topic Re: For those with multiple cards... in Credit Cards

For those with multiple cards...

Anonymous — Mon, 26 Feb 2018 14:30:56 GMT

How do you keep track of all of them? 2, 3 or 4 cards is easy enough, but if you have 20... how do you keep track of all those balances, due dates, etc? Do you pay each one at a certain point ahead of statement cut or due date? Or do you group them and pay several at a certain time of the month, based on where their close/due dates fall?

And what about usage? Do you SD most of them? Do you only use some of them for certain things? Do you rotate them? I don't think I even produce 20 swipes in an average month, so it boggles my mind at least.

Also, what is (generally speaking, I know everyone's situation is unique) the optimum number of open cards to have to maximize FICO? I currently have 3 cards, an open HELOC and a paid-off mortgage and car loan reporting.

Re: For those with multiple cards...

Jwagner — Mon, 26 Feb 2018 14:37:23 GMT

I have 13, every one of them as an App and every one has an automatic minimum payment set to be paid just in case there's some odd reason I forget (unlikely) or if something were to happen and I were unable (accident, no access to phones or interent - I've been through a number of hurricanes and lived weeks without modern conveniences).

2 cards or 20, it's not really that much different. My Chase for example, all 3 cards are in one app on the same screen... Amex, 2 cards... it's all pretty simple.

Re: For those with multiple cards...

scarfa21 — Mon, 26 Feb 2018 14:47:57 GMT

I use Prism. Keeps track of all of them in a nice single place.

Re: For those with multiple cards...

LCC_mk14 — Mon, 26 Feb 2018 15:05:24 GMT

I do the same - apps and autopay. I also use mint which shows all of my accounts. I use mint primarily for this purpose. I also track all of bills/budgets in a planner so I know what’s at 0 and what cards I used for my spend that month that need to be paid. I typically only use 2-3 a month and the rest stay at 0. I do have one card with a balance that I’ve been paying off and I pay it manually every month the day after the statement closes.
I think it’s all about being organized honestly.

Re: For those with multiple cards...

Anonymous — Mon, 26 Feb 2018 15:14:05 GMT

@Jwagnerwrote:
I have 13, every one of them as an App and every one has an automatic minimum payment set to be paid just in case...

That's a pretty good idea, I might have to set that up myself... I have never done it since I usually PIF and I usually time my payments to fall after I get paid (bi-weekly, so it varies month to month). If a minimum payment is set up to autopay, can it be easily overridden to manually PIF, or do you just let that payment hit and then you make another manually?

Re: For those with multiple cards...

OmarR — Mon, 26 Feb 2018 15:25:38 GMT

@Anonymouswrote:
@Jwagnerwrote:
I have 13, every one of them as an App and every one has an automatic minimum payment set to be paid just in case...
That's a pretty good idea, I might have to set that up myself... I have never done it since I usually PIF and I usually time my payments to fall after I get paid (bi-weekly, so it varies month to month). If a minimum payment is set up to autopay, can it be easily overridden to manually PIF, or do you just let that payment hit and then you make another manually?

It depends on who you are dealing with. For some establishments, a PIF (or manual payment exceeding the minimum) overrides the auto-pay. For others, the auto-pay still goes thru.

Re: For those with multiple cards...

MrDisco99 — Mon, 26 Feb 2018 16:27:28 GMT

I have 18 cards with 7 issuers. I only carry/use 4 or 5 of them at a time. I login to the apps for all of them around once or twice a week just to make sure the balances and due dates are what I think they are and that nothing got mistakenly/fraudulently charged to any of my SD cards. I have apps on my phone so I can check them anytime anywhere and they alert me any time a card gets swiped. I also look at my CK and Experian apps to make sure my reports have no surprises. All of that only takes a few minutes.

Re: For those with multiple cards...

Anonymous — Mon, 26 Feb 2018 16:52:01 GMT

I have a good memory so I remember what cards I have used and when the payments are due. I have 25 cards but probably use no more than 6 or 7 a month.

Re: For those with multiple cards...

Anonymous — Mon, 26 Feb 2018 16:54:15 GMT

The Prism app is the best that I have found to organize my cards and payments.

Re: For those with multiple cards...

AverageJoesCredit — Mon, 26 Feb 2018 17:32:04 GMT

Not only am i average, im old school. Pen and paper and notebook. Every couple days i update my page to show if i owe anything . To me no biggie i take a half an hour put on my music have some coffee and go account by account. Routine now

Re: For those with multiple cards...

happypill — Mon, 26 Feb 2018 17:38:09 GMT

I use Mint to keep track of balances, payment due dates, etc. I don't keep balances, so basically once a week I log into Mint to see which cards have balances, and I submit a payment right away. It's a great way for me to make sure I can see any unknown charges.

I also use an Excel spreadsheet to keep track card info.

I have 37 cards currently, but I only use about 5-6 regularly.

Re: For those with multiple cards...

Adkins — Mon, 26 Feb 2018 17:48:47 GMT

I do two things. One, I use Prism to watch the due dates and Two, I had almost all my cards' due dates changed to after the 15th of the month. I reserve the first paycheck for one set of bills, the second paycheck of the month for mainly credit card payments. I PIF every month but I'm not doing AZEO right now, so most of my cards cut with a balance.

Re: For those with multiple cards...

Kforce — Mon, 26 Feb 2018 18:37:20 GMT

I moved all my statement dates to the end of month.

Check each account and pay current balance about 4-5 day before.

Log on and pay each account balance a few days into the next month. (Catches pending charges)

Find it easy, safe and keeps "Util" low.

Re: For those with multiple cards...

arkane — Mon, 26 Feb 2018 18:50:27 GMT

@AverageJoesCreditwrote:
Not only am i average, im old school. Pen and paper and notebook. Every couple days i update my page to show if i owe anything . To me no biggie i take a half an hour put on my music have some coffee and go account by account. Routine now

lol great minds think alike

A simple post-it note with all my cards and statement cut/due dates listed. Truly at-a-glance and don't have to worry about Russian hackers.

Re: For those with multiple cards...

Anonymous — Mon, 26 Feb 2018 20:32:23 GMT

I now use a spreadsheet every week. I begin with verifying bank balances. Then I go down the list with what I owe, pending, and how much I am paying if anything on that card. A miscellaneous column for whatever; i.e. points. A final column with the CS from that card. I have 19 CC and one auto loan. Throw in internet service, utilities, and insurance it does pay to keep track of everything. There are places at the bottom for my other CS such as CreditKarma, CreditSesame, ...

I carry three to four CC with me. I change them up about every couple of weeks among my "Big 10". The exception is right now my new Chase card is the only one I am using. Daughter and her husband (AU) are using two to three of my other CC.

I don't know how some of these heavy hitters keep all of their CC happy with usage. I ran out of reoccurring charges a long time ago.

Re: For those with multiple cards...

Anonymous — Mon, 26 Feb 2018 20:23:22 GMT

I have 12, once I'm done apping I intend to have 20. 2 of them are useless, I just keep them around for the history - I may close one or maaayyybe both of them when I'm done apping though.

First off I make sure they all have the same due date. One issuer said they can't change it so I'm gonna make all my other cards the same due date as that card.

As for the other 18 cards, 5 of them are pretty much just for perks and I don't need to carry them around. Several of the other ones are for spending categories where I don't need to carry them around (Amazon purchases, utilities, internet/phone, etc). And yet some of the others are rotating category 5% cash back cards so every quarter I reanalyze which cards I actually need to carry around in my wallet.

Beyond my CCs I have 3 checking accounts, one with a target red debit card linked to it, a paypal debit card which I aim to link with the PayPal CC, and a couple of prepaid cards for their 5% savings accounts. I dunno man, I guess I just know what each card is for after researching and structuring it all out.

Re: For those with multiple cards...

Anonymous — Mon, 26 Feb 2018 20:26:17 GMT

I use a google doc where I have all my cards listed with date opened, limits, apr, etc and notes on each such as sp/hp for CLI and such.

I put in the balances to see my util for each and overall. I update this fairly regular.

I also use google keep (a little digital notepad) on my chromebook, so I look at that multiple times a day...

That is where I list all bills that are needed to be paid with next payroll.

I only carry 1-2 personal and 1 biz card with me at all times, but rotate to get use on each of my 20+ cards.

Come payday, I look at that list (which is the same every month for a bi-monthly pay) and just copy that week for the following second week.

THen I pay off all the bills listed. I only am carrying 2 balances, both 0% BT and both will be paid off within a month or two.

A little ocd, but I think checking once a week would be fine, but since im almost always on my chromebook, i check almost everyday

and log into cc accts being used few times a week

Re: For those with multiple cards...

Anonymous — Mon, 26 Feb 2018 20:27:27 GMT

My bride keeps everything on a legal pad, and uses pencil instead of pen. We sit down about once a week and discuss what she's paying. We have 24 accounts in total, although more than half have zero balances and are sock-drawered. I've tried to get her to use something online, but she prefers the old-school methods and a combination of pushed payments from PNC Virtual Wallet, and payments pulled through creditors' websites.

I also get alerts in my outlook calendar to remind me that, for instance, 1st quarter I get 5% back on Discover for gas and Sam's Club.

Re: For those with multiple cards...

marypoppins70 — Mon, 26 Feb 2018 21:05:46 GMT

I have a crap-load of cards and I use an Excel spreadsheet to keep track of balances, due dates, utilization %, monthly payments, date I opened the card, etc.

Re: For those with multiple cards...

minski — Mon, 26 Feb 2018 21:41:31 GMT

Less than 20 and more than 10 cards here

I have all but Blispay on auto pay. I don't micromanage. I PIF except when I choose to carry a balance on 0% APR - and then it's just minimum until the promo runs out.

I use YNAB for my budgeting.

I am constantly reviewing my cards, wanting to minimize, but I end up deciding to keep most of them anyway to maximize rewards or whatnot.