You only spend $350 a year on "other"? Why aren't you charging groceries, insurance, etc. to that card?
Anyways, I too am curious what everyone's breakdown is. I'm still waiting on my points cards to arrive in the mail, and I've been trying to work out how to best manage them. Mine are -
Chase Sapphire Prefered 2% travel and dining
Varies between $20k-$50k/year
Chase Freedom Unlimited 3% first year, 1.5% after
Everything that isn't travel or dining will go on here, including rent. Probably $30-40k/year
After 1 year with the Chase FU card, I'll probably switch to a Citi DC 2% card or Alliant Signature 2.5% card. I'm not keen on "catergory" type rewards cards, but the Sapphire works well because I charge a TON of travel and dining expenses for work. Free points, because I get reimbursed for all those charges by my work!
Total Loan Balance: $43k / $65k
Total SL: $78k
@Green456 wrote:Just curious how everybody allocates their spending and into which credit cards.
Bank of America Cashback 3.3%:
$5,000 a year on travel
Bank of America Travel Rewards 1.65%:
$3,000 a year on Cell Phone, Internet, TV
$2000 a year on professional licenses
Citi DC 2%:
$350 a year on other
Fort Knox FCU 5% Gas card:*
$1000 a year on Gas
*To be replaced in the future*
I don't get into that kind of detail. I have 7 or 8 cards that are good for spending. And then I just alternate them throughout the month, to keep them all active.
I'm sure I leave some money on the table that way, but I just don't have the brain cells needed to pay attention all the time to categories.
Amex BCE - grocery - 3% back
Discover - Rotating 5% Catagories
Chase Amazon - Amazon 5% back
Citi DC - General Spend 2% Back
Lowe's - Home Imporvement - 5% discount or special financing
Uber Visa - dining - 4% back, Streaming - 2% back, Hotel/Airline - 3% Back
US Bank Cash + - Utilities and Cellphone - 5% back
Ducks Unlimited - Gas 5% back
Amex Cash Magnet - 0% off then it will be sock drawered
Cap One QS - Kids are Au so when they need something I am paying for they use that - 1.5% back.
At this point any new card would have to replace something I already have with better benefits, then the current card gets sock drawered. I am pretty much at the saturation point for cash back.
@Green456
I am just writing to say THANK YOU for this post. It actually made me analyze my credit cards and how I'm spending on each. I realized I am not maximizing my benefits at all (with the exception of BCP). I need to restructure for sure!
For what it's worth, here is my FUTURE plan for this. Of course, by the time I'm able to get most of these cards, I'm sure things will change, but if I could apply for them all today, here's what I'd do:
As for those who say it's too much trouble to keep track of which cards are for what, I really don't think it's that difficult. The Amazon and Lowes cards are obvious, they're for Amazon and Lowes. Sapphires (the heavy metal cards) are for travel. For Chase Ink and US Bank Cash+, I don't have to remember because they're only for autopaying bills, so they'll be sock drawered after that's set up. I'll write "gas and sporting goods stores" on my Ducks Unlimited card, and "restaurants and bars" on my Uber card with a sharpie. That only leaves the rotating category cards (I'll just stick a new post-it note on each one quarterly), and the "everything else" cards that will be easy to remember because I'll be using them daily for, well, everything else.
Anyways, all those cards would be worth 207,000 sign up bonus points, and only add up to $249 in annual fees ($344 if I don't cancel the Sapphire Preferred after getting the Reserve).
I travel a TON (mostly for work), so these cards are kind of tailored to my lifestyle, your mileage may vary.