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What do you all think of my credit card usage plan?

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Contributor

What do you all think of my credit card usage plan?

This is how I'm thinking of using my credit cards, what do you all think? I prefer to only hold three cards on me at all times, if you know any better deals let me know!

 

Rotating: Discover It

Vacations: Chase Sapphire Reserve

Everything else/Grocery:      

  • Bankamericard             1.1%/2.2%     = $92 (assuming I'll be a BOA checking customer)
  • Blue Cash Preferred    1.0%/6.0%    = $85.0 (minus $95 annual fee)
  • Quicksilver                     1.5%               = $90
  • Citi Double Cash          2.0%               = $120 (seems like the best deal, worth it?)

*Based on spending about $3600 in everthing else and $2400 on groceries

 

Cards that I leave locked up somewhere:

Gas: Fort Knox Credit Union Platinum Visa

Amazon: Amazon Store Card

Uber: Capital One (My first credit card, need to use it for something)








Message 1 of 11
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Regular Contributor

Re: What do you all think of my credit card usage plan?

Don't forget about the $100 bonus with the quicksilver. You would have to spend 20K with double cash first year to beat QS. I went for quicksilver first. Double cash took multiple recons and was difficult to get too. Sounds like you already have both though.


Message 2 of 11
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Contributor

Re: What do you all think of my credit card usage plan?

Yep I already have the quicksilver, and I don't Citi Double Cash yet, I'm hoping to use these cards for very very long term use. 








Message 3 of 11
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Frequent Contributor

Re: What do you all think of my credit card usage plan?

Don't miss out on this quarter's 5% cash back on Uber with Disocver just to make use of your Capital One card. CO will let a card go unused for a long time before cancelling it.

Starting Score: EQ: 478 | EX: 499 | TU: 534 Current Score:EQ: 759 | EX: 805 | TU: 830 Goal Score: 800
Message 4 of 11
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Contributor

Re: What do you all think of my credit card usage plan?

Thanks! I'll only be using Cap 1 for Uber when Discover doesn't have it. But I won't be getting the Discover for a few more months so I'm sol in the meantime.








Message 5 of 11
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Mega Contributor

Re: What do you all think of my credit card usage plan?


@--Programs-- wrote:

Yep I already have the quicksilver, and I don't Citi Double Cash yet, I'm hoping to use these cards for very very long term use. 


Each to their own etc, but planning for very long term use (and especially very very long term!) doesn't always make a whole lot of sense.   The environment is somewhat dynamic

 

1) Cards get nerfed

2) New cards come along

3) Your needs change

 

so IMO starting out with "This card is a keeper" may make it harder to realize the time has come for a change.   I would reevaluate a cc portfolio at least as often as considering if you need a new phone or computer.

Message 6 of 11
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Super Contributor

Re: What do you all think of my credit card usage plan?

So you don't have the Discover yet? 

Dont have a Freedom with the 5 UR categories?

 

The CSR, with minimum 1.5c redemption rate makes those UR points look pretty good. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
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Message 7 of 11
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Contributor

Re: What do you all think of my credit card usage plan?


@longtimelurker wrote:

@--Programs-- wrote:

Yep I already have the quicksilver, and I don't Citi Double Cash yet, I'm hoping to use these cards for very very long term use. 


Each to their own etc, but planning for very long term use (and especially very very long term!) doesn't always make a whole lot of sense.   The environment is somewhat dynamic

 

1) Cards get nerfed

2) New cards come along

3) Your needs change

 

so IMO starting out with "This card is a keeper" may make it harder to realize the time has come for a change.   I would reevaluate a cc portfolio at least as often as considering if you need a new phone or computer.


As often as I need a new phone? Mine is almost four years old now lol, but still I see your point. What I ultimately mean is I don't get new cards, or care to very often, so I'm hoping these are the best in their categories atm.








Message 8 of 11
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Mega Contributor

Re: What do you all think of my credit card usage plan?

If groceries are $2,400 a year, the BCE is probably a little better than the BCP.

 

BCE earns $72, BCP earns $144 - $95 = $49.   Since you have a better gas card, the difference there doesn't matter, so it's whether the extra 1% on "select department stores" is significant (needs $2300 spending there)

Message 9 of 11
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Established Contributor

Re: What do you all think of my credit card usage plan?

For me using more than three cards is too much of a pain. On top of that it takes too long to accumulate any substantial rewards. I always carry the three most useful cards on me, keep the rest in the sock drawer.
Message 10 of 11
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