OT - Requesting Feedback if opening up more than one Cash Back Credit Card is a bad or good idea?

[DogMania]

I posted this in another thread but thought it might get missed due to other unrelated conversations in that thread.

I just opened a Chase Freedom card which is one of those 5% rotating cashback type cards. I was thinking of also opening a Discover it card which is also a rotating rewards card so I would have options when to use them, but I'm not sure if that's a good idea for a few reasons.

First off, it seems the 5% reward the first quarter is the same for both cards (Cash and Ground Transportation). The Chase shows me what the cats are fore each quarter. Discovery it only shows the first quarter.

Is it likely that both will have the same quarterly rotations?
Will opening two cards kill my credit score, and if so for how long? I don't remember what my score is, but it has been excellent. I always pay off my cards on time.

I appreciate your feedback. Seems both cards are very similar and it was a toss up as to which one to open.

 

[Fishy]

It doesn't matter.

In the end, we're all dead.

So just get one or the other or both and make the best of the time you have left.

I have seen people adopt babies with less soul-searching than this.

 

[DogMania]

It doesn't matter.

In the end, we're all dead.

So just get one or the other or both and make the best of the time you have left.

I have seen people adopt babies with less soul-searching than this.

LOL. Yet another classic Fishy response. FWIW, I simply didn't make time to sign up till tonight. Both programs seems good, and based on some googling it seems there is only a very small hit to one's credit score if you open up two cards and the hit will only be felt for a couple months most.

Just want to get confirmation on this since the cash back rewards seem good for both cards. I just wish that Discover showed what their 2nd, 3rd and 4th quarter 5% reward categories will be for 2016. The Discover IT does have a nice first year perk that it will double your rewards at the end of the year, so it might be worth getting and using that card.

 

[intlzncster]

LOL. Yet another classic Fishy response. FWIW, I simply didn't make time to sign up till tonight. Both programs seems good, and based on some googling it seems there is only a very small hit to one's credit score if you open up two cards and the hit will only be felt for a couple months most.

Just want to get confirmation on this since the cash back rewards seem good for both cards. I just wish that Discover showed what their 2nd, 3rd and 4th quarter 5% reward categories will be for 2016. The Discover IT does have a nice first year perk that it will double your rewards at the end of the year, so it might be worth getting and using that card.

As I said in the other thread, just call Discover up and ask them what and when the reward categories are.

 

[DogMania]

As I said in the other thread, just call Discover up and ask them what and when the reward categories are.

They don't disclose their 2nd Qtr till Feb sometime. And 3rd and 4th won't come out till even later.

I'm leaning toward opening up both so that I potentially have flexible options depending on what each offers each quarter for their 5% programs.

 

[rbny1]

I have both cards. The 5% reward categories for the cards are different from each other most quarters. It's true that both have 5% rewards for gas and transportation in the 2016 first quarter, but that's unusual. I don't think there's any problem getting both cards if you qualify and want to do so. Use them both and pay them in full and on time every month, and it will help your credit rating in the long term. Another option might be to wait three months to apply for a Discover card just to be sure its 5% categories for the 2016 second quarter are different than those for Chase Freedom.

 

[mjmoney23]

I have both the Chase card and a BOA cash back card. The Chase card is great for the rotating 5%. In december, amazon purchases were 10% back on it. Our Christmas presents pretty much ended up getting my wife and I a free dinner on NYE. that being saod, I prefer my BOA card for day to day purchases as I use BOA as my bank, so I can transfer funds to cover what I spent when I get home from the store. Having two cards is better than 1 as it enables you to have a larger line of credit, which increases your credit score. You should definitely get 2 as long as you are responsible with how you use them.

 

[UCweCONN]

I have two credit cards, both Visa, one I use exclusively and the other as a backup in case I'm out at night and stop for gas and my main one has a problem. You don't want to be stuck. I highly recommend the Chase Freedom Rewards card. No annual fee and the best rewards around. I take the cash back and don't get into the airline miles and junk other cards offer. By the way, I charge everything I can on my card, even $1 purchases and get hundreds in cash back each year.

 

[DogMania]

Thanks guys for the feedback. I did end up applying for both cards. I guess I wish I had done this awhile ago, but better late than never.

I don't know if many will read this thread, but based on the great feedback I got from everyone, I highly recommend getting a couple of these type of cards and taking advantage of the cash back. I probably would have been better off in the long run doing that a while ago, though I did get some free flights when I first signed up for the Southwest cards. Since there's a yearly fee, I'll probably cancel the SW card before I get charged, which I think is coming up in a couple of months.

 

[Hankster]

I posted this in another thread but thought it might get missed due to other unrelated conversations in that thread.

I just opened a Chase Freedom card which is one of those 5% rotating cashback type cards. I was thinking of also opening a Discover it card which is also a rotating rewards card so I would have options when to use them, but I'm not sure if that's a good idea for a few reasons.

First off, it seems the 5% reward the first quarter is the same for both cards (Cash and Ground Transportation). The Chase shows me what the cats are fore each quarter. Discovery it only shows the first quarter.

Is it likely that both will have the same quarterly rotations?
Will opening two cards kill my credit score, and if so for how long? I don't remember what my score is, but it has been excellent. I always pay off my cards on time.

I appreciate your feedback. Seems both cards are very similar and it was a toss up as to which one to open.

I did read your former post on credit course it is a matter of opinion. I have a Chase Freedom. Actually I have Chase for many years. To me their customer service is very good. The Freedom Card replaced my older card. It just happened. However I do not use it the way it should be. They always remind me to activate the 5%.

I never use my card for groceries, fuel, restaurant's etc. Your credit score will not go down because of opening another account.

 

[temery]

I posted this in another thread but thought it might get missed due to other unrelated conversations in that thread.

I just opened a Chase Freedom card which is one of those 5% rotating cashback type cards. I was thinking of also opening a Discover it card which is also a rotating rewards card so I would have options when to use them, but I'm not sure if that's a good idea for a few reasons.

First off, it seems the 5% reward the first quarter is the same for both cards (Cash and Ground Transportation). The Chase shows me what the cats are fore each quarter. Discovery it only shows the first quarter.

Is it likely that both will have the same quarterly rotations?
Will opening two cards kill my credit score, and if so for how long? I don't remember what my score is, but it has been excellent. I always pay off my cards on time.

I appreciate your feedback. Seems both cards are very similar and it was a toss up as to which one to open.

If you get a second/third card, don't cancel the oldest one you currently use. "Age of credit history" is factored in to your credit score. You are better off keeping it, and not using the card.

Use one of the free services to check your credit score/history. I use creditkarma, but I'm sure there are others just as good, or better. If you use creditkarma, they have a "credit score simulator" that tells you what a certain action may have on your credit score:

https://www.creditkarma.com/tools/credit-score-simulator

 

[polycom]

This topic again? Do what makes you happy the net benefit of having another rotating credit card is limited....