Setting Your >2024< Card Strategy

[BuckyB]

I gonna chill the duck out.  For the past 7 years I've been using only cash and debit cards due to financial problems in 2015-2016.  Then in Feb 2023, two collections dropped off my CRs and my scores jumped.  So I went ape and got 14 credit cards this year LOL. As RJ of RJ Financial says, "If it's worth doing, it's worth overdoing," and that was the epitome of my year. Every card you see in my sig was opened this year.

But for now, I really have all the credit I need and all the rewards I can use.

Maybe the occasional CLI will be welcome in 2024 but otherwise I'll simply enjoy what I have.

[4sigma]

I like the way you've outlined marathon as a strategy done smartly. Seems to me that moderation and small adjustments are what gets a plane closer to its destination without burning too much fuel.

Credit card strategy for me is just one of 12 long term major objectives I have, and I've designed all objectives to work together. For example, another objective I have is VHNWI. One tactic I'm taking is whatever I put in CC's, I shovel the same amount into e*Trade investments (and stay at AZE1-ish <4% CLU). And then on the flip side of the coin, whatever I don't charge via CC's also goes to e*Trade. Another long term goal is dual citizenship, which can be helped by having established relationships with certain institutions, such as UBS, and pursuing it's Visa Infinite product. And so forth. Point being, I've developed a relationship philosophy with credit lines that are enablers to other objectives and are likewise enabled by those other same objectives.

Tactics-wise, 2023 I added 3 key trade lines: AmEx Plat, BoA Premium Rewards Elite Visa Infinite (good lord that's a beautiful card), and BILT MC World Elite (I rent for mobility's sake)--good enough for the year. 2024 I'll add AmEx BCP, and then include gentle CLIs while settling into mid-800s FICO.

These years I tend to value financial relationships (my original KeyBank checking acct is 40 years old and heavily active), so I'm not closing anything, including the bucketed C1 card I have from many years ago that I'll always keep as a reminder of my CC journey. My total AF is $3k and I'm fine with that, as it's the cost of my CC objective, and thus indirectly contributes to the other 11 objectives. For reasons mentioned above, 2024 has me cultivating new relationships with US Bank, and then UBS in 2025.

Because travel is part of the dual citizenship objective, I'm set with AmEx Delta Reserve, AmEx Hilton Honors, and AmEx Marriott Bonvoy Brilliant, and so not adding anything new. Expensive AF cards to be sure, but right for the right travel. (FWIW, I'm fine with AmEx's recent changes and thus not upset because AmEx will always have a strong role in my long term objectives.)

Finally, I don't value SUBs that much, so I select anything new for long term benefits. If a card doesn't want to offer a SUB, I'll still apply if it contributes to my objectives.

I thank you and everyone for such thought-full comments!

[Drifter73]

My strategy seems to change every year.

For 2024:

1. I'll stop making larger purchases, causing me to occasionally carry a balance on my cash back cards (carrying balances on those eliminates any savings i had since they have a higher apy - 24% to 34%). CB cards will become smaller purchase pif cards Only.

2. I'll leverage my low apy platnums (11% to 16%) for all the larger purchases instead to help avoid carrying a balance on a high apy cb card.

3. I'll then leverage 0%apy offers as they pop up to move any platnum carry overs to the 0%apy offers.

4. I'll stop applying for personal cards (already have 17) and start focusing on my business card deck (only have 1 and have a goal for a 5 card business set by the end of 2025).

Not everything works out as smoothly as we plan, but fingers are crossed all the ducks are in a row and don't stray from the path. 😉

[xenon3030]

Here is my strategy to cover almost all categories, with minimized or no AF:

• In-store shopping (digital wallet~4.5-5%): US Bank Ralphs or Altitude Reserve (redeem for travel).
• Online shopping (3-5%): BOA CCR or rotating cards.
• Cell-phone (5%): US Bank Cash+.
• Streaming (5%): Citi CCC.
• Non-categorized (2%): Citi DC.

I like to place YouTubeTV on Cash+ to free CCC to cover unexpected categories, but several users reported that YouTubeTV changes the billing code frequently, while Cash+ does not cover all sorts of such codes. Buying GCs with large discounts at the end of the year and placing all streaming on GCs might be a good option (I go for GCs, if >20% discount).

I might PC my Citi DC to another CCC in a few months, for a better coverage of 5% categories.

[okurosetta]

2024 Strategy tl;dr

• Stay in the garden until mid-March, apply for Citi Rewards+ (and possibly one other), then go back in the garden
• Focus more on earning Citi TYP through spend, given earning Amex MR through other methods and having closed Gold
• Embrace hotel cards for $20k of primarily non-category spend annually (Hilton Surpass and Best Western Premium)
• Make it easier for P2 by tracking the vast majority of our split expenses for her and keeping her system simple but strong

The much longer version:

Stay in the garden until mid-March, apply for Citi Rewards+ (and possibly one other), then go back in the garden

• 2023 was a bit of a wild one - 9 personal cards of my own, 1 personal card as AU, 1 business card, and 1 new car loan, plus closed 5 Amex cards - 2024 is time to chill
• Have been gardening since early September and want it to be at least six months without any accounts or inquiries before applying for Rewards+, putting me in mid-March - not too far away at this point!
• May also apply for another card right after, and have a few potential thoughts already, but after this I would go back in the garden for the rest of the year to work towards getting under 5/24
• It has been great to hit SUBs for four years plus now, but P2 and I currently have over a million points between various currencies and our next trip is booked, it is a good time to chill out for a bit

Focus more on earning Citi TYP through spend, given earning Amex MR through other methods and having closed Gold

• Typically earn around 30k MR per year just by using the Rakuten browser extension and making sure I click it before checking out (for cashback folks, this would be around $300 sent quarterly as checks in the mail, well worth it whether MR or cashback); Also earn MR through Amex Offers (such as the 5X offer on Amazon Q4 2023, was on BBP so 7X total), using CS Plat for 5X on flights, and other sources, so earning MR through spend is not a priority
• Since I also want to earn Citi TYP, with 2023 featuring several nice Cambria stays in high-cost markets for 15k TYP -> 30k Choice, the main way to do so is spend, so I will focus on hitting the $500 caps on both Custom Cashes, using Curve to reassign any charge(s) beyond the $500 to Premier as necessary
• Given the above, I recently closed Gold - in some ways I was an ideal case as P2 and I order delivery once a week or so, but in practice I have been putting almost all of my dining spend elsewhere, plus 3X TYP (or 6X HP + FNC on Surpass, discussed below) is not much less than 4X MR for me personally; The primary reason given to Amex for closing the card was it not being accepted in many Asian restaurants and markets

Embrace hotel cards for $20k of primarily non-category spend annually (Hilton Surpass and Best Western Premium)

• With 11 cards opened this year, I/we had over $30k in spending put towards SUBs, then not being able to put more of my car's down payment on a credit card led me to abandoning the free night certificate on Surpass strategy mid-way through the year, downgrading it to Hilton Honors; I then embraced Best Western Premium rewards for its 40k bonus points for spending $5k every 12 billing cycles, which I will put Best Western + non-category on until $5k
• Hilton refreshed the Surpass and it is now more valuable to me, as we stay at Hiltons almost every quarter without trying (and the physical gift card bought online with a $1.95 shipping fee can cover quarters we don’t stay at a Hilton, tested successfully Q4 2023), and with not working on so many SUBs in 2024, I am sure we will hit the $15k for the certificate
• Based on my personal values for Hilton Points and certificates, the 6X HP + FNC works out to be very close to what I value 3X TYP, making Surpass a great option once at $500 Custom Cash caps
• Hilton’s bonus is based on the calendar year and they introduced 4X for online spend, so I’ll lean on Surpass for first-half of the year / online non-category spend, while I obtained the Best Western in July, so I’ll lean on Best Western for second-half of the year / in-person non-category spend
• Non-category spend beyond these two bonuses will go on Amex BBP for me (or P2’s Venture X, covered below)

Make it easier for P2 by tracking the vast majority of our split expenses for her and keeping her system simple but strong

• Focus our joint dining spend on her Savor via my Curve, as I am not account manager on her Savor but funneling it through Curve lets me see a transaction history
• Most other joint spend on her cards will be on her Venture X, which I am an account manager on, so I can see all transactions online
• Beyond this, it is straight-forward - Amazon for Amazon, IHG when staying at an IHG property, etc - I’ll be able to track our in-person dining, all of Venture X, plus anything we use a joint account for (e.g. Walmart, Grubhub, etc), so she’ll only need to report a few things per month rather than list every expense
• While a lot of our stuff is joint, P2 and I just split what we put on credit cards 50/50, so the goal is to keep her system simple but strong, and the more joint charges I can see the less she’ll have to do

[Citylights18]

2023 has been a tricky product year for me. I didn't want to lock into a loan at higher rates so I decided to take out a line of credit to support a new business venture. This however has tanked my credit score into the 715 range making new credit applications questionable.

I think I'm going to give Chase another shot for a business card since the $900 is such a sweet SUB. Going in branch because if I do I think the possibility is there for a better limit. Then another nice 0% APR term out to Feb 2025. I am 4/24 currently and that is a factor for me.

My next option might be giving Elan personal card a shot since they are running a promotion of 15 months no APR if I apply by then end of the month. Not ideal to have the debt show up on my personal record but its a way to tap into an SUB.

Later in the year I could look into picking up the NFCU Platinum as a BT option. Maybe with good credit management I could push it off until 2025. Keeping on top of everything that is due is key for me at this point.

[kaws]

I'll take any advice. This is my current plan.

Have

Custom Cash to maximize my dining/restaurants

BOA customized cash for +5% online shopping

Maybe my other BOA customized cash for dining after I max out my custom cash? I don't spend much in any of the other categories 

Want

Citi+ (the card which will boost my Custom Cash)

Elan Max Preferred to gain 5% on my garbage and water bill. I currently get 2% cash back.

The BOA card where if I have preferred reward I believe you get 2-3% cash back on non category spend

I'm opening to any interesting cards and applying in Jan 2024. After this month I will have to garden and wait for inquiries to drop off so I can qualify for the three cards I want

[Junejer]

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@Junejer wrote:

Thanks for doing this thread again @Aim_High!

I will continue to garden throughout 2024, only apping for SP CLI. my last INQ will fall off next December. All three CRAs will have 0 INQs.

I plan to keep things super simple in 2024.

• Barclays Arrival (newly PC from Diamond Resorts) will continue to be on autopay for my monthly Peacock subscription, otherwise SD.
• AmEx ED is on the chopping block. It's only used for our monthly gym memberships. Not a fan of MRs, so not of any real use to me.
• CapOne Venture One SD. Those Arnold Palmers once every six months taste good at $1.05.
• CSP for some travel.
• SWPC for my SW flights. Have Companion Pass through end of 2024.
• Business SW card for my business flights.
• AmEx BBC for the majority of my daily business expenses.
• Chase Business Ink for minor business expenses.
• Daily driver cards will continue to be Evergreen, HH Surpass and CFU.

Might app for BCP for DW and become AU on it. Not sure yet. It's not a super priority, so I might just keep it as a goal card for another year.

---

I need to modify my strategy a little bit. The longer I have the AmEx ED card, the more I dislike it. I have had the card since March 2019 and it is of little use to me. I chatted with an agent about my options to PC that card and it seems the only option is to PC it to an EDP. Great! I get a card that worthless to me and it will cost me $95 per year. Yeah, no thanks.

I'm also realizing that I don't use the CSP to its maximum value, and I never will. I got this card in April 2022, so will likely PC it to CFF then. Still in consideration mode with that one, but I'm leaning in that direction.

[MySunrise271]

Q1 2024 Credit Card Strategy

For the first 3 months of the year I want to experiment with a 2 card setup for simplicity

Continue Elan MCP for auto-payments of monthly cell phone/ home utilities for 5% cb (love this set it and forget it..sort of.  I still have to set a monthly recurring notification to go in and manually schedule the electric bill at their website to charge my card on the due date)

All other expenses (monthly, quarterly, yearly auto-pay or daily expenses e.g. grocery, gas, etc.) will go on my Fidelity Rewards 2% cb.

[UncleB]

I'm (probably) going to keep it simple this year. 

Last year I moved and had some associated expenses, so I took on "a few" new cards for the bonuses and 0% promos.  I held my breath that Synchrony wouldn't come for me, and so far everything has been quiet... no AA or otherwise negative repercussions. It likely helped that back in the fall just before my Amex loan was PIF I finally got around to taking out a SSL with Navy Federal, so scores have all been stable, and even higher than usual (830s+, depending on version/bureau).  I hit 850 for the first time a couple of months ago on EQ FICO 9, which is somehow holding steady even with increased balances reporting due to the holidays.

I've been eyeing the AAA Daily Advantage Visa for a while (for use at Walmart) but due to the aforementioned app spree I decided the timing wasn't right.  I now have a preapproval for it so the temptation is real, but I already usually manage 5% back at Walmart nine months of the year with the rotator cards, and I get 3% back during the other three months with the Venmo Visa, so there's not a lot of motivation to mess with my current setup (and truthfully, my WM spend isn't that significant). 

Other than the AAA Visa, there's nothing really on my radar.  Back in December I had decided that I would strive to not be as concerned with chasing 'decimal dust' in 2024 but chances are that's not gonna happen, and I'll likely continue to try to maximize the rewards from my modest spend to the best of my ability.