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Romeoo47 wrote:
Lel, I orginially had the Discover Open Card. Then I received the dreaded CC letter that reduced the cashback amount on gas and said that the card was not being offered anymore (the card is currently being marketed with different rewards). Anyway, I PCed to the Discover More which gives 5% on various things quarterly. At least one quarter or month a year they offer 5% back on gas but I think it is capped.
Oh yes, I do recall seeing an ad that described this sort of rewards program. I thought about it, but decided that I wound never remember which month would be the gas rebate month.
Sorry for the TJ - back to the regularly scheduled programming.
I'm not sure that I could cut down to just 5
Currently I'm carrying Chase/Marriott premiere Visa signature
BoA Visa Signature
Amex Hilton Hhonors Surpass
Ameriprise MC world elite
Citi Diamond preferred world mastercard
Discover Escape
Chase Sapphire
A few other generic visa/mc/store credit cards.
Got rid of my amex charge cards. No real use for them.
As I only have 5 credit cards, the decision which to carry is very easy at the moment:
Costco Amex (3% gas and restaurants, 2% travel, otherwise 1% flat)
Discover More (for the 5% categories only, sometimes for the secure online numbers)
Chase Amazon (3% at amazon, 2% in drug stores)
WF Visa Signature
Alliant Visa
If I had the choice, I would replace two cards by something like the 2% Schwab Visa, and probably the Citi Forward, as I'm a book junkie (would have to look at the rewards program first, though). Nevertheless, the last two cards in existing the list are more of the no frills, but higher limit type (both have 1% rewards flat), so they are still worth having, though not necessarily for everyday shopping.
@Lel wrote:
Oh yes, I do recall seeing an ad that described this sort of rewards program. I thought about it, but decided that I wound never remember which month would be the gas rebate month.
Well, I guess you would, as you have to sign up for everything in order to get the 5%. Checking my rebate categories at least 4 times a year, and maybe more because of the special months, became a habit for me.
@Kiwill wrote:
I am very surprised that AmerEX isn't at the top of everybody's list. I've thought that if you qualify for an AmEX, then more people would jump to the opportunity...next to CU's What is the difference between all the AmEX cards and Discover cards?
You need high income for most Amex cards to be worthwhile. For me, it wouldn't be a financially sound choice. I have the sole Amex card that fits my income category.
The five I carry:
BofA Visa Signature
BofA AmEx Rewards
Discover Miles
Chevron
Macy's
1) Delta AmEx (for airline miles)
2) PenFed Visa (5% gas / 2% groceries / cell phone warranty)
3) Discover (for 5% categories only, and only up to their measly max...x2 because we both have cards)
4) National City Travel Rewards Visa (1 1/4% cash back towards travel...use this card if someone doesn't take AmEx and charge doesn't fit into one of the PenFed or Discover categories)
I don't have a number 5...just a couple more cards that we don't use but put a minor amount on to keep alive.
My rewards goal is to truly maximize airline miles. We travel a lot, and the deals I can get at the last minute are great. I can save hundreds of dollars on tickets. My Delta AmEx has a $95 fee after the 1st year (which hasn't come around yet). I will call AmEx before my 1-yr anniversary, and may be willing to PC and pay a higher fee if it can mean more miles.
And...yes...my cell rings often with my husband asking, "Now...WHICH card do I use for xxx?" But, he looked at the cash back on our last PenFed statement and said, "Hey...that's more than a free tank of gas each month." There it was in terms he understood...
I currently carry:
Rounding out my top 5 (at home):
I am happy with my current cards and could let the other 5-6 ccs go, if I had to pare down to 5.
Just a round up of what has been said on this thread:
Most of you like your Discover cards (Open, More ranked highly)
Next is the Costco Amex
Then PenFed Visa
Then Chase Freedom and BoA Visa and Amex Blue
and then individual favorites from there...
I'm surprised since a lot of other times, people seem to brag about the NFCU, USAA, etc cards and here they aren't ranking highly...makes me think I should be getting that Discover More I've been debating or that Costco Amex ;-)
Mine currently are:
USAA Amex
USAA MC
VS
and some debit cards
NFCU is rated very high among among myfico members however, not everyone qualify to join, so that is the gap on Navy Federal Credit Unin. I'm not sure the reason for USAA not being very popular on this thread.
NFCU will for sure be my 1st app when my score goes above 760, then Discover "More" might be my 2nd, Cosco AmEX 3rd and Chase product change to Chase Freedom. So far, based on evryone's top 5 and reasons why, these will be my top 5 cards later this year when my score is 760+ are:
NFCU [haven't decided which product yet]
Discover More
Cosco AmEx
Chase Freedom
Macy's Store Card(Because they have been soo generous to me since opening my account]
How would I qualify for PenFed Account?
Nordstrom Sig Visa
NFCU CB Visa
NFCU PL Visa
JFCU PL Visa
NASAFCU PL Visa