topic Re: Is this a good plan? in Credit Cards

Is this a good plan?

icyhot — Thu, 09 Jul 2015 13:47:47 GMT

First off, thanks everyone for all the help, inisght and feedback from everyone these past few months as I've been new to this forum. It's helped me immensely and definitely showed me the errors of my past ways (that I'm still paying for) and how to develop good spending/CC habits.

Anyhoo.....

I've been considering all my cards and have to developed an action plan for when most of my AFs hit. So far I'm....

Keeping the CSP and paying the AF, using it for all travel and Chase travel partners

Keeping Delta and paying AF

PCing AAdvantage to Double Cash and keeping as bill pay card, rack in the miles until the AF and cash them in

Consolidating VentureOne and Venture, racking up 2X on noncategory spend then PCing to QS and keeping as noncat spend card

At first I had reservations of having so many non-AF cashback cards, but since I've assigned them all a purpose, (BofA for BankAmerideals, DC for bills, QS for noncat spend) I believe its a good strategy and I'm dumping ALL my cashback rewards into my saving account

Now, one question, I would light to keep one flight card and one hotel card, and if I decide to apply for one in the future I'd be inclined to get another, so for now I think I should just keep one of each. I've been getting great use out of the Hilton card and the points have racked up quickly (I already have 53,000 points from two stays and the bonus, the points from purchaeses have yet to post) however I've really been eyeing the SPG card. I know SPG are harder to earn but way more valuable, so I'm considering PCing the Hilton to SPG. I'll just use the SPG for everything the Hilton gives bonuses on and get less points. I'm not sure if this is a good idea or not

Re: Is this a good plan?

Anonymous — Thu, 09 Jul 2015 14:22:22 GMT

I would keep the hotel card you stay the most at, not whatever points are harder to earn.

Why would you put your bills on DC? I would use my bills for quicksilver use my DC as general spend. Are you having an issue paying in full? Why not just stick everything on one or the other.

You have a lot of rewards spread out over a ton of cards. Make sure your getting the most out of them.

Re: Is this a good plan?

icyhot — Thu, 09 Jul 2015 14:29:07 GMT

DC is 2% and QS is 1.5%. I stay at hotels a lot anyway and don't have a favorite, so whichever I would stay a lot at anyway

Re: Is this a good plan?

kdm31091 — Thu, 09 Jul 2015 14:30:39 GMT

Your first priority is PIF. Theres no point in agonizing over which rewards to choose if you are losing them to interest. I know youre sick of me saying it but its true. The 0.5 difference between qs and dc is minimal outside of huge spend. If you dont believe me do the math. Its hardly worth worrying about.

You are spreading your rewards thin. Based on your prior talk of your income and spend I dont think you need anything else and should probably consolidate.

I think the forum has gotten into your head a bit too much and now you are obsessing about maximizing every point every purchase etc. Just take a small break IMO. Focus on paying your balances. As I said, with balances being the case, nothing else matters right now. No matter how good a rewards program is it will not overcome 20 percent interest.

Good luck and I hope you dont take offense. I just think you need a break.

Re: Is this a good plan?

icyhot — Thu, 09 Jul 2015 14:29:51 GMT

And I would never put bills and general spend on one card. My OCD couldn't take it

Re: Is this a good plan?

Anonymous — Thu, 09 Jul 2015 14:33:09 GMT

I realized DC is 2%..over the 1.5 your using for general spend? To make up for the AF's that's where you stick your general spend. Kdm is right, you really need to focus on paying your balances down. And if you stay in different hotels constantly, maybe you just keep to stick that on the venture and keep one other hotel card you frequent.

Re: Is this a good plan?

icyhot — Thu, 09 Jul 2015 14:34:29 GMT

I don't take offense. I know my balances are important first. Like I said this is my plan when my AFs hit next year. But the sooner I have a grasp on which cards I'm gonna use and keep, the easier it will be to back away from applying to new cards because they won't fit into my plan. Really my only question is about the Hilton and SPG, I've decided on everything else.

Re: Is this a good plan?

Anonymous — Thu, 09 Jul 2015 14:40:43 GMT

If you already decided then why did you ask for advice? Lol..good luck.

Re: Is this a good plan?

kdm31091 — Thu, 09 Jul 2015 14:41:02 GMT

A lot can happen in a year. What if something better comes out? What if points get devalued?

My point is there is no need to plan out apps a year ahead. It is just a credit card. Paying down balances is key before all else.

Id just take a break from the site if its causing you to over stress about this. If you really break it down you are stressing about tiny amounts of rewards. They are nothing more than a small rebate on spend. Nothing to obsess about.

You mentioned OCD. I imagine that is contributing to all of this

Re: Is this a good plan?

icyhot — Thu, 09 Jul 2015 14:42:19 GMT

I asked about the Hilton and SPG.....not about the strategy I was implementing

Re: Is this a good plan?

icyhot — Thu, 09 Jul 2015 14:44:58 GMT

If something "better" I'm not getting it cuz the entire point is to age the accounts I have

Re: Is this a good plan?

Anonymous — Thu, 09 Jul 2015 14:50:31 GMT

Well if I were you I would just stick with Hilton.

Re: Is this a good plan?

kdm31091 — Thu, 09 Jul 2015 15:05:29 GMT

And im sorry but if youre dumping your cashback into savings wouldn't it make more sense to use that money to pay down the balances?

Your savings is making far, far, far less than you're paying in interest.

Re: Is this a good plan?

icyhot — Thu, 09 Jul 2015 15:27:23 GMT

Wait what? Why would I do that? That's not what I want to do at all. The balances are going to be paid off completely next month. So I'm not sure why that would even be an option

Re: Is this a good plan?

kdm31091 — Thu, 09 Jul 2015 15:31:54 GMT

Because your savings is making 0.05 percent while you pay 15 percent in interest on a card. Thats why it makes no sense. I keep trying to explain this to you but you either dont want to or cant understand what Im saying.

So ill try one last time. Balances before all else. Before rewards. Before 0.05 percent savings. Theres no point in saving up money as you pay huge interest.

I get that you're paying the balances off soon. But just try to keep it in mind for the future. Your whole approach of rewards is backwards here.

Re: Is this a good plan?

icyhot — Thu, 09 Jul 2015 15:33:34 GMT

Oooooook whatever you say

Re: Is this a good plan?

icyhot — Thu, 09 Jul 2015 15:35:53 GMT

I'm only carrying a balance on 2 cards that charge interest, and I haven't been using either one for now. Sooooo I guess