@KJinNC wrote:This is going to sound weird, but I literally use my signature on this board as a reminder. I look at it and check my cards one by one if I don't have a fresh memory of their current status. I do this every couple of weeks. It is the hidden reason I have them in my signature ...
I'm also in a mode of not wanting to add more cards, to simplify this process. I closed my Apple Card today ... I may close my Harley card after its one-year anniverary ... I was on the verge of closing my PPMC ... I recently closed my Amazon Store Card. I am a bit nervous that a card will slip through the cracks and get like a 1-day late that doesn't affect credit but hurts my internal score.
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@redpat wrote:
... getting rid of all the other cards makes life much easier. I'd rather put my time to better use than managing cards. You don't need a lot of cards once you pick your reward ecosystem.
I don't use my signature as reminders to manage my cards but I am surprised at how helpful it is to look at when contemplating an overall strategy. Since I grew my card lineup within the past couple of years, I've come to realize that I don't really want to have a huge stable of cards to manage.
So I also appreciate the spot-on simplicity comments from @KJinNC and @redpat. I've said that part of "gardening" is not just abstaining from new credit but also can be equated to "weeding" your card garden. Getting rid of the unnecessary distractions that aren't contributing much if anything can help my focus on the cards that most matter. And it also makes my life easier. While dabbling in numerous rewards ecosystems might work for some of our members who have high overall spend, I think it's easy for the average consumer to overindulge when it comes to diversifying rewards.
@jonfive wrote:Just wondering what people are currently doing to track numerous cards.
@jonfive, I've found that having more than one card with a single lender or having cards where I have deposit accounts to check anyway makes keeping up with multiple cards much easier.
One technological innovation that I think has really helped in managing credit cards (and finances as-a-whole) is the availability of mobile apps. I have my banking/card apps saved in a single folder on the front page of my iPhone. At least a couple of times a week if not even daily, I go through each one sequentially to check on new charges, make payments, and perhaps explore other card features like OFFERS, "Just for You," or FICO scores. I find I sometimes don't log into my accounts on my computer for weeks at a time.
As far as historical analysis, I don't do anything fancy like consolidating all my personal finances in an online service like MINT or in financial software. I keep old statements to use as-needed for that. Sometimes, I have admired those in our community who track spending by card/category on a monthly basis to try to optimize rewards and think I should be more mindful. On the other hand, I prefer a more simple approach and that allows me to not have to micromanage rewards. The time spent tracking spending by category and juggling multiple cards needs to be considered when someone is doing the cost-benefit analysis when they continue to add additional cards or rewards programs.