topic Need help maximizing my cards, if you can, help me out... in Credit Cards

Need help maximizing my cards, if you can, help me out...

Anonymous — Tue, 09 Jul 2019 22:34:13 GMT

I have:

-7 checking accounts-
1. Discover Checking - 1% cash back on eligible purchases up to 3K a month (to be matched by discover credit card up until Jan 2020) (Recently Opened Not Funded yet)
2. T-Mobile Checking 4.00 APY (up to 3K; 1% thereafter) (3K Emergency Fund sits in this account)
3. SoFi - Checking 2.25% APY; ATM Reimbursement (Same Day) (Current Primary Checking)
4. Schwab Checking ATM Reimbursement (End of each month) (Former Primary Checking)
5. Capital One (Strictly For Brick-and-Mortar Purposes)
6. Ally Checking (Not in Use)
7. Credit Union (Not in use)

-10 credit cards-
1. Amex Gold (Not sure on the rewards structure opened for 50K points offer which is obtained)
2. Amex Blue 1K CL (not in use - opened cause I liked how the card look and possibly the 3% groceries but haven’t bought any groceries yet so not in use)
3. Amex Everyday $500CL (first Amex opened because I didn’t think I was going to get approved for Amex after Amex closed my green card a few years back for returned payments - not in use)
4. CitiBank - 5.5K CL (opened for BT offer; then to be used for 2% cash back)
5. Discover - 6.2K CL (first cash back card at 1.5% cashback; 5% cashback in cagergories)
6. Capital One Venture 3.25K CL (1.25 miles per dollar)
7. Capital One QuickSilver 3.5 CL (1.5% on purchases)
8. Target MC 2K CL (5% on purchases at target)
9. Bestbuy Store Card 2K CL (0% finance options on large purchases or 5% back)
10. Walmart Store Card $100 CL (First Store Card)

-3 Savings Accounts-
1. Ally Saving 2.10% APY
2. Ally MMA .90% APY
3. Credit Union Savings (Not in use)

-3 investment Accounts-
1. SoFi Invest (Not in Use)
2. Schwab Brokerage (Not in Use)
3. Robinhood (Not in Use)

So the goal is to maximize the best cards/rewards while using the fewest cards possible.

So I was thinking, use Discover checking as my primary checking to rack up on the 1% that discover will match making it 2%

Use the SoFi Checking as my primary Savings account since it has the 2nd highest APY out of all the other accounts (and if I decide to invest use the SoFi brokerage account)

Let the 3K in the T-Mobile checking accumulate the 4%

Use the the Citicard Double Cash as my primary credit card since its 2% the highest of all my cash reward (or maybe it’s better to use discover with the discover credit card since it may in fact be 2.5%-7.5%)

Not sure how to incorporate the gold card I know it earns 4x points on restaurants but I don’t know if it beats the blue card in groceries....

Lastly; open the Schwab investor Amex card to turn the 50k points into actual cash.

Can someone assess these cards and make some sort of sense on how to get the most out of what I have using as few cards as possible...

Re: Need help maximizing my cards, if you can, help me out...

Anonymous — Tue, 09 Jul 2019 22:32:24 GMT

@Anonymous wrote:
I have:

-3 investment Accounts-
1. SoFi Invest (Not in Use)
2. Schwab Brokerage (Not in Use)
3. Robinhood (Not in Use)

This is the biggest problem I see, you’re too busy chasing a percent here and there when the market is up 18% ytd.

Re: Need help maximizing my cards, if you can, help me out...

gdale6 — Tue, 09 Jul 2019 22:59:14 GMT

The auto spam filter grabbed this due to your new status and excessive consecutive edits. Its now been restored.

Re: Need help maximizing my cards, if you can, help me out...

Anonymous — Tue, 09 Jul 2019 23:37:32 GMT

You will have to tell us your annual or monthly spending break down before we can help with card suggestions.

Re: Need help maximizing my cards, if you can, help me out...

wasCB14 — Tue, 09 Jul 2019 23:52:36 GMT

"Lastly; open the Schwab investor Amex card to turn the 50k points into actual cash."

You may be confusing two different cards:

#1. Schwab Investor Card® from American Express. A basic credit card with no AF. 1.5% cash back.

#2. American Express Platinum Card® for Schwab. A $550 AF charge card with lots of perks and credits. It earns MR points.

Only #2 offers "Invest with Rewards" for the improved cash redemption rate.

Re: Need help maximizing my cards, if you can, help me out...

Anonymous — Wed, 10 Jul 2019 00:13:02 GMT

My monthly Break down consist of:
Phone Bill: 121.25
Discover Card Payment: $500
Citicard Payment: $500
Student Loan: $250
CareCredit: $150
Heath Insurance: $20
And fast food $300

I make about $3500 net a month

Re: Need help maximizing my cards, if you can, help me out...

Anonymous — Wed, 10 Jul 2019 09:49:01 GMT

All those payments are for existing balance on those cards?

If so, your only reward earning spending are utilities and restaurants.

Your existing cards, gold/it get good reward from food. Check your gold cards amex offers regularly to see if anything valuable pops up.

For phone bills, USB cash plus gives 5%, although I personally would go with a Chase freedom for it's 5% rotation categories and Chase offers.

If you carry large balance, check if any card of yours have good bt offer.

Re: Need help maximizing my cards, if you can, help me out...

xaximus — Wed, 10 Jul 2019 19:24:37 GMT

@Anonymous wrote:
I have:

-7 checking accounts-
1. Discover Checking - 1% cash back on eligible purchases up to 3K a month (to be matched by discover credit card up until Jan 2020) (Recently Opened Not Funded yet)
2. T-Mobile Checking 4.00 APY (up to 3K; 1% thereafter) (3K Emergency Fund sits in this account)
3. SoFi - Checking 2.25% APY; ATM Reimbursement (Same Day) (Current Primary Checking)
4. Schwab Checking ATM Reimbursement (End of each month) (Former Primary Checking)
5. Capital One (Strictly For Brick-and-Mortar Purposes)
6. Ally Checking (Not in Use)
7. Credit Union (Not in use)

-10 credit cards-
1. Amex Gold (Not sure on the rewards structure opened for 50K points offer which is obtained) - If the rewards aren't usable or worthwhile, I would close this. No point in paying an AF if you can't maximize the benefits of a card.
2. Amex Blue 1K CL (not in use - opened cause I liked how the card look and possibly the 3% groceries but haven’t bought any groceries yet so not in use) - If not purchasing groceries, I would close this. Discover has a 5% grocery quarter so you can purchase a GC to cover yourself for a year.
3. Amex Everyday $500CL (first Amex opened because I didn’t think I was going to get approved for Amex after Amex closed my green card a few years back for returned payments - not in use) - If not in use - close.
4. CitiBank - 5.5K CL (opened for BT offer; then to be used for 2% cash back) - Good genereal spending card.
5. Discover - 6.2K CL (first cash back card at 1.5% cashback; 5% cashback in cagergories) - Use this for it's categories plus cashback match.
6. Capital One Venture 3.25K CL (1.25 miles per dollar) - Is this the VentureOne? If so, it's an average card for travel. If you see yourself traveling, I would use your Citi DC card since you'll get more CB. Do this until you are comfortable with getting a good travel card.
7. Capital One QuickSilver 3.5 CL (1.5% on purchases) - Close - no point in having the QS if you have the Citi DC.
8. Target MC 2K CL (5% on purchases at target) - Good store card if you shop there. If you don't - I would close.
9. Bestbuy Store Card 2K CL (0% finance options on large purchases or 5% back) - Good store card if you shop there. If you don't - I would close.
10. Walmart Store Card $100 CL (First Store Card) - Good store card if you shop there. If you don't - I would close.

-3 Savings Accounts-
1. Ally Saving 2.10% APY
2. Ally MMA .90% APY
3. Credit Union Savings (Not in use)

-3 investment Accounts-
1. SoFi Invest (Not in Use)
2. Schwab Brokerage (Not in Use)
3. Robinhood (Not in Use)

So the goal is to maximize the best cards/rewards while using the fewest cards possible.

So I was thinking, use Discover checking as my primary checking to rack up on the 1% that discover will match making it 2%

Use the SoFi Checking as my primary Savings account since it has the 2nd highest APY out of all the other accounts (and if I decide to invest use the SoFi brokerage account)

Let the 3K in the T-Mobile checking accumulate the 4%

Use the the Citicard Double Cash as my primary credit card since its 2% the highest of all my cash reward (or maybe it’s better to use discover with the discover credit card since it may in fact be 2.5%-7.5%)

Not sure how to incorporate the gold card I know it earns 4x points on restaurants but I don’t know if it beats the blue card in groceries....

Lastly; open the Schwab investor Amex card to turn the 50k points into actual cash.

Can someone assess these cards and make some sort of sense on how to get the most out of what I have using as few cards as possible...

@Anonymous wrote:
My monthly Break down consist of:
Phone Bill: 121.25 - US Bank Cash+
Discover Card Payment: $500
Citicard Payment: $500
Student Loan: $250
CareCredit: $150
Heath Insurance: $20
And fast food $300 - US Bank Cash+

I make about $3500 net a month

See items marked in red. Based on your spending - I would recommend getting the US Bank Cash+ Card, you can specify 5% categories and that would be useful to you. Generally, I don't see a point in having multiple bank accounts unless you have cash flow and need to keep it separate. I would try to see if you can slim those down as well. Just my 2 cents.