Please HELP! Not sure what credit card to use

Anonymous · ‎09-30-2019

So, earlier this year, we started paying off mine and Hubby’s credit cards and this made my credit score jump from the 500’s to my current score of 737 (Fico). When my score was climbing, I did not have a plan and started applying for credit cards left and right which were all approved.

These are our current credit cards and balance/CL

Amex Bonvoy 200/3100
*Target 500/2700
*Home Depot 555/17,000
Citi Costco 1600/7500
*Capital One QS 1695/2000
Amex Gold 2000/
*Discover it chrome 2466/3000

*Best Buy 0/2000
*Capital One QS1 0/2750- closed -BT to Discover
*Chase FU 0/800
*Amex BCE 0/3000
*Amex Everyday 0/1000
Amex Delta 0/9000
Macy’s 0/500
*Old Navy 0/4000

*These are my old cards that were all maxed out and we started paying them off in March. We are still in the process of paying off the rest.

Citi and Amex Gold are my primary drivers which I use and pay off every month.

My question is..how do I know which card to use and when? I am stuck using the Citi Costco card for gas and Costco purchases because the cash back is 4% for gas and 2% for purchases in Costco and Amex Gold but I don’t use any of the other cards. Am I missing out in any of the rewards /points for not using my cards correctly?

K-in-Boston · ‎09-30-2019

If you are carrying balances on all of the rest of the cards noted besides the Costco and Amex Gold cards, as a rule I wouldn't use those other cards at all for new purchases. If the previous statement balances were not paid in full, you've lost your grace period so new purchases begin to accrue interest immediately. It would be very easy to pay more in interest than what you are earning back in rewards.

You have a large mix of cash back and travel cards. Unless you are putting significant spending through the cards, 0.5% here and there likely won't add up to much and a number of those cards will need minimum reward amounts before you can redeem them.

Anonymous · ‎09-30-2019

I have stopped using all the cards except for Gold & Costco. I only used the Bonvoy Brilliant when we stayed at the Marriott last month but will pay off the balance before the statement is cut.

Our monthly expenses between groceries, gas and utilities is about $3K a month. Mortgage is about $930, car note is $250 and annual income is $120K if this helps.

Anonymous · ‎09-30-2019

I forgot to mention we got a new lawn mower last month from Home Depot Credit as they were offering 0% differed interest for 24 months. I am planning to pay it off once I finish the cards with the balances.

Discover is also 0% for 18 months which started around June. I had BT about $2790, was charged 3% for BT and the balance is now $2466

Anonymous · ‎09-30-2019

anwser to your question is a balance between getting max reward points on paper and the enough "useable rewards".

For anything more specific, you will have to let us know how much you spend in each category and your travel habit.

Anonymous · ‎09-30-2019

@Anonymous wrote:

Amex Bonvoy 200/3100
*Target 500/2700 - I would probably close thisin favor of the Target Debit card that still gives you 5% off
*Home Depot 555/17,000 - riding lawn mower means this more than a fluff holding
Citi Costco 1600/7500 - gas/shopping
*Capital One QS 1695/2000 - meh... personally I would close it if you're not going to use it much with your newer options
Amex Gold 2000/
*Discover it chrome 2466/3000

*Best Buy 0/2000 - if you're not using it and it's not a v/mc then kill it
*Capital One QS1 0/2750- closed -BT to Discover
*Chase FU 0/800
*Amex BCE 0/3000
*Amex Everyday 0/1000
Amex Delta 0/9000
Macy’s 0/500 - safe to say this can be killed off unless you shop regularly for the discounts
*Old Navy 0/4000 - safe to say this can be killed off unless you shop regularly

Our monthly expenses between about $3K a month. Mortgage is about $930, car note is $250 and annual income is $120K if this helps.

groceries, - best game in town is 6% w/ Amex BCP

gas - Costco accoring to you is your best option at 4%.... very few options hit 5%

utilities - 5% with USB Cash+ would be a target if I were you

SouthJamaica · ‎09-30-2019

@Anonymous wrote:
So, earlier this year, we started paying off mine and Hubby’s credit cards and this made my credit score jump from the 500’s to my current score of 737 (Fico). When my score was climbing, I did not have a plan and started applying for credit cards left and right which were all approved.

These are our current credit cards and balance/CL

Amex Bonvoy 200/3100
*Target 500/2700
*Home Depot 555/17,000
Citi Costco 1600/7500
*Capital One QS 1695/2000
Amex Gold 2000/
*Discover it chrome 2466/3000

*Best Buy 0/2000
*Capital One QS1 0/2750- closed -BT to Discover
*Chase FU 0/800
*Amex BCE 0/3000
*Amex Everyday 0/1000
Amex Delta 0/9000
Macy’s 0/500
*Old Navy 0/4000

*These are my old cards that were all maxed out and we started paying them off in March. We are still in the process of paying off the rest.

Citi and Amex Gold are my primary drivers which I use and pay off every month.

My question is..how do I know which card to use and when? I am stuck using the Citi Costco card for gas and Costco purchases because the cash back is 4% for gas and 2% for purchases in Costco and Amex Gold but I don’t use any of the other cards. Am I missing out in any of the rewards /points for not using my cards correctly?