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Same. Wish I could cut down to 5 cards or less but I like the cards I have and can't make myself lose the chance to earn 5% or 0.5%-1% more to get rid of the cards or to at least SD them. I'm even planning on adding to them for BoA BBR card.
Blispay/Fidelity/Citi DC/NavyFed cash rewards
Freedom/Discover/Citi Dividend/US Bank Cash+
PenFed cash rewards (gas)
Amazon Prime Store card
Barclay Ring (SD)
Comenity Paypal (SD)
@sto0pyd wrote:@Out of curiosity, how many here use 4 - 6 cards that are actively used on a monthly basis to maximize rewards? I do, and it's getting annoying - lol. All is PIF before the statement cycles, which means you can't setup auto pay. I have PenFed for gas @ 5%, Navy FCU for dining @ 3%, Marvel for entertainment @ 3%, AMEX gold for travel @ 3%, Navy FCU - Flagship for everything else at 2%, Discover for the rotating categories @ 5%, and not to mention Amazon- Chase and Synchrony for 5%. Just curious if there are others that are as annoyingly cheap as I am I'm seriously the only one I know from my crowd... some type of validation that it's perfectly normal is greatly appreciated.
I decided several years ago that I don't have enough spare brain cells to waste on trying to remember which cards get best rewards in which categories. Also something in me resists the idea of the banks telling me which card to use where.
So I rarely think about it.
I try to use each card each month, just to keep them active.
I do target paying them off before statement cut, as a discipline to keep my "utilization" (as the term is used by FICO) down.
@minski wrote:Same. Wish I could cut down to 5 cards or less but I like the cards I have and can't make myself lose the chance to earn 5% or 0.5%-1% more to get rid of the cards or to at least SD them. I'm even planning on adding to them for BoA BBR card.
I think the BOA BBR is no-brainer for most of us. You just do a little bit of set up work on the front end (a recurring charge, autopay in full, etc.) and BOA pays you $120 a year every year tax free. That's a nice deal.
PS. When somebody has loads of junk cards cutting down can make sense, but you only have six cards. Given that you really like all six it makes sense to keep them open. There's no scoring drawback with having 8, 12, even 20 credit cards and a number of advantages in the long term (over having 1-4 cards, say)..
@Anonymous wrote:
@minski wrote:Same. Wish I could cut down to 5 cards or less but I like the cards I have and can't make myself lose the chance to earn 5% or 0.5%-1% more to get rid of the cards or to at least SD them. I'm even planning on adding to them for BoA BBR card.
I think the BOA BBR is no-brainer for most of us. You just do a little bit of set up work on the front end (a recurring charge, autopay in full, etc.) and BOA pays you $120 a year every year tax free. That's a nice deal.
PS. When somebody has loads of junk cards cutting down can make sense, but you only have six cards. Given that you really like all six it makes sense to keep them open. There's no scoring drawback with having 8, 12, even 20 credit cards and a number of advantages in the long term (over having 1-4 cards, say)..
Wow, you are devilish
I'm sure BOA never intended the card to be used that way.
It may be a 'no brainer' for you but it would have taken me about a thousand years to think of that.
Hi SJ. I think I just adopted the idea from other folks. I must have read about it at DoC or some other site that had someone giving a review of the BBR card.
Actually I kinda got on the BBR bandwagon late in the game. By the time I got my BBR card BOA was making it really hard to do a PC to it. Other people by that time had multiple BBRs running -- and likely still do. Like four or five. Five BBRs, each with some recurring purchase you can really use, is $600 tax-free each year possibly for the next 10 or 20 years.. Sweet.
@Anonymous wrote:Hi SJ. I think I just adopted the idea from other folks. I must have read about it at DoC or some other site that had someone giving a review of the BBR card.
Actually I kinda got on the BBR bandwagon late in the game. By the time I got my BBR card BOA was making it really hard to do a PC to it. Other people by that time had multiple BBRs running -- and likely still do. Like four or five. Five BBRs, each with some recurring purchase you can really use, is $600 tax-free each year possibly for the next 10 or 20 years.. Sweet.
So people who don't like BOA for political and other reasons have the wrong idea? Instead of boycotting it, they should take out multiple BBR cards?
LOL... I guess so! Actually I like BOA very much. I might like them less if they were not so eager to give me money.
They are really good about offering no-annual-fee cards with $200 signup bonsues and only a $500 minimum spend. That's in essence a 40% cashback card (and then you get 3% on top of that, so it's more like a 43% cashback card. I got four of those last year. Minimum spend can be a hassle for me since (as you know) I am legendary for keeping my spending low, but even I can handle $500.
They also offered another nice no-annual-fee last year with a higher min spend but a $500 bonus. I got that as well.
And then I have my $120 a year from my BBR.
I have had to stop opening any new CCs for the next eight months (I stopped back in Feb) since it looks like I may be finally buying a house. All the new accounts have spanked my mortgage scores, though my middle score is about 780 -- so as long as I wait until after I own a house to open any more I should be fine.
@Anonymous wrote:LOL... I guess so! Actually I like BOA very much. I might like them less if they were not so eager to give me money.
They are really good about offering no-annual-fee cards with $200 signup bonsues and only a $500 minimum spend. That's in essence a 40% cashback card (and then you get 3% on top of that, so it's more like a 43% cashback card. I got four of those last year. Minimum spend can be a hassle for me since (as you know) I am legendary for keeping my spending low, but even I can handle $500.
They also offered another nice no-annual-fee last year with a higher min spend but a $500 bonus. I got that as well.
And then I have my $120 a year from my BBR.
I have had to stop opening any new CCs for the next eight months (I stopped back in Feb) since it looks like I may be finally buying a house. All the new accounts have spanked my mortgage scores, though my middle score is about 780 -- so as long as I wait until after I own a house to open any more I should be fine.
How do you know what your mortgage scores are, without subscribing to MyFICO's paid services?