cancel
Showing results for 
Search instead for 
Did you mean: 

Thoughts on thinning the herd

Highlighted
Valued Contributor

Re: Thoughts on thinning the herd


@Obscure-Expert wrote:

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.  


They are in my sig.....can you not see them?..... or do you literally want CL and AF costs for each? The issue is the AF ones are for status or benefits I use and are not in play now, which is why they are not on the list to cut, to be frank with you BofA hits almost all spend and overlaps the cards I think I should be getting rid of, BUT if you have another idea I would love to read it....other than those in my sig I have a macy amex and care credit which are not in play either with this discussion I will keep those either way......

Message 11 of 22
Highlighted
Valued Contributor

Re: Thoughts on thinning the herd


@Remedios wrote:
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 😐

LOL no right now I actually agree with you on keeping Uber as a "Harry" and "William"  LOL

Message 12 of 22
Highlighted
Valued Contributor

Re: Thoughts on thinning the herd


@kdm31091 wrote:

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.


LOL you are right it is like literally .25 cents  LOL  and a horrid statement credit.....It really is just vanity because of the look of the card.....YES I just said that.....someone shoot me......

Message 13 of 22
Highlighted
Valued Contributor

Re: Thoughts on thinning the herd


@ToxikPH wrote:

@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


LOL Don't laugh I think they are actually doing a $200 statement credit SUB now, when it usually has like 50 or 100 bucks.....It justifies it's existence to me by putting very small amounts of money in an IRA....and has no AF....

Message 14 of 22
Highlighted
Established Contributor

Re: Thoughts on thinning the herd


@odd_dog wrote:

@ToxikPH wrote:

@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


LOL Don't laugh I think they are actually doing a $200 statement credit SUB now, when it usually has like 50 or 100 bucks.....It justifies it's existence to me by putting very small amounts of money in an IRA....and has no AF....


Others may call me crazy but that seems like an incredible card vs. a base 2% card like DC/PP. Amex isn't accepted everywhere but I've literally only ran into one place that hasn't accepted it. With the instant deposit into your brokerage account (or is it auto-invested?) that 1.5% could be worth a whole lot more.


Message 15 of 22
Highlighted
Valued Contributor

Re: Thoughts on thinning the herd


@ToxikPH wrote:

@odd_dog wrote:

@ToxikPH wrote:

@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


LOL Don't laugh I think they are actually doing a $200 statement credit SUB now, when it usually has like 50 or 100 bucks.....It justifies it's existence to me by putting very small amounts of money in an IRA....and has no AF....


Others may call me crazy but that seems like an incredible card vs. a base 2% card like DC/PP. Amex isn't accepted everywhere but I've literally only ran into one place that hasn't accepted it. With the instant deposit into your brokerage account (or is it auto-invested?) that 1.5% could be worth a whole lot more.


No it goes into the "cash hold" portion of the account, you have to put money into your selected investments. SO I look at my schwab account often enough anyway, and when the rewards or "cash hold" is a decent amount I put it in the mutual fund....Yes 1.5 is not stellar BUT I put my iPhone monthly loan on it, and medical bills that I don't put on carecredit - silly autopay stuff and let it go....no I do not put it in my wallet.

Message 16 of 22
Highlighted
Established Contributor

Re: Thoughts on thinning the herd

Now that I understand the Schwab card I would say stick with a DC or PP as they're both more accepted than Amex. I would choose DC if you want TYP (think I saw you didn't) or if you have a Citi account you can directly deposit into and PP if neither of those is true. There doesn't sound to be a minimum redemption with Schwab but you have seemed to set one personally as when you invest it. I would look at the four cards you have there (DC, PP, CM, Schwab) and pick one of them. If you are interested in the BCE/BCP I would product change the CM to one of them. I see you have the Gold/Plat so I would also suggest cancelling the CM and looking into an ED/EDP. If you want to stick to BoA maybe just cancel some of the cards as you seem to have plenty to cover all spend.


Message 17 of 22
Highlighted
Valued Contributor

Re: Thoughts on thinning the herd


@ToxikPH wrote:

Now that I understand the Schwab card I would say stick with a DC or PP as they're both more accepted than Amex. I would choose DC if you want TYP (think I saw you didn't) or if you have a Citi account you can directly deposit into and PP if neither of those is true. There doesn't sound to be a minimum redemption with Schwab but you have seemed to set one personally as when you invest it. I would look at the four cards you have there (DC, PP, CM, Schwab) and pick one of them. If you are interested in the BCE/BCP I would product change the CM to one of them. I see you have the Gold/Plat so I would also suggest cancelling the CM and looking into an ED/EDP. If you want to stick to BoA maybe just cancel some of the cards as you seem to have plenty to cover all spend.


Schwab was never in play to get rid of so that stays, I don't want to PC to anything, just want to eject cards that overlap what I use, or have now become relatively useless since the BofA relationship.....So far I agree CM looks like it is on the chopping block.... 

Message 18 of 22
Highlighted
Valued Contributor

Re: Thoughts on thinning the herd

I keep cards because they either evolve into good cards (like bad sports teams that become good) or I PC them when a good new offering is available. My BoA cash rewards is an example. It was a dog in the SD, until they offered rotating categories for 3%. So now it's one of my best. A second dog was my QS card. I PC'd it to my great Savor card. 

Scores, HPs/24 mos. (updated 11/20/20):
    Experian FICO Score 8 = 828, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 815, 1/24
    Equifax = 818, 0/24

Total 2019 rewards, incl. offers/deals = $1,709.07
Avg. rewards rate, incl. offers/deals = 3.92%

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 19 of 22
Highlighted
Valued Contributor

Re: Thoughts on thinning the herd

Thanks all so far for your valuable input....Closed Marvel today....easy robo lady.....next maybe CM? If I have time tomorrow I will call Amex....

Message 20 of 22
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.