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Help Me Optimize My Rewards

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takeshi74
Senior Contributor

Re: Help Me Optimize My Rewards


@PNW_Hunter wrote:

Any cards you guys think I should look into to round out my reward offerings and to maximize rewards on large purchases? Or should I head over and join the garden?


Instead of trying to cover all possibilities you need to look at your spend and situation to determine whether or not additional cards would be of benefit to you.

 


@PNW_Hunter wrote:
No loyalty with Mariott, but would simply want the best card for travel rewards, be it hotel or airline.

Everyone's looking for "the best".  The thing is that you determine what's best for you.  In some cases the best travel card isn't a travel card at all but a cash back card.  In some cases there is a best travel card.  In other cases best means multiple travel cards.  You have to define the parameters used to evaluate the options.  Define your needs/wants and use that to find cards that suit you versus looking at cards and attempting to justify them.

Message 31 of 34
kdm31091
Super Contributor

Re: Help Me Optimize My Rewards

There also is the consideration that you may not want to spread your spend over too many cards unless you are a big spender. You will end up with 10 cards that each have $8 in rewards available. IMO you should have a main spending card, then maybe a groceries/gas, a dining, and a 5% rotator. That's about it. Otherwise you end up with lots of tiny reward amounts unless you are a big spender/have a family/etc.

Message 32 of 34
PNW_Hunter
Regular Contributor

Re: Help Me Optimize My Rewards

Appreciate the thoughts Takeshi and kdm.

 

I often find myself "chasing" rewards cards in order to be getting the most cash back/points on every single purchase, but that's where having a solid everyday spender comes in handy.

 

Thanks!

Message 33 of 34
longtimelurker
Epic Contributor

Re: Help Me Optimize My Rewards


@PNW_Hunter wrote:

Appreciate the thoughts Takeshi and kdm.

 

I often find myself "chasing" rewards cards in order to be getting the most cash back/points on every single purchase, but that's where having a solid everyday spender comes in handy.

 

Thanks!


Yes, there are usually diminishing returns as you add more and more reward cards to cover gaps in spending (simply because those gaps get smaller as you get more coverage).   You can of course also "upgrade" existing coverage, so going from a 1.5% to a 2% card for example.   But generally, the amounts involved in bonus for normal spend are fairly small, on $10K spend, the difference between a 1.5% and a 2% is $50 in rewards, which is either "still, that's $50!!!!" or "not worth the effort" depeniding on your view.

 

The bigger money comes from sign up bonuses which some also consider too much effort.

Message 34 of 34
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