Looking for a little help here. I am getting tons of invitations for credit cards, but no real idea as to which are the best to apply for. I was thinking of going for the Chase Sapphire, but am interested in other opinions for someone going into consulting. Please let me know your thoughts!
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I personally recommend getting all 3 of the Chase Cards, as they offer a point sharing system: 1) Chase Freedom (for 5% rotating categories) 2) Chase Freedom Unlimited (1.5% on all purchases) 3) Chase Sapphire Preferred/Reserve (2% or 3% on Dining and Travel respectively)
Each one comes with a cash bonus if you can meet the allotted spending of $3k in the first 3/4 months. I would get the Freedom and Freedom Unlimited first (one after the other). Once you build up enough credit or if you have a big travel purchase in the horizon, then get one of the metal the Sapphire cards. Depending on how much you dine out, one may be better for you than the other. Also, keep in mind that you can ALWAYS apply for a card with an annual fee, reap all of the benefits, and downgrade it to a "free" card. This is called "churning," and while you can do it a couple of times, abusing it is not recommended.
Additionally, my area has a local wholesales club (Costco) so I also carry a 4) Costco Membership/Visa card and my 5) company corporate credit card. You will almost never need more than these.
I think when the Sapphire first came out it actually offered so many rewards that it had a positive NPV. Unfortunately I think they have changed that. It is possible to forego as many rewards in lieu of a lower interest rate. I suppose it just depends on if this is more or an emergency type card where you would anticipate carrying a balance or if you are looking to get good deals on dining/travel.
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Don't have a ton of experience in this realm but I've heard good things from friends that have used nerdwallet as a resource. Would recommend using it as a complement to the above information.
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I went with the Sapphire Reserve about 7 months ago, at the time it still had the 100k point bonus, which has now dropped to 50k. Overall I would not say it is one of the best cards anymore as most of the other carriers have produced similar benefits.
If going into consulting, you will probably want a hotel card of some sort - Starwood, Hilton, Marriott, etc. I would probably go with the AmEx Starwood card as CharizardFan said. Although if I remember correctly, I think one of the Hilton cards offers up to 12x points per night..... definitely worth looking into. Otherwise consider the AA Advantage card / Delta - whatever you will be flying consistently.
Wow thank you for the responses! I applied to Chase sapphire preferred yesterday before I saw all of these comments, but for someone fresh out of school is it likely I will even be given one? I will be getting an AmEx with work, I don't know the details. I will expense everything on the road to the company on that card including airfare and hotels I believe.
You are mostly likely going to be a very poor college kid, like most people. I would get a no fee chase card with cash back (Chase Freedom), you probably wont be eating out/travelling enough to reap the rewards of a high fee card.
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