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I am running out of banks for credit cards

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Senior Contributor

Re: I am running out of banks for credit cards


@sarge12 wrote:

@wasCB14 wrote:

Re: DC extended warranty nerf

 

I think Rewards+ will be keeping the Extended Warranty. I know the Costco Visa is keeping it. You might look into that to confirm and possibly PC. Or just use your Amex.

 

With the elimination of price protection from Citi, I'll be putting all big ticket items on Amex except for Costco purchases (which will go on the Costco Visa). I've already started, buying specialized building fixtures on sale (lower prices are not likely) and getting financing promos from BCP.

 

Once you have a 2%+ card in place, the value of a new 3% or 4% category is pretty limited for most people. The value is in bonuses, but big cash (not miles or travel credits) bonuses are relatively few.


I know that is true, and some have added fine print that limits a SUB for the issuer to one SUB for a given time frame. Just judging the offers I see these days, I think they are catching on that some people are gaming the system to actually make credit cards profitable for the cardholder. More people every year are becoming transactors, and never carry a balance. I might be a little upset that these transactors refusal to ever pay any interest on their cards is leading to these lower SUB offers, if I was not one of those who do that. They offer these SUBs to gain market share in the competitive credit card business, but they are finding that a fairly large and growing number of card holders are getting their cards solely for the SUB. It is becoming more difficult to find higher SUB cards, and it is quite possible that the SUB will eventually go away.


Transactors vs. revolvers is somewhat cyclical. See: https://www.creditcards.com/credit-card-news/credit-card-debt-statistics-1276.php

 

revolve - Copy.JPG

 

With interest rates low, banks seem fairly willing to offer 0% promotions. Not all revolvers pay interest or BT fees. That said, I'm not sure what share of revolvers only carry during 0% (or other very low) periods.

Most spend: CSR, CFU, BBP
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Perks: Schwab Platinum, IHG49, Hyatt75, Brilliant, Delta Platinum, Aviator Red
Bonus chasing / retention games: Savor, BCP
Message 31 of 71
New Member

Re: I am running out of banks for credit cards

Why do you need so many credit cards?
Message 32 of 71
Community Leader
Super Contributor

Re: I am running out of banks for credit cards

Everybody has their reasons for selecting how many credit cards they want or need, Sarge appears to like lender diversity, a good thing in my bookSmiley Wink
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Message 33 of 71
Valued Contributor

Re: I am running out of banks for credit cards


@privacyadvocate69 wrote:
Why do you need so many credit cards?

I don't....I don't actually need any credit cards at all, to be honest. It is just a matter of the free money they offer just for getting their cards and charging 500 to1000 dollars on the card for spending I was going to do anyway. In return they give me 150-250 dollars, often for a card that will just be thrown in the sock drawer. I don't need the credit, I don't need the money, and I don't need a very high credit score either. It is not about need at all, I just have problems with saying no to these offers that give me free money for doing nothing except paying bills or buying things I would buy regardless.

TU fico08=823 08/12/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 34 of 71
Moderator

Re: I am running out of banks for credit cards

You can goto doctorofcredit.com and sign up for their weekly email, they put out one of the best lists of CC bonuses and checking account signup bonuses. I too now am only going after nice signup bonuses.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 35 of 71
Super Contributor

Re: I am running out of banks for credit cards

I do think with widespread blog coverage, the number of transactors is probably increasing, but at the same time, many people spend beyond their means chasing rewards and bonuses. I do think that overall, SUB offers are shifting. I think we will see more and more of "x% extra rewards for a year" instead of a huge initial bonus. It encourages you to use the card for an entire year as opposed to meeting the spend and dumping the card or SDing it.

Message 36 of 71
Super Contributor

Re: I am running out of banks for credit cards

Yeah, I got a targeted offer in the mail yesterday from BoA for their cash rewards card... it said $250 bonus offer on the front, which caught my eye and caused me to open it.  Upon further reading it was a $150 bonus after an initial spend (maybe $500, I forget) and then an additional $100 bonus if you spend I think $7500 in your first year.  Clearly their goal is to stimulate at least a year of use rather than meeting just an initial spend requirement.

Message 37 of 71
Established Contributor

Re: I am running out of banks for credit cards


@sarge12 wrote:

@Aim_High wrote:

 

@sarge12  I'm confused.  Why do you want more cards?  Are you just collecting them or do they serve a purpose?  You don't mention which cards you have with which banks or where your monthly spending goes as far as cash-back rewards cards, so we can't help you there.  Many of my cards were for high SUB...just to make a profit and the SD the card. Free money.

 

If you're just collecting cards, there are plenty of more options! 

You're just getting started.  Smiley Happy

 

As mentioned, double-dip some of the large banks. I have double dipped a few, but limit my exposure to two cards each.

Most will give you at least two or three cards.

 

You have nothing from Synchrony or Commenity.  PayPal Mastercard 2% CB? Lowe's? Etc ...  I never ever get store cards, or any Comenity or Synchrony...too many bad posts on here. All my cards are Visa, MC, Discover, or Amex.

 



I have the PayPal 2% which is MasterCard and I love it. I wouldn't count Synchrony out so fast. 

I’m probably never finding that garden everyone keeps talking about.



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Message 38 of 71
Moderator Emeritus

Re: I am running out of banks for credit cards

@sarge12... what a situation to be in Smiley Sad

You could pursue City National Bank's Crystal Visa Infinite and bump with the big time rollers in the event, you would find that of interest Smiley Happy

 

Got'ta keep your interest so you stay in the loop!

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Message 39 of 71
Super Contributor

Re: I am running out of banks for credit cards


@Queen_Etherea wrote:



I have the PayPal 2% which is MasterCard and I love it. I wouldn't count Synchrony out so fast. 


I don't think it offers a worthwhile SUB though, does it?  Also Sarge said above that he's already got a 2% card (even 3% for the next year) so no doubt he'd find no value in another 2% card.

Message 40 of 71
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