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08-09-2012 07:32 PM
Now that I've got a card with a high limit(5k, 2dn highest is 1k) I'm curious about how to use and how everybody else uses theirs. See I plan on using it for everything and not even using my debit card. Is this something that a lot of people do? I also have other CCs that I don't really need if I'm just using this one. I ony make 1400 a month with 8000 in credit so it's not like i need them all. Do some of y'all rotate cards or somethign else? Just looking for some advice. Thanks.
To help a little I have a Cap1(500), Care(500, could use for vet visits), Jcrew(930), and a CU card(1000) plus the NFCU card I just got(5000)
08-09-2012 07:42 PM - edited 08-09-2012 07:45 PM
I use my CC's for just about everything. I rarely have more then $20 cash on my and use CC's for all purchases over $5 and pay them multiple times a month.
Use discover or freedom for most buys, Amex or Alliant for larger buys and WF just for small things just to keep them all active.
My Cap 1 cards don't leave my house.
Only used my debit card a few times a month to satisfy my 5 times a month requirement but might be closing that account.
Since I started doing that my limits have gone up so I guess they like heavy use.
08-09-2012 07:44 PM
08-09-2012 07:45 PM - edited 08-09-2012 07:46 PM
I have 2 cards that I use - my CSP and my United card. I put virtually all of my spending through them and PIF each month.
All spending on travel and dining goes on the CSP, since it's 2x points per dollar spent.
All other spending goes on my United Club Card which gives 1.5 miles per dollar spent.
This is done to maximize the points/miles I'm receiving. Using this strategy I net ~200k points/miles per year.
The only times I don't use my cards are:
* The place I'm going is cash-only.
* There is a merchant surcharge above 2.5%
* Their machine is broken =/
08-09-2012 07:52 PM
I would suggest keeping them open unless they have an annual fee. You really do need to have 3 CC minimum to maintain a high credit score.
You could always try and get cards that don't have annual fees and then close the ones that do have annual fees.
I use my cards for everything I can and pay them off several times a month.
08-09-2012 07:57 PM
I use my Amex Green for my primary card with Chase Freedom for non-Amex places and 5x points categories. Eventually, I'll get a Sapphire Preferred to use my Freedom points. I never use debit and only use cash for places that only take cash or really small purchases.
08-09-2012 08:22 PM
I have a Chase S Freedom, Citi AA WEMC, Amex Plat, and WF Plat. My gf is an AU on the Amex and Chase. CLs vary from 12k to 25k.
We both use the Chase for most household stuff, Use the Plat at restaurants, Costco, travel, hotels, rentals and large purchases. The Citi is used for AA fare and online phone purchases with their virtual CC capability. I do this largely to reduce the risk a card will be cloned or a database compromised. The WF card is used for a small monthly utility autopay just to keep it active. It's the one card without some kind of rewards.
My AAoA is just under 2 years and oldest card is 3.5y. Originally, the WF and Citi cards were secured but were unsecured 1.5y ago.
A funny aside. My gf has(d) great credit (FICO around 820). At least until I added her to my 2 month old Chase and Amex cards. She probably dropped into the 700s.
08-09-2012 08:38 PM
Cards for everything, I use credit cards so much I didn't even realize that my Debit card had expired 3 months ago, found out at the bar one night, was going to pull out $20 from my checking account, had already closed out the tab and didn't want to open another one just wanted to buy another drink. Went to the ATM and found that my card had expired in may!. Hadn't even noticed, now I have to find the new cards sitting around the house somewhere. May have to order new ones.
I even found a use for the CapOne checks they send out every month or so. My favorite grocery store with great prices and excellent selection only take cash or check and ran out of checks years ago, never reordered, just used credit cards and online websites, much less painful than bouncing a check by accident. So I use the CapOne checks at the store, keeps my oldest card active by using a check or two each month. No fee's but no rewards either.
08-09-2012 08:39 PM - edited 08-09-2012 08:41 PM
I use credit cards for everything except when it is under ten dollars, since Capital One gives twenty points per purchase. That is the only one I have that gives good rewards. I see no reason to spend on a card that gives you nothing back. I have never thought of spending more money than I have so that is not a problem to me.
I use PNC Cashbuilder and the Fidelity American Experess mostly for the 1.75 and 2% cashback. Now that I started a business I have been running a lot through the Chase Ink card. The other cards I have really are not used except for a small purchase every now and then; or if they have more than 2% cashback in a category like grocery or on Amazon, etc.
08-09-2012 08:44 PM
I mostly use my debit cards when depositing checks at an ATM. I rarely use them for ATM cash - probably no more than 3 times a year.