topic I think its time for some Card optimization? in Credit Cards

I think its time for some Card optimization?

Anonymous — Tue, 16 Sep 2014 17:32:02 GMT

First off, you guys rock. Ive learned so much from lurking in here!

However,I think it’s time for wallet optimization.

I have the following cards

PNC Cash Builder- Interesting card. I get 1.75% cash back due to my good account balance. On top of that I get a bump from .1% to .35% interest on my savings account. Usually you need to use your debit card, to make 5 transaction a month, but with the credit card it’s even better since you get cash back and the interest bump on savings. Keeping this card.

Blue Cash Everyday- It’s fun having an AmEx I guess? 3% groceries and 2% gas is most of my benefit here, but I haven’t really worked on this as I have been busy hitting the min spend amounts on other cards for signup bonuses (Cough $1000 spend in 3 months on PNC, Jesus…)

Chase Sapphire- double points ( or 2% cash back depending on how you look at it) on dining. Nifty little card, I eat out too much.

USAA Cash rewards- Junk card. **bleep** cash back rates.( 1.25%), only redeemable at the END OF THE YEAR, only open to improve my relationship with USAA as a legacy member on top of my car loan and IRA accounts. This is in my Sock drawer

C(rap)ital. one quick silver one- My first card. 1.5% cash back, not bad, not used anymore since my PNC card has better rewards and boosts to my savings. Probably killing this card at the end of the year if I cant drop the AF.

Now I will admit I’ve been getting cards that look cool rather than maximizing rewards( hasnt gone too poorly actually). I want to change that!

I feel that I need to add the Chase freedom card and maybe another to my portfolio ( Maybe the new CITI card?), but now It’s getting insane. I have two wallets full of cards!

I carry the PNC, BCE, and Sapphire cards, and leave the rest at home.

If I added the Freedom card or the double cash, it’s going to get out of hand. I was thinking maybe throwing the PNC card in the drawer and just run bill transactions through it, BUT I don’t want to do that because if I’m: not buying groceries, gas, or dining, and its not a 5% freedom quarter, I would need the PNC card to maximize rewards at 1.75% on everything( or I guess the double cash if I got it).

So I ask myfico,

How many freaking cards do you guys carry? This rewards game is hard to play. I can literally make it rain if I throw all of my debit and credit cards in the air.

What card should I add? I have I believe 4 inquires in the last 3 months ( Most recent PNC this month, Chase at the end of august, Amex in July, Discover in July as well, but I turned down the card as the counter offer APR was nearing crapital one levels). Credit karma shows 5 overall, but Its missing amex and discover ( They pulled TU last time, never showed this time?). I don’t have many inquires and many of them are old and are falling off next year.

Looking at the market it looks like ( even though I don’t want to ) I should SD my Amex and get a Salime card. Thoughts on this? Not really a Salime on principal, and I refuse to get a BOA card either. I dislike both institutions.

Have I failed to consider a card?

Re: I think its time for some Card optimization?

Creditaddict — Tue, 16 Sep 2014 17:39:32 GMT

Citi Double Cash would be the go to for me (its now ours)

Fidelity Amex is our second in line go to card with 2% too.

I carry the 2 above, Costco Amex to get into Costco and gas "if" I get it at Costco and then use Fidelity for Costco purchases and Spark Cash 2% for business expenses.

everything else is at home or loaded into profiles for online shopping and add to pocket as needed for certain spending.

Re: I think its time for some Card optimization?

bada_bing — Tue, 16 Sep 2014 17:43:33 GMT

@Anonymous wrote:

However,I think it’s time for wallet optimization.

Have I failed to consider a card?

Sallie Mae

USBank Cash+ is an interesting card, I don't have one but may get one. I have a second home in their footprint.

I carry Sallie Mae, AlaskaAir and BCP. I'm cancelling BCP after the first of the year, hopefully to replace with a second Sallie Mae. I'll only carry one at a time. AlaskaAir is a individual need, because I travel a lot on Alaska almost exclusively. Hopefully I'm getting down to two cards in my wallet at any one time.

Re: I think its time for some Card optimization?

Anonymous — Tue, 16 Sep 2014 19:14:24 GMT

@Creditaddict wrote:
Citi Double Cash would be the go to for me (its now ours)
Fidelity Amex is our second in line go to card with 2% too.
I carry the 2 above, Costco Amex to get into Costco and gas "if" I get it at Costco and then use Fidelity for Costco purchases and Spark Cash 2% for business expenses.
everything else is at home or loaded into profiles for online shopping and add to pocket as needed for certain spending.

Ah, so Im not crazy then. Its a valid strategy to re tool the wallet before going somewhere. I guess I need to step up my game here.

Re: I think its time for some Card optimization?

PrimeRate — Tue, 16 Sep 2014 19:50:45 GMT

From what I've gathered, we have somewhat similar spending habits. I would immediately concur with the user who mentioned Sallie Mae: 5% GAS & GROCERIES (UP TO $250 EACH, PER MONTH) & 5% AMAZON (UP TO $750 EACH MONTH) & US Bank Cash+ : (2) 5% Categories|Restaurants, Fastfood, Cellphones and more to choose from| & (1) 2% Category of your choosing!

I've had the Sallie Mae since April and I can say it is easily my favorite card. I accrue anywhere from $50 to $75 in cashback per month with my normal spend. You can cash in for any amount over $25, whenever you feel like it(statement does not need to cut).

I've only had the CASH+ card for a month now, so I can't comment much on it yet. I can tell you the rewards update daily(for easy tracking) but aren't available to cash in until the statement cuts.

If you find yourself still really wanting that Freedom - PC from your CS. Your CS will be rendered somewhat useless with your US BANK CASH+ options.

Best of luck in whatever you choose.

ALSO, 3X CLI THAT AMEX IF YOU HAVEN'T ALREADY!

EDIT: If you have a significant other, have them apply and lock in that 2nd Sallie Mae! So beneficial!

Re: I think its time for some Card optimization?

Anonymous — Tue, 16 Sep 2014 19:59:22 GMT

As mentioned the Sallie Mea card is great. It has rendered my discover it and chase freedom cards prettymuch useless. If you are in huntingtons footprint, the huntington voice is a cool looking and very functional card with 3x rewards in 3 categories of your choosing. I'll submit another recommendation for the cash+ even though I can't get approved for one quite yet.

I carry the Sallie Mae for gas and groceries(use it on amazon too), and my fidelity amex for 2% on everything else. I also have my discover card for cash back purposes, fidelity debit card to have my ATM fees reimbersed if I need to use one, and a target debit card for 5% back there but those 3 are rarely used. the rest are in the sock drawer.

EDIT: Oh, and if you don't want to go for the cash+ to get %5 back on dining (they are very conservative with approvals) the new sams club mastercard offers 3% back at resturaunts and on travel expenses along with %5 back on groceries. Good card!

Re: I think its time for some Card optimization?

Anonymous — Tue, 16 Sep 2014 20:34:40 GMT

@PrimeRate wrote:
From what I've gathered, we have somewhat similar spending habits. I would immediately concur with the user who mentioned Sallie Mae: 5% GAS & GROCERIES (UP TO $250 EACH, PER MONTH) & 5% AMAZON (UP TO $750 EACH MONTH) & US Bank Cash+ : (2) 5% Categories|Restaurants, Fastfood, Cellphones and more to choose from| & (1) 2% Category of your choosing!

I've had the Sallie Mae since April and I can say it is easily my favorite card. I accrue anywhere from $50 to $75 in cashback per month with my normal spend. You can cash in for any amount over $25, whenever you feel like it(statement does not need to cut).

I've only had the CASH+ card for a month now, so I can't comment much on it yet. I can tell you the rewards update daily(for easy tracking) but aren't available to cash in until the statement cuts.

If you find yourself still really wanting that Freedom - PC from your CS. Your CS will be rendered somewhat useless with your US BANK CASH+ options.

Best of luck in whatever you choose.

ALSO, 3X CLI THAT AMEX IF YOU HAVEN'T ALREADY!

EDIT: If you have a significant other, have them apply and lock in that 2nd Sallie Mae! So beneficial!

hah, I havent 3x CLI'd yet, but I also dont think ive had the thing for 61 days yet ( went to go check, bah im at 54 days. Totally forgot ive had the card that long!)

also, no SO hacks for me. Dont have one anymore! haha

So it seems that freedom has been retired from being a great card to Sallie mae and Cash + being winners. Ill look into these cards.

I felt SO COOL with the Amex and Chase saphire. Now, not so much!

Re: I think its time for some Card optimization?

Anonymous — Tue, 16 Sep 2014 20:39:43 GMT

@PrimeRate wrote:

I've had the Sallie Mae since April and I can say it is easily my favorite card. I accrue anywhere from $50 to $75 in cashback per month with my normal spend. You can cash in for any amount over $25, whenever you feel like it(statement does not need to cut).

Do you have more than 1, or do 1% spending on it as well? Sallie Mae maxes out on 5% at $1,250 a month, = $62.50 cash back

Re: I think its time for some Card optimization?

PrimeRate — Wed, 17 Sep 2014 12:50:52 GMT

@Anonymous wrote:
@PrimeRate wrote:

I've had the Sallie Mae since April and I can say it is easily my favorite card. I accrue anywhere from $50 to $75 in cashback per month with my normal spend. You can cash in for any amount over $25, whenever you feel like it(statement does not need to cut).

Do you have more than 1, or do 1% spending on it as well? Sallie Mae maxes out on 5% at $1,250 a month, = $62.50 cash back

I have 2 of them. DW and I usually max the gas and groceries on both and we have some other groceries on monthly and quarterly auto-delivery through amazon(free shipping with this option and everything is cheaper than what we were paying in store). So we really have been seeing a great return. I also sprinkle some 1% spending in there from time to time, when I'm feeling lazy(not wanting to pick my brain on what card to use).

Re: I think its time for some Card optimization?

PrimeRate — Wed, 17 Sep 2014 12:57:49 GMT

@Anonymous wrote:
@PrimeRate wrote:
(snipped to avoid unnecessary scrolling)

I felt SO COOL with the Amex and Chase saphire. Now, not so much!

You got in with AMEX which is a great accomplishment(not to mention 7 days away from 3x sp cli) and Chase is a great bank to have a foot in with as well. You should still feel super cool. Now it's time to see which cards will benefit you the most in the long run - app em' and garden for the long haul!

I'd really recommend waiting for the AMEX to report with your 3x CL (if successful) before you app, so you have a greater chance of being offered a better CL with whichever CCC you go with.

Re: I think its time for some Card optimization?

takeshi74 — Wed, 17 Sep 2014 13:15:37 GMT

@Anonymous wrote:
Now I will admit I’ve been getting cards that look cool rather than maximizing rewards( hasnt gone too poorly actually). I want to change that!

@Anonymous wrote:
Have I failed to consider a card?

It would really help to start with your major spend categories and your volume on each to see if you're covered on those. Are you only considering cash back cards? It seems like you're interested in a "catch-all" card for categories that aren't covered by other cards -- is that correct?

@Anonymous wrote:
How many freaking cards do you guys carry?

Doesn't matter what others carry. You have to determine what works for you. You need to balance the number of cards that you need to maximize your rewards versus what you can reasonably manage.

@Anonymous wrote:
Looking at the market it looks like ( even though I don’t want to ) I should SD my Amex and get a Salime card. Thoughts on this? Not really a Salime on principal, and I refuse to get a BOA card either. I dislike both institutions.

The market doesn't matter. Again, it's what suits you that matters. There's a chart floating around comparing rewards versus different levels of spend for the BCE, BCP and Sallie Mae (and dual Sallie Maes). It doesn't take the old Blue Cash into account which can be better suited to even high amounts of spend. If you don't want to do the math yourself you should refer to the chart.

Re: I think its time for some Card optimization?

Anonymous — Wed, 17 Sep 2014 15:31:37 GMT

While I'm not getting 100% of what I could get back, I use my Freedom and CSP. I do eat out a lot so the CSP is nice there. But I don't go for others because I'd rather focus on building up all the points under one roof. Yes I could get a little more back from fuel 6 months of the year (Freedom has 5% two quarters) and on what little I spend on groceries, but to me being able to use all my points under the same roof outweighs a little extra cash back.