Setting your 2021 Card Strategy

[JNA1]

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@FalconSteve wrote:

Now for my more honest strategy...

Strategy? You mean there's something other than impulse application?

Seriously, I may have goals and a rough strategy, a nice initial spend bonus or something like that can really sway me.

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😂😂

I gardened for 7 months last year for the Cash +, but came out of the garden for the AOD card. I was afraid they would stop taking apps because of the MF Tidal Wave!😂 After that, I came out again because I got a $400 SUB offer on the Navy Federal More Rewards card. I don't regret either decision, but it derailed my 2020 strategy completely. 

Now, I'm back in the garden for the Cash + again. It would take something extraordinary to pull me out again, but the Cash +/Elan Max Cash is the most beneficial card for our spend right now. 

[mrcraft]

Since beginning my rebuild in 2018, I'm in an okay place with cards now, so my goal, like others, is to be more selective.  Will this card really deliver value for me? 

I'll continue to pursue CLIs on my existing cards, but I will not apply for any credit cards in 2021, so I can get cards that I want in 2022 - Altitude Go, Freedom Flex, and Chase Marriott Bonvoy.

[Anonymous]

Relatively new to all this but I've learned a lot from you credit savvy guys and gals. Got 5 new accounts this year (Cap 1 venture One and Citi DC, 1/2020, Discover IT and NFCU cash Rewards 2/2020, and NFCU Flagship 6/2020).

Have no need for another account BUT, I would love to get the AMEX BCP for its 6 percent groceries cat. That being said, I will hold off applying for it till mid March, (when the 5% grocery cat on my DISCO will be winding down). I spend enough on groceries to justify and make up the annual fee, and between DISCO and the AMEX BCP, I can earn a nice CB on groceries, while easily  maxing out both CB rewards cap.

I also want to PC my NFCU cash rewards to a Platinum, but don't know if I'll get the low interest rate  without applying for a new card (my cash rewards is at 10.99, reduced from 17.0% to 15.49 to finally 10.49NFCU must love the .49😀).

That's about it for my 2020 credit goals

[Anonymous]

@Anonymous When you go to PC your CashRewards to the Platinum card, your APR will automatically be lowered. They should be able to tell you your new APR before the PC.

@Everyone, thanks for sharing! This thread is really helpful. There are a ton of cards out there so it's helpful to see which ones the myfico crew are interested in. Happy holidays and New Year!

[Anonymous]

Current lineup and "?" for missing or improvements:

	Uncap	Groc/Util	Advertising	Shipping	Dining	Cell	Ridesharing	Travel Portal	General  Transit/Gas
AMEX BBC	2%/$50k			*Sometimes
Brex	1%		~6.4% on MS Ads		4%	$1,000 WE-B MC insurance/y	8%	5%
?		?	?	?					?

Could 3% the personal spends with an NFCU More Rewards once I get my lack of personal credit sorted out.

An AMEX Business Gold would pay for itself on just shipping, will consider. Not a fan of annual fees but the math checks out.

Never mind, just remembered AMEX points are only worth 0.6c cash back and nobody has time for traveling.

I've seen the forum hype for the AOD 3% but I doubt that card will last.

[notmyrealname23]

To follow up: I used Mint to run my annual category spends for through my current AMEX MR cards (Green and Gold), and did some "what if"s:

- AMEX Green spend in 2019 ("normal) and 2020 (not "normal) vs. WF Propel, CSP, CSR and 2% card

- AMEX Gold spend in 2019/2020 vs. 2% card vs. a  combo of 3% dining/6% capped groceries

I assumed 1.8 cents per AMEX point (I'm pretty good at booking the pointy end for very long plane trips).

Conclusions:

- AMEX Green works better for my spend patterns (even in a pandemic year), though if I go more towards road trips (gas) and overall lower spend (think retirement), the WF Propel is a legitimate option- the Propel would have won this year had Green not offered a SUB + $60 off the fee for not issuing me a card number immediately.

- My Gold is a winner even against something like a Propel (3% dining) and Blue Cash Preferred (6% groceries + AF + cap) combo.

- A CSP is a stepping stone to a CSR (both lose to a Green, the CSR works better in the normal travel year, CSP works better in a light travel year).
- A CSR is probably a "one card to rule them all" strategy for travel similar to my AMEX Green. Breakeven on that card is probably 4 meals in an airport somewhere (where Chase's non-neutered Priority Pass beats AMEX's watered down one).

[Anonymous]

@Anonymous  Thanks for the info! You guys/gals are the best!

[KJinNC]

Random question, and this seems like a good place to ask it. I know NFCU cards have a reputation for growing. Are there any specific no-AF NFCU cards that grow better or worse than others, or are they all about the same as far as that goes? How do USAA cards compare in terms of starting limits and growth? I know USAA tends to require HPs for CLIs. Or any other options available to me for the goal of "large CL, no AF"? Thanks!

[mgood]

NO MORE CARDS 2021! Look at me gardening so hard.

I've added two in the last few weeks and still have one pending application.

I'm trying to buy a used Corvette in the next couple months, financing $30-something-k, and I'm afraid I've already shot myself in the foot with the new account openings. (Although the new limits do wonders for my UTL.)

Assuming I get that, then the high debt on the car loan will probably keep me from getting anything good for a while anyway.

And I'm supposed to be milking that Discover it first-year double rewards thing, but I have one, and probably two, new cards to spend $1.5k/per card on to get the SUBs.

Very late 2021 or early 2022, I'll be hitting Chase to try to fill the last two slots in 5/24 with probably a Fredom Flex and Sapphire Preferred.

There are other cards I'm very interested in; PenFed PCR, WF Propel, AmEx BCP, and other Chase cards, maybe PenFed Pathfinder Rewards for example, that are just going to have to wait.

[KJinNC]

You can probably get more detailed advice about this on the loan board, but last year, I opened two cards last April, two cards last May, and got a 3.54% car loan in June. Interest rates have come down a little since then, so that doesn't sound as good now as it did then, but the point is, a couple of new cards probably won't radically change your car loan situation. Car loans are relatively easy to qualify for, since there is collateral. JMO, good luck!