Credit Card Center Advertiser Disclosure

Reply
Regular Contributor
Posts: 209
Registered: ‎01-06-2016
0 Kudos

Re: Juggling Card for Rewards

[ Edited ]

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) 

Super Contributor
Posts: 6,188
Registered: ‎02-24-2015
0 Kudos

Re: Juggling Card for Rewards

[ Edited ]

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 736 TU 761 EX 741 FICO5 EQ 720 Total revolving 422500
Community Leader
Senior Contributor
Posts: 4,511
Registered: ‎07-17-2014
0 Kudos

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)..

Super Contributor
Posts: 6,188
Registered: ‎02-24-2015
0 Kudos

Re: Juggling Card for Rewards

[ Edited ]

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 736 TU 761 EX 741 FICO5 EQ 720 Total revolving 422500
Community Leader
Senior Contributor
Posts: 4,511
Registered: ‎07-17-2014
0 Kudos

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.

Super Contributor
Posts: 6,188
Registered: ‎02-24-2015
0 Kudos

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 736 TU 761 EX 741 FICO5 EQ 720 Total revolving 422500
Community Leader
Senior Contributor
Posts: 4,511
Registered: ‎07-17-2014
0 Kudos

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.

New Contributor
Posts: 57
Registered: ‎11-17-2016

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 08:708 EQ Bankcard from Citi 12/27/16, 741 EX from AmEx 12/31/16, 736 TU from Disc 12/21/16

Super Contributor
Posts: 6,188
Registered: ‎02-24-2015
0 Kudos

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 736 TU 761 EX 741 FICO5 EQ 720 Total revolving 422500
New Contributor
Posts: 57
Registered: ‎11-17-2016
0 Kudos

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 08:708 EQ Bankcard from Citi 12/27/16, 741 EX from AmEx 12/31/16, 736 TU from Disc 12/21/16

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.