Chase Sapphire Preferred - First Year Analyst
Anyone know if you can qualify for the Chase Sapphire Preferred credit card as a first year analyst? Any other suggestions for a card for analysts? It would be a my first credit card so I have no prior credit history.
With no credit history it will be hard. Its a great card though if you can get it.
Would probably just go into a branch, bring your offer letter, and tell them you have no credit but good income. They will get you something to start. After that, give it like 6months then trade-up.
Definitely possible, do you have any credit history? Chase also generally lets you xfer part of another credit line to open another card if they aren't willing to extend you more credit so that's an option if you have the freedom or another chase card.
Other favorite everyday card is Starwood Amex - you going to be travelling much?
No, I'll be doing IB so I don't expect to be traveling much.
Very easy to qualify for this
According to Credit Karma, average approved score is a 732, so I wouldn't have my heart set on it......
I've got one and really enjoy it. It looks really cool, for whatever that's worth.
Not too hard if you have good credit, but not sure about no credit. Maybe you can have someone cosign? Then again that may affect how you build credit. Just don't work for BOA or Citi and get caught with this. They'll think you're a goof for not using theirs lol.
I really like mine and the metal card is kind of a cool touch. Build points pretty quickly.
I have no credit history, so I figured I would be a long-shot. Any suggestions for cards to start with? I am still a student for another two months so I was thinking about applying for the Discover or Citi student cards.
Discover card approves easily for students without a credit history, I got one myself approved within 2 days. They will however give you a low credit limit to start with and some of my friends got it too. Six months down the line now I can apply for chase sapphire preferred card because now I have a good credit score and history to back me up.
You can try but you'll probably just get rejected. Get the Freedom for now and then apply for the Sapphire late this year/early next. The Sapphire isn't necessarily a hard card to get but with no credit history it's next to impossible, regardless of what these other idiots are telling you.
Definitely go with the freedom - you can accumulate the cash back points and xfer them to CSP ultimate rewards when you qualify for that card later. quarterly bonus categories are nice too
I have good credit but don't know anything about credit cards. What's the big deal about this Sapphire? $95 annual fee worth it? I don't think any of my current cards have annual fees, could be wrong though.
In addition, the points transfer 1:1on all the major carriers, so you're earning miles toward any airline you want to travel on
2 points on travel and dining, which is most of my expenses. and if you know how to use the points correctly, you can yield anywhere from 2-20 cents per point (look up some travel reward blogs like thepointsguy). So let's say you can redeem for 5 cents per point, that's equivalent to a 10% return on your initial travel/dining spend. Also the large signup bonus 40,000 points is great. No international fees also helped when I was abroard
There are better credit cards out there. Stick with cashback cards unless you are going to cancel the miles card after getting the signing bonus. With cashback you will always come out on top (assuming that you use the cards with the highest cashback percentage).
This is not true. Different cards are better for different people and what you hope to achieve, no card is inherently better - it depends on your spending / goals. For instance, using the Chase Sapphire Preferred at a restaurant you receive 2 pts per $1, with those points being valued at at least 1.5c per point, giving you 3%+ return. The highest return a cash back card will give you is 2%. If your goal is simply to get cash back, then yes I would go with the Citi double cash card (2% return). But if you want to redeem for travel you can get a much better return than that, not to mention the fact that milage cards like CSP offer sign up bonuses of 40k+ miles where cash back cards offer at most $100 signup and often times nothing.
You would have to spend $9,500 at restaurants to make up for that yearly fee. Not saying that is not doable, but that is a lot just to make the card worth it.
Are you guys thinking of this the right way? To justify the annual fee, you only need to get >$95 worth of stuff from the points. What you should be asking is if the Sapphire can get you $95 more worth of stuff than the Fidelity AMEX. And since booking travel through the Chase website gets you a 20% discount on the amount of points you have to use, AND you only need to spend $9,500 per YEAR on the card to even it out anyway.......I'd argue yes.
And of course, if you use the card fairly often, you can often get the annual fee waived. The bonus points cover a few years of annual fees regardless.
Do you have any student loans? You should pay those off before you look at getting more debt vehicles.
I'm gonna give you a silver banana for being such a big boy. Mother would be proud! Just because you make a decent amount of money does not mean you know how to handle it, let alone how to prioritize. Especially coming out of college and never having made any decent money. Also according to FINRA I am a licensed professional, thanks.
Also what the hell does "opining" mean?
Why don't you just apply and find out? I have it, the 40,000 bonus at beginning was nice, also got another free flight out of it because i spent way too much at bars last year haha. They just charged me the annual fee and i'm debating canceling now tho. Not to thread jack but what do you guys think of the platinum amex? My consulting who travels a ton swears by his, it also looks baller.
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If you're looking for a miles card I'd also look at the CapitalOne Venture card
If you're looking for a miles card I'd also look at the CapitalOne Venture card
The Amazon.com card has treated me pretty well. Decent rewards with no annual fee.
3% back on Amazon products 2% back on restaurants and gas 1% back on everything else.
You can pretty much buy anything and everything on Amazon so it pays pretty well. Also, if you have Amazon prime, you get free 2 day shipping on everything. When you're working long hours shipping everything to your apartment can cut out needless time at the drug store, etc.
This was my first card and I didn't have a problem getting it.
I was approved when I was sophomore with just 1 yr credit history. The 40k signup bonus definitely worth it, and you could downgrade to Freedom when the annual fee comes.
Discover was my very first card. I got it while in college and to date I still have it and actively use it. They've been great with me and have dealt with 2 stolen cards which they both handled extremely well. Highly recommend.
Same here. First card I ever got when I was 18, still use it today for the 5% cashback.
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If you have a bit of credit history, I don't imagine it would be that hard.
I have that card and I think it is pretty great. 2% back on dining and travel, or 3% back on travel you book through them, plus a 25% bonus for using points to pay for something. I have not had the card for long and already booked two trips on it just using points. Definitely worth it.
Assuming you pay off your balance each time (so I'm not paying attention to APR), the best value credit cards are: Citi Double Cash -- you get 2% of your purchases back in cash, on any purchase AmEx Blue Cash (Preferred costs $75/yr) - 3% back on groceries (6% on Preferred, worth it if you buy more than $2500 of groceries) Amazon Visa card -- 3% back on all Amazon purchases, default payment option on Amazon except for Oct-Dec. Chase Freedom or Discover -- 5% back on select purchases, rotating by quarter. Chase has 5% on Starbucks now, will have 5% for gas in the Fall, 5% for Amazon in Oct-Dec. Discover had 5% back on all transportation (gas and Metrocards included) for Jan.-Mar.
I have all of those cards and only carry my Double Cash and AmEx. I will use Chase/Discover only if the purchase qualifies for 5% back. Sapphire as far as I know has no special perks as 2% reward on dining and entertainment can be gotten on the Citi Double Cash (all purchases qualify for 2% back). Almost all of those credit cards, except Citi Double Cash, has bonuses for sign-ups and they vary. The best recurring sign-up offer is Chase Freedom, spend $500-1000 and get $200 back in first 3 months, that offer shows up a few times a year. AmEx, if you're very patient, you can snag $250 by spending $1000 in first 3 months -- that deal is pretty hard to come across though. Discover standard offer is maybe $150 back after spending more than $1000 in first 3 months.
I see there is already a ton of traffic on this but wanted to weigh in since as a consultant doing 200k+ miles annually, I've spent a lot of time analyzing credit cards and rewards programs...
Two part recommendation:
FIRST: Which cards are best, irrespective of credit score:
-Chase Saph Perf (which gives 2x points at all restaurants and travel expenses, even trains and taxis; points can be redeemed for lots of stuff, I find rental cars and hotels the best deal)
-Amex Gold Pref Charge (which gives 2 at all US grocery stores and gas stations, and 3x on all plane tickets; points can be transferred to a number of partners, incl. Delta Skymiles 1:1)
-Chase Freedom which gives rotating benefits on Amazon and other retailers, and the points can be blended with the points from Saph
Between the first two you have 2 - 3x on basically everything consumable that you buy, and the third gives you a back-up in case you leave your Saph card at a bar, not to mention points on major purchase
SECOND: How do you get the score to get them?
-Check your own credit to make sure it is accurate, and you don't have any outstanding debts like unpaid parking tickets which basically kill your score, but go away as soon as you pay them -Without a mortgage, your credit score is most effected by your ratio of credit card balances to credit card limits on both card by card and aggregate basis. Keep this at ~720, apply for the aforementioned Top 3 cards and start enjoying all the points.
Love the Sapphire card. If you can't get it, start with Chase Freedom which isn't bad either.
I'd always suggest the Fidelity Amex. For all my non-amex general purposes I use the Barclays Arrival +
As to whats generally in my wallet, - Fidelity Amex 2% cash back to everything that goes straight to my Fidelity Cash Management Account - Barclays Arrival+ 2.2% when redeemed for travel. This carries a bit higher of an APR so I just use it mostly linked to my Uber account -Citi Forward (The reward structure was from the old card) 5% at restaurants and Amazon/bookstores. points go to paying off student loans -Company card of course -Citi American Airlines Exec (black) card - I used to have the platinum but as I travel a lot on American, this does the trick for me, plus I got it when American was having a 100k bonus.
Chase Sapphire is the way to go, the metal card feels awesome and I actually get compliments on it all the time. To be honest though I'm just biding my time until I get the invite for my black card.
For me I have the Amex PRG, Platinum charge and Delta Reserve. They all serve well and I can transfer 1-1 Amex rewards points to Delta miles.
JP Morgan Ritz Carlton Card - Grabbed this one late last year on a sweet 140K bonus. Way easy to meet the spend requirement so no brainer. IF folks like heavy cards then plop this on the counter and hear the clang. Nice airline credit also.
Chase Marriott Premier Rewards - Was a decent bonus but good points earnings when staying at properties, etc.
+1 @Bankster808 on the Citi AA Exec card. A friend carries that one and loves the perks and that 100K bonus.
Meant to add this for anyone flying Delta. Link your credit cards to SkyMiles dining. It's an EASY way to gain miles with things you are going to be spending on anyway. This stuff adds up fast with 3 miles per dollar (when you get started). I'm now getting 5 miles per dollar spent.
I'm exactly in a similar position, since I am an incoming first year. I applied a couple times, but you have to have credit history (which you don't have), high enough income (which you will have) and a high credit limit in previous cards (which you don't have). So I'd say get a crappy card either at your current bank or at chase, call them and ask for credit raises every 4 months, and spend only a couple dollars on it per month. Then, when you have both enough credit history (i.e. probably 9 months, and at least a 720) and once you start FT, then apply for saph pref.
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