The Snipping Has Begun

[NoAnchoviesPlease]

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@Anonymous wrote:

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@Anonymous wrote:

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I know what you mean... It has been hard for me to narrow down what I need and don't need.

The truth be told, many of my apps were for sign up bonuses.  Once the churning is done, then I don't need the card anymore.  But I do have a hard time letting go.  I always wanted the Prestige.  But that will be chopped in July when my first year is up because I don't travel enough to make it worthwhile.

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I just opened the Citi Premier yesterday (not Prestige) but I will cancel it for the same reason as you 11 months from now.  The AF was waived for the first year but I only opened it so I could get 100k of Thank You points (50k for the Premier and 50k for the Citigold checking I will open a week from today) and just can't see paying that AF every year.

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Someone suggested a Citigold/Prestige combo to me. Would you keep the Citigold account or is it exclusively for the promo? 

[Anonymous]

No, definitely don't keep the Citigold Checking long term since there is a monthly fee for it.  The Citigold checking promotion gives you 50k of Thank you points, so if you combine that with a Premier or a Prestige you get another 50k of TYPs.

But one of the best things about the Citigold is that you can fund it with a credit card up to 100k.  So, for example, if you funded it with 15k with a Citi Doublecash, you would get 50k of TYPs for opening the account plus $300 cash back from the Doublecash.

You may want to take a look at this for more info:

http://www.doctorofcredit.com/step-by-step-guide-to-citigold-checking-bonus/

[bdhu2001]

Good post.  My AAoA will take a huge hit when my AmEX account closes/drops off due to Costco changing charge companies.  I understand that it can stay on my report for 10 years, but some people have noticed accounts dropping from their reports soon and (thanks to AmEx backdating) this account is over 26 years.

[NoAnchoviesPlease]

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@Anonymous wrote:

No, definitely don't keep the Citigold Checking long term since there is a monthly fee for it.  The Citigold checking promotion gives you 50k of Thank you points, so if you combine that with a Premier or a Prestige you get another 50k of TYPs.

But one of the best things about the Citigold is that you can fund it with a credit card up to 100k.  So, for example, if you funded it with 15k with a Citi Doublecash, you would get 50k of TYPs for opening the account plus $300 cash back from the Doublecash.

You may want to take a look at this for more info:

http://www.doctorofcredit.com/step-by-step-guide-to-citigold-checking-bonus/

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Ah cool, thanks. 

I just got to the end of the page and it says:

"Update: More recently, a clause has been added in the terms that the offer is only for new Citi checking customers."

I've had a Citi checking account for almost 10 years. Darn. Will have to read the fine print to be sure.

[renclan]

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@Anonymous wrote:

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@woodyman100 wrote:
I applaud you for this. I'm trying to get there, but I think I have the same affliction that the people on the show "Hoarders" have.
I'm not trying to be funny. I honestly think so. I run down the list to cut cards and I start feeling a bit panicky. I feel like I'll be back in the same boat as I was before the rebuild if I get rid of them

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I know what you mean... It has been hard for me to narrow down what I need and don't need.

The truth be told, many of my apps were for sign up bonuses.  Once the churning is done, then I don't need the card anymore.  But I do have a hard time letting go.  I always wanted the Prestige.  But that will be chopped in July when my first year is up because I don't travel enough to make it worthwhile.

I always wanted the CSP, but same story there, I don't travel enough.

I will keep the Marriott because it's basically a $90 room every year, and I will use that and get value out of that.

BCP gets me value at 6% on groceries.

Discover has value as an everyday spender with rotating categories, and double CB through June, and 10% with apple pay for another several weeks.

DoubleCash as well as a 2% card...

And I just got Disney because I am having withdrawals from when I worked there and want to keep taking my family there...

Honestly, everything else I have is just superflous.  Some could argue even the ones I am keeping is too many.  Its tough for sure.

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Is the BCP the AMEX Blue Cash? If so, is it always 6% back for groceries? I have a Blue Cash and  a Sallie Mae. The Sallie Mae gives 5%, but has a cap. It is also my smallest limit and won't seem to budge. I would love to get rid of it if there's a better reward out there.

[Anonymous]

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@renclan wrote:

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Is the BCP the AMEX Blue Cash? If so, is it always 6% back for groceries? I have a Blue Cash and  a Sallie Mae. The Sallie Mae gives 5%, but has a cap. It is also my smallest limit and won't seem to budge. I would love to get rid of it if there's a better reward out there.

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Yes, though there is more than one version of the Amex Blue Cash.  The BCP is the Blue Cash Preferred, which is the one with the 6% cash back on groceries and also a $75 annual fee.  The Blue Cash everyday has no annual fee and 3% on groceries.

The maximum amount one can earn cash back on groceries with the BCP is $360 (ceiling of $6000 in grocery purchases).  Bear in mind that you can buy Amazon gift cards at Krogers and these count as grocery purchases.  So the $6000 limit could include Amazon too, in practice.

[Anonymous]

I just cut loose my Cap One Secured. Wells Fargo Secured is next. SO happy that my rebuild has progressed to a point where I can cut them loose and focus on cards that have great limits and offer rewards.

[Anonymous]

Also dont forget you could always downgrade the CSP to just a Chase Sapphire, no AF, less points.  Then move limit away from it... then you can get all the cards you want, never have to worry about the 5/24 rule, and start using UR if you wanted to?  You can get the bonus once every 24 months I believe, so maybe closing it is best.

[Anonymous]

I'm just starting with anywhere between 4-6 cards to begin with.  I have 5 now, but at least one of those will be cut before I acquire the others.  Once I have everything I want I'll be off credit card forums for good (nothing personal ).

[Anonymous]

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@Anonymous wrote:

Also dont forget you could always downgrade the CSP to just a Chase Sapphire, no AF, less points.  Then move limit away from it... then you can get all the cards you want, never have to worry about the 5/24 rule, and start using UR if you wanted to?  You can get the bonus once every 24 months I believe, so maybe closing it is best.

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I believe just Chase Sapphire no longer exists, so that's not possible.  You could always PC it to something like a Freedom (if you didn't already have it).