What Type of Credit Card User Are You? [with apologies to frogman1]

[Anonymous]

I've been a #1 (sign-up bonus chaser) for the past year, and am still finishing up two sign-up bonuses. I'll be taking a break for 2 years, and then I'll be more of a #4, my loyalty lying with Chase from that point forward. The app-o-rama over the past year and exceptional amount of sign-up bonuses has been nice, but I'm looking forward to settling down with 3-4 cards that earn and can utilize Ultimate Rewards. 

[LuckyBird]

I don't really fit any of those.  I definitely want to maximize rewards, but not really a bonus chaser.  Unless something truly remarkable comes along my lineup is complete.  It would have to really be something else for me to apply for a new card at this point...I have everything covered pretty well. 

EVERYTHING possible goes on a credit card for the purpose of earning cash back or points, with PIF every month.  I don't carry balances, except for rare, 0% interest exceptions for a few months here and there.

I check in here periodically to keep up on the latest news in the credit world, mostly.  Without this forum I wouldn't have known about the CSR or the Double Cash until well after they'd hit the market.  I prob would've missed the 100K bonus points on CSR, which, combined with the points from the initial required spend, paid for plane tickets & 6 nights of 4-star hotel in NYC for hubby & I.  That was a bonus worth chasing!  But I wouldn't have gotten the card just for that - it fits our frequent-travel-and-dining-out spend nicely.

I do like to offer advice occasionally, too, when I feel I can be helpful to someone who's not as far along on the credit journey, so that's another reason for hanging around here for a little while every now and then.

[bourgogne]

1/4 here, use chase the majority but I would get a amex for a bonus if a good one presents itself and once in a while I use an amex offer.  I love referrals, i am up to 150K with chase and 40K with amex. 20K for a cip refer, incredible really

[irunfromcredit]

Ok, I'll play!!

I think I have been all of these at one point since joining MyFico. At first I was #3 with Chase. In some ways I still am, but I don't actually have the trifecta, only CSP and freedom. Then I became #1 after coming here and reading a bit more about churning and bonus chasing. Admittedly, that year, I went on a few nice trips!! Now I think I'm a combo of #2 and #4. I do carry 3-4 cards with me and they have specific purposes so I can get cash rewards! As for #4, as of late I when I have applied for new credit and credit increases I have been given generous credit lines, well generous for me that is. I don't think i brag about it on here, but I am pretty amazed that it is awarded to me at all. And of course, I want to see how I can go with it.

Thanks for posting this, interesting thread!!

[jsk0307]

Hmm, I'm relatively new so I don't fall squarely on one in particular. I rotate through cards month to month for no particular reason. Sometimes I use a certain card if there is a big bonus or savings. I try to keep showing good usage habits so that I can eventually get the excellent offers and fat CL.

[Meanmchine]

Definately #5

The wrinkle is that I dont have an income that supports $50k CLs so i have to keep my TCL in mind. I open a new account and the close a couple of store cards.

[Anonymous]

I am definitely 2) Coupon cutter

And probably some 5) High CL

I think those categories are spot on

[Kforce]

Do not fit in any of those categories.

I like to get cashback for my spend, but do not want a lot of cards.

Willing to receive less cashback for a smaller card count.

Have never carried a balance, or used a 0% interest offer.

Limit my credit line on cc's when they hit 20K.

Do not go after higher credit limits after reaching a reasonable amount.

Have never applied for a cc just for the bonus.

Cards are from different banks and CU's.

See no need for any new cards in the near future.

As they say I am   "Happy as a cow in s**t"     

[yfan]

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@UpperNwGuy wrote:

In a thread that is now closed to new comments, frogman1 made an interesting comment:

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I think once people get their scores up on here and stay a while there are five types of people on here

1). Bonus chasers:  people who don't carry balances and go from card to card and stop using the card soon as they get the bonus.  People who like to go on big vacations

2). Coupon cutters:  they don't carry balances either. They carry 10 cards at all time trying to get the biggest cash back they can for each purchase.  They complain about sign up bonuses because they spend such a little bit of money that they can never reach the spend.  They get a new card if they can save 2 dollars a year in a category.

3) 0 interest balance transfers.  They carry balances so they always looking for no interest.

4) People who get all the cars from one company to maximize their rewards.  Either Chase or Amex.  They will have Chase Freedom.  Chase freedom Unlimited , CSP and CSR .

5). High Credit Line People:  they don't care much about benefits or interest rates other than to brag about them.  Their goal is only to get more cards to increase their limits.  They don't need the increased limit they just want to have it to have it.

 _____________________________________________________________

I have two questions:

1.  Is frogman1 correct?  Are these the five types of people on here?  Are there other types?

2.  Which type are you?  I tend to fall into type 2, the coupon cutters.  I almost migrated into type 4, the single bank for everything, a few months ago, with Chase, but then Chase scared me with their survey of three bad alternatives to devalue or eliminate the transfer of Ultimate Rewards points from Freedom cards to Sapphire cards.

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I agree with the categories but not the characterizations. Besides the fact that the categories are not mutually exclusive, in my opinion the characterizations, especially for 1 and 2, are slanted. Most of the time, for example, the "coupon cutting" has nothing to do with one's ability to reach a spending level, but the wisdom of it. It makes no more sense to say that the so-called "coupon cutters" "can never reach" spend bonuses than to say that the so-called bonus chasers are all MSers.

In many cases, so-called coupon cutting can result in enough saving - both in terms of everyday spend and in terms of shopping for a vactation to generate better value than bonus chasing, with the usual caveat that value is highly subjective. "Coupon cutting" is also less about maximizing credit card cashback, and much more t's about getting the best bargain possible.

I think #2 would be better termed as "bargain hunters."

[Anonymous]

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@UpperNwGuy wrote:

In a thread that is now closed to new comments, frogman1 made an interesting comment:

_____________________________________________________________________________

I think once people get their scores up on here and stay a while there are five types of people on here

1). Bonus chasers:  people who don't carry balances and go from card to card and stop using the card soon as they get the bonus.  People who like to go on big vacations

2). Coupon cutters:  they don't carry balances either. They carry 10 cards at all time trying to get the biggest cash back they can for each purchase.  They complain about sign up bonuses because they spend such a little bit of money that they can never reach the spend.  They get a new card if they can save 2 dollars a year in a category.

3) 0 interest balance transfers.  They carry balances so they always looking for no interest.

4) People who get all the cars from one company to maximize their rewards.  Either Chase or Amex.  They will have Chase Freedom.  Chase freedom Unlimited , CSP and CSR .

5). High Credit Line People:  they don't care much about benefits or interest rates other than to brag about them.  Their goal is only to get more cards to increase their limits.  They don't need the increased limit they just want to have it to have it.

 _____________________________________________________________

I have two questions:

1.  Is frogman1 correct?  Are these the five types of people on here?  Are there other types?

2.  Which type are you?  I tend to fall into type 2, the coupon cutters.  I almost migrated into type 4, the single bank for everything, a few months ago, with Chase, but then Chase scared me with their survey of three bad alternatives to devalue or eliminate the transfer of Ultimate Rewards points from Freedom cards to Sapphire cards.

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I fall into an until now unmentioned category I am a transactor.