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Thoughts on thinning the herd

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Valued Contributor

Thoughts on thinning the herd

Simplicity in my old age, that is where I am going here....LOVING the BofA Preferred Rewards thingy....75% more on rewards has MOST ALL my spend on these cards...Leading to wanting to dump some cards....for simplicity, lessen fraud, lowering my overall exposure, mainly so I can grow the cards I use....Only fear of course is the BofA gravy train will eventually end and then I would be stuck with lower reward %'s. SO do I keep cards JUST in case that happens or simplify and worry about that only if it happens, later then sooner?

Cards on the chopping block:

Citi DC...do not like the $25 min cash out....only want cash, the TY points are not a big thing to me....

Uber Visa....was my everyday till BofA stole my heart......

PayPal MC....was my 2% everything card....love no minimum payout......

Amex Magnet...1.5% and ONLY statement credit.....WHY did I get this?  LOL

Chase FU...1.5% and not living in UR ecosystem, not loving their partners so it is a cash card....Killer on this is it's 29K credit line.....

Marvel MC......VANITY it has Punisher on it, I do put my $5 a month SXM charge on to get the 3% cash back, again statement credit UGGHHH.

 

SO what would you get rid of.....Really do not want to sock drawer UNLESS you have a great reason, the idea is to cut some.....again if majority thinks some should stay if BofA changes I would take your suggestion of saving these seriously.

 

P.S. thick file so not worried about age, loss of total CL or scores temp dropping....

 

Thanks in advance for any constructive thoughts.....

Message 1 of 22
21 REPLIES 21
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Moderator

Re: Thoughts on thinning the herd

Just glancing at it, Marvel and Cash Magnet should go.
I seriously see no use for those two.
I'd keep Uber, if they still have 3% on travel.
Also, I would SD one of the 2%, because like you said, if the gravy train stops..I would get rid of Citi and reevaluate Synch later.
SD Chase even if you hate it. A little padding is never a bad thing, considering flawed scoring system.
Message 2 of 22
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Valued Contributor

Re: Thoughts on thinning the herd

Thanks for the input Remmy, yes Uber is 4% on food and 3% on travel still, it is a nice card.....just not as nice, RIGHT NOW, as BofA.....LOL

Message 3 of 22
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Valued Contributor

Re: Thoughts on thinning the herd

I would keep ppmc and cfu and close others on your list.

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PⵢA: Wear a respirator (Π95, Кп95, ҞҒ94), period.
Message 4 of 22
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Moderator

Re: Thoughts on thinning the herd

I get that, but sometimes lenders get neurotic, rewards change etc
I would SD backup cards in categories that you actually use and have a need for.
So, if food and travel are it, I'd go with *Heir and Spare* approach.
I know what you mean, though. I've been riding one card like My Little Pony 😐
Message 5 of 22
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Established Contributor

Re: Thoughts on thinning the herd

I'm personally confused on why have two 2% cards along with the Cash Magnet and Schwab; aren't both of those 1.5% back?


Message 6 of 22
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Super Contributor

Re: Thoughts on thinning the herd

You definitely have some overlapping/somewhat redundant cards and I think there's room to cut.

 

The Marvel could go, I don't think 3% on a $5 a month purchase is a big deal. If you have no other use for it just get rid of it. The DC could go if you're not reaching the redemption threshold in a reasonable amount of time. Same for the Amex. Not much point in keeping them if you're never going to get any rewards.

 

I would just keep the Paypal since it's a base 2% card with no cashout minimum. No real reason to get rid of it. I'd also think long and hard before getting rid of the Chase card since they're not easy to get.

Message 7 of 22
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Valued Contributor

Re: Thoughts on thinning the herd

If you could actually list out all of your cards it would be easier to see the overlap and AF's associated with them.

 

Ideally you keep 2-3 of your oldest cards, cut the AF's you don't really use, and knock out the ones under a CL threshold you decide upon.

 

For me if it's under 25K it doesn't get used routinely, unless it's a specific use for 3%+ charges like Cash+ for 5% on monthlies.

 

BOA is a top contender for CL's along w/ Amex, Chase, Barclay, etc.  

500K+ TCL / 800+ FCOs
Message 8 of 22
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Valued Contributor

Re: Thoughts on thinning the herd


@ToxikPH wrote:

I'm personally confused on why have two 2% cards along with the Cash Magnet and Schwab; aren't both of those 1.5% back?


I have been doing this credit card thing for a long time.....when they came out I got them as 2% was a big deal "way back then" lol....Schwab is 1.5% BUT that goes into my IRA without thinking SOOOOOOOO I put stupid charges on it and let the reward go in without thinking about it...

Message 9 of 22
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Established Contributor

Re: Thoughts on thinning the herd


@odd_dog wrote:

@ToxikPH wrote:

I'm personally confused on why have two 2% cards along with the Cash Magnet and Schwab; aren't both of those 1.5% back?


I have been doing this credit card thing for a long time.....when they came out I got them as 2% was a big deal "way back then" lol....Schwab is 1.5% BUT that goes into my IRA without thinking SOOOOOOOO I put stupid charges on it and let the reward go in without thinking about it...


I suddenly have an interest in the Schwab card lol


Message 10 of 22
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