Setting Your >2024< Card Strategy

[Hansolojr]

This might blow up my plans

https://www.usbank.com/credit-cards/bank-smartly-visa-signature-credit-card.html

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@Hansolojr wrote:

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[Gregory1776]

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@Hansolojr wrote:

This might blow up my plans

https://www.usbank.com/credit-cards/bank-smartly-visa-signature-credit-card.html

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DUDE! This looks AWESOME! I'm a sucker for a cool looking card. 
100K though? I'll try in 10 years. 🥴

Ill make more money in investments.

[Gregory1776]

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@Gregory1776 wrote:

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@Hansolojr wrote:

This might blow up my plans

https://www.usbank.com/credit-cards/bank-smartly-visa-signature-credit-card.html

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DUDE! This looks AWESOME! I'm a sucker for a cool looking card. 
100K though? I'll try in 10 years. 🥴

Ill make more money in investments.

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This is now apart of my card goal whenever it comes out. 🥲

[Aim_High]

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@Hansolojr wrote:

This might blow up my plans

https://www.usbank.com/credit-cards/bank-smartly-visa-signature-credit-card.html

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Interesting find, @Hansolojr. Thanks for the share.

This seems squarely-aimed at the Bank of America Preferred Rewards program and the similar earnings rates on their cards.*

• Premium Rewards earns 2.625% on uncategorized spend at Platinum Honors tier ($100K) but that is worth 3.23125% on the PR Elite when redeemed for airfare.
• And Premium Rewards earns 3.5% on dining and travel which is worth 4.375% when redeemed for airfare on the PR Elite. 

Also, if someone has the US Bank Altitude Reserve, they can earn 4.5% on all mobile wallet for travel redemptions. 

My other concern would be comparing US Bank's investment options to BofA's  Merrill Lynch when looking for viable investments for $100K.  And the advertised "Bank Smartly Savings" account yields could easily fluctuate with demand to keep the card rewards profitable.  So I'm skeptical where this will go long-term. 

[Gregory1776]

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@Aim_High wrote:

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@Hansolojr wrote:

This might blow up my plans

https://www.usbank.com/credit-cards/bank-smartly-visa-signature-credit-card.html

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Interesting find, @Hansolojr. Thanks for the share.

This seems squarely-aimed at the Bank of America Preferred Rewards program and the similar earnings rates on their cards.*

• Premium Rewards earns 2.625% on uncategorized spend at Platinum Honors tier ($100K) but that is worth 3.23125% on the PR Elite when redeemed for airfare.
• And Premium Rewards earns 3.5% on dining and travel which is worth 4.375% when redeemed for airfare on the PR Elite. 

Also, if someone has the US Bank Altitude Reserve, they can earn 4.5% on all mobile wallet for travel redemptions. 

My other concern would be comparing US Bank's investment options to BofA's  Merrill Lynch when looking for viable investments for $100K.  And the advertised "Bank Smartly Savings" account yields could easily fluctuate with demand to keep the card rewards profitable.  So I'm skeptical where this will go long-term. 

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I'd love to know anyone's experience with any of these questions. That is my next consideration.

[Yoshi1981]

September 2024

1. Wait for QS, SavorOne and VS to report $0 balance so 2 of 7 instead of 5 of 7 have balances. Might improve score, might not.

2. Apply for Citi Custom Cash and US Bank Altitude Connect through pre-approvals, fingers crossed.

***possibly double app for Connect and Cash+ but don't want to push my limits so likely not***

3. Close QS, SavorOne and VS

4. Maaaaaaaybe try my luck with Wells Fargo Autograph, maybe. 

[NoHardLimits]

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@NoHardLimits wrote:

For once, I'm perfectly content with my current set of cards and their associated rewards/perks.  I will likely spend 2024 in the garden while I try to burn through my stockpile of miles/points on some bucket list travel.

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It's December 2024, and it's time to bump this thread to see the results.

I had planned to garden all year, but I weakened and applied for one new card (Autograph Journey) to cover some hefty miscellaneous travel category expenses which didn't qualify for 3x with my USBAR.  Other than that, I'm still on track as planned.

[citymunky]

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@citymunky wrote:

1) I'm in the garden until at least February 24, when I will be at 4/24. There will be definitely no personal credit apps until at least then.

2) Fed 24. However, I'm looking to get in with Chase starting Ink Biz Unlimited, however since I denied from opening a personal checking/savings acct for the $900 promo bonus, I doubt I will be holding a Chase any time soon. If not I'm looking to open another Biz CC that I can hopefully to a Balance Transfer to. I think US Banks will be my only option, however they are a relationship bank, than I don't have a relationship with.

3) April 24. Planning to us the NY state 5 year pluge law to hopefully get rid of this CO on all my reports. (Steps are in play now to make that happen).  

4) Apr 24. Close Prosper card before AF hits. Hands down the worst card I even held. 

5) May 24. With hopefully updated profile, I can apply to the CSR, if not I will stay in the garden.

6) June 24. Close my Grow Credit LOC. (Credit Builder) before new yearly contract, would be have been open for 3 years.

7) Late July/Aug 24. Close my Self Card just before the AF hits. This is the last of my secured card opened for 3 years.

8) Sep24. Us the NY state 5 year pluge law to hopefully get rid of a '30-day late' on paid car loan.

9) Nov 24. 3/24. Maybe open up Charles Schwab AMEX platinum 🤔, if I'm not in with Chase.

I'll be moving cross country in the summer, that is about how far I'm going to plan.

10) Year round goal for all my cards below $5k, is to work on getting some CLIs. Currently working on my Cap1 Savor1, but Cap1 is being ...like Cap1.

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1) I was in the garden until Mar2024.

2) I was denied at the time for Chase Checking/Savings acct ( I really not got an answer why).  Was approved for a US Bank BIZ Plat in Feb2024, and I did use the BT offer.

3 & 8) I never tried, I should try since I do have a NY address reporting to CRs.

4) Closed. This Fintech card was the worst!

5) I didn't apply for the CSP/CSR since was approved for the CFF in Mar2024. I figured it would be easier to get my foot in the door with Chase with on of their Freedom cards. 

6-7). Closed. The Credit Builders served their purpose. 

9) I just made a thread about the Chuck AMEX Plat with the 125K MR offer.  The offer end Jan 8th 2025.  If I'm not in pop-up Jail I might apply for a new account. 

10) Cap1 Savor is still slightly under $5K, but I did a nice CLI that put me over $5K for my QS1 last week. Than I was able to PC to the no AF QS this week. I also got a CLIs with both of my No-Fills CCs (ally and Avant), but both cards only see usage to keep them alive.  

[cws-21]

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@cws-21 wrote:

I have no new applications planned for 2024. I plan to get my U.S. Bank Altitude Go over the $25k credit limit finish line. I intend to grow my credit limits for my Elan Max Cash Preferred ($9.5k) and Chase World of Hyatt ($16.5k) to at least $25k whether that be by the end of 2024 or not. I had thought about closing my Wells Fargo Autograph, and I am still considering it, but I am waiting to see what Wells Fargo's plans are on December 10th regarding transfer partners.

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In reviewing my 2024 goals, some have been accomplished and new unanticipated goals were established throughout the year. Though I had not planned on any new applications, I did end up applying and being approved for the Wells Fargo Bilt (April) and Hilton Honors Amex Surpass (today). I did grow the credit limits on my Altitude Go (to $25k), Max Cash Preferred (to $15k), and World of Hyatt (to $27k). I had been going back and forth about closing my Autograph and I did in April.

With my grocery spending being moved to my new Surpass, I have less need for my Blue Cash Preferred so I did a product change (today) to the Blue Cash Everyday mostly to keep the Disney Bundle Credit. I also did a product change (sometime in November) for my Altitude Go, given upcoming changes, to the Cash+. This product change will allow me to close my Max Cash Preferred as I do not need to cover more than the two categories of the Cash+.

[Namaste7]

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@Namaste7 wrote:

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@Aim_High wrote:

It's that time again for what has become a standing My FICO tradition.  We're rapidly approaching the last month and a half of 2023, so it's time to consider our credit and financial plans for 2024!    

As we approach the new year, and with the goal of making credit changes a premeditated and mindful decision, what are the planned changes for your card lineup in 2024?

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I have a robust wallet and only two cards remain on my wishlist: the BofA UCR and the US Bank Altitude (or the WF Bilt). With most of 2024 covered with existing 0% purchase APR card and low-rate BTs, there isn't a pressing need to get another card. I'm not committing to no apps, but I'm not planning to app. As such, my card strategy for 2024 will be similar to 2023, except adjusting spend allocation to leverage better rate cards and promotions. 

2023-2024 Card Strategy

• Spend Allocation / What's in my wallet
  • 2023: Most of my spend was on 0% between Disco, BofA CCR, and AMEX BCE. Incidental PIF spend was on AppleCard (3% ApplePay), CU Visa (2% CB) and the RedCard & Amazon cards (5% credit). 
  • 2024: Most spend will be on BCE and incidental purchases spread between category and 2% cards. 
• Account Management 
  • 2023: AMEX BCE App ✅ |Disco CLI ✅ | Closed PF 2% Visa ✅ | Downgrade AMEX Gold to Green (pending)
  • 2024: Request Disco 0% APR and CLI | Request Amazon CLI | Downgrade AMEX Gold to Green (if I don't complete in '23)

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year in review

• No new accounts / apps (INQUIRY free)
• Downgarded Gold to Green (already have offers to upgrade to Gold/Platinum)
• I took a 0.9% purchase offer from Disco, but no luck with CLI
• Chase Prime CLI was small ($1.5k) 
• I had two unsoclited CLIs on other accounts.