Credit Cards For Incoming IB Analyst
Any suggestions for a first year analyst? Have been told Gold Amex or chase sapphire but wanted to see what advice from here I could get.
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Good time to get a solid credit card. The preferred is good enough and you can get ~$1000 bonus for getting it and spending a few k
bump
Highest cash back possible. Few that come to mind: Fidelity rewards, Citi double, Discover it, Chase freedom
Second that Citi Double. It unfortunately doesn’t have a signup bonus, but if you like cash back, 2% on on every type of purchase is a great place to start.
I've never understood the allure of the Gold Amex for people who are just starting out. The best points categories: 1. Dining out 2. Groceries 3. Travel
As an IB analyst: a. most nights the company is paying for dinner. b. Your spending won't be groceries-heavy. You will most likely eat all your meals at the office. 3. You won't travel outside of your 2-weeker (if that).
It's not a bad card. It's just not the best for that lifestyle. It's all a numbers game. You would probably be better off with something like the Chase Ultimate Rewards, which gives 1.5 on everything, at $0 fee. Or maybe the Citi double cash back which gives 2% on everything, for $0 fee. As opposed to a card that gives x1 on most things, but charges $250 annual fee.
Could be a status thing
As an Amex gold holder, it is not a status move... It is the poor-man's platinum without any of the exciting freebies and concierge line. I got the gold card because my original position traveled a lot pre-covid and I knew that if I had massive bills every month Amex would come at me with a huge bonus to upgrade to platinum. It happened but covid shot everything to hell so it wasn't worth spending the 550/month to get essentially zero benefit.
^^^ Amex Gold. Use signup bonus points toward points for airlines or hotels. 4x points at restaurants/bars and grocery stores grows pretty quick.
Depending on the firm, Gold is great for me because my firm allows us to order on whatever app we want and we can use personal cards and reimburse.
I use my AmEx Gold, get $10/month credits on Grubhub and Uber Eats (along with the Uber Eats pass for free delivery) and I’ve recovered most of my annual fee. That’s obviously a COVID-specific thing but at point conversion rates, it’s basically 8% back on dining / grocery, 4 or 5% on travel and 1% on everything else. I spend enough on dining out that it’s worth it for me vs 0 annual fee cards at 1.5-2% cash back on everything.
I do like the Amazon Prime card too because I pay for Prime anyway and it’s 5% back on Amazon + sometimes certain places don’t take AmEx
Start with a no AF card. Also if it’s your first card you won’t get approved for a Sapphire or Amex Gold. I recommend the Chase Freedom Unlimited, Chase Freedom Flex, Citi Double Cash, in that order.
Be very careful with Amex cards too since the 3 main charge cards (Green, Gold, Platinum) don’t have no AF downgrade paths.
Why do you think so? As a first year you're making enough to pay a $250 annual fee easily no? Especially if you get more than 250 more rewards from it
You have to understand that not everyone's spending habits are the same. There's a website that actually picks out the best cards for you based on your estimated annual spending for different categories. I know analysts that could give a damn about traveling which is why they dont want Amex Plat. Just because you can afford it doesn't mean you should purchase it. With your logic everyone in finance should get Amex Plat just because... Also, there's a bunch of good non-AF cards that are better than AF cards depending on what you spend on the most. If you really want to maximize your rewards just get a simple 2% cashback card and then build your own "trifecta" within a year or two by adding on other cards that have different purposes (different rewards categories, BT, perks, etc...)
What card are you thinking of? If its the Amex Gold, it is highly unlikely you are spending enough on dining to get value from the card (excluding year 1, as the sign up bonus makes almost any card worth it in Y1). You would need spending in the thousands on dining, groceries, and travel (flights). This us highly unlikely given the lifestyle of an IB analyst.
Do most people get 1 card or is 2 kind of standard? Heard both
Depends on if it's your first card or not. If it is, just get a freedom unlimited or amex cash magnet for that flat 1.5%. I personally don't do double cash cards bc the lack of signup bonuses requires 40k in spend to break even vs the CFU right now.
If you've already got a cashback card, I'd say the gold card is probably worth it. If you already spend $10/mo each on Uber/Ubereats and Grubhub, the two $120 annual credits effectively bring the AF to $10, which I find it easy to make up for with the 4x points at grocery stores and 3x on airfare. The extended warranty and amex roadside assistance are also nice to have
If you're going for the Gold, check out the Resy offers (essentially cancels out the annual fee the first year with the dining cashback). Make sure you value Membership Rewards points (i.e. will transfer to airline partners later on). Also recommend the Freedom Flex as a no-fee option.
Citi Double Cash if ur a normal dude. Amex Platinum if ur a delusional elitist.
Citi Double Cash is the way to go.
Regardless of your main card, gotta get the Amazon Prime card. 5% back is no joke.
I think the Gold Card is a fantastic card for anyone looking for their first AF card. If you wait it out you can get a 50k welcome bonus (approximately $1000 = 4 years of the annual fee) and combine that with the $10 per month you get for seamless and the $10 per month in UberCash you get, they're basically paying you to have the card. Additionally, there's a lot of Amex Offers (i.e. spend $x at Sunglass Hut get $50 back) which add even more value.
Sapphire Reserve puts all other cards to shame if you dine out and enjoy traveling.
Total amateur hour in here with newbies pushing overrated Amex. I remember when Analysts actually analyzed.
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