Best Credit Card for IB Analyst (COVID Addition)
Starting training next week. Was wondering what the best card would be for an incoming analyst.
I have heard Chase Sapphire Reserve is one of the best. Was wondering if that is still the case given COVID. I will be working from home/not traveling a lot.
seems pretty similar to the Amex Platinum card, and both are geared to travelers...
Right, so does it make sense to get the Chase Reserve/Amex Platinum right now if I won’t be traveling a lot? Or should I be thinking about this more long term and get it anyway?
The nice thing about CSR is that the travel credit doesn't have to be flights, vacation, etc. It works for things like parking, taxis, subways, etc.
I know for people in NYC the metrocard works and if you're buying the unlimited monthly passes, then you're going to spend over $300 a year anyways.
depends what you spend on TBH. Do you travel a lot (obviously not rn but in the future), where do you spend most, and what do you want to earn (cash back, hotel points, airline points)? If you spend a lot, you might want to get the Chase Sapphire (maybe start with the preferred since the annual fee is $95 rather than the reserved which has a ~$500 fee). Amex platinum also has pretty much the same scheme so you’ll want to decide between the two.
If you are starting out and don’t plan to spend that much, you might want to get a lower type of card like the chase freedom, freedom unlimited, regular Amex cards, Citi double cash back, etc...
if you plan to fly a lot, then perhaps a airline card would be best, or if you stay at Hilton hotels a lot, then a hotel card.
really depends on your decision.
Just pointing out that practically speaking the Sapphire Reserve's annual fee is $250 a year given the $300 travel credit. Given the amount of eating out Analysts do, you'll clear that cost and then some in points accrued, easily.
true, but again, it’s assuming you use those $300. additionally, you still have the $250 fee still, which is $155 more than the preferred. if you’re going to try to sell off the 1.5 points per travel vs the 1.25 in preferred, it’s a hard sell. don’t think this guy will be spending enough in year 1 to warrant the reserve, hence why I recommend getting the preferred to start and upgrade to reserve in a year or two.
Don’t see the point in paying the platinum annual fee while an analyst as you most likely won’t travel enough to use the benefits. I’d settle for the Amex gold then upgrade in 2/3 years.
Agree. Amex gold rewards you for groceries and dining, better card for WFH with a lower annual fee.
Bank of America Premium Rewards Card paired with Preferred Rewards Program (should be able to get a decent tier as an analyst. I moved from Vanguard to Merrill as well). Pretty sick honestly.
Yes this one.
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There's virtually 0% chance as an analyst you'll be traveling professionally or personally to justify something like the AMEX platinum. Other than flexing at your next date you pay for (I assure you, she doesn't give a shit) it'll be a huge annual fee that you won't amortize.
Get the CSR. Same annual but the $300 credit, unlike AMEX, is extremely flexible. I've gotten credit for even obscure things I wouldn't assume counted. But you guessed it: flights, hotels, uber, airbnb, buses, trains, etc.
It's the best all arounder, sure you can optimize by getting multiple cards focused on various categories, but CSR does it all, really well.
Disc: I've had the CSR and AMEX for about 4 years
same as far as your disclaimer, CSR is best bet hands down (though amex FHR portal and perks is lit and way better the LHRC offered by CSR). the annual fee is negligible. you’re getting $300 off (you will definitely use the travel credit) so it’s $250, plus the various other perks associated. 3% back on dining and travel is huge, and it’s 5.5 cents back per dollar spent when points are used for travel. right now, you can even get 4.5 cents back on dining. when combined with the freedom unlimited (1.5% on everything) and the freedom (5% rotating per quarter), you can transfer those points to the CSR and redeem them for 50% greater value on travel. highly recommend that approach.
4.5 cents, not 5.5 cents, it’s the 3% back on each dollar spent plus 50% bonus when redeemed to travel - 4.5% back
This is the way, Freedom Unlimited for regular purchases (1.5x points) and CSR for dining and travel (3x), move all the points to the CSR and redemption on travel bumps up to 2.25x and 4.5x respectively. And since the FU doesn't have an AF it can't hurt.
when analystsget seamless food ordered in for dinner do they expense it to their own cards and then the bank reimburses or does it all go on a company account/card?
For us, we log in through the Seamless portal, and no personal credit card is needed unless the amount exceeds the firm limit
Same with my firm
Chase Freedom Unlimited, 1.5% cash back. I thought about the Sapphire Reserve/Preferred, AMEX, etc. but anytime I travel or get dinner at work it's on my corporate card so it really wasn't worth the annual fee. Put your ego aside and the idea of "prestige" and crunch some numbers based on current spending habits and potential changes to those habits, it's pretty easy to figure out the best card with some simple math.
I love my AMEX Platinum + its a silver and shiny metal card, makes me feel important :)
CSR > Amex platinum by far due to their 10x points on Lyft through 2022.
If your company pays for lyft black for car service in manhattan to get home from work it's ~400-500 points you're earning/night, ~2000+ points/week. That's 100,000+ points a year you'll earn just from your daily work travel home from the office ($1500 value). Plus you get the annual travel credit on top of this.
Why would you be using your personal card for your lyft travel, you just put your corporate card in your UBER/Lyft account so much easier
Why wouldn't you use your personal card... I'd much rather get the points myself on a card that gets 10x points versus a corporate Amex at 1 point x dollar.
BOA cash rewards is the best. If you have over 100k with them for 3 month floating average, it's 1.75x on the 3% category of choice. AKA 5.25 % i believe.
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