Setting Your >2024< Card Strategy

[1GaDawg85]

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@Zoostation1 wrote:

@1GaDawg85It's not often I see someone with FICO 8 scores higher than their FICO 9....just an observation that caught my attention!

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it is crazy that some of the score models hate me

[reluctantgarden]

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@1GaDawg85 wrote:

I don't think I have many goals for 2024 except just letting some of the 2023 inquiries age off. Currently 8 months with nothing on the report. 

- CLI on Chase Amazon

- CLI on the Fulton Bank serviced Elan cards

- CLI on Discover #2 and then combine it with Disco #1

- CLI on BOA card

- CLI on Wells Fargo card

- CLI on Apple Card

See if I can get my 2 other scores above 800 cause Transunion is already there!

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You might consider not combining the Discos if they're Cash Backs so you can double-dip on the quarterly categories.

[blossom_rebuilding]

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@blossom_rebuilding wrote:

I'm also one of the people that doesn't have major plans for 2024, other than tending to what I've got. I like my card lineup and they mostly have pretty good limits, so I don't even think I'll need/want to seek CLIs. Although the idea of adding the Venmo credit card pops up in my head every now and then, it's not something that I'm actively planning on. We'll see if the stars align and I decide to move forward with that. Otherwise, the only thing I plan to do differently in 2024 is give more purposeful spend to my Discover It card. It was pretty dormant this year and didn't see much spend. In 2024, I'll pay more attention to the 5% categories and be sure to take more advantage of them.

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New update to my 2024 strategy based on new information. I will ABSOLUTELY plan to add the PNC Cash Unlimited card. I didn't see a way to apply for it right now, but a call to PNC revealed that the card is not rolled out in my state yet, but is expected to be in the first quarter of 2024. So forget the Venmo, this is my next goal card. Only potential challenge is that PNC pulls Experian, and I have something like five inquiries on EX right now that won't start coming off until May...

[Aeon]

The only goal I've set so far for 2024 is to raise the CL on my WF Autograph card to over $10k (currently $8.4k). I don't think I'll apply for any cards in 2024 unless my financial situation significantly changes.

[cws-21]

@cws-21 wrote:

My 2023 plans mostly pertain to me growing the credit limits for the cards that I have currently. In particular, I would like my Citi Custom Cash (currently $24,000), AOD Visa Signature (currently $10,000), Affinity Cash Rewards (currently $21,800), and U.S. Bank Altitude Go (currently $10,000) to all be at or over $25,000 each by the end of the year. That may or may not be achievable so I will see where I am at around this time or a bit later next year.

Beyond increasing limits, I don't really have anything else planned for the upcoming year. I have all the cards that I want at this particular time and I have finally achieved what I consider to be the optimal cash back setup for me and my spending. I will, of course, be watching for new cards that come out and determine whether or not they fit my setup better than one of my current cards. If they do, I will considering applying for one or more, but I do not anticipate a new card replacing one of my current cards.

However, I may apply for the Citi Premier entirely for the great SUB and may encourage my wife to do the same. I am definitely not a churner, but an $800 SUB is hard to pass up, especially since I will probably not be applying for cards that I want for my setup!

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I mostly accomplished my goal of having four of my lowest credit limit cards at or above $25k by the end of 2023. Currently, Citi Custom Cash is at $30k, AOD FCU Visa Signature is at $25k, Affinity FCU Cash Rewards is at $25k, and U.S. Bank Altitude Go is at $20k (so close).

I did not intend to add any cards for 2023, but I ultimately added an Elan Max Cash Preferred and Chase World of Hyatt. I was happy with my setup prior to 2023, but the two additions do fill some small gaps and significantly add to my cash back and cash back equivalent. I do not see what more I could add to further optimize (setup below), but I said that last year and then added two cards. I also was fortunate to have my Target RedCard get a $5k credit limit increase and conversion to the Target RedCard Mastercard.

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.

1. Citi Custom Cash: mostly for 5% cash back on groceries up to $500 monthly cap, but also for occasional month of 5% on travel, 5% on home improvement stores, or 5% on live entertainment as well as Citi Merchant Offers
2. Amex Blue Cash Preferred: mostly for 6% (4.4% after annual fee subtracted) cash back on groceries up to $6,000 yearly cap, Disney Bundle Credit, and 6% on streaming, but also for Amex Offers and purchase protections
3. Target RedCard Mastercard: mostly for 5% discount at Target, but also for no foreign transaction fee Mastercard
4. U.S. Bank Altitude Go: mostly for 4% cash back on dining (unlimited), but also for streaming bonus and no foreign transaction fee Visa
5. FNBO Ducks Unlimited (grandfathered): mostly for 5% cash back on gas (inside convenience stores and at pump), but also for 5% on sporting goods
6. Elan Max Cash Preferred: mostly for 5% cash back on home utilities and Internet, but also for occasional quarter of 5% on entertainment
7. Affinity FCU Cash Rewards: mostly for 5% cash back at Amazon without Amazon Prime, but also for no foreign transaction fee Visa
8. Wells Fargo Autograph: mostly for cellphone protection and 3% cash back on phone plans, but also My Wells Fargo Deals and no foreign transaction fee Visa
9. Chase World of Hyatt: mostly for annual free night award after cardmember anniversary, annual extra free night award after $15k in purchases, 4x points at Hyatt hotels, and 2x points on transit, but also for Chase Offers, purchase protections, travel protections, and no foreign transaction fee Visa
10. AOD FCU Visa Signature (grandfathered): mostly for 3% cash back on non-category spending after the $15k of World of Hyatt spending, but also for low APR and no foreign transaction fee Visa

[citymunky]

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@1GaDawg85 wrote:

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@Zoostation1 wrote:

@1GaDawg85It's not often I see someone with FICO 8 scores higher than their FICO 9....just an observation that caught my attention!

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it is crazy that some of the score models hate me

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FICO 10 hates me, my EX10 is 677, while my TU10 and EQ10 are both over 700. 

[IsFiveCardsEnough]

Right now, my plans for 2024 are just to garden.  I would have reached diamond spade in 2023 but I apped for a new card in July, so I'm 1/24 all over again.

I have 5 cards now (and that's enough for me), and a 50K TCL which is about 5x higher than I need really.

So, no new apps.  And probably no CLIs either, unless I decide to bump my $1500 Amazon Prime card a bit.  More likely I'll just reallocate from one of my other Chase cards since I have enough TCL for 5 lifetimes.

Come October 2024 I'll have had the CSP (my only AF card) 3 years so I'll decide around then if I'll close or downgrade it.  I don't use it much and I don't travel much, but it is a great card for when I do.

So, I'll just let my accounts age for another year, unless some card comes along I just absolutely have to have.  I'm not as app/CLI happy as some folks here.

I might switch jobs next year too... after 27 years at the same place and only getting puny raises even with inflation it might be time to move on.  A bump in income would do me a lot of good, and maybe then I can use my cards more

[MorPtsPls]

I got 3 new cards in 2023 so my main plan is just to garden and get used to my new strategy with the new cards.

Besides that I think I want to move some of my Chase credit limits around.

[Roisin]

Love this thread; thank you for doing this again, @Aim_High.

I have 10 cards, only one, Lowes, is a store card, and I plan to keep it that way. My oldest card is about to turn 9; still, my average is just under 3 years, so I'm a newbie to the credit world. This year my goal was to match or exceed my individual income (not household) with my total CC limits. I did that. Unfortunately, about a year ago, and again this spring, I had two mini sprees when I applied for and and got two cards each time, and as one would expect, the SLs on the second cards in each spree are less-than exciting. I've finally learned my lesson, and won't be doing that again! Regardless, recently I received a handful of CLIs, two auto and one asked-for, and if no others happen automatically, I'll request more next spring.

Overall, my 2024 strategy is to increase the limits on the cards that I have, although I'd like to have one more card with a generous SL from a bank/institution that I'm confident works for me. Although rewarding to have, I'm not overly concerned with any SUBs other than 0% interest to start, and a "decent" interest rate therafter -- if that can even be had. If my patience wins out, I'm thinking I'll apply for CSP next August after my 5/24 opens back up in July, but we'll see. The plot twist is that I have some big medical expenses coming up that will blow-out and exceed my medical savings, we're planning some significant home improvements, and I may be investing in some photography equipment for a side-biz (and stress-reliever to teaching at-risk teens), so in order to keep my usage [well] below 30% I may seek out another card early next year, effectively sabotaging my CSP goal in August, pushing it to Novemnber. *sigh* Already, I'm off to the races ...

Also, I appreciate all the advice and support shared here. Thanks, everyone!

[JasonMath]

I am looking to get into an application spree, as I have plenty of cards that I am looking at to maximize my sign-up bonuses and points multipliers.  Of note is that gas & rental cars are irrelevant as benefits, as I have no interest in owning a car (I haven't had one for 8 years) or renting one on vacation, as I like to visit walkable cities with a great cycling and public transportation network.

I am just getting into the points game, and hit my SUB on my new Capital One Venture X in late October!  I have plenty of vacation time saved up, and have two 2-2.5 week vacations planned in 2024 - one to the Netherlands (with business-class flights roundtrip), and one to the US Southeast (Atlanta/New Orleans/Memphis - fly into Atlanta, fly/Amtrak from Atlanta to New Orleans, Amtrak from New Orleans to Memphis to Chicago).  With that in mind, I have plenty of credit cards I am looking at.  FYI, credit score is 805, with no outstanding debt other than credit card bills (which I pay in full every month)

I have a list of my current (and future cards), with the current cards listed with a *.  Bonus categories of interest to me are listed as well.  If this is too ambitious, please suggest a more reasonable timeline!

1. *2012 and earlier - Fifth Third Bank Mastercard & Costco Anywhere Visa Card - primarily in sock drawer, though I have 1-2 small charges on the cards each month to keep them active

2. *July 2023 - Chase Freedom Unlimited (3x on dining & drugstores) (Chase 1/24)

3. *September 2023 - Capital One Venture X (2x on everyday purchases, 10x on hotels/rental cars via portal, $300 travel credit) (Chase 2/24)

4. Late November/early December 2023 - Chase Sapphire Preferred/Reserve (3x dining, 2x - 3x on travel, 10x on hotels via portal, elevated Lyft benefits) (Chase 3/24)

Based on my travel plans, I would get around $25 - $100 more value out of the CSR vs. the CSP, primarily through the 3x vs. 2.1x on travel, the Lyft Pink membership, and the Priority Pass restaurants/spas.  However, if the CSP is offering an elevated SUB at least 10k over the CSR, the additional SUB would easily be more valuable than the additional earnings from the CSR, and I could always product change from the CSP to CSR after one year with the card.

I would book my business class flights to the Netherlands on the CSP/CSR, along with my flight from Chicago to Atlanta.  This would easily cover the $4,000 minimum spend just by themselves!

5. Late January - early February 2024 - IHG Premier Card (140k SUB, free anniversary night, 4th night free on award stays) (Chase 4/24)

I would book my hotels for my summer trips for the Netherlands and the US Southeast primarily through this card, stacking up hotel points while hitting most (if not all) of the $3,000 minimum spend.  (Obviously, at least $300 of the hotel spend would go on the Venture X to hit the portal, and I would use that card for my non-IHG hotels).  I like the selection that IHG offers more than Hyatt, Hilton, and Marriott, as I look for value for money, and don't mind staying at 2-3 star hotels instead 5 star resorts.

6. Late March - early April 2024 - Chase Freedom Flex (5x rotating categories, 3x on drugstores + 20k & 5% Year 1 gas/grocery SUB) (Chase 5/24)

Rounding out the last Chase slot would be the Chase Freedom Flex, allowing me to get 5x UR points on rotating categories along with 5x points on groceries, if that offer is still available.  (Gas isn't an issue, as I have not owned a car in 5 years).  The card also offers 3x on drugstores as well.

With that card in my wallet, the Chase Freedom Unlimited would go in the sock drawer unless I was looking for a redemption with only Chase as a transfer partner, as the Venture X earns 2x miles vs. the CFU's 1.5x miles.

7.  Late May - early June 2024 - Capital One SavorOne (3x on entertainment, grocery stores, restaurants + no foreign transaction fees)

The final card I would look to get would be the Capital One SavorOne, primarily for the 3x on entertainment and grocery stores.  Entertainment is a significant expense, as I love going to sporting events and occasionally go to concerts & nightclubs as well.  In particular, the festival packages for which I purchased tickets/accomodations in the Netherlands was coded as entertainment in the Venture X.

If I could get the SavorOne before heading to the Netherlands later in June, I would be able to use it at the festival site, and get 3x back on all my purchases, including merchandise, food stands (which could be dining or entertainment), and additional amenities!

Lastly, I would end up keeping 3 of the above cards in my wallet for my international trips, due to their high earning rates and no foreign transaction fees:

- Capital One Venture X: 2x on all non-bonused purchases

- Chase Sapphire Preferred/Reserve: 3x-3.1x on dining, 2.1x - 3x on travel, 5.1x-10x on Lyft (where available)

- Capital One SavorOne: 3x on entertainment, groceries, and dining

I look forward to hearing your thoughts!

Jason