New Priorities, New Cards?

[Just_a_girl]

Hi all,

I used to have an account here but I can't figure out my old credentials, so I'll just start over as a newb!

I'm up to 4 cards now, possibly soon-to-be 5. Want your advice...

I never envisioned having more than 5 credit cards. However, reaching that number at age 30, I realize that I'll probably have many more than I had planned as I go through life.

QS World MC - $11,750 (this used to be a Platinum MC)

QS Visa Sig - $19,000 (I got this card before I realized I could upgrade my Platinum MC so now I'm stuck with 2 QS's)

Sallie Mae World MC - $10,000

I was really happy with my line-up. I use my SM for gas/groceries/Amazon for 5% cash back and my QS for all other spend at 1.5% cash back. I use my cash back rewards to help pay for my recreational travel, about 2-3 trips a year. Only 2 inquiries on my reports. One falls off in November 2016 and the other in April 2017. My last FICO score from Barclay in September was 810.

Then came along the Chase Sapphire Reserved. I couldn't help myself guys! As soon as I saw that card, I immediately applied. I don't know what was wrong with me! I will use the $300 travel credit every year, easy, making th AF essentailly $150. I will visit the Priority Pass lounge if I'm at an airport with one (and if I have time). The Global Entry is a nice perk as well. I was aproved - $34,000 (thanks Chase!)

And THEN I sat down and did the numbers to see if the card would work in my favor. I know...rookie mistake. I should have done this before I apped but like I said, I think something possessed me because in that moment that I saw the card, common sense eluded me.. I calculated my annual spend, deducted the $150 AF and took into consideration the partner transfers (United & Southwest, specifically) and I'm realizing that I'm only going to "break even" when I compare all factors to my no AF cash back cards.

*Just want to notate that when I travel, I only travel economy, not business class. So my partner tranfers are going to be valued around 1.5c, not well over 2c.

HOWEVER, if I add the Chase Freedom Umlimited to my profile, then and only then will I actually come out ahead. I would still use my SM for 5% cash back on gas/groceries/Amazon, I'd use my CSR for all dining and travel and the the FU for all other general spend. This will generate more points than my no AF cards would BUT apping for another credit card to bring my card profile to 5 makes me feel wreckless and out of control. haha

No offense at all to any of you that have cards in the double digits, it just isn't something I want. I have no problems with overspending. I only spend what I have and always PIF. But having too many cards is overwhelming to me and I only want to app for what I will use.

So I basically have 2 options here:

1.) Go for the Freedom Unlimited

 - I would essentially SD my 2 QS's if I go this route (put 1 recurring bill like Netflix & Hulu on them to show usage every month)

2.) Downgrade my CSR after a year or 2 (to give me time to use all of my 100K bonus points) to a no-AF card

Give me your wisdom. Please.

[Anonymous]

I'm justagirl too! 😂

I dont know know your story of how your credit journey started.......but nice job on your current limits! 

[Just_a_girl]

=) thank you

Have to give all the credit to Capital One. They get a lot of hate around here but I got my first CC with them about 7 years ago. Started with a $750 credit limit. Soft pull CLI via Love Button every 6 months + time and that's how I got here.  I'll feel really guilty if I SD those 2 QS's since they were so good to me but a girl's gotta do what a girl's gotta do to get the max back for ski vacations and Europe trips!

[Anonymous]

Lol I get it! I'm a traveler too......headed to Mexico in less than 2 weeks ☺️ (I've never been to Europe, got to start planning to go there!) 

And I don't know why Cap1 would have a bad rep. They open doors normally when no one else will. I will always carry one in my wallet. 

Have thought about combining yours? I can tell by your post you don't want a lot of cards......that would free you to app for Freedom if you decide not to pc your CSR. . 

[nachoslibres]

There's another option you can do.  You already know you are going to come out ahead this year on your CSR - $300 travel credit this year and $300 travel credit reset at January minus the $450 AF means you came out ahead $150 - and that's not including the sign up bonus.  Now, I know you are saying your annual spend isn't good enough to keep the card, so, right before the AF hits why not downgrade to Freedom Unlimited and then apply for the Chase Sapphire Preferred.  Yes, it's another card, but it gives you a lot of the benefits of the CSR (transfer partners and bonus on dining and travel) but in a much more manageable AF of $95 - and the first year AF is waived.  Factor in the 50,000 point signup bonus and next year at this time you would be sitting at 150,000k points + whatever you earned in the last year - still able to transfer points to UR partners - but not having a huge $450 annual fee.

[Anonymous]

I would just downgrade to a CSP.

[driftless]

I echo the suggestion to combine your two Cap One cards, after you hit the luv button for both of them first. I, too, am loyal to Cap One for being with me at the start. The Cap One QS card is nice to travel with as it has high limits and no foreign transaction fees. Another idea would be to apply for Freedom and not FU and use it primarily for the rotating 5% categories.