You guys knew this post was coming. Last night, I applied for the Chase Freedom Visa and the Barclaycard Arrival World MasterCard. Why? I’ll get a $200 statement credit for spending $500 on the Chase Freedom Visa in the first 3 months and $400 worth of points for spending $1,000 on the Barclaycard Arrival World MasterCard. I have about $1,100 of planned spending in the next few weeks that doesn’t take American Express, so that’ll be perfect for the Barclaycard. I was also pretty excited because the Chase Freedom Visa is now my highest limit card – it’s over $10,000! And I was instantly approved for BOTH of them!! That has NEVER happened to me before. You guys, my credit is finally good! Maybe my income being just shy of $200,000 helps a bit too and me actually declaring that. Since it’s so close to the end of the year, I used this year’s income including RSUs, interest, and investment dividends. Earlier in the year, I was using last year’s W-2 income which was much lower.
My plan is to use the Barclaycard Arrival World MasterCard for just enough purchases to meet the $1,000 limit and then leave it alone until I make a travel purchase of $400ish and then I will probably cancel it after a year.
My plan is to use the Chase Freedom card for my first $500 of purchases after I satisfy my debit card requirements and then only for the quarterly categories:
- Jan-Mar Gas stations, movie theaters, and Starbucks
- Apr-June Restaurants (and Lowe’s)
- July-Sept Gas stations (and Kohl’s)
- Oct-Dec Amazon.com, Zappos.com, and select department stores (looks like it includes Nordstrom, Macy’s, and JC Penney)
I’ll probably keep it around as a long-term card for now and just use it for the rotating categories. For the last quarter of 2014, I almost don’t even need to keep it in my wallet since I can set it up to just automatically pay for all of my Amazon.com purchases instead of the only 3% my Amazon.com visa gets. It’s also not that annoying because it has the same login information as the Chase Amazon.com visa I already have. It’s also not like you can get the bonus again and there’s no annual fee, so it’s not that bad to keep it.
It also looks like if you have a Chase checking account, you get 10% bonus points still! So now I’m on the lookout for a bonus to open one of those in early 2014 since it’s a new calendar year! Otherwise, I won’t open it because my estimated return on $1,500 by doing that is 0.48% and would be < $10. So if I did open the checking account, I would possibly still close it after 6 months. Now to go back to cleaning my actual apartment since I am off work…