What's in your wallet?

Like most people these days, I frequently find that my snail mail contains offers for "pre-screened" credit cards. Probably averages three or four a week, all of which head straight for the shredder. But I think yesterday set some kind of record, with four offers landing in my mailbox in one day!

First off, US Airways wants me to have a Dividend Miles World MasterCard with lots of bonus miles. Might be tempting if I traveled much by air. But I don't -- not since departing The Company. So that one definitely goes into the shredder.

Then there's the University of Maine Alumni Association. Their WorldPoints Platinum Plus MasterCard promises a credit line of "up to" $100 grand, and point rewards of airline tickets with no blackout dates, merchandise, and "unlimited cash rewards". Of course, although it does say you get 1 point per $1 purchase, it doesn't specify how much cash you get back for a given number of points. Think I'll stick to my credit union card, where I know exactly how much cash I'm going to get back.

Or maybe I should go for the Citi PremierPass MasterCard. Not only do you get points for both purchases and airline miles flown, but after you make your first purchase you get credited with 10,000 bonus points, redeemable for a $100 gift card for your choice of "restaurants and leading stores" such as Home Depot or The Gap. Now that could actually be a good deal, unless there's some catch I haven't yet gleaned from the offer -- Lord knows I spend enough at Home Depot to be able to make good use of that. Maybe I'll hold that one out of the shredder for now.

But the piece de resistance is the Lexus Pursuits Visa Signature Card, which would let me earn points toward as much as a 10% discount on a new Lexus. Then, once I have the Lexus, I can redeem my points for Lexus service, accessories, and merchandise. What a deal! And I'm even pre-approved for "no pre-set spending limit", which does not, however, mean the same thing as unlimited spending. I guess it all depends on your definition of "no limit". Makes me long for the good old days when pre-approved credit card applications came with a specified (albeit tentative, pending an in-depth credit check) credit line.

So, Lexus or Home Depot? Well, considering that I couldn't afford a Lexus even at 10% off, the Citi card with its 10,000 bonus points that'll net me a hundred bucks at Home Depot is the better deal. Now, whether I need another credit card at all is another question entirely.