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I am running out of banks for credit cards

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Established Contributor

Re: I am running out of banks for credit cards

Talk about 1st world problems

Message 21 of 71
Super Contributor

Re: I am running out of banks for credit cards


@AverageJoesCredit wrote:
Im sorry Sarge, if you are only going for one or two cards per bank, there really is nothing wrong with Synchrony or Comenity as they do offer some good cards, imo, regardless of what reputation they have gathered here.

I don't know much about Synchrony and Comenity cards, but I don't believe many come with a SUB, something that Sarge seems to favor when doing his ~2 apps annually.

Message 22 of 71
Super Contributor

Re: I am running out of banks for credit cards


@mikesonthemend wrote:

Talk about 1st world problems


Pretty much this. OP maybe you're just tapped out and should just take a break from the credit world. You've clearly reaped many benefits and rewards. There isn't some rule that you have to app every x amount of time. It really does sound like it's just time for a break.

Message 23 of 71
Established Contributor

Re: I am running out of banks for credit cards


@sarge12 wrote:

I have cards from the following banks and credit unions

 

1x Wells Fargo                       15k

2x Bank of America               18k

2x Citi                                       15.5k

1x US Bank                              11.2k

1x Chase                                  16k

1x Capital One                         10k

1x American Express             12.7k

1x Discover                               6.2k

1x Barclaycard                         10k

1x TD Bank                               10k

1x HSBC                                   9.5k

1x Vital FCU                            10k

1x MTC FCU                            10k

1x Statefarm                           14k

1x MTC FCU revolving overdraft...not really a card, but allows my checks to act like one.    8k 

 

Total revolving credit limits.....176.1 k    Only card that carries a balance is Vital FCU that my sister uses and pays 5200/10000 balence to limit. Only other debt is 17.8k mortgage, and an auto loan my Neice pays and it will be her vehicle when paid...7.8k owed on original 18 k loan at 1.95% interest rate Vital CU. My home value is 128k, and I have about 400k in deferred tax savings, and about 80k value of other property. Total net worth is around 580k if all was liquidated, but 400k of that would be taxable. The 80k includes vehicles, guns, tvs, gold and silver coins etc. It would probably be a little higher than that actually. I receive 2150 SSDI monthly, and can withdraw any needed amount from the deferred savings, and most of the 2150 is non-taxable.

 

 

I don't know what state you're in, but there's plenty of regional banks you haven't touched. BBVA, Bank of the West, Union Bank, City National Bank, FNBO, Simmons, UMB, PNC, Huntington, BB&T, BPPR, BMO Harris, 5/3, ABOC, Commerce Bank, etc... Not to mention the plethora of credit unions out there.

https://www.creditunionsonline.com/largest100creditunions.html

or if you really want to get exotic, go get a Union Pay card.

https://www.icbc-us.com


 

Amex PRG (NPSL), Amex Blue Cash ($8K), Amex Simply Cash+ ($4K), Discover ($20.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase CSP Visa Sig($5K), FCB/Elan Rewards Visa Sig($10K), Buckle ($1.3K), BofA AAA Rewards ($65K), Paypal credit ($6.5K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K)
Message 24 of 71
Super Contributor

Re: I am running out of banks for credit cards


@kdm31091 wrote:


Pretty much this. OP maybe you're just tapped out and should just take a break from the credit world. You've clearly reaped many benefits and rewards. There isn't some rule that you have to app every x amount of time. It really does sound like it's just time for a break.


I can understand this perspective, but when looking through the lens of Sarge, I can understand why he doesn't.  I mean, he's got great scores and the ability to pick up just about any credit product he wants.  He simply doesn't want (for personal reasons) to scoop up multiple products from the same lender.  He likes SUBs and "free money" - the guy hasn't paid a penny of interest in 20 years and has only made money through the acquisition of CCs over that period of time.  The best indicator of the future is the past, so chances are if he continues on the same path he'll continue to grab a SUB or two per year and seemingly be happy doing so.  That being said, I think the best advice for him would be to point him toward cards through lenders with which he doesn't currently have a relationship that he may see value in.

Message 25 of 71
Super Contributor

Re: I am running out of banks for credit cards


@sarge12 wrote:

I have cards from the following banks and credit unions

 

1x Wells Fargo                       15k

2x Bank of America               18k

2x Citi                                       15.5k

1x US Bank                              11.2k

1x Chase                                  16k

1x Capital One                         10k

1x American Express             12.7k

1x Discover                               6.2k

1x Barclaycard                         10k

1x TD Bank                               10k

1x HSBC                                   9.5k

1x Vital FCU                            10k

1x MTC FCU                            10k

1x Statefarm                           14k

1x MTC FCU revolving overdraft...not really a card, but allows my checks to act like one.    8k 

 

Total revolving credit limits.....176.1 k    Only card that carries a balance is Vital FCU that my sister uses and pays 5200/10000 balence to limit. Only other debt is 17.8k mortgage, and an auto loan my Neice pays and it will be her vehicle when paid...7.8k owed on original 18 k loan at 1.95% interest rate Vital CU. My home value is 128k, and I have about 400k in deferred tax savings, and about 80k value of other property. Total net worth is around 580k if all was liquidated, but 400k of that would be taxable. The 80k includes vehicles, guns, tvs, gold and silver coins etc. It would probably be a little higher than that actually. I receive 2150 SSDI monthly, and can withdraw any needed amount from the deferred savings, and most of the 2150 is non-taxable.


Since you're fond of cash back, the PenFed Power Cash Rewards card is good. It gets you 2% cash back across the board. The only problem with that is that to get the 2% you need to either (a) have military service or (b) have the Access America checking account, which charges a $10 monthly fee unless you make direct deposits of $500 monthly or maintain a $500 minimum balance.

 

 


7/31 FICO 8: EQ 751 TU 781 EX 748 Total revolving limits 713500 (592500 reporting)
Message 26 of 71
Valued Contributor

Re: I am running out of banks for credit cards


@SouthJamaica wrote:

@sarge12 wrote:

I have cards from the following banks and credit unions

 

1x Wells Fargo                       15k

2x Bank of America               18k

2x Citi                                       15.5k

1x US Bank                              11.2k

1x Chase                                  16k

1x Capital One                         10k

1x American Express             12.7k

1x Discover                               6.2k

1x Barclaycard                         10k

1x TD Bank                               10k

1x HSBC                                   9.5k

1x Vital FCU                            10k

1x MTC FCU                            10k

1x Statefarm                           14k

1x MTC FCU revolving overdraft...not really a card, but allows my checks to act like one.    8k 

 

Total revolving credit limits.....176.1 k    Only card that carries a balance is Vital FCU that my sister uses and pays 5200/10000 balence to limit. Only other debt is 17.8k mortgage, and an auto loan my Neice pays and it will be her vehicle when paid...7.8k owed on original 18 k loan at 1.95% interest rate Vital CU. My home value is 128k, and I have about 400k in deferred tax savings, and about 80k value of other property. Total net worth is around 580k if all was liquidated, but 400k of that would be taxable. The 80k includes vehicles, guns, tvs, gold and silver coins etc. It would probably be a little higher than that actually. I receive 2150 SSDI monthly, and can withdraw any needed amount from the deferred savings, and most of the 2150 is non-taxable.


Since you're fond of cash back, the PenFed Power Cash Rewards card is good. It gets you 2% cash back across the board. The only problem with that is that to get the 2% you need to either (a) have military service or (b) have the Access America checking account, which charges a $10 monthly fee unless you make direct deposits of $500 monthly or maintain a $500 minimum balance.

 

 


How would having another 2% cashback card be beneficial? I have the Citi DC that gives me 2% already, but since I just got the HSBC card that is 3% cashback for the first year, even the Citi DC card will see very little use for a year. For now, until the year on that card expires, only cards that offer over 3% cashback or a large SUB would be tempting. I agree that it might be a great card, but having 2 cards that offer 2% cashback makes little sense. If it also offered the benefits that were recently stripped from the Citi card such as the extended warranty, it might warrant a look, if I was in the military or wanted to open the checking account and have 500 deposited each month. For the next year though, only more than 3% will result in greater rewards. I also just got 0% interest for 12, and 18 months on the 2 cards I just got, so 0% interest cards are also redundant. I seldom use that on a card anyway, but like having that option. That is the problem with having a lot of cards, all the offers you see are unneeded because they are redundant. I actually used the extended warranty feature that was on the citi doublecash card when the refrigerator that I had my Mother put on my card needed repair. The 2 year extension got the repair cost re-imbursed, even though the paperwork was a pain. I hate that they are eliminating some of those perks, but other cards in my wallet have them still.

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 27 of 71
Valued Contributor

Re: I am running out of banks for credit cards


@BrutalBodyShots wrote:

@kdm31091 wrote:


Pretty much this. OP maybe you're just tapped out and should just take a break from the credit world. You've clearly reaped many benefits and rewards. There isn't some rule that you have to app every x amount of time. It really does sound like it's just time for a break.


I can understand this perspective, but when looking through the lens of Sarge, I can understand why he doesn't.  I mean, he's got great scores and the ability to pick up just about any credit product he wants.  He simply doesn't want (for personal reasons) to scoop up multiple products from the same lender.  He likes SUBs and "free money" - the guy hasn't paid a penny of interest in 20 years and has only made money through the acquisition of CCs over that period of time.  The best indicator of the future is the past, so chances are if he continues on the same path he'll continue to grab a SUB or two per year and seemingly be happy doing so.  That being said, I think the best advice for him would be to point him toward cards through lenders with which he doesn't currently have a relationship that he may see value in.


BBS...exactly...you hit the nail on the head. I am not even looking for any new cards for the next 12 months, as I already found 2 that had some value added. Part of the issue with getting more than 2 cards at any single issuer is not just choice, but also logic. Why would an issuer approve me for a card that has lower cashback than the card I already have with them, and which I have never paid them any interest? They can see that I always PIF, so why would they give me a 150 dollar SUB to get a card they know I wont use afterward. They are not stupid, and at some point they will look at my use of their card and just say no to any new SUB. I have a few issuers that I have 2 cards, but they would likely be thrilled if I closed them. The majority of my cards were only used for the SUB alone and have only 1% cashback. The TD bank card is an example...never use the card now, but it had a 250 dollar SUB for 1000 spend, which is pretty much all I ever charged on it. I know there are those who think the issuer makes money on every card with merchant fees alone. Someone needs to explain to me how TD Bank made that 250 dollar SUB back from 1000 in swipe fees, when the only other use is a five buck charge every 6 months to avoid closure. Issuers count on human nature leading card holders to eventually carry a balance, and based on average credit behavior, it is a very good gamble for them. These issuers make a ridiculous profit off of the card holders, which is more than enough to cover the losses due to the few card users that have learned how to extract only profit from their cards. Trust me, if enough people used their cards like I do, these SUB and rewards would evaporate.

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 28 of 71
Senior Contributor

Re: I am running out of banks for credit cards

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.

Most spend: CSR, CFU, BBP
Rewards/AAoA ballast: CF, Discover, Costco, ED, Arrival, Double Cash
Perks: Schwab Platinum, IHG49, Hyatt75, Brilliant, Delta Platinum, Aviator Red
Bonus chasing / retention games: Savor, BCP
Message 29 of 71
Valued Contributor

Re: I am running out of banks for credit cards


@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.

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 30 of 71
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