My wife and I each have different AmEx cards with $ 85 annual fee. Should we cancel those and get the card TrueEarnings Costco American Expr ... -
Q: My wife (traditional green) and I (or traditional) each have different cards American Express. Everyone has an annual fee of $ 85. Should I cancel those and get the map TrueEarnings Costco American Express? I'm a big Costco buyer, I also buy my gas there, and I spend maybe $ 5,000 a year at Costco.
A: I would say the TrueEarnings® map Costco and American Express would be a better choice for you based on your spending habits. Both the traditional green and gold loyalty card users AmEx with 1 point for every dollar spent, while the functions of the TrueEarnings generous cash back rewards cards. In addition, the TrueEarnings card is a "2 in 1 card" and has no annual fee with your Costco membership paid - it's a $ 170 savings in advance ($ 85 x 2)
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With the map TrueEarnings you earn 3% cash back on gas purchases up to $ 3,000 (1% thereafter), 3% cash back at restaurants, 2% cash back on travel purchases and 1% cash back on all other purchases, including Costco. Based on your expenses declared of $ 5,000 per year at Costco, you could win up to $ 110 cash back per year on just your expeditures Costco ($ 3,000 for gas and $ 2,000 for everything else), no sneeze at. In addition, you earn cash back on all purchases made outside of Costco, so your gains could be substantial.
Regarding the cancellation of your other 2 credit cards, if you are concerned about your credit score, you may want to consider keeping. all credit cards canceled can hurt your credit score, as it reduces the overall amount of credit available to you, which in turn hurts your credit utilization ratio. In addition, most credit scoring algorithms take into account how long you have had credit lines and if you had the cards for some time, it can hurt your credit score to cancel. If you are interested in what your credit score now, PrivacyGuard offers a $ 1 trial 30 days where you get all three scores and credit reports. And your scores and reports will be updated monthly so that you know what your final score. In addition, you will have 3 credit monitoring office and a bunch of other goodies.