@aamex wrote:Precisely... Freedom and More have the same..only using one is good enough. But, I think youre right.. If you don't really go to the supermarket much then a .01 cent on the dollar difference is nominal. My spending just recently changed because now I'll spend on groceries and no longer gas.. so BCE fits for me. So no PC for you on the zync?
...and the way Chase has been acting makes that a no brainer haha 
. I think in a regular spending pattern the BCE would be beneficial though, or if I spent enough to exceed BofA's $1,500 caps, and I was sad to see Discover do away with a 5% quarter for groceries (last year it was summer-ish which is when I live on my own).
I was trying to think, but what can I really PC to? To date I've spent roughly $20,000 across all my credit cards since I opened my first one in June of 2010. I'm not sure I spend enough to make any charge card worth the AF (part of the reason I'm closing the Zync). I would love the idea of a charge card if it had no AF (benefits, perks, and the responsibility of PIF).
@smc733 wrote:
@aamex wrote:Precisely... Freedom and More have the same..only using one is good enough. But, I think youre right.. If you don't really go to the supermarket much then a .01 cent on the dollar difference is nominal. My spending just recently changed because now I'll spend on groceries and no longer gas.. so BCE fits for me. So no PC for you on the zync?
...and the way Chase has been acting makes that a no brainer haha
I was trying to think, but what can I really PC to? To date I've spent roughly $20,000 across all my credit cards since I opened my first one in June of 2010. I'm not sure I spend enough to make any charge card worth the AF (part of the reason I'm closing the Zync). I would love the idea of a charge card if it had no AF (benefits, perks, and the responsibility of PIF).
25$ AF, so after 5,000 pts. is redeemed you've paid for the annual fee. The signup bonus was 10k pts for Zync when it first came on the market so that gave you +25 dollars for the card itself. But you know if you use the amex shopping mall etc. you can get 4x, 3x, 10x, etc the points. So, at a maximum 5,000$. Anything else is a benefit. Idk if you could PC to the regular blue, its an MR card? But not a charge card so I guess thats unlikely?
SMC733;
I think you're ahead of the average CC user already (not in having them, but in how you care for them). Your Chase could have a 100% rate and with you not carrying a balance, it doesn't matter. If you're college age, you're really ahead of the game because 1. you have good credit 2. you know how to handle it 3. you try to gain more knowledge about it to handle it even better.
Normally, I wouldn't suggest anyone keep a card with an AF if they don't have to. The only CC worth an AF is usually an AMEX. If you can use your ZYNC at times, keep it. 25 a year is a small splurge for a future history with them (I Know you have BCE but 2 cards with AMEX is a great history) plus at times you can use it when you need it.
Using Discover and BoA the way you mentioned sounds about perfect. Only thing I would do being you're young and have a GREAT credit profile is use the Chase every 2 to 3 months for something you're going to buy anyway, like a pack of socks or something, then pay it right away. Don't worry about it's rewards, you just want to keep it open for your file, that's all really. Think of them as pre-paid cards (spend anything on one, go to the PC and pay it online as soon as it posts) and you'll have no problem.
With little use, Chase will eventually lower the rate or offer you something else later. What your doing now is building a file that shows any lender that you're responsible in handling a LOT of credit. That 6k on Chase is a biggie you want to keep. If you let it go you might wish you hadn't after you graduate. And believe me, Chase will eventually do one or the other if not both (lower and offer others with lower) if you keep it and not carry on it. What you're getting with these cards is length of history over multiple good lines.
I don't think you yourself realize what a great job your doing if you're college age and handling that kind of credit the way you are. If you at times feel you can be tempted to use the cards when you shouldn't, see about getting a safe deposit box where you bank (I don't think you need to go that far really) to put a few, further out of reach.
Remember, the rewards are only rewards if they're a discount for you on something you would have bought with cash anyway (something you had to buy). And interest is ALWAYS 0% when you don't carry a balance (unless something doesn't have a grace), and you know to not put anything big enough on a card that'd you'd have to carry a balance (pay before the statement or right away on a "pack of socks" and you're golden).
Believe me, if you can handle going to college and all that goes with it, and come on here and make as much sense as you do; you should have no problem managing the card collection you have (and you are managing it very well it seems).
The stage of the "game" you're in isn't about showing spending, it's the showing of restraint in the candy store of plastic you have, and you seem to have a lot of restraint, which is good for your file, future wise.
I know this was long, but I felt you could handle the reading rather quick lol as well as use some of it. When you leave college, with luck those cards and that great file will go with you along with the degree, you'll have a credit degree and a great score.
The best part about it is you don't really need much if any advice, you're just wondering about options. A+
@smc733 wrote:Hi everyone,
I've done a lot of thinking, and with much advice from people here on myFICO, I think I have divised a sensible fiscal plan for myself moving forward. I've found I need to discipline the following:
-Spending because of the "rewards" I will get
-Stop making small purchases like cups of coffee, they add up! (Thanks to Discover's spend analyzer, I realize I waste nearly 100 bucks a month on stuff like that!)
-Using high APR cards make me uncomfortable, so I won't be using any.
As of right now, I am going to shift all of my spending to two primary cards:
-BofA 1-2-3 rewards for all purchases (BofA $5,000/10.99/Jun '10)
-Discover for any purchases in the 5% categories (Disc $2,500/15.99/Jan '11)
I'm going to do the following with my other cards:
-Citi. I BT'd around 2,000 to this card, I incurred a few expenses buying a new car, and got a nice 0% BT offer (plus 0% on new purchases), this card will see no more activity until that is paid off with some large funds I'll be getting in March (have plenty of money to do so now, but don't want to tap into it). After that, I would like to PC this into something reward free (Currently Dividend P/S), since I rarely use it. I was thinking I could get a low interest rate on maybe a Platinum Select regular or Diamond Preferred (Citi $6,000/14.24/Jun '10). Once paid, I will sockdrawer and use once every 4 months.
-Amex Zync: Closing it. I have absolutely no use for this card and the AF. Will be closing soon.
-Amex BCE: Plan on sockdrawering this, giving it use once every 4 months. I can't give up my relationship with Amex, but as of now, the APR is too high. ($2k/22.24/Sep '11)
-Chase Freedom: Permanent sockdrawer unless they give up with the insane APR. Will not show activity, will let close if it happens. ($6k/22.9/Apr '11)
Having said all of that, what does everyone think? An "active" portfolio of 4 cards, with 2 being used on a consistent basis? One of each (V/MC/AMEX/DISC), and some healthy rewards. The BoA cash rewards I'll get the 10% bonus into my BofA checking, and Discover I'll use on Amazon.
Never thought I'd see someone SD'ing a BCE but you have a valid reason.
