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best rewards card

We are looking to get another credit card to hopefully raise DH's credit score since we are about to refinance our home. We don't currently have any joint cards either. DH only has one card. A Bank of America Mastercard. I have a Visa through my bank, Macys and a Mastercard.

All of these get paid off immediately if used. 

I am looking for something that would give us some sort of rewards. What would you suggest?

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Re: best rewards card

  • It depends a lot on what you spend the most money on and whether YH's score will make it hard for him to get certain cards. I suggest checking a website like creditcards.com to compare a bunch of different cards. If you already have CreditKarma or mint, or if you don't mind signing up, the ads they have are actually pretty helpful, in that they look at your current financial situation and spending habits and suggest cards that you could benefit most from. I certainly would take their advice with a grain of salt, since the card issuers pay them to suggest the cards, but I think it's a good starting point.

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  • I'm not an expert on credit reports, but I wouldn't suggest opening a new credit card before you refinance. If you pay it off every month, you have a history, etc, which is good for your credit score, but too many open accounts/too many recent inquiries is not. If I were you, I would call my current card and ask to increase the limit. This would increase your % available coverage. Then, if you wanted to open an additional reward account after you refinance, that would be my recommendation from my experience refinancing last month.

    That being said, we travel a lot, so we have a Southwest airlines card and really like that. If you spend enough and you open it at the right time so you get a high initial bonus, you can earn a companion pass (=free flights).  

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  • We each have the Chase Freedom card.  I like that the points can be redeemed for many different things. It isn't just specifically hotels, flights, etc. You can also apply them towards a balance credit, which I find the best way to use them.

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