2020 Credit Card plan (s)

[NRB525]

Transferring the few thousand on my PenFed Promise over to Discover. Close PenFed $35k Promise card, exit my membership in PenFed. No real stellar rewards cards there, and I'm getting good funding from BECU. 

Finish up some AA miles earning on my Citi Mile Up card. Redeem the AA miles, close Mile Up, $14k limit, exiting Citi completely after a 20 year run of high balances, Adverse Action, SUB on AA cards, but nothing else really interesting there now. 

My spend is leaning toward AMEX lately, and the rumored Optio card is interesting to me. If it turns out like I suspect, it may become my go-to card, presuming it appears at all. With the Platinum, Gold, Green set, there's no rush to move away from that.

Close AMEX Bonvoy Brilliant for sure when the next AF turns up. $5k

Downgrade Delta Reserve in January. Companion Pass is nice, but it is the only distinguishing feature of this card any more. I would still be paying "only" $450. After another year, consider closing the Delta card. $24k limit.

The Chase British Airways card is interesting for the SUB, but it may be a while til I am under 5/24 again.

Apple Card was fun, but is on the bubble in 2020.  $20k.

I may end 2020 with less than $200k of revolving limits, from about $360k right now. But with growing usage of Charge cards, the limits mean less. 

[mikesonthemend]

Great thread, AJC.

Goal is to focus on business cards, but I would like 3 new personal cards. A 2nd Disco, and 2 NFCU cards.

[Gotham-]

Now that is a great Bar Attack just waiting to happen

[marcforza1]

Got a few goals set for 2020:

1. Probably my most important goal is to get nearly all my cards balances down to $0 or less than 5%. Will close my QS1, Slate and maybe my Shell gas card by March.

2. Get a Amex card. My goal card is the Hilton Honors card but maybe in the latter part of 2020 try to get the Everyday Blue Cash or Blue Cash Preferred.

3. Get a CLI on my Discover card.

4. Get my credit score above 700. It's slowly creeping there.

[kerplunk]

I closed my annual fee cards and am left with:

- Chase Freedom Unlimited
- Chase Freedom
- Citi Double Cash
- Discover it
- U.S. Bank Cash+

$135,000 CL.
~840 FICO 8.

I know -- how boring. Simplicity feels good.

I don’t plan on making any changes or additions in 2020. Just hoping for continued CLIs, but I have more than I need already.

[Adkins]

My goals are the Ducks Unlimited card for the 5% cashback on gas (I drive a lot) and a US Bank Cash + card, for the various categories and because 🧦s. And maybe a CLI on my USAA card. Since Amex cut the gas MRs down and they don't seem to like my profile, I plan on closing my gold card just before the annual fee hits in March. I'll keep the Everyday card, since it has no annual fee and can hold my MRs. If I can't get a CLI on Everyday card by the end of the year though, I'll use my MRs and close it too. 

Other than lowering utilization, and waiting for my baddies to age off, there's nothing else on my radar. 

[Lucifer]

2020 will be all about continuing to move towards a property purchase.    F8's are all over 800 and my only util is whatever I allow to hit a statement.

CC wise - nothing until after I get the mortgage.   Then I may trim off 2 or 3 and add 1 or 2 to fit my spend better but other than that - all is good.   

At least - that's the plan...  

[Anonymous]

2020 is about holding my ground unless other credit products enter the scene creating a need to reconsider.

[Anonymous]

@kerplunk - why did you opt for CSR over Amex Gold?

I have both and decided to cancel my CSR, which will cost me $625 ($550 + $75 for wife card) to renew in April. Still a $325 net AF after $300 travel credit (I dont use lyft or grubhub).

My Amex Gold card gives my 5 AU at no cost and for $250 AF get $220 in credits ($100 airline and a free lunch at cheesecake factory every month), so my net AF is only $30 for amex gold.

Amex gold yields 4x pts for restaurants/groceries, and 3x points for airlines. Use my hilton amex card for hotel nights. So from a rewards perspective get far more value from amex gd over CSR.

I value MR and UR points about the same. Only thing is I wish Amex had united and southwest as transfer partners.

I agree simplicity is best, and am planning to do the same as you, although my math directed me toward Amex Gold as my primary card. Just curious why you went with CSR over amex gold?

[Citylights18]

Its fustrating how the transferable point currencies don't share 1:1 transfers with all the airlines.

The exceptions to this would be Jet Blue, Sinagpore Airlines, Virgin Atlantic and Air France.  You can book United Airlines through Singapore Airlines and Delta through Virgin Atlantic. But from my experience booking redemptions through an alliance partner is limiting.

British Airways for example has few award flights on American available and in most instances you'll be paying more for the flight than just through American. They have a distance based award chart which is good if you want to fly into a normally expensive mid sized city not too far away but less cost effective when flying into Top 20 airports.