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Juggling Card for Rewards

Frequent Contributor

Re: Juggling Card for Rewards

Same. Wish I could cut down to 5 cards or less but I like the cards I have and can't make myself lose the chance to earn 5% or 0.5%-1% more to get rid of the cards or to at least SD them. I'm even planning on adding to them for BoA BBR card. 

 

Blispay/Fidelity/Citi DC/NavyFed cash rewards

Freedom/Discover/Citi Dividend/US Bank Cash+

PenFed cash rewards (gas)

Amazon Prime Store card

Barclay Ring (SD)

Comenity Paypal (SD) 

Message 11 of 28
Super Contributor

Re: Juggling Card for Rewards


sto0pyd wrote:

Out of curiosity, how many here use 4 - 6 cards that are actively used on a monthly basis to maximize rewards? I do, and it's getting annoying - lol. All is PIF before the statement cycles, which means you can't setup auto pay. I have PenFed for gas @ 5%, Navy FCU for dining @ 3%,  Marvel for entertainment @ 3%, AMEX gold for travel @ 3%, Navy FCU - Flagship for everything else at 2%, Discover for the rotating categories @ 5%, and not to mention Amazon- Chase and Synchrony for 5%. Just curious if there are others that are as annoyingly cheap as I am Smiley Happy I'm seriously the only one I know from my crowd... some type of validation that it's perfectly normal is greatly appreciated.


I decided several years ago that I don't have enough spare brain cells to waste on trying to remember which cards get best rewards in which categories. Also something in me resists the idea of the banks telling me which card to use where.

 

So I rarely think about it.

 

I try to use each card each month, just to keep them active.

 

I do target paying them off before statement cut, as a discipline to keep my "utilization" (as the term is used by FICO) down.


FICO8 EQ 738 TU 786 EX 777 FICO5 EQ 710 Total revolving 500k




Message 12 of 28
Community Leader
Senior Contributor

Re: Juggling Card for Rewards


minski wrote:

Same. Wish I could cut down to 5 cards or less but I like the cards I have and can't make myself lose the chance to earn 5% or 0.5%-1% more to get rid of the cards or to at least SD them. I'm even planning on adding to them for BoA BBR card. 



I think the BOA BBR is no-brainer for most of us.  You just do a little bit of set up work on the front end (a recurring charge, autopay in full, etc.) and BOA pays you $120 a year every year tax free.  That's a nice deal.

 

PS.  When somebody has loads of junk cards cutting down can make sense, but you only have six cards.  Given that you really like all six it makes sense to keep them open.  There's no scoring drawback with having 8, 12, even 20 credit cards and a number of advantages in the long term (over having 1-4 cards, say)..

Message 13 of 28
Super Contributor

Re: Juggling Card for Rewards


CreditGuyInDixie wrote:

minski wrote:

Same. Wish I could cut down to 5 cards or less but I like the cards I have and can't make myself lose the chance to earn 5% or 0.5%-1% more to get rid of the cards or to at least SD them. I'm even planning on adding to them for BoA BBR card. 



I think the BOA BBR is no-brainer for most of us.  You just do a little bit of set up work on the front end (a recurring charge, autopay in full, etc.) and BOA pays you $120 a year every year tax free.  That's a nice deal.

 

PS.  When somebody has loads of junk cards cutting down can make sense, but you only have six cards.  Given that you really like all six it makes sense to keep them open.  There's no scoring drawback with having 8, 12, even 20 credit cards and a number of advantages in the long term (over having 1-4 cards, say)..


Wow, you are devilish Smiley Happy

 

I'm sure BOA never intended the card to be used that way.

 

It may be a 'no brainer' for you but it would have taken me about a thousand years to think of that.


FICO8 EQ 738 TU 786 EX 777 FICO5 EQ 710 Total revolving 500k




Message 14 of 28
Community Leader
Senior Contributor

Re: Juggling Card for Rewards

Hi SJ.  I think I just adopted the idea from other folks.  I must have read about it at DoC or some other site that had someone giving a review of the BBR card.

 

Actually I kinda got on the BBR bandwagon late in the game.  By the time I got my BBR card BOA was making it really hard to do a PC to it.  Other people by that time had multiple BBRs running -- and likely still do.  Like four or five.  Five BBRs, each with some recurring purchase you can really use, is $600 tax-free each year possibly for the next 10 or 20 years..  Sweet.

Message 15 of 28
Super Contributor

Re: Juggling Card for Rewards


CreditGuyInDixie wrote:

Hi SJ.  I think I just adopted the idea from other folks.  I must have read about it at DoC or some other site that had someone giving a review of the BBR card.

 

Actually I kinda got on the BBR bandwagon late in the game.  By the time I got my BBR card BOA was making it really hard to do a PC to it.  Other people by that time had multiple BBRs running -- and likely still do.  Like four or five.  Five BBRs, each with some recurring purchase you can really use, is $600 tax-free each year possibly for the next 10 or 20 years..  Sweet.


So people who don't like BOA for political and other reasons have the wrong idea? Instead of boycotting it, they should take out multiple BBR cards?


FICO8 EQ 738 TU 786 EX 777 FICO5 EQ 710 Total revolving 500k




Message 16 of 28
Community Leader
Senior Contributor

Re: Juggling Card for Rewards

LOL... I guess so!  Actually I like BOA very much.  I might like them less if they were not so eager to give me money.

 

They are really good about offering no-annual-fee cards with $200 signup bonsues and only a $500 minimum spend.  That's in essence a 40% cashback card (and then you get 3% on top of that, so it's more like a 43% cashback card.  I got four of those last year.  Minimum spend can be a hassle for me since (as you know) I am legendary for keeping my spending low, but even I can handle $500.

 

They also offered another nice no-annual-fee last year with a higher min spend but a $500 bonus.  I got that as well.

 

And then I have my $120 a year from my BBR.

 

I have had to stop opening any new CCs for the next eight months (I stopped back in Feb) since it looks like I may be finally buying a house.  All the new accounts have spanked my mortgage scores, though my middle score is about 780 -- so as long as I wait until after I own a house to open any more I should be fine.

Message 17 of 28
New Contributor

Re: Juggling Card for Rewards

One tip for managing multiple cards is to call each CCC and request your billing period dates be changed such that all of them are on or around the same day. Mine all end their billing period on the 22nd or 23rd of each month. So if I want to PIF early I just do it around the 21st (I don't normally bother with this but I could). I typically check mint on the first of the month to look for fraudulent charges so I can report them before my auto pay goes through on the 20th
FICO 08:743 EQ Bankcard from Citi, 764 EX from AmEx, 747 TU from Disc all updated 8/2017

Discover It $8,600 Since 08/2014 // AmEx BCE $23,100 Since 10/2015 // Citi DC $7,000 Since 06/2016 // BoA BBR $1,800 Since 11/2016 // US Bank Cash+ $3,000 Since 11/2016
Message 18 of 28
Super Contributor

Re: Juggling Card for Rewards


CreditGuyInDixie wrote:

LOL... I guess so!  Actually I like BOA very much.  I might like them less if they were not so eager to give me money.

 

They are really good about offering no-annual-fee cards with $200 signup bonsues and only a $500 minimum spend.  That's in essence a 40% cashback card (and then you get 3% on top of that, so it's more like a 43% cashback card.  I got four of those last year.  Minimum spend can be a hassle for me since (as you know) I am legendary for keeping my spending low, but even I can handle $500.

 

They also offered another nice no-annual-fee last year with a higher min spend but a $500 bonus.  I got that as well.

 

And then I have my $120 a year from my BBR.

 

I have had to stop opening any new CCs for the next eight months (I stopped back in Feb) since it looks like I may be finally buying a house.  All the new accounts have spanked my mortgage scores, though my middle score is about 780 -- so as long as I wait until after I own a house to open any more I should be fine.


How do you know what your mortgage scores are, without subscribing to MyFICO's paid services?


FICO8 EQ 738 TU 786 EX 777 FICO5 EQ 710 Total revolving 500k




Message 19 of 28
New Contributor

Re: Juggling Card for Rewards

South Jamaica, I'm not CGID but I get a free one once a month from DCU. All you need is a savings account. I figure I'll use them to finance a car in the near future too so I signed up early to get the free score plus 5% interest on the first $750 you have in your account with them.
FICO 08:743 EQ Bankcard from Citi, 764 EX from AmEx, 747 TU from Disc all updated 8/2017

Discover It $8,600 Since 08/2014 // AmEx BCE $23,100 Since 10/2015 // Citi DC $7,000 Since 06/2016 // BoA BBR $1,800 Since 11/2016 // US Bank Cash+ $3,000 Since 11/2016
Message 20 of 28