topic Re: Off With Their Heads!!! in Credit Cards

Off With Their Heads!!!

credit_is_crack — Sun, 30 Oct 2022 01:09:36 GMT

**This post is from AUG 2021; I've updated my progress on page 11 as of OCT 2022**

So I have a lot of cards and that's never been an issue (other than continuing to get more cards ), yet in the last few months I've decided it's time to start thinning the herd. I'm pretty blessed with the reward structures I have on my cards and am ready to part ways with the cards that no longer have a relevant spot in my lineup.

In the last 3 months I've closed out:

$15,000 PNC Cash Rewards (it was a FOTM add-on, but I have higher earning cards)
$6,500 HSBC Cash Rewards (it was a FOTM add-on, 3% for 1 year)
$20,000 BECU Cash (have higher earning cards)
$9,000 BB&T Cash Rewards (it was a FOTM add-on, but not a relevant addition)
$2,500 Wells Fargo Business Cash Rewards (on of my first business cards, but I've outgrown it)
$10,000 Amex Blue Business Plus (moved away from MR to cash back)

A couple of years ago you could convince me to break one of my arms faster than closing an account . With these closures I now sit at $622,700 in credit over 31 cards and I'm going to keep chipping away. Some cards are earning me solid rewards, and of course structures are always subject to change, but they've proven useful. I think I'm going to gut some more. I have plans to add 1 more card in a few months (chase ink business cash 5%) and then I think I'll have the top-earning card for my regular spending categories that's out there today.

Who's on the chopping block?

$5,000 USAA Rewards (served me well in the rebuild, but no longer use it)
$5,000 PenFed Platinum Rewards (served me well in the rebuild, but no longer use it)
~~$10,600 Bonvoy Bold (duplicate since I have bonvoy brilliant and bonvoy business)~~ - NOW CLOSED
~~$15,000 Fifth-Third Trio (have higher earning cards)~~ -- NOW CLOSED

Cards structurally locked in my lineup:

10% shell rebates - Citi Shell MC
6% groceries and streaming bills - Amex BCP
5% travel/dining - Citi Prestige -- CONVERTED TO PREMIER
~~5% travel - Greenstate Cash Rewards~~ -- NOW CLOSED
5% gas stations - USAA Cashback Amex
5% amazon - Chase AmazonPrime
5% bestbuy - Citi BestBuy V
5% monthly bills - PCM Cash MC
5% utilities - USB Cash+
5% Rotating - Chase Freedom Flex -- CONVERTED TO CSP
~~5% Rotating - Discover IT~~ -- NOW CLOSED
5% Rotating - Citi Dividend -- CONVERTED TO CUSTOM CASH
5% Macy's - Macy's Platinum Amex
4% dining - USB Go -- CONVERTED TO 2ND CASH+ SINCE ORIGINAL POST
3% Online Shopping - BofA Cash Rewards -- CLOSED 1
~~3% Retail Shopping - Synovus Cash Rewards~~ -- NOW CLOSED
3% nordstroms - Nordy's VS
2.5% catch all - USAA Limitless
2% catch all - Navy Flagship/FNBO Cash Rewards

I went from "if you give it to me, I'll take it, and if you don't want to I'm still applying for it!" to "well do I really need it?", which is blowing my mind I think its the gardening effect. I had not made any attempts to be in the garden for the first 4-5 years of my rebuild - getting approved for new things really is like crack (and for clarity, I am metaphorically speaking). About 18 months ago I decided the one remaining card I wanted is out of reach because 5/24, so it was time to garden. I've still scratched the itch, picking up 3 new cards in the last 18 months, and only because each of those were 5% earners, but that was it. Now, I almost feel guilty even thinking about applying for something new lol

We all have our own journey, and looks like mine just said "alright buddy, it was a good adventure..." Discovering this site helped me take the first steps to getting my credit back under control and on the right path. I say THANK YOU for everything and all the kind folks I've stumbled across over the years on here. I've learned so much and can't say thanks enough. Who knows, after I hopefully get my ink card some new ones will be out and I'll be all over them, but for now, off with their heads!

Re: Off With Their Heads!!!

AverageJoesCredit — Sat, 07 Aug 2021 23:43:29 GMT

Nice job there @credit_is_crack . Always been interesting on your journey. I want to cut back too but need to wait til i get my debt better in control but with Covid, debt, life, i find fighting for every inch for a credit card or rewards just doesnt hold weight with me right now. I just want to keep it simple and despite having 2% cb cards i choose to now give all my spend to Navy Federal who have taken care of me better than any other lender. Lol, even with low spend ive managed to rack up 62 bucks cb since my 5% cb special from Navy. We each must do whats best for our lives and no matter where i stand in credit these coming days, know the juice has been worth the squeeze. Stay well and enjoy having the blessing to be able to reduce sanz effects. Cheers AJC

Re: Off With Their Heads!!!

credit_is_crack — Sat, 07 Aug 2021 23:48:48 GMT

@AverageJoesCredit it's been a good while since I've seen you (I've been very MIA, gardening is not easy when I'm on here seeing all the success stories). You're right though, since the pandemic I've had this craving for simplicity as well. Just use a couple cards, buy some junk and be on my way lol

Of course there's great value in maxing out rewards, but it does also take some effort. Let's see how this all plays out

Re: Off With Their Heads!!!

Jnbmom — Sun, 08 Aug 2021 00:06:27 GMT

@credit_is_crack

You give me inspiration, I really really need to do this as well........................

Re: Off With Their Heads!!!

Taurus22 — Sun, 08 Aug 2021 00:08:50 GMT

@credit_is_crack Good for you. Whew, I don't see how you manage so many. I've been a little more stream-lined in my approach, but you know you have ONE card I'm extremely jealous of....lol.

By the way, is Greenstate FCU in the Co-Op system?

And you're going to give up the grandfathered Citi Dividend? Not worth the categories anymore?

Re: Off With Their Heads!!!

credit_is_crack — Sun, 08 Aug 2021 00:26:07 GMT

@Jnbmom wrote:
@credit_is_crack

You give me inspiration, I really really need to do this as well........................

@Jnbmom it feels like a good time to clean house..

Re: Off With Their Heads!!!

credit_is_crack — Sun, 08 Aug 2021 00:31:30 GMT

@Taurus22 wrote:
@credit_is_crack Good for you. Whew, I don't see how you manage so many. I've been a little more stream-lined in my approach, but you know you have ONE card I'm extremely jealous of....lol.

By the way, is Greenstate FCU in the Co-Op system?
And you're going to give up the grandfathered Citi Dividend? Not worth the categories anymore?

@Taurus22 lol for Greenstate they are in the co-op group. The Dividend is a solid card (I like the fact that you can spend the annual bonus budget in a single quarter to max it out instead of $75 per quarter, but the redemption is $50 so that sucks). Both my Dividend and Discover are flirting with danger. They are good, but I have cards now that cover most of their rotating categories year round, so my need to roll it in for a bonus is no longer there. The one category that Discover (and Freedom) still have that my other cards don't cover (at 5%) is PayPal, which I also use often so with that option they are one step above my dividend (a small step though).

Re: Off With Their Heads!!!

Anonymous — Sun, 08 Aug 2021 00:39:51 GMT

Congrats on the slight downsizing. It's nice when you actually love all your cards. I have an amex bce that was on the chopping block but with citi taking their sweet time to product change to custom cash, I have to stay with it.

Re: Off With Their Heads!!!

credit_is_crack — Sun, 08 Aug 2021 00:46:04 GMT

@Anonymous wrote:
Congrats on the slight downsizing. It's nice when you actually love all your cards. I have an amex bce that was on the chopping block but with citi taking their sweet time to product change to custom cash, I have to stay with it.

It's taken years to get my lineup where it's at (very cash rewards focused, most folks are MR/UR/TY points driven). I hear they're starting to open up about PC's so maybe soon! After I posted this I actually reached out to Citi chat to check on the Dividend to Customer PC and they said I don't have the offer. Maybe at some point they will but I won't sweat it.

They're always sending me the "convert to citi rewards+" emails and flyers, at least once a week, every week, so figured it would be an option, but not today. I still got a couple months before I blast thru my BCP $6k so maybe by then they'll let me do it

Re: Off With Their Heads!!!

credit_endurance — Sun, 08 Aug 2021 00:59:37 GMT

@credit_is_crack I had to do a double take as I thought my eyes where deceiving me lol! I could see your collection was thining out. Congrats on trimming the herd. When your profile graduates to that point where you can do without a few cards you know you have done something right. 😉

Did you ever get into the millionaire club?

Re: Off With Their Heads!!!

credit_is_crack — Sun, 08 Aug 2021 01:05:44 GMT

@credit_endurance wrote:
@credit_is_crack I had to do a double take as I thought my eyes where deceiving me lol! I could see your collection was thining out. Congrats on trimming the herd. When your profile graduates to that point where you can do without a few cards you know you have done something right. 😉

Did you ever get into the millionaire club?

@credit_endurance Someone messaged me a couple weeks ago with a kind alert. They thought I might have a glitch somewhere in my signature code because it wasn't showing all my cards lol very observant. I let them know it was intentional, but I appreciated the heads up! Lol

Tier 1 was the hunting and gathering phase, and now I'm Tier 2 - the time to feast!

Re: Off With Their Heads!!!

credit_endurance — Sun, 08 Aug 2021 01:11:41 GMT

@credit_is_crack wrote:
@credit_endurance wrote:
@credit_is_crack I had to do a double take as I thought my eyes where deceiving me lol! I could see your collection was thining out. Congrats on trimming the herd. When your profile graduates to that point where you can do without a few cards you know you have done something right. 😉

Did you ever get into the millionaire club?
@credit_endurance Someone messaged me a couple weeks ago with a kind alert. They thought I might have a glitch somewhere in my signature code because it wasn't showing all my cards lol very observant. I let them know it was intentional, but I appreciated the heads up! Lol

Tier 1 was the hunting and gathering phase, and now I'm Tier 2 - the time to feast!

Very accurate sum of things and observation. Approvals are very addictive but you reach a point where the novelty of it all wares off. I think for me COVID inadvertently caused me to garden as I couldn't go past 6 months doing so prior.

I want a couple more cards next year, then will try to get myself to 5/24 for a top tier chase card and then the mic will drop. 😆

Re: Off With Their Heads!!!

credit_is_crack — Sun, 08 Aug 2021 01:14:23 GMT

@credit_endurance wrote:
@credit_is_crack wrote:
@credit_endurance wrote:
@credit_is_crack I had to do a double take as I thought my eyes where deceiving me lol! I could see your collection was thining out. Congrats on trimming the herd. When your profile graduates to that point where you can do without a few cards you know you have done something right. 😉

Did you ever get into the millionaire club?
@credit_endurance Someone messaged me a couple weeks ago with a kind alert. They thought I might have a glitch somewhere in my signature code because it wasn't showing all my cards lol very observant. I let them know it was intentional, but I appreciated the heads up! Lol

Tier 1 was the hunting and gathering phase, and now I'm Tier 2 - the time to feast!
Very accurate sum of things and observation. Approvals are very addictive but you reach a point where the novelty of it all wares off. I think for me COVID inadvertently caused me to garden as I couldn't go past 6 months doing so prior.

I want a couple more cards next year, then will try to get myself to 5/24 for a top tier chase card and then the mic will drop. 😆

Keep chasing it and you'll get there (no pun intended lol). Speak it into existence!

Re: Off With Their Heads!!!

Remedios — Sun, 08 Aug 2021 01:24:36 GMT

@credit_is_crack don't mess with that perfect signature color scheme.

If you have to, don't mess with red cards, knock out blue ones like bowling pins

Re: Off With Their Heads!!!

credit_is_crack — Sun, 08 Aug 2021 01:28:05 GMT

@Remedios wrote:
@credit_is_crack don't mess with that perfect signature color scheme.

If you have to, don't mess with red cards, knock out blue ones like bowling pins

LOL @Remedios my red ones are here to stay! Some of those blue ones are just asking for it and I've already pillaged the green lol

Re: Off With Their Heads!!!

BearsCubsOtters — Sun, 08 Aug 2021 01:37:02 GMT

@credit_is_crack wrote:
So I have a lot of cards and that's never been an issue (other than continuing to get more cards ), yet in the last few months I've decided it's time to start thinning the herd. I'm pretty blessed with the reward structures I have on my cards and am ready to part ways with the cards that no longer have a relevant spot in my lineup.

In the last 3 months I've closed out:
$15,000 PNC Cash Rewards (it was a FOTM add-on, but I have higher earning cards)
$6,500 HSBC Cash Rewards (it was a FOTM add-on, 3% for 1 year)
$20,000 BECU Cash (have higher earning cards)
$9,000 BB&T Cash Rewards (it was a FOTM add-on, but not a relevant addition)
$2,500 Wells Fargo Business Cash Rewards (on of my first business cards, but I've outgrown it)
$10,000 Amex Blue Business Plus (moved away from MR to cash back)
A couple of years ago you could convince me to break one of my arms faster than closing an account . With these closures I now sit at $622,700 in credit over 31 cards and I'm going to keep chipping away. Some cards are earning me solid rewards, and of course structures are always subject to change, but they've proven useful. I think I'm going to gut some more. I have plans to add 1 more card in a few months (chase ink business cash 5%) and then I think I'll have the top-earning card for my regular spending categories that's out there today.

Who's on the chopping block?
$5,000 USAA Rewards (served me well in the rebuild, but no longer use it)
$5,000 PenFed Platinum Rewards (served me well in the rebuild, but no longer use it)
$10,600 Bonvoy Bold (duplicate since I have bonvoy brilliant and bonvoy business)
$15,000 Fifth-Third Trio (have higher earning cards)
Cards structurally locked in my lineup:
10% shell rebates - Citi Shell MC
6% groceries and streaming bills - Amex BCP
5% travel/dining - Citi Prestige
5% travel - Greenstate Cash Rewards (similar to my Prestige, but no AF)
5% gas stations - USAA Cashback Amex
5% amazon - Chase AmazonPrime
5% bestbuy - Citi BestBuy V
5% monthly bills - PCM Cash MC
5% utilities - USB Cash+
5% Rotating - Chase Freedom Flex
5% Rotating - Discover IT
5% Rotating - Citi Dividend (thinking of PC'ing to citi custom cash and using as backup for groceries/gas)
4% dining - USB Go
3% Online Shopping - BofA Cash Rewards (two of these)
3% Retail Shopping - Synovus Cash Rewards
3% macys - Macy's Amex
3% nordstroms - Nordy's VS
2.5% catch all - USAA Limitless
2% catch all - Navy Flagship/FNBO Cash Rewards
I went from "if you give it to me, I'll take it, and if you don't want to I'm still applying for it!" to "well do I really need it?", which is blowing my mind I think its the gardening effect. I had not made any attempts to be in the garden for the first 4-5 years of my rebuild - getting approved for new things really is like crack (and for clarity, I am metaphorically speaking). About 18 months ago I decided the one remaining card I wanted is out of reach because 5/24, so it was time to garden. I've still scratched the itch, picking up 3 new cards in the last 18 months, and only because each of those were 5% earners, but that was it. Now, I almost feel guilty even thinking about applying for something new lol

We all have our own journey, and looks like mine just said "alright buddy, it was a good adventure..." Discovering this site helped me take the first steps to getting my credit back under control and on the right path. I say THANK YOU for everything and all the kind folks I've stumbled across over the years on here. I've learned so much and can't say thanks enough. Who knows, after I hopefully get my ink card some new ones will be out and I'll be all over them, but for now, off with their heads!

@credit_is_crack I am interested in finding out why you have an FNBO Evergreen at 2% when you have that sexy USAA Limitless at 2.5%

Direct deposit is no longer an issue:

https://ficoforums.myfico.com/t5/Credit-Cards/USAA-Limitless-Card-Direct-Deposit-No-Longer-Required-for-2-5/m-p/6382716#M1787083

FNBO...thank you, next.

Re: Off With Their Heads!!!

CreditCuriosity — Sun, 08 Aug 2021 01:45:29 GMT

Wow who would of thought lol? I have been tempted to close cards such as Macy's Amex at 25k and other such cards with very high APR's just out of principle, but have yet to do anything and also another one is the PNC CORE non rewards card (what is point) that sits at 15k(also high APR!) and since you mentioned it thought about HSBC as well but that is moving to citizens bank so will probably see what happens to rewards structure of that card. macy's is likely to happen within next few months and will as like you still be over 600k in personal credit. Business credit is another whole thing lol

Re: Off With Their Heads!!!

credit_is_crack — Sun, 08 Aug 2021 01:56:31 GMT

@BearsCubsOtters wrote:
@credit_is_crack wrote:
So I have a lot of cards and that's never been an issue (other than continuing to get more cards ), yet in the last few months I've decided it's time to start thinning the herd. I'm pretty blessed with the reward structures I have on my cards and am ready to part ways with the cards that no longer have a relevant spot in my lineup.

In the last 3 months I've closed out:
$15,000 PNC Cash Rewards (it was a FOTM add-on, but I have higher earning cards)
$6,500 HSBC Cash Rewards (it was a FOTM add-on, 3% for 1 year)
$20,000 BECU Cash (have higher earning cards)
$9,000 BB&T Cash Rewards (it was a FOTM add-on, but not a relevant addition)
$2,500 Wells Fargo Business Cash Rewards (on of my first business cards, but I've outgrown it)
$10,000 Amex Blue Business Plus (moved away from MR to cash back)
A couple of years ago you could convince me to break one of my arms faster than closing an account . With these closures I now sit at $622,700 in credit over 31 cards and I'm going to keep chipping away. Some cards are earning me solid rewards, and of course structures are always subject to change, but they've proven useful. I think I'm going to gut some more. I have plans to add 1 more card in a few months (chase ink business cash 5%) and then I think I'll have the top-earning card for my regular spending categories that's out there today.

Who's on the chopping block?
$5,000 USAA Rewards (served me well in the rebuild, but no longer use it)
$5,000 PenFed Platinum Rewards (served me well in the rebuild, but no longer use it)
$10,600 Bonvoy Bold (duplicate since I have bonvoy brilliant and bonvoy business)
$15,000 Fifth-Third Trio (have higher earning cards)
Cards structurally locked in my lineup:
10% shell rebates - Citi Shell MC
6% groceries and streaming bills - Amex BCP
5% travel/dining - Citi Prestige
5% travel - Greenstate Cash Rewards (similar to my Prestige, but no AF)
5% gas stations - USAA Cashback Amex
5% amazon - Chase AmazonPrime
5% bestbuy - Citi BestBuy V
5% monthly bills - PCM Cash MC
5% utilities - USB Cash+
5% Rotating - Chase Freedom Flex
5% Rotating - Discover IT
5% Rotating - Citi Dividend (thinking of PC'ing to citi custom cash and using as backup for groceries/gas)
4% dining - USB Go
3% Online Shopping - BofA Cash Rewards (two of these)
3% Retail Shopping - Synovus Cash Rewards
3% macys - Macy's Amex
3% nordstroms - Nordy's VS
2.5% catch all - USAA Limitless
2% catch all - Navy Flagship/FNBO Cash Rewards
I went from "if you give it to me, I'll take it, and if you don't want to I'm still applying for it!" to "well do I really need it?", which is blowing my mind I think its the gardening effect. I had not made any attempts to be in the garden for the first 4-5 years of my rebuild - getting approved for new things really is like crack (and for clarity, I am metaphorically speaking). About 18 months ago I decided the one remaining card I wanted is out of reach because 5/24, so it was time to garden. I've still scratched the itch, picking up 3 new cards in the last 18 months, and only because each of those were 5% earners, but that was it. Now, I almost feel guilty even thinking about applying for something new lol

We all have our own journey, and looks like mine just said "alright buddy, it was a good adventure..." Discovering this site helped me take the first steps to getting my credit back under control and on the right path. I say THANK YOU for everything and all the kind folks I've stumbled across over the years on here. I've learned so much and can't say thanks enough. Who knows, after I hopefully get my ink card some new ones will be out and I'll be all over them, but for now, off with their heads!
@credit_is_crack I am interested in finding out why you have an FNBO Evergreen at 2% when you have that sexy USAA Limitless at 2.5%

Direct deposit is no longer an issue:

https://ficoforums.myfico.com/t5/Credit-Cards/USAA-Limitless-Card-Direct-Deposit-No-Longer-Required-for-2-5/m-p/6382716#M1787083

FNBO...thank you, next.

I've had both of them for a while now, probably 3-4 years each, but I had the FNBO card before my limitless. FNBO used to run promos in Q4 every year for 2% cards back when 1.5% was still the norm. I snagged one of those up. They offered them for about 3 months and then would take them down so a lot of us have grandfathered FNBO cards. When evergreen came out I was given an offer to PC it - I didn't gain or lose anything. I think they just wanted me on the "current" version so I updated it.

A lot of us had a few 2% cards just in case one of the banks wanted to "switch things up". The limitless is my go to, but I'm saving the FNBO in case USAA decides to retire it. That no direct deposit update is a sign they're re-evaluating the card and these banks will do whatever they want, whenever they want. If they do, I've got my backup.

Re: Off With Their Heads!!!

credit_is_crack — Sun, 08 Aug 2021 01:54:39 GMT

@CreditCuriosity wrote:
Wow who would of thought lol? I have been tempted to close cards such as Macy's Amex at 25k and other such cards with very high APR's just out of principle, but have yet to do anything and also another one is the PNC CORE non rewards card (what is point) that sits at 15k(also high APR!) and since you mentioned it thought about HSBC as well but that is moving to citizens bank so will probably see what happens to rewards structure of that card. macy's is likely to happen within next few months and will as like you still be over 600k in personal credit. Business credit is another whole thing lol

Yeah just the idea of me going in reverse took me a minute to digest. I've been running on 8 cylinders for at least 5-6 years now lol I didn't know HSBC was going to Citizens (IIRC they are the 1.8% catch all card), but I knew about their exit. I remember them because Citizens and Fifth-Third have quarky numbers (1.67% cash back on everything) lol my OCD would not fare well with that rewards setup lol

I'm still going to push for CLIs on the ones I keep, and probably much later I'll try to combine where I can so it's a single card with a large limit (1 Amex, 1 chase, 1 BofA, 1 citi, etc), but that's a ways down the line. That's when I'll get to the @Aim_High level of credit lol

Re: Off With Their Heads!!!

MrDFinance — Sun, 08 Aug 2021 01:57:30 GMT

One hell of a setup 😯....