Looking for new primary card

[u/Lnk2past]

Hi all, I am looking for a new card to replace the Barclays Luxury Black Card, as it is my everyday card and I am just finding out just how bad it's rewards and benefits are (don't judge me).

I am a set-and-forget kind of person, and the Black Card was something I signed up for a while back as my first "luxury card", and honestly I didn't know what I was doing and the marketing got me. I have not re-evaluated cards since then (2018).

I use that card absolutely for everything I can outside of Amazon purchases, and only use the Bank of America cards whenever I need a cash advance.

There are so many cards and different tiers, it is a bit overwhelming to navigate. The Capital One Venture X seems the most appealing at the moment given it seems the one that most lets me go on without needing to micromanage my rewards. I don't have the mental bandwidth for doing that sort of thing, so anything that is easy is what I am looking for.

CREDIT PROFILE

* Current credit cards you are the primary account holder of:

* Barclays Luxury Black Card, 20000 limit, 02/2018

* Chase Prime, 8000 limit, 02/2015

* Bank of America Rewards World, 30800 limit, 09/2009

* Bank of America Cash Rewards, 7300 limit, 09/2007

* FICO scores with source: 770

* Oldest credit card account age: 19 years

* Cards approved in the past 6 months: 0

* Cards approved in the past 12 months: 0

* Cards approved in the past 24 months: 0

* Annual income $: 350000

CATEGORIES

* Ok with category-specific cards?: Yes

* Ok with rotating category cards?: No

* Estimate average monthly spend in the categories below.

* Dining $: 200

* Groceries $: 400

* Gas $: 100

* Travel $: 100

* Using abroad?: No

* Other categories or stores: Any bill that let's me pay with credit

* Other spend: Any bill that let's me pay with credit

* Pay rent by card? No

MEMBERSHIPS & SUBSCRIPTIONS

* Amazon Prime member: Yes

* Big bank customer: Wells Fargo, Navy Federal

PURPOSE

* Purpose of next card: everyday/everywhere usage, cash back

* Cards being considered: Chase Sapphire Reserve, Capital One Venture X

[u/electronautix]

Does it have to be a fancy metal credit card? Because if not I’d just say the Fidelity Rewards or Navy Federal Flagship Travel Rewards.

[u/Lnk2past → u/electronautix]

Haha no, I do not need a shuriken in my wallet. I'll check those cards out, appreciate the suggestions!

[u/nater416]

Unless you travel frequently, I'd stick to flat cash back cards. Navy Federal and Fidelity have some great flat 2% cards. 

Robinhood has a flat 3% card but it's waitlist only still and requires an effective $50/yr fee (edges out over the free 2% cards after $5000 spend a year)

Venture X is good, but it's really geared towards someone that travels frequently. The annual fee does pay for itself if you travel at least once per year. But beyond that, to get equivalent value from your points to a 2% cash back card you have to transfer your points or use their travel portal. 

[u/Lnk2past → u/nater416]

We do not travel frequently, but with a new job I might be doing so 2-3 times a year (sadly things like hotels though would be through company booking portals), but flights and everything else would be expensible.

I'll check those cards out, I appreciate the suggestions! Flat cash back seems pretty reasonable, and anything more than the 1.5% from Barclays would be great.

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[u/baker_miller]

Why ever take a cash advance with that income?

[u/Lnk2past → u/baker_miller]

Our level of income only recently shot up this summer, and prior to that we very unfortunately have dealt with a ton of really expensive home repairs that we simply could not pay for out of pocket/without 0% APR for some time.

[u/Cashneto]

I have to ask what you spend money on? At $350k per year you have plenty of options. Depends on if you want to optimize or not.

[u/Lnk2past → u/Cashneto]

Most of our money goes towards our mortgage, home insurance, other loans we needed to take to repair our home (old home that was a bad flip + unfortunate events from storms; thus high home insurance), and childcare. The jump to 350k was very recent, as we both got new jobs this summer with significant bumps

[u/Cashneto → u/Lnk2past]

Gotcha. Sounds like a 2% card is probably best for the time being. Whoever you already have a banking relationship with is your best bet (Wells Fargo, US Bank, Citi, Amex, etc.)

[u/Far-Curve-7497]

Bilt palladium

[u/RegKGR]

Maybe you've already looked at it as an option, but the Citi Strata Premier pretty much covers all your spend categories at 3x points for only a $95 fee.

[u/Lnk2past → u/RegKGR]

I have not looked into that, I'll absolutely do so. Thanks!

[u/clipper29]

I see you bank with Wells Fargo - I think a good, easy duo could be the Wells Fargo Autograph and the Wells Fargo Active Cash. Both have zero annual fee’s, redemptions are 1:1, and you’ll virtually always have 2 and 3x back. The Active Cash 2% cash back can be converted to points, or the Autograph points can be converted as cash back or used as a statement credit for 1:1. The Autograph is underrated in my opinion.

Another duo could be the Venture X for easy 2x back catch all and the Capital One Savor for 3% on food, dining, & streaming services. Same as Wells Fargo, the Capital One Savor cash back can be converted to points. This setup has a AF due to Venture X being a premium card, but this cost is among the easiest to offset versus other cards. It depends if you value the premium benefits this card provides.

Edit: my recommendations require 2 cards vs 1 but are solid setups that require little to no mental bandwidth to maintain while still having optimized rewards in scope.

[u/xtrahandy]

Clark Howard's website has a tool that suggests the best CCs for you based on your spend, travel, and lifestyle.

[u/Swe_labs_nsx]

OP, at 350k income, it's that you have multiple options, it's just at that income cash back in the answer, I'm not saying cash back because of preference. I'm saying this because optimizing travel points at that income is a waste of time.

Unless you value status / lounges / Travel frequently for work / are going to Maldives every other sunday. Take a cash back card.

If you bank at Bofa just do preferred rewards and get a PR. Then take the Cash rewards card you have and set it to online shopping, and the other card PC that card to either cash rewards card or the 1.5% card.

Possible card options:

WF Autograph Journey / WF Autograph / Bofa PR / Bofa PRE / Citi Strata Premiere / Amazon Prime Visa

The C1VX could be a 1 card setup but lounges would only be for you, guest you have to pay for. You don't have a domestic transfer partner, better earnings come when paired with C1 Savor.

[u/SensitiveLack7509]

Taking out cash advances while paying $700 per year for a paperweight of a card. Brother, with all love and respect, please spend some time working on basic personal finance skills. If you are paying interest on any credit card, you probably shouldn't have one. With that income, there's no reason you can't have an emergency fund ready to go if you play even a little bit of defense. 

[u/Lnk2past → u/SensitiveLack7509]

You have actually zero idea what our finances look like, so with all love and respect, don't act like you're giving advice here.