topic Re: Has anyone here gotten sick of credit cards? in Credit Cards

Has anyone here gotten sick of credit cards?

Anonymous — Wed, 16 Aug 2017 12:55:49 GMT

So my question is that: has anyone here just gotten tired of keeping up with the credit card world? Do I feel this way as a result of finally having achieved credit card oriented goals? I remember 3 years ago being here and working on my rebuild and I literally would salivate over the idea of seeing cards at that time I had not chance of. Today part of me wonder why was I envious? See a thread that Citi is shipping metal Prestige cards and I am like meh, versus in the past I would have been calling Citi ASAP inquiring about getting my card shipped in metal.

I do not believe this is a temporary phase as I have been feeling this way for a while now.

Re: Has anyone here gotten sick of credit cards?

Anonymous — Wed, 16 Aug 2017 12:58:11 GMT

I've been sick of them for over 25 years and it really bugs me that I can't get a better deal paying cash (most of the time). But since this is reality, it's a good thing you're sick of it. It means you probably broke whatever thrill-seeking you used to get from getting a CC approval, or from spending money on a CC that you may not have had in your checking account!

Credit cards, for me, are just a way to earn cash back and rewards on spending I would already do. I don't use them to buy things I can't afford. If you're sick of CCs, you probably came to just realize that they can be awesome (benefits) or they can be terrifying (irresponsible usage).

I'm never envious of people who have "better" cards than me, because I also have seen many people come back to credit repair forums after destroying their credit yet again. I also know that for every story of someone having a $50,000 credit limit, there are 10 stories of people who are at 95% utilization on that limit, but you don't hear from them.

Re: Has anyone here gotten sick of credit cards?

Anonymous — Wed, 16 Aug 2017 14:24:50 GMT

@Anonymous wrote:
So my question is that: has anyone here just gotten tired of keeping up with the credit card world? Do I feel this way as a result of finally having achieved credit card oriented goals? I remember 3 years ago being here and working on my rebuild and I literally would salivate over the idea of seeing cards at that time I had not chance of. Today part of me wonder why was I envious? See a thread that Citi is shipping metal Prestige cards and I am like meh, versus in the past I would have been calling Citi ASAP inquiring about getting my card shipped in metal.

I do not believe this is a temporary phase as I have been feeling this way for a while now.

I don't care about metal being in the card. I could get approved for anything at 6 months into my rebuild (Well I have to get Chase through my wife due to 5/24). I like the sign up bonuses. Once I have worked through all of them I probably will be like you and bored with it and use one card for the 2.05 percent return.

Well probably not. I will try and get a million dollars in total credit lines. If I succeed at that I will beomce bored.

Re: Has anyone here gotten sick of credit cards?

Loquat — Wed, 16 Aug 2017 14:59:01 GMT

I wouldn't say that I'm sick of them...but I'm no longer seeking additional cards or increases either. When I first arrived here at the forum, I too, like a lot of folks got caught up in the thrill of being approved for just about anything someone was willing to print my name on regardless of having a need for it or not (never really got on the Comenity wagon though). I like to think I've grown a ltitle from that stage. The thrill of being approved for a card is just about gone for me. I now view them as a tool...something that rewards me for money I was going to spend anyway. I do enjoy the occasional offer from a lender wo's willing allow me the option of borrowing their money for 0% (less the 2-3% transfer fee) for a period of time.

As for apping for a card because if it's shape, form, or look, well I never really got into that...mostly because at the time when these cool cards the "in thing" I probably couldn't have gotten approved for them anyway. But I look at it like this, I can only spend as much as my income allows and my current wallet can only fit 4 cards. With that being said, the majority of my cards sit in a safe and I hardly even think about them much less look at them. I check the online accounts occasionally just to make sure there's no fraud and that's about the extent of it. I'm sure some lenders will be cutting the limits or even closing the accounts on some of them soon and I'm okay with that as well.

Re: Has anyone here gotten sick of credit cards?

Anonymous — Wed, 16 Aug 2017 15:17:07 GMT

Me! I joined this forum and was so excited to get approvals but I had too many cards and was falling back into bad appending habits. Now I have no desire for more and the saying that I saw in someone's siggy "T'aint real money ya know" really resonates with me these days.

Re: Has anyone here gotten sick of credit cards?

AverageJoesCredit — Wed, 16 Aug 2017 15:32:48 GMT

Lol, go Woodyman!

Re: Has anyone here gotten sick of credit cards?

luxeprw9 — Wed, 16 Aug 2017 15:46:29 GMT

Since I've been completely focused on increasing my net worth, credit cards have really become an annoyance! I am a rebuilder (CH13 BK) and I did open a few cc's to help my credit score, but I did not go overboard. But even with the few cards I have, I only use one card and the rest are at a zero balance with little to no use.

My entire money mindset has changed. Instead of getting excited about an approval (and I did at the beginning of my rebuild), I get excited seeing my net worth increase. Credit limits, small or large, mean very little to me right now!

Re: Has anyone here gotten sick of credit cards?

Anonymous — Wed, 16 Aug 2017 15:52:08 GMT

@luxeprw9 wrote:

My entire money mindset has changed. Instead of getting excited about an approval (and I did at the beginning of my rebuild), I get excited seeing my net worth increase. Credit limits, small or large, mean very little to me right now!

One aspect of having a higher net worth DOES involve credit cards, though. I have a reasonably high net worth and a low FICO score and have for years. Because there are 2%, 3%, 5% rewards cards out there, I believe I've left over $15,000 in cashback rewards on the table just in the past 7 years. Based on just the rewards I'm earning on my 1.5% and 2% cards now, I figure I should earn about $2000 in cashback in 2016 alone! That's money that goes straight to net worth if you're a hardcore saver like I am.

I kick myself for being 100% cash only in the past 7 years, knowing I was spending tens of thousands of dollars on travel and hobbies and getting 0% back for it.

The other important factor for having a high FICO is your insurance rates MAY be affected by having a low FICO. So that's more money left on the table.

Re: Has anyone here gotten sick of credit cards?

Anonymous — Wed, 16 Aug 2017 16:08:56 GMT

I can relate to OP. Coming here to the forum for the first time and reading all these stories made me want to raise my scores and apply for cards in order to do so. It's been a great ride and always apprecaitive of the people here who help each other out. Right now, the only card that had me excited for the past two weeks was the AMEX Platinum (which i had back when it was $450 AF). I had bad experiences with it on my trip to Spain, therefore, I'm still debating whether to buy 4 $50 Delta ecards (if the loop hole still exists) then close it or downgrade to green just to keep the history. Anyways, It does become a bit fustrating trying to keep up with the UTL on all cards and moitor your scores etc. Reality is, we need this! if we want good credit to buy cars or a house.

At this point of my life (35), with a house and no car payments, i consider myself at a point where i can say im done with CCs. I'll keep what i have and use them here and there or when i really need to. Not planning on applying for any other CC ever...unless USAA rolls out the 2.5% Limitless Visa card in California. Until then, no more CCs for me. I'm tired of CCs i guess lol, but i'll continue to take advantage of the rewards even if it's a few hundred dollars in savings a year. The best part of all this, is that i can now pass this credit world knowledge to my son when the time comes.

Thanks all!!

Re: Has anyone here gotten sick of credit cards?

luxeprw9 — Wed, 16 Aug 2017 16:14:52 GMT

@Anonymous wrote:
@luxeprw9 wrote:

My entire money mindset has changed. Instead of getting excited about an approval (and I did at the beginning of my rebuild), I get excited seeing my net worth increase. Credit limits, small or large, mean very little to me right now!
One aspect of having a higher net worth DOES involve credit cards, though. I have a reasonably high net worth and a low FICO score and have for years. Because there are 2%, 3%, 5% rewards cards out there, I believe I've left over $15,000 in cashback rewards on the table just in the past 7 years. Based on just the rewards I'm earning on my 1.5% and 2% cards now, I figure I should earn about $2000 in cashback in 2016 alone! That's money that goes straight to net worth if you're a hardcore saver like I am.

I kick myself for being 100% cash only in the past 7 years, knowing I was spending tens of thousands of dollars on travel and hobbies and getting 0% back for it.

The other important factor for having a high FICO is your insurance rates MAY be affected by having a low FICO. So that's more money left on the table.

Thanks for that info, but I am single with no dependents - my spending is not high at all (and that's with a higher than average salary + quarterly bonuses). As a BOA Platinum Honors client, I do reap some rewards and bonuses with my card, so I'm not missing out on getting rewards for my regular spend. But in all honesty, credit card cash back rewards will never be high for me because I'm not a big spender. So I am happy with just using one card.

I do understand the benefits of a high credit score and I am working towards that. My credit score will increase in the next year as my reports will be clean.

Re: Has anyone here gotten sick of credit cards?

Kidcat — Wed, 16 Aug 2017 16:33:47 GMT

Me! I find myself using 1-2 cards all of the time. The rest are just sitting here. I just had 1 reduce my credit limit to $500 due to no use. I didn't even care, and will probably get around to closing. I have cards with every major lender, and am slowly dwindling it down to one with each (Chase, Citi, AMEX, BofA, Cap 1, and the 2 store cards I use for the perks)

I have stopped considering how a credit decision suching as closing a card impacts my ability to apply for a future card, and instead just worry about keeping a clean, low utilization credit profile. I figure if I do this and need new credit, my profile will be fine. Like you OP- the thrill of the new card is gone.

Re: Has anyone here gotten sick of credit cards?

MrDisco99 — Wed, 16 Aug 2017 16:44:22 GMT

I'll probably get bored with it after I run out of signup bonuses. Right now, though, the idea of taking the vacation I've always wanted for practically free is beyond exciting.

Re: Has anyone here gotten sick of credit cards?

Anonymous — Wed, 16 Aug 2017 16:48:57 GMT

Unless Congress goes more insane, sign up bonuses will never go away. It's too enticing. I also guarantee that most people who get them (not SUB chasers just normal folks) pay more in interest the first year. I see this with friends bragging about miles but floating $20,000 at 22%.

Re: Has anyone here gotten sick of credit cards?

Anonymous — Wed, 16 Aug 2017 17:10:50 GMT

Many thanks for the comments folks and this has been interesting in seeing different points of view here. I certainly am not "abandoning" the ship here so to speak. I've gained many benefits from my cards and will continue to do so in the future.

I am not sure how many people here may have seen a move that had Richard Pryor in it and the movie name was Brewster's Millions. In this comedy movie he gets a chance of a $300M inheritance but first he has to spend $30M in 30 days (obviously there are details and conditions but not important here). So as he ventures out he has a blast because in the movie he was a broke baseball player in the minors. As he goes wild over the next 30 days he becomes completely sick of money because he was focused on it 24/7 in the movie. I feel like in credti cards I have mostly done this the last 3 years and sums up my feelings on it today.

Re: Has anyone here gotten sick of credit cards?

wasCB14 — Wed, 16 Aug 2017 17:20:06 GMT

@Anonymous wrote:
@luxeprw9 wrote:

My entire money mindset has changed. Instead of getting excited about an approval (and I did at the beginning of my rebuild), I get excited seeing my net worth increase. Credit limits, small or large, mean very little to me right now!
One aspect of having a higher net worth DOES involve credit cards, though. I have a reasonably high net worth and a low FICO score and have for years. Because there are 2%, 3%, 5% rewards cards out there, I believe I've left over $15,000 in cashback rewards on the table just in the past 7 years. Based on just the rewards I'm earning on my 1.5% and 2% cards now, I figure I should earn about $2000 in cashback in 2016 alone! That's money that goes straight to net worth if you're a hardcore saver like I am.

I kick myself for being 100% cash only in the past 7 years, knowing I was spending tens of thousands of dollars on travel and hobbies and getting 0% back for it.

The other important factor for having a high FICO is your insurance rates MAY be affected by having a low FICO. So that's more money left on the table.

Net worth and CCs can go hand-in-hand. I have investment income, pay taxes on it by CC (bonuses and rewards outweigh fees), and use the points for travel I'd be booking, anyway.

I do think some people here are too focused on growing their CLs as opposed to net worth. It is strange to see people with far more credit than me carrying balances at high APRs.

Re: Has anyone here gotten sick of credit cards?

Anonymous — Wed, 16 Aug 2017 17:39:29 GMT

@Anonymous wrote:
Unless Congress goes more insane, sign up bonuses will never go away. It's too enticing. I also guarantee that most people who get them (not SUB chasers just normal folks) pay more in interest the first year. I see this with friends bragging about miles but floating $20,000 at 22%.

Well luckily those people exist. And the people who get the sign up bonus and pay the annual fee for 10 years. These two groups of people are the reason the big sign-up bonuses exist and we should be thankful to them.

Re: Has anyone here gotten sick of credit cards?

Anonymous — Wed, 16 Aug 2017 17:42:22 GMT

@Anonymous wrote:

Well luckily those people exist. And the people who get the sign up bonus and pay the annual fee for 10 years. These two groups of people are the reason the big sign-up bonuses exist and we should be thankful to them.

Yep, I am SUPER thankful for them. I wonder how Alliant manages to cover their 3%/2.5% cashback card considering how conservative they are as a CU but I assume they have a lot of members who carry balances or something! My branch is next to an airport so all I see are United employees there.

Re: Has anyone here gotten sick of credit cards?

galahad15 — Wed, 16 Aug 2017 18:02:24 GMT

Not tired of credit cards yet...for me it's something of a hobby of sorts, lol. I'm probably not going to app for anything new though unless a very special or unique product comes out, for example such as some months ago when the time-limited FNBO Travelite Amex was being offered. I don't qualify for USAA Limitless so that's not on the radar.

Re: Has anyone here gotten sick of credit cards?

Loquat — Wed, 16 Aug 2017 17:54:49 GMT

I also believe that some people (and I use to be one of them) get a false sense of security from having high limits and clean cards which leads them to apping for things they don't really want or need (mind set sometimes leads us to believe that more is better) and keeps us chasing higher and higher limits. Don't get me wrong, a credit card can certainly help out from time to time and in some cases will allow you to weather a "quick" moving storm. But you have to know the difference between a storm and a hurricane. I learned after a lot of stupid mistakes in my life that a clean credit card and high limits didn't make one prepared for an emergency. In my situation, it was my first, tapped resource when things got unstable. From experience and lots of knowledge from this forum, I can tell you, cash should have beem my first tapped resource. And if I didn't the cash for it I should have learned to live without until I could afford to take care of whatever situation that had presented itself. For me, unless it means someone is going to lose their life or my permanent residence is at risk (meaning I'll have no place to sleep), l can say with a degree of certainty that I'll never swipe a credit card for an "emergency" again. I'd rather do without than to go back through the hell that I created for myself in the past. After all, its been said that character is sometime built through adversity.

But for those who this is truly a hobby...there's nothing wrong with chasing limits, cards, bonuses, etc. After all, it really isn't hurting anyone. Sure there can be a setback or 2 from a lender but nothing so catastrophic that it'll bring you to you financial knees. Just my 2 cents...

Re: Has anyone here gotten sick of credit cards?

Anonymous — Wed, 16 Aug 2017 17:57:54 GMT

I personally will never charge something on a credit card in a cashflow emergency. If my income falls to zero, the credit cards are getting cut up temporarily, even if it means I'm on the street. No dependents here, but I also know that most people who use credit cards during unemployment end up on this forum in a year asking for help. The credit card for me is strictly a method to get cashback rewards -- not as a way to float between paychecks. That's too scary for me!