Next topic:
Cash Back.
This is tricky since it depends on what you buy the most. For a one-card-does-it-all, I'd like to pick the Fidelity Amex but I can't pick an Amex in good faith because of places that don't take it. It's a great card anyway but you need another card like Visa/MC....which isn't that hard to do.
Freedom is great too. However, if you can only have one card, others will overtake it once you spend enough. Even the Cap1 Cash rewards's extra .5% will add up to more than the Freedom if you spend enough on a normal levels of category spending....let alone the Fidelity Amex. Now if you group the Freedom with CSP, then the value of your points increases, as well the flexibility to leverage those points into travel rewards at better than 1:1 value. But then it's no longer a strict cash back card.
Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
@ztnjpv wrote:Don't get me wrong, CreditScholar:
I realize the benefits of the CSP are there...as I stated before. It does indeed have great redemption values if you use the points right. That flight on Allegiant to Florida I mentioned is simply an example of a form of travel that my wife's does almost as often as buying groceries and pumping gas...it's practically a routine. hahaha. IOW, a circumstance that is just built into their lives. They have a close nit family and the children are always flying down to visit. My M-in-Law and her siblings have probably flown down a total of 8-10 times already since winter. It's what they do. That's not to say they don't travel elsewhere. They do. It's just more sporadic. So I guess the logic of flying routine for almost free is more appealing than saving up points for an undetermined vacation. Perhaps it would make more sense to do it the other way. I dunno
As for me, I do fit the CSP demographic but my phase in life (3 little children while running a high maintenance business) makes it difficult to travel as much as we would like.
My dilemma with rewards is that, with a 3 month old baby and two others between 2 1/2 and almost 4, aspirational just isn't in the cards as easily as I would like. Lavish overnighters in NYC or another nearby city is about the best I can do with little logistical pain. So, I take cash back and slide into my investment account. But at the same time, I KNOW the time will finally come when my wife and I (and even the kids) can do something more worthwhile. In that sense, I try to plan ahead. There's the dilemma: good money now or better value on vacations later. The cash back is a double edge sword because saving points for a vacation will likely save me more money than I am gaining at 2% cash back. But regardless, that's why I took those Amex offers for 75,000 MR Points and 25,000 SPG points. They will stay put for travel. I am also eyeing up the Ink Plus and CSP for the same thing. Even though I can redeem the bonuses for cash via my Ink Cash, I won't. Someday, Someday....hopefully sooner than later.
This reminds me of why neither of us want kids. 
If you can't use your points for aspirational travel, then you're probably better off just collecting cash-back. Recent devaluations (thanks Hilton et al.) have shown the risk of holding on to point and mileage currencies, so if you aren't able to earn and burn in a reasonable amount of time (at least every 2 years), I wouldn't risk accruing too many.
creditscholar,
when I say "high end", I mean in terms of how they redeem points. The Million Mile Secrets guy,for example.... Daraius?..., leverages points for first class flights and lavish hotels as do most of those gurus.
I'm not sure how me parlaying my regular spending and good credit to get business class tix for international flights through points/miles would be considered irresponsible. I don't have a six figure income so I could never afford to pay for business class flights. But if I can do it by maximizing my current spending, why not?
