I personally like to choose a card to use based on the amount I want to spend and what rewards I get. I don't chase rewards.I have looked at my cards and thought about chasing rewards, but as you state, it spreads them out so you can't even redeem them as you want. It's also very time consuming and would get annoying fast. I barely remember the bonus categories on most of my cards. However, I tend to put all my bills on a card if I'm trying to get a sign-up bonus. Currently, I'm working on getting the bonus for the VentureOne. I use it to pay my bills and on necessary items. So by the end of the 3 months, I should have the bonus and then will just use it when I decide what I want to use my miles on.
@red259 wrote:
@kdm31091 wrote:Right, but I'm talking about day to day spending, excluding the initial boost of the bonuses. Should have made that more clear
I know plenty of people app for cards purely to get the bonus.
I don't think there are many people who are spreading spend across a lot of different cards. Assuming I'm not meeting initial spend then I spend the following way all cable/phone/office supplies go on ink bold (these are not everyday expenses but like once a month), all grocery spend goes on amex everyday and pretty much any small amounts to count towards my 20 transactions, all non-cat spend that is not small goes on my amex spg (again not an everyday thing and would apply to purchases of more than $50). The only other category is restaurant/travel and I will probably use the citi premier for those, but I haven't decided yet. If the freedom has a 5x category it subs in for whatever card covers that category. For more obscure bonus spend categories or amex offers etc I don't bother losing sleep over that.
Lol I dunno but that sounded like spending spread over a lot of different cards and juggled based on time (5x bonus category replaces another card), and circumstances (bonus spend) to me!
I actually do juggle more cards than I'd like to right now, too. I'm glad I closed the Freedom as soon as I got it last year (low $700 limit wasn't going to cut it) and stuck to one 5% rotating card, the Discover It. I've got the Amex TE for gas - which is my most consistent category and card because I almost always get gas at Costco. My flights and hotels are also pretty consistent with the use of the Orbitz Visa. Other than this though, I find myself increasingly reaching for (and rotating) my Double Cash and QS cards, even though I try to maximize things like the BCE on non-Costco grocery, BofA Cash Rewards on non-Costco gas (to keep it somewhat active) and BankAmeriDeals, etc. But a lot of the times I feel more comfortable with less thinking and using a relatively higher flat rewards card.
For major purchases, I WILL be selective but not with rewards. With benefits. I will often use Discover to make a major purchase because of their price protection guarantee as I tend to be an early adapter of tech and price drops a lot of the times within 3 months of me buying a device. I get a lot more back when that happens than I would have in cash rewards with a card that didn't offer that price protection.
@Anonymous wrote:
Im tired of all these cards to be honest. The thrill is gone.My goal is closing everything that doesnt serve a purpose and isnt used regularly this year, use the latest card for a major purchase which I plan on taking my sweet time paying off while its in a 0% intro and the rest use as needed but PIF each month. That will leave me with a balance on one card and six total...but I might also cut SM #2 after moving the limit over for simplicity reasons. Having two is nice but I could certainly live without it. As of now here's how my spending goes.
SM #1 - 5% groceries, gas & Nook books
SM #2 - 5% Target & Wal-Mart (could use Discover for Wal-Mart online 5% instead)
Ink Cash - 5% cell, cable & internet bills + 2% dining
Discover - mainly Discover Deals + rent & misc spend that doesnt fall under covered categories
Others I dont use and would like to close except BCE. Backdate, credit line and EX FICO are helpful.
You are lucky your target and walmart are coded as a grocery store.......
I can imagine how easy it would be for someone to spread themselves too thin. My initial goal was to have better credit. I improved it some no thanks to my fico and its members. Now my goal is to keep improving but also extrapolate my couponing techniques and apply them in moderation. But yes it is a good reminder to stay focused. Mistakes happen....and often times you can re ring things up. Don't do it when it is really busy. But if it is a simple mistake on your part (using wrong card), CS usually doesn't get too offended to rering something up! Mistakes also happen with choosing the right card to apply for. People act on impulse instead of doing the research. I have done that once or twice!
I didn't need a double cash card. I grabbed it because the APR was rock bottom and I wanted in with citi. Ideally I would like to have a stockpile of different points. I want to experience each system myself. Sure the research before helps, but theres nothing wrong with spending and paying responsibly and in the meantime building a relationship with that bank. I chose Delta Gold because I fly delta (plus a denial was a SP). The bonus was helpful and the card will get some use throughout the year. I chose IHG because I do stay in hotels often enough, I wanted to build a relationship with chase, and the card will always be useful a few times per year. I chose Amex ED on a whim and just wanted IN. CK said my odds were Very Good. I had no idea Amex was THIS ok with my profile. At approval I really wanted the BCP. That 6% seemed too good to be true. Little did I know that even if a person takes only a few trips a year, racking up MR points to transfer to Delta can be lucrative. Now I am considering upgrading to the EDP based on 12 months of use. The EDP turns into a 9%/6%/3% card if you redeem the points for a decent value....and maybe or maybe not pair that with a PRG....all depends.
The great thing about credit is if you make a mistake after some time it will heal itself. One could argue if it weren't for so many mistakes perhaps myfico wouldn't be as popular. I know it isnt strictly for credit cards yet that is the busiest section of this forum. Different techniques work for different people and I feel its important for everyone to understand this. There is also a cool/wow/special/it factor with credit card approvals....hence all the gardening threads and badges. Sure, I probably should stop adding cards for another year or two. That would be the more responsible thing to do. But why? Every time I add a card, my scores arent going down. Lately they may go up or down 2-5 points but thats it. I am going to take it easy though until my scores are higher. I only want the higher scores to improve odds of approval. That way each time I use an inquiry I am being compensated for it at maximum value. I want to be in a position to get a great bonus 2-4 times a year. And this may sound big headed of me but I feel like I am on the conservative end of the spectrum. I have read some pretty unique techniques on how to work the system. To each their own. For me, its a way to get extra goodies after paying my GD property taxes, insurance, etc! Never thought I would start looking forward to those particular due dates!!!
My main spend cards are BCP(Groceries, General spending), QS (Daycare), Discover (everything else but gas) and PenFed Cash Rewards(5% for gas). Starting today it will be Cap one Venture for everything but gas. With a sprinkle of IHG to meet spending requirements.
I totally get what your saying KDM and agree to some extent. In the end, my goal is to consolidate my cards into larger limits. Right now, I'm just having fun. And taking advantage of some of the bonuses. Those bonuses have come in handy around here. I've bought a weed eater, leaf blower and Reel mower for my new home just with sign on bonuses over the last 90 days.
The BCP turns over enough cash to have both my vehicles serviced regularly (oil changes, tire rotations).
I went a long time without being able to get cards that I've wanted. I'm just gorging on them until I'm full.
If my Citi DC had a higher limit. I'd use it more. But until they see fit to raise it. It will get used very little. I have no intention of closing any card that doesn't have an AF.
If the AF cards don't pay their way. I'll consolidate them into no AF cards.
