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2020 Credit Card plan (s)

Super Contributor

Re: 2020 Credit Card plan (s)

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. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
Message 111 of 124
Valued Contributor

Re: 2020 Credit Card plan (s)

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.

Living through Darwinism is so much worse than learning about about it in school.
Message 112 of 124
Frequent Contributor

Re: 2020 Credit Card plan (s)

Now that is a great Bar Attack just waiting to happen
2018 Dec Starting Score: 700
Current Score: 778
Achieved Goal Score 2020: 800

Take the myFICO Fitness Challenge

Message 113 of 124
Frequent Contributor

Re: 2020 Credit Card plan (s)

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.

FICO 8 Scores 12/2017: EX-596; TU-604; EQ-591
Current: EX-648; TU-665; EQ-678
AAoA: 4.4 yrs
Message 114 of 124
Frequent Contributor

Re: 2020 Credit Card plan (s)

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.

Message 115 of 124
Mega Contributor

Re: 2020 Credit Card plan (s)

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. 

Last HP 08-24-2021

Message 116 of 124
Frequent Contributor

Re: 2020 Credit Card plan (s)

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...  

Stay Liquid My Friends...

Starting Score: F8 3xx
Current Score: F8 789
Goal Score: F8 800

Take the myFICO Fitness Challenge

Message 117 of 124
Moderator Emeritus

Re: 2020 Credit Card plan (s)

2020 is about holding my ground unless other credit products enter the scene creating a need to reconsider.
Starting Score: 850
Current Score: 850
Goal Score: 850

Take the myFICO Fitness Challenge
Message 118 of 124

Re: 2020 Credit Card plan (s)

@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?
Credit Score - 810+, Gardening , TCL - $367k, Largest CL - $96k (Chase Southwest Priority), Oldest Card - 28 years (Amex).
Message 119 of 124
Established Contributor

Re: 2020 Credit Card plan (s)

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. 

Official travel point totals as of 7/17/20 (361,553 Total Points)
Chase Ultimate Rewards 152,226
World of Hyatt 94,737
AMEX Membership Rewards 63,796
AA Advantage 15,244
United MileagePlus 13,316
British Airways Avios 11,332
Citi Thank You 2,850
Hilton Honors 2,157
NASA Platinum Rewards 1883
Marriott Bonvoy 1,350
Jet Blue TrueBlue 885
Southwest Rapid Rewards 762
Expedia Points 740
Delta Sky Miles 175
Virgin Atlantic Virgin Points 100 Rewards 6/10 ($135.99)
Message 120 of 124
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