Hello!
I was going over my card portfolio and just wanted to get some 3rd party thoughts. I've got a few cards (using the term "few" loosely some would say), but most of them serve a purpose. In 2015 and 2016 I opened cards that my profile permitted and had bonus categories for things I'm already buying and will continue to buy). I've written down the card, its related bonus categories, how I mainly use it (if i do), a few notes and annual fees. My question to those reading this is, from what you can see below are there other card options out there that might benefit me more that I should consider? Or maybe reorganizing some of the ones I already have now? Some of the categories overlap but I'll use 1 card for specific types of purchases.
There are a few cards I keep for the sole purposes of age, but I have a couple that are not as seasoned and don't have as much "umph" to them - maybe I'm struggling to close them because of the work I had to put in to get them, or have weaker reasoning to hold on to them like "having large limits" - if i drop the bottom (4) cards my available limits will reduce by $40k (QS $5.3k, USAA $5k, ED $5.3k, NFCU $25k) -- my total credit lines right now is $170k.
Anybody See Something I'm Not Or Have Any Suggestions? (sorry for the tiny font) - thanks!
Thanks for the advice! I'm only using the Limitless less this year since I get the 3% on Discover Miles this year, but once that year is up I'll be moving all that spend to the Limitless. I was thinking of axing the Apple card too. I opened in 11/2015 and have put 2 macbook pros, 1 macbook air and an iphone on it. I didnt need the full 18months but the 0% interest is nice to have around. I dont see myself buying many more apple items though. I have used the points though to buy music/movies from itunes so it has its reward, although its more a secondary impact. I was going to see if i could upgrade it but i didnt find any of the other barclays cards attractive (compared to what i already have). Plus they always have that looming AA surrounding them - not a fan of that.
I agree with you on NFCU, my gut keeps saying "keep it or you'll regret it", but maybe PC down to CashRewards and SD it. I use the Marvel for dining so i'd just be doubling up if i go with the goRewards. With USAA 2.5% and PenFed 2% card that launched i feel like NFCU might up their 1.5% card too. good thoughts!
@credit_is_crack wrote:
From what I'm seeing here it's more that you're starting to have an introspective look at your portfolio. This happens when the challenge and chase aren't there anymore for accumulating cards and the options that make them appealing in the first place. I find that Quality over Quantity is key for me at least. Juggling all of these different programs is too time consuming to keep track of on a daily basis. It's time to take a hard look at if it's truly worthwhile to carry a spreadsheet with you when you're out and need to pick a card to swipe for a purchase.
I would start looking at things and narrow this list down to 1/2 of what it is through combining some cards and trimming the fat on the rest of them.
Once your Double period is up on Disco they'll combine the limits fairly easily since Miles won't be worth much after the first year.
Since you have Limimtless your other USAA card is obsolete at 1.5%.... Combine
Your PenFed cards overlap as well... pick on to roll into the other
AMEX - you have competing programs between MR and Cash back.... Depending on what you have sitting in MR's I would roll the CL into BCP since there's that stupid 20 transaction hit list on the ED to get any sort of bonus on top of the 1%... while they won't let you "combine" them you can move most of your limit over painlessly. Leaving you with BCP / PRG.
How many hotel cards do you really need? Do you really need 3% off on Movies and Theme parks?
Just take a look at saving pennies to spend a Dollar when it comes to the "rewards" that you're "earning". If you can't pull 10% or more on a purchase it's really not worthwhile since you're not even covering sales tax. This is where quality comes into play. Finding the solid lenders that grow in the long game and don't freak out like Barclay's when they go bi-polar for a day and shut you down. AGE is a good reason to hold onto 1-2 cards that are your oldest since they help your scores in the long run but, simplify things and make your life easier with the less is more approach.
Thanks for the insight! some of the things you mentioned make total sense, some a little broad, but i think i get the idea.
I would start looking at things and narrow this list down to 1/2 of what it is through combining some cards and trimming the fat on the rest of them. < I think long term this is the idea. Consolidate the ones I can and i'll have fewer cards to worry about, but net the same results.
Once your Double period is up on Disco they'll combine the limits fairly easily since Miles won't be worth much after the first year. - i wasnt sure if they'd just let me combine and close the other out, but thats the plan of attack later this year.
Since you have Limimtless your other USAA card is obsolete at 1.5%.... Combine - agreed and had this on the agenda. USAA has never seemed to "consolidation" friendly so i'll just be closing it out and if it makes sense, then put in the CLI on the limitless
AMEX - you have competing programs between MR and Cash back.... Depending on what you have sitting in MR's I would roll the CL into BCP since there's that stupid 20 transaction hit list on the ED to get any sort of bonus on top of the 1%... while they won't let you "combine" them you can move most of your limit over painlessly. Leaving you with BCP / PRG. < i hadnt viewed it from that perspective so thanks for bringing that up!
How many hotel cards do you really need? < 1. My Ritz is my Hotel card. We stay at a Ritz/Marriott property 4-5 times a year so this one makes sense to keep and serves its purpose. The Fairmont was pickd up recently with the sole purpose that it might PC to a Chase branded card since I'm WAAAAYY over 5/24. If it doesnt, we wont be keeping it, leaving only Ritz as the Hotel card. I'd like a CSR to 'complete' the lineup. The CSR would be the new dining card and we'd ax synchrony.
Do you really need 3% off on Movies and Theme parks? < No, but if we're going enough and already using a card that includes those categories why wouldnt we use it? The Marvel card is used mainly for dining. The fact that it covers Movies/Theme parks is a plus. If it didnt cover those, i wouldnt be looking for a movie/theme park card.
All good thoughts - thanks for taking the time to look thru my post!
@Anonymous wrote:It looks like the PRG isn't doing a whole lot for you. You're getting 6% at grocery stores, 5% on gas, and 3% on dining already, so you're only benefitting from the PRG's airfare bonus category. If you fly enough, the Platinum's 5x points on airfare, $200 credit, and other benefits really make the Platinum something to consider. If you don't fly that much, then perhaps you're best where you are (or perhaps should consider closing the PRG). Overall, you have a very comprehensive portfolio, and you should be proud of it!
Thank you! I have been bouncing on the idea about PRG < Platinum or closing it out. The Platinum does have better returns on Airfare, and you're right the other cards I have get better rewards so my PRG has turned into the "Airfare" card, which isnt terrible, but we only flew 3 times last year. Enough to say "we got something out of it", but not enough to upgrade to Platinum or justify the annual fee. Going to see how 2017 turns out and if it ends up being a bust for flights then we'll likely close the PRG and convert my Quicksilver into a VentureOne and go that route. Thanks again!
@Anonymous wrote:The two that jumped out at me are the two USSA Visa cards. Kind of pointless now that you have the limitless. Although it is still just a pilot, even in the off chance it drops down to say 1.5% then it still matches the preferred and makes it pointless in having still. Just my 2 cents.
I just got the Limitless and we're on the same page. My USAA Rewards VS is my oldest card (period) so I keep that around due to that. However the Preferred CashRewards is still under a year so removing it wont be much damage. I'm going to close the 1.5% later this year, then request a CLI on Limitless to make up the gap. I'd like to eventually get down to 1 USAA card -- the Limitless VS.
I would recommend checking out the US Bank Cash+. There no annual fee. You get to choose two 5% categories (I use it for my phone bill and fast food). Of course there are other categories that you can choose from as well. 