which give 3% CB for restaurants or have a 5% rotating category which might occasionally include restaurants, but you don't want to spread your rewards too thin so that it takes a long time to accumulate enough to redeem.
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Last edited by dhc014 March 10, 2016 at 10:03 AM
#11
I would second both the Discover IT and the Citi Double Cash Back it is worth having both of them. Discover has great customer service and lots of good cash back offers (especially if you make online purchases).
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#12
Quote from Rob_799 View Post :
I would second both the Discover IT and the Citi Double Cash Back it is worth having both of them. Discover has great customer service and lots of good cash back offers (especially if you make online purchases).
Discover is also pretty generous with Credit Limit Increases (CLIs).
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#13
Chase Freedom
Discover IT
Citi Double Cash Back
Sallie Mae MC (no longer taking applications though)

Those are my staple non-annual fee credit cards. Rotating 5%CB with Chase and Discover. Sallie Mae for 5% Amazon, Gas, Grocery (including Walmart/Target) up to their respective limits. Citi for mostly everything else. Then I have other CC for specific needs, travel, etc.
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#14
Quote from lsquare View Post :
Thanks for the suggestion. I have never signed up for a Discover product before, but do most stores, restaurants, and websites accept Discover cards? It doens't do me any good if the vast majority of stores out there only accept Mastercards and Visas.
If you do any amount of traveling overseas get another card other than Discover. I found in my travels that many places in Europe especially don't accept Discover. Get a MasterCard or Visa with no foreign transaction fees.
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#15
Quote from lsquare View Post :
Thanks for the response. Are you sure if I change cards within the Bank of America family of credit cards, they won't do a hard check on my credit report, thus lowing my score? I have no intentions of getting a mortgage or a car loan.

I'm a single working professional that goes out to eat a lot. I also like to spend my money purchasing electronics/gadgets and travelling.


What do you mean by no feed?

If you eat out alot you might like the AARP card... 3% back on restaurants and gas...1% back on everything else....could combine with the citi double as the fallback option...Discover IT and Chase Freedom are both nice to have with the 5% rotating categories...Discover will give you double cashback for one year for new cardholders...this includes cashback via the discover deals site...10% from walmart is one of my fav's.

https://creditcards.chase.com/aar...er/dining/
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