trimming fat

[jeffery581]

GAP Visa and WM MC are now closed. Feels better already.

[jeffery581]

Thanks for all the input. 

[grillandwinemaster]

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@jeffery581 wrote:

GAP Visa and WM MC are now closed. Feels better already.

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The peace of mind alone is worth it. IME, at one pint i was managing +20 credit accounts. I realized It was causing me nental anguish \anxiety. I'm still pairing them down. 

Congrats to you!

[wasCB14]

Do you qualify for any reward multiplier with BofA Preferred Rewards?

Are you trying to preserve your older accounts? Just keep a few big CLs? Cut several cards without sacrificing much in rewards?

[jeffery581]

I do not know what a reward multiplier is.

Just keeping cards that benefit me the most and axe those that do not.

[wasCB14]

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@jeffery581 wrote:

I do not know what a reward multiplier is.

Just keeping cards that benefit me the most and axe those that do not.

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If you have asset accounts at BofA (checking, savings, retirement, etc.), BofA increases the amount of cash back you earn on certain cards. The more in assets, the bigger the percentage increase. Between the Cash Rewards and Travel Rewards cards, you might find the rewards on many other cards superfluous.

Even a 10% increase from having a checking or savings account would make your Travel Rewards card earn 1.65%...better than your QSs or CashForward. Travel Rewards can go all the way up to 2.625%.

[jeffery581]

Thanks for the information. I kind of thought thats what it meant but wasnt for sure. I will open a savings account at BOA and get a bonus from my cash back card and have another savings account. Having another savings account that can grow even more simply by using a card to pay bills. Win win is the way i see it. Unless anybody sees any potential negatives?

Thanks, BEST forum online IMO.