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Anyone from AMEX project?
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How much do you keep in the bank vs brokerage?
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I keep everything under chase (checking, savings, investment, card) and its really easy
Thank you!
I use the chase sapphire 🤷
Strongly leaning into that, they have a lot of perks that’d fit my lifestyle
Chief
Amex is nice because the platinum has no limit, in case of an emergency or if you want to use it for a big purchase to point-whore its awesome. I bought my motorcycle on my Amex to get the points even though I had cash on hand, paid it off the next week.
Amex Green, Gold, Platinum, and Black are “charge cards” and have no limit.
The rest of the Amex portfolio are credit cards (ie: BlueCash, Hilton, Delta, Everyday) and do have spending limits.
Chief
I would recommend picking one system of cards (AmEx, Chase, CapOne) and sticking with it.
I think Chase is the best if you get multiple cards. The Sapphire Reserve has great perks and gets 3% on travel. If you also get the Freedom Unlimited, you’ll get 1.5% on every other purchase and can combine points so you can redeem at the Reserve’s higher redeem rate. If you also open a bank account with chase, it lets you manage all of your finances in one spot at one of the nation’s largest banks.
AmEx typically has better overall perks with Delta Lounge access, Clear, etc. coming with the AmEx Platinum. The Gold Card also gets great points, which makes up for Platinum’s lackluster 1% on most purchases. The problem I’ve found with AmEx is that the overall annual cost is insane and you have to spend a lot of time managing perks to make it worth it. For instance, many of the credits are split monthly, so unless you’re carefully tracking which perks you use and when (which is time-intensive), it’s probably not worth it.
Capital One is great and the VentureX is a fantastic option. It has the same perk as Chase that you can make CapOne your one stop shop, though it definitely doesn’t have the same footprint/scale as Chase. CapOne’s perks are also still growing, with only one CapOne lounge currently. But it’s growing and will be a great option going forward. The flat 2% points also isn’t as good as some of the other options, but makes things insanely easy.
Just my two cents. There’s also Citi, BoA, or Wells Fargo but I’d probably ignore those. I’m a Chase fan so definitely biased, but hope this helps!
Rising Star
Consider the VentureX as well
I did the Venture X this year and cleared ~$1.3k in perks. I'm not renewing, but was worth it for a year.
What’s your approximate spend in each category (think food, gas, travel, shopping, etc)? What airport are you primarily flying out of? What cards do you currently have? Any particular benefits you’re looking for?
So you didn’t really give enough to go off of so I’ll give you an example.
Let’s say you lived in Atlanta, and you spend the majority of your budget on food or groceries. I would recommend the Amex Gold. Why? The gold has 4x food + groceries and a decent 3x on flights. Not to mention, if you’re leaving in Atlanta you’re flying out of ATL and Delta is a points transfer partner with amex.
So that’s the line of thinking I would go down. 1) see which transfer partners you’re interested in and then 2) find cards that benefit your category spending.
OP, if it’s cash back you’re interested in, I recommend SoFi. I get 3% cash back the first year since I have direct deposit. After that, it falls to 2% (still pretty good). It does have a lot of benefits and no foreign transaction fees as well. I can send you a referral or be glad to talk to you more about it.
Consider US Bank CC. Amazing perks and solid sign in bonus
The best card will be the one that is suited to your spending categories, not the one with the flashiest perks or largest sign on bonuses.
It also depends on your goal for point redemption: do you want to redeem it for travel or just cash back.
I personally like both Amex and Chase. My biggest spend is on food and in a Delta hub so I have the Amex Gold. I have a banking relationship with Chase so I do have Chase Freedom and Chase Freedom Unlimited for everything else.
Check chase reserve. The benefits are better than amex platinum for the cost.
I have my Amex standbys (Hilton & Delta) and otherwise open a new card annually to take advantage of new joiner offers. I usually cancel before the one year anniversary especially if there's a $100+ annual fee.
After doing some research, I found Chase is THE largest contributor to fossil fuels and other climate conflicts. Considering looking at Amex instead.
https://www.nytimes.com/2020/01/11/opinion/climate-change-bank-investment.html
https://www.ran.org/wp-content/uploads/2019/03/Banking_on_Climate_Change_2019_vFINAL1.pdf
So what I think I’m about to switch to is a combo of Amex (since I already earn MR points with my Corporate Green) and Chase (since I have had the CSP and now have the CSR, so have a not ). Below are my ideas on what I’ll likely switch to/apply for, and why:
Checking & Savings: Move from BofA to Amex. Where I’m currently getting no interest on my checking, and .04% on my savings, at Amex I’d be (at current rates AFAIK) getting .6% on my checking (IIRC; also 1 MR point per $2 on debit card spend, which is rare for me but still nice to have) and 1.65% on savings.
BofA Customized Cash Rewards && Unlimited Cash Rewards: will keep while my checking and savings are still at BofA, and then sock drawer both until they’re closed. While I still have my Platinum Honors status with Preferred Rewards, I’m getting 5.25% back on gas, 3.5% on groceries, and 2.62% back on everything else.
CSR: will downgrade to the CSP for the lower AF ($95 vs $550), but to retain the ability to earn and spend UR points. Still earning 3% on travel and dining with the CSP
Chase Freedom Unlimited: will add to earn 1.5 UR points/$ on non-rotating category spend and 5 UR/$ on category spend
Amex EveryDay Preferred: will add to earn 4.5 MR points/$ on groceries and 3 MR points/$ on gas (NB: those earn rates factor in a bonus that requires 30 transactions/month)