First Credit Card - Best Cashback Deals

surfin312 on 01/04/2023 - 15:42

Hi,

Looking to build a new computer soon and also have to get some work done on my car. Total cost would probably be $2-3k. I could pay these outright from savings but I thought this might be a good time to get my first credit card to make use of cashback deals to make these purchases cheaper and also start to build a little bit of credit history as I rarely have purchases of this size.

I was looking at the Citi premier cashback deal ($600 after $2k spend) but with the min limit of $10k credit I am not sure I would be approved ($72k pre tax and no prev credit cards). I then found Commbank Low Fee Gold credit card ($300 after $1.5k spend, $4k min limit) and Low Rate credit card ($250 back & 0% p.a. for 12 months, $500 min limit) which I think I'd get approval for without too much hassle.

Is it worth trying for the Citi premier or should I go for one with less cashback but a lower limit and so a better chance of approval?

Thanks for any advice!

Financial Credit Card

Comments

Autonomic on 01/04/2023 - 16:32

+1

Apply for the premier. Even at $72k you could still get the Citi Prestige which would give you even more $$ back (although terms of gift cards).
- FrugalDealSeeker on 01/04/2023 - 20:30
  
  +2
  
  The Citi Prestige Card is for the aggressive Points collector—the card has a minimum income requirement of at least $150,000 and has an ongoing annual fee of $350 in the first year, 700 p.a. ongoing.
  - Autonomic on 01/04/2023 - 21:02
    
    +1
    
    That's old information. I have a friend on sub $70k who successfully applied for it.
    - FrugalDealSeeker on 01/04/2023 - 22:31
      
      +1
      
      I am not sure how I feel about banks giving a (minimum) credit limit of $20,000 to someone making <$70k. I thought generally the maximum credit limit you can get was approx. your monthly income so in your friend's case should've been ~$5,000, but idk though.
      - Autonomic on 02/04/2023 - 15:29
        
        +1
        
        @FrugalDealSeeker: I have no idea. He does have a lot of savings and churns quite regularly. Good track history of repayments perhaps?
      - Ughhh on 02/04/2023 - 20:30
        
        @FrugalDealSeeker: Heh, I was given a $20k limit on my very first credit card. Was a casual (though stable employment), earning $50k and early 20s. I had to triple count the number of zeros.
        
        Many platinum cards have a minimum credit limit of $6k and minimum income of (I think) around $30k.
George Washington on 02/04/2023 - 08:32

+1

Apply away solider. No harm in rejection.
- surfin312 on 02/04/2023 - 09:16
  
  +1
  
  Wouldn't a rejection be a hurdle to future applications? and also no new applications for 3+ months?
  - George Washington on 02/04/2023 - 09:21
    
    -1
    
    Nah, if you have defaulted that is the hurdle to future credit.
    
    Getting rejected just means you don't satisfy the criteria of a borrower at that price point
  - kirkleton on 12/04/2023 - 20:23
    
    Yes but only because having a lot of applications negatively affects your credit rating. But I don’t believe the fact you were rejected affects it.
payless69 on 02/04/2023 - 09:07

-1

The first cut is the deepest.
Wise men use something proven and established!
BigBoy47 on 02/04/2023 - 15:31

+1

The Citi Clear also has $400 cashback/$3k spend right now, min credit limit $2000.
- BigBoy47 on 02/04/2023 - 15:40
  
  +1
  
  And just in case you weren't aware — you should pay off your credit card in full every month rather than carrying a balance, otherwise the interest you pay negates these sign up bonuses
  - surfin312 on 02/04/2023 - 18:23
    
    +1
    
    Is it worth going for the larger limit with more cashback? I intend to pay off the card & close account once cashback is received to get a pro-rate refund on annual fee.

First Credit Card - Best Cashback Deals

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