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2020 Credit Card plan (s)

CardNut
Valued Contributor

Re: 2020 Credit Card plan (s)


@kdm31091 wrote:

@CardNut wrote:

2020 might introduce some different types of offerings we've never seen before. 


I'm hoping you're right, but I kind of feel like things have peaked. More and more people are juggling cards for specific categories, which makes it more costly for issuers to offer bonus rewards. That plus there's only so much you can give out in rewards before it becomes a losing proposition. There's still plenty of people out there paying interest, but there's also many users who are simply getting rewards and not paying any fees or interest. All the competition in recent years had issuers rushing to come out with competitive products. I do think in general in 2019 it kind of slowed down. The Apple Card came along, for example, but really is just a fairly average cash back card (1/2/3% like many other cards out there) with Apple integrated features.

 

We will see what 2020 holds. I don't plan on apping, really, unless something comes along that really eclipses my current cards.


Agreed. I think 2019 is the peak. Card companies have already started scaling down benefits (extended warranty,  etc). It will be interesting to see if any new offerings have a 4% category. I would be surprised. 

 

But I was thinking more in line with a new category or group. Something like a Chase or Citi offering 3% cash back on medical. Drugstores, doctor copays, hospital bills, medical device companies, chiropractors, dental bills, gym memberships, up to 10K per year. 2% cash back at grocery stores, 1% back on everything else.

 

Something different. 

Scores, HPs/24 mos. (updated 01/13/21):
    Experian FICO Score 8 = 828, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 811, 1/24
    Equifax = 813, 0/24

Total 2020 rewards, incl. offers/deals = $1,388.00

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 51 of 124
EW800
Valued Contributor

Re: 2020 Credit Card plan (s)


@Saeren wrote:

I don't really know what my credit plans for 2020 are. I am at the point where my BK falls off in July and that's going to open a bunch more doors for new accounts. I may take another shot at Cash+. 

 


Congrats on your BK being scheduled to fall off soon!  I had an ugly foreclosure fall off early this year (2019) and could not have felt better!! 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Jan 2021: EX8: 850; EQ8: 850; TU8: 850 -- Middle Mortgage Score: 824
In My Wallet: Discover $73.7K; Cap1 Venture $42.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $21K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $19K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $285K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 52 of 124
CreditInspired
Super Contributor

Re: 2020 Credit Card plan (s)


@Namaste7 wrote:

Namaste7  wrote in 2018:

RE: Short & Sweet. What’s your #2 2019 credit card goal? Let’s assume gardening is #1 

  1. Assuming gardening is #1 👀
  2. 🚫 2018 credit acquisitions cannot lead to excess spending in 2019 or debt accumulation 🚫

2019 summary: I did well maintaining my short & sweet 2019 credit card goals.

  • I pruned 5 accounts through account combinations or closures.
  • I stayed in the garden for 12 months Smiley Happy.
  • Existing balances were PIF by statement date or within 6 months--same as cash.
  • Average CL 10K and CL 7.5K.

2020 PF and Credit plans

  • Credit: Below 5/24 and pre-approved for a mortgage (whether I buy or not is another story) 
  • Credit: Grow 2-3 existing accounts at or above 20K limits (SP or auto CLIs only)
  • PF: (1) Hit extended savings goal, (2) start after-tax investing, and (3) generate secondary income

Stretch goals: All F8s and F9s at or above 740 and prune up to 3 accounts.

 

 


Wow, I started that thread in 2019 so it was neat to look at it. And amazingly, I accomplished 2 of my 3 goals in 2019. I guess the first one was hard--not redeeming cashback until end of year Smiley Very Happy.

 

And kudos to you @Namaste7 for accomplishing ALL of your 2019 goals!!


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 53 of 124
AverageJoesCredit
Mega Contributor

Re: 2020 Credit Card plan (s)


@odd_dog wrote:

I totally feel you AJC.....did the same myself this last year....wanted cash back only and kept a few for "status" with airlines and hotels, to that end I PC'd Hilton Aspire to plain Hilton, got rid of Amex Platinum, $550 was getting crazy for me...AA citi Exec....PC to AA platinum, saved even mo money....then on to the cash redemption, kept PPMC because well .01 redemption, ousted Marvel, Citi DC, Amex schwab investor, and dumped a lot of business cards as we only need two for the home business....It does feel WAY better to have less and watch over less. Being super secret double Platinum member with BoA or whatever they call it when you have an S load of money in Merrill has worked out WONDERFUL for me cash back wise...loving all the BOA cards I have.....ENJOY the new year my friend and have a FANTASTIC 2020!!!  P.S. this just reminded me to change my signature, as half these cards are gone!  LOL


Outstanding @odd_dog  always glad to hear from you and see you doing wellSmiley Happy.  I think closing cards at first can be the toughest since we grow attached to them or how long it took to get them but i think once closed the realization hits that it feels great and there will always be other credit cardsSmiley Happy

 

I really want to take a look at my Amex lineup. With no real spend or ability to spend heavy, their cards really dont hold true value for me. CB?, uhm $25 redemption and no direct to checking. MR points?,  how do i use them with so little accumulated?  Even my Bonvoy . I dont nor cant really travel. Though i may stick with this for maybe an eventual real vacation one day lol. 

 

I do like the chasing lower apr idea though. Once my Disco Chrome year is up in March, im definetly asking for an apr redux Smiley Happy

 

Stay well my friend and wishing you a safe a Happy  New YearSmiley Happy

Message 54 of 124
calyx
Super Contributor

Re: 2020 Credit Card plan (s)

Credit goals for 2020:
1.   Getting an increase on my Freedom

2.   PCing my CSP to a CSR

3.   Garden to drop off as many INQs as poss, but definitely at least 6 months.   I'd really like to see 0/6.

 

I am not averse to opening up new credit if something interesting comes out, because I'm all about maximizing the benefits for me.
Really, the only thing I see right now is either the Cash+ for the 5% gym cashback (my partner has one that he uses to CB his gym membership, so I could always throw that on his card) or a 2nd Disco for the double first year, but I'm not feeling a strong urge for either at the moment.

RIP:

F8 EQ: 809 | EX: 802 | TU: 805 | Accounts: 0/6 3/12 5/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 55 of 124
GApeachy
Super Contributor

Re: 2020 Credit Card plan (s)


@AverageJoesCredit wrote:

and please oh please, no Hurricanes!Smiley Wink

Yeah, don't need anymore of those for sure.  Between jobs lost due to two of those TS (Matthew and Irma) causing damage and stopping everything in it's tracks in our community and loss of property not covered by Ins. it's been a slow crawl back to normalcy; well close enough to move forward. 

Decided we had just over a year to obtain personal and biz credit (Nov 2018- Dec 2019) and now about 16 months to let those age and hopefully grow until time to app for a major loan in the Spring of 2021. 

I've done all I'm gonna do; it's chill time for all of 2020 until April 2021.  I will continue to request cli's (sp only) and that's it.  Azeo to keep things in check.  Most inquiries will be history by our goal date and our oldest tl's will start falling off shortly there after- hopefully not sooner. At least not all older tl's but guessing half will vanish which is kind of a nail biter. (sorry for the ramble)  But I'm hoping I did more good than bad in acquiring new credit.  I guess only time will tell.  For now though I think we have some nice personal and business tl's that will be wonderful tools to achieving our financial goals and making life a little easier.

Wishing everyone success and happiness!

"My Take Home Pay Don't Take Me Home"
Message 56 of 124
Semi_Lost_Hiker
Valued Member

Re: 2020 Credit Card plan (s)

2019 was a busy year for me, my goal for 2020 is: 1) Finish my minimum spend for my Propel welcome bonus. 2) Try for any SP CLIs. 3) Garden, garden, garden.



Message 57 of 124
Sage512MB
Frequent Contributor

Re: 2020 Credit Card plan (s)

2019 was my fun year. Start my credit card journey. 2020 is the year of AFs and gardening...

I want to finish up my Chase build, but that won’t happen until December 2020, unless I gain ways around 5/24 or they change something at Chase this year. So garden and CLI build.

Goals:
1) Hit 10K CL with CSP -PC-> CSR
2) Ink application December 2020, then CF
3) Downgrade Delta Gold to Blue in May after AF hits.
Message 58 of 124
12velectronics
Valued Contributor

Re: 2020 Credit Card plan (s)

The Apple Card was the last card I've gotten. August of 2019. I might sit still for a while or app for the Chase CSR. Nothing else interests me at the moment. 

Message 59 of 124
Saeren
Mega Contributor

Re: 2020 Credit Card plan (s)


@EW800 wrote:

@Saeren wrote:

I don't really know what my credit plans for 2020 are. I am at the point where my BK falls off in July and that's going to open a bunch more doors for new accounts. I may take another shot at Cash+. 

 


Congrats on your BK being scheduled to fall off soon!  I had an ugly foreclosure fall off early this year (2019) and could not have felt better!! 

 


It's been a long 9y4mo and I'm totally ready to move past it so I'm very excited indeed! Smiley Happy

 

I got rid of my last baddie earlier this year so it's killing me that I still have the BK holding my profile back. Congrats on losing your foreclosure too!





Message 60 of 124
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