My credit card plan

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

cmon somebody poke some holes in this! even if it is just for devils advocate purposes I think it is a good plan, but what would make it more gooder?

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it's a terrible terrible idea, why? because umm.... errrrrm....  LOOK BEHIND YOU! A BUTTERFLY!

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Or this.

[Anonymous]

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@Anonymous wrote:

I have been working on a long term credit card plan. This is the best I could come up with. Critiques would be appreciated. I am currently in the process of buying a home, so everything is based off of the closing date on the house. I dont plan a big spree, my idea is to spread out bonuses and 0 percent offers so I can furnish the house and do what I want to it over time. After closing I will have significant rreserves for that purpose. I realize using the 40k bonus on the CSP as cash back is not the best use of the points, but it basically amounts to 10 percent off of the first 4k in furnisings I buy. I don't really travel on my own dime, so it makes sense to me to use it that way.  Many people don't like the Upromise, but in my area many restaurants offer the 4% CB, and we regularly order 600 plus dollars of food from those restaurants /week at work. I can run 30k a year thru it that way and get cash from the others ordering (BONUS). My personal regular spend is relatively low, but with 0 percent offers and furnishing a house having a bit of padding for util makes sense. I honestly cant see myself using the AmEX basically at all, but I figure I may as well establish a MSD in case they do issue a card I am interested in. My scores in my sig are current as of today.

Date                        Card                            Bonus                          Plan

Current                    Discover                    N/A                                Keep

Current                    BOA 1-2-3                  N/A                               Keep

Current                    US BANK Harley        N/A                               Most likely close, possible PC

Current                    First Progress Sec    N/A                               Close

Current                    Cap1 Sec                   N/A                              Close

Closing day             CSP                            40k miles after 4k        Downgrade to saph after free year

Closing day             BAR Upromise            50 after 500                 Keep, basically use for ordering out at work

+6 mos                   AmEX Blue cash         100 after 500               Keep, basically SD opening for potential MSD

+6 mos                   Freedom                      100 after 500 15mos 0%  Keep

+1 yr                       BAR Sallie                    25 1st                          Keep

+1yr                        Citi DC                          N/A                              Keep

This seems to fill all my catagories and should give me some util padding if I want to take advantage of 0% time to pay things off. Suggestions comments concerns? And yes I know I could probablygo a bit quicker, but this would seem to me to be a good logical plan to space out 0 percent times, spending etc. This really feels like about 2 too many (yeah nixon I know 12 too few) cards.

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The upromise MC looks interesting... is there a list of "participating" restaurants? Thousands sounds like a lot, but in reality, I'd bet its quite limited. Look into the AARP Chase Visa, 3% back at restaurants.

I've never heard of a no fee sapphire card. 

As for suggestions, see if you can PC the US Bank card to Cash+, Cap One to the QS and just keep the TL open. Also, the BoA travel rewards will give you a 10% bonus if you have a boa account, effectively yielding 1.65% for statement credits if you travel. With the Sallie Mae, the 1-2-3 becomes useless.

If the Promise dining is limited, as I suspect then get the AARP instead. Also, the CSP gives dining points. I'm not sure how to get the most value out of CSP points, I think you need a concurrent hotel or airline card, but most value UR points at >2 ¢ each, so getting another dedicated dining card right away seems redundant. I'd bump up the Sallie Mae WMC to the upromise slot.

Closing date - csp 

Closing date - Sallie Mae wmc

+6 - blue cash

+6 - Double cash or fidelity amex

November/December - freedom should have a $200 sign up bonus with $500 spent

+1 year after CSP - AARP or Upromise MC (depending on participating restaurants)

[Anonymous]

To add to my post above, as I read that you don't travel. The travel rewards card also gives 1.5% + if you redeem for statement credits when renting hotel rooms and rental cars.

If that's still not your cup of tea, look into a PC to the Better Balance Rewards card.

[TiggerDat]

Depending on what kind of limit you want with the Sallae Mae Card, would be my decision to bump it up.  I think with Barclays the trick to a higher limit is to have another card with them for a while.  I had thier rewards card for almost 2 years before I applied for thei Sallae Mae Card.  When I did app for the SM card they gave me almost $10,000 for my CL.  My Rewards card had a $1500 limit with them for the entire time.  I simply was amazed.  I also think part of it was the PayPal limit at that time was exactly the same, so they could have have been limit chasing at that point, but they didn't chase the limit of any other card when I got the Rewards card.  Maybe a little bit of this and a little bit of that? 

The Sallae Mae card is great for both Gas and Groceries.  You can link credit cards to Upromise and earn rewards at the same restaurants I believe, so that might be something to consider?

[Anonymous]

Upromise dining is not limited. It is limited only by the places the 4% is valid at, they have to be participating. And the participating places are very limited, but seem to work perfectly for me.  I did consider AARP, but that kind of marries me to Chase. And for very personal reasons I would prefer to stay away from that. Honestly if it werent for what will amount to a free 400 bucks I would basically eliminate Chase cards from the list all together. Chase has a sapphire card, the cheapo version of the CSP. You cant apply for it directly anymore. They want the AF out of people who forget to change products and got a product that doesnt work for them. As to limits, if I get 2500 on each of those cards, I doubt I would ever even ask for an increase. That would be sufficient for my needs. As to BBR that was kind of my thought as well. 

Thanks everyone for the well thought out responses.

Here is a link to Upromise restaurant search. Many of the restaurants are 1 off locals, you can search by ZIP. MANY people have complained that nothing sround them or nothing they want to use is included. For me, however it fits perfectly.

http://rn.upromise.com/;rnsessionid=7sNB3nlFr87K4ahe.FF29407E290978860C2F4B7CFE9FD0D3

[Anonymous]

Oh, and the real reason for the Upromise ahead of sallie is I can run an awful lot of money that I am not spending myself thru it. Basically,I place the food order for roughly 10-20 people at work. almost always through a Uprom accepting restaurant. 200 bucks x 3 days a week. x 4%. Which is a heck of a lot more than I am going to get back myself on the sallie. That is the real reason to add that card first. Im guessing spinning 30k through it will yield a nice limit when I go for the sallie...

[BUN]

I'd poke a hole in the plan if there was a hole to poke, but you should see some of the plans other OP's have. AARP, BCE, and SallieMae are my goals, and from the research I have done for my profile, are the best for me. The Upromise is not something that works for me, but it works perfectlly for you. You have a solid plan! Congrats again!!

[Anonymous]

Hey, if you have your reasons, I'm all for it. I did see the upromise search. Not too many restaurants near me unfortunately, chase will have to do!

Otherwise, your plan is solid, I did my best to poke holes

One word of caution, most personal cards have T&C wording against using for business uses. Not sure how strict they enforce (hell I run as much airfare for work through my Boa travel card), but just be cautious with that UPROMISE card

[Anonymous]

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@Anonymous wrote:

I have been working on a long term credit card plan. This is the best I could come up with. Critiques would be appreciated. I am currently in the process of buying a home, so everything is based off of the closing date on the house. I dont plan a big spree, my idea is to spread out bonuses and 0 percent offers so I can furnish the house and do what I want to it over time. After closing I will have significant rreserves for that purpose. I realize using the 40k bonus on the CSP as cash back is not the best use of the points, but it basically amounts to 10 percent off of the first 4k in furnisings I buy. I don't really travel on my own dime, so it makes sense to me to use it that way.  Many people don't like the Upromise, but in my area many restaurants offer the 4% CB, and we regularly order 600 plus dollars of food from those restaurants /week at work. I can run 30k a year thru it that way and get cash from the others ordering (BONUS). My personal regular spend is relatively low, but with 0 percent offers and furnishing a house having a bit of padding for util makes sense. I honestly cant see myself using the AmEX basically at all, but I figure I may as well establish a MSD in case they do issue a card I am interested in. My scores in my sig are current as of today.

Date                        Card                            Bonus                          Plan

Current                    Discover                    N/A                                Keep

Current                    BOA 1-2-3                  N/A                               Keep

Current                    US BANK Harley        N/A                               Most likely close, possible PC

Current                    First Progress Sec    N/A                               Close

Current                    Cap1 Sec                   N/A                              Close

Closing day             CSP                            40k miles after 4k        Downgrade to saph after free year

Closing day             BAR Upromise            50 after 500                 Keep, basically use for ordering out at work

+6 mos                   AmEX Blue cash         100 after 500               Keep, basically SD opening for potential MSD

+6 mos                   Freedom                      100 after 500 15mos 0%  Keep

+1 yr                       BAR Sallie                    25 1st                          Keep

+1yr                        Citi DC                          N/A                              Keep

This seems to fill all my catagories and should give me some util padding if I want to take advantage of 0% time to pay things off. Suggestions comments concerns? And yes I know I could probablygo a bit quicker, but this would seem to me to be a good logical plan to space out 0 percent times, spending etc. This really feels like about 2 too many (yeah nixon I know 12 too few) cards.

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Holes:

Applying for the CSP just for the statement credit seems like a bad idea unless you are willing to consider either keeping it and paying the AF or closing it all together after the free year. The reason is that while downgrading to no AF Sapphire is possible right now, it will most likely not be there forever. 

BoA 1-2-3: Convert to Travel Rewards if you want a no FTF EMV Chip card. Otherwise close, unless you are keeping it for the gas. If you are, look into one of the 5% Cashback cards on gas (PenFed etc..)

[Themanwhocan]

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@Anonymous wrote:

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@Anonymous wrote:

I have been working on a long term credit card plan. This is the best I could come up with. Critiques would be appreciated. I am currently in the process of buying a home, so everything is based off of the closing date on the house. I dont plan a big spree, my idea is to spread out bonuses and 0 percent offers so I can furnish the house and do what I want to it over time. After closing I will have significant rreserves for that purpose. I realize using the 40k bonus on the CSP as cash back is not the best use of the points, but it basically amounts to 10 percent off of the first 4k in furnisings I buy. I don't really travel on my own dime, so it makes sense to me to use it that way.  Many people don't like the Upromise, but in my area many restaurants offer the 4% CB, and we regularly order 600 plus dollars of food from those restaurants /week at work. I can run 30k a year thru it that way and get cash from the others ordering (BONUS). My personal regular spend is relatively low, but with 0 percent offers and furnishing a house having a bit of padding for util makes sense. I honestly cant see myself using the AmEX basically at all, but I figure I may as well establish a MSD in case they do issue a card I am interested in. My scores in my sig are current as of today.

Date                        Card                            Bonus                          Plan

Current                    Discover                    N/A                                Keep

Current                    BOA 1-2-3                  N/A                               Keep

Current                    US BANK Harley        N/A                               Most likely close, possible PC

Current                    First Progress Sec    N/A                               Close

Current                    Cap1 Sec                   N/A                              Close

Closing day             CSP                            40k miles after 4k        Downgrade to saph after free year

Closing day             BAR Upromise            50 after 500                 Keep, basically use for ordering out at work

+6 mos                   AmEX Blue cash         100 after 500               Keep, basically SD opening for potential MSD

+6 mos                   Freedom                      100 after 500 15mos 0%  Keep

+1 yr                       BAR Sallie                    25 1st                          Keep

+1yr                        Citi DC                          N/A                              Keep

This seems to fill all my catagories and should give me some util padding if I want to take advantage of 0% time to pay things off. Suggestions comments concerns? And yes I know I could probablygo a bit quicker, but this would seem to me to be a good logical plan to space out 0 percent times, spending etc. This really feels like about 2 too many (yeah nixon I know 12 too few) cards.

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Holes:

Applying for the CSP just for the statement credit seems like a bad idea unless you are willing to consider either keeping it and paying the AF or closing it all together after the free year. The reason is that while downgrading to no AF Sapphire is possible right now, it will most likely not be there forever. 

BoA 1-2-3: Convert to Travel Rewards if you want a no FTF EMV Chip card. Otherwise close, unless you are keeping it for the gas. If you are, look into one of the 5% Cashback cards on gas (PenFed etc..)

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They will still have the option of transferring the credit limit from the csp to the freedom.

It might be worth applying for a US Bank Cash+ card once you have a few cards with $5000 credit limits. 5% fast food (capped spending) + 2% restaurants uncapped isn't a bad fall-back card when the upromise doesn't work at certain restaurants. Or one of these as backup: