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The “one of each” strategy?

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Community Leader
Senior Contributor

The “one of each” strategy?

I’ve heard several people say they feel like it’s important to have a card from each of the major networks—Amex, Disco, MC, and Visa. My OCD self can totally understand, but I’m curious about what you all think. Is there really something to this?
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43 REPLIES 43
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Super Contributor

Re: The “one of each” strategy?

I think it’s definitely important to have one of each network. There are places that only accept certain networks so at a minimum I would have a VISA and MasterCard but it doesn’t hurt to have an Amex and Disco too. 




Message 2 of 44
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Established Contributor

Re: The “one of each” strategy?

I've seen special promotions like "save $10 off $50 purchase using your Mastercard" so that's enough reason for me! Smiley LOL


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Future Goal Cards: US Bank Cash +, Citi Double Cash, Discover It, BoA Cash Rewards, USAA Cashback Rewards Plus Amex
Message 3 of 44
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Super Contributor

Re: The “one of each” strategy?

I think the case for "needing" a Discover is pretty weak unless a person travels to China and Japan and needs UnionPay/JCB network support.

 


@Saeren wrote:

I think it’s definitely important to have one of each network. There are places that only accept certain networks so at a minimum I would have a VISA and MasterCard but it doesn’t hurt to have an Amex and Disco too. 


I don't see the appeal of the NFCU Amex. It's the inconvenience of the Amex network (lower acceptance) but without the special protections and features of Amex-issued cards.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 4 of 44
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Super Contributor

Re: The “one of each” strategy?


@wasCB14 wrote:

I think the case for "needing" a Discover is pretty weak unless a person travels to China and Japan and needs UnionPay/JCB network support.

 


@Saeren wrote:

I think it’s definitely important to have one of each network. There are places that only accept certain networks so at a minimum I would have a VISA and MasterCard but it doesn’t hurt to have an Amex and Disco too. 


I don't see the appeal of the NFCU Amex. It's the inconvenience of the Amex network (lower acceptance) but without the special protections and features of Amex-issued cards.


It has all of the special protections and features of Amex-issued cards. 

 

https://www.americanexpress.com/us/network/navyfederal/morerewards/cardbenefits.html

 

I got it because I wanted a grocery spend card but if I get the Cash+ later this year, Cash+ will take over my BBVA’s category spend so I’ll make the BBVA my grocery card - if I don’t get the Cash+, I’ll go for the Bank of the West card. I don’t really like the minimum redemption on the More Rewards so I would rather either merge it with my Platinum or close it and open a new cashRewards for the SUB then get a Cash Magnet for a real Amex card. 




Message 5 of 44
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Senior Contributor

Re: The “one of each” strategy?


@pinkandgrey wrote:
I’ve heard several people say they feel like it’s important to have a card from each of the major networks—Amex, Disco, MC, and Visa. My OCD self can totally understand, but I’m curious about what you all think. Is there really something to this?
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I don't know that you need all 4, but I think that you definatly need more than one in case one network goes down.   That being said  in the 30 years I spent in retail when Credit Cards were down it was almost always a store problem vs a card network problem. 


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Message 6 of 44
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Moderator

Re: The “one of each” strategy?

There's been previous similar discussions on this topic. Anything ranging from AmEx vs Discover, MC vs Visa, versatility/alternate back-up, benefits coverage/protections, global acceptance, etc. Below is a list of those discussions:

https://ficoforums.myfico.com/t5/Credit-Cards/Any-difference-in-network-besides-acceptance/m-p/52333...

https://ficoforums.myfico.com/t5/Credit-Cards/There-can-be-difference-in-Payments-Networks/m-p/52615...

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-4-payment-systems/m-p/5045232
Message 7 of 44
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Valued Contributor

Re: The “one of each” strategy?

Makes me feel better.  

 

Have been in places that required a certain pay.

 

Sams, Costco, hair dresser, out of country, etc.

 

Makes me feel better to have the big four in my wallet:  MC, Visa, Amex, Discover.

 

I am lucky to have large limits on MC, Visa, and Discover also and DW has large limit on Amex.

 

I also carry $100 on me, $100 in my wallet, and $100 in each car in cash in small bills.

 

Never really have to worry about a weird situation popping up.

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship & Syncrony






Message 8 of 44
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Super Contributor

Re: The “one of each” strategy?


@Saeren wrote:


It has all of the special protections and features of Amex-issued cards. 

 

https://www.americanexpress.com/us/network/navyfederal/morerewards/cardbenefits.html

 

I got it because I wanted a grocery spend card but if I get the Cash+ later this year, Cash+ will take over my BBVA’s category spend so I’ll make the BBVA my grocery card - if I don’t get the Cash+, I’ll go for the Bank of the West card. I don’t really like the minimum redemption on the More Rewards so I would rather either merge it with my Platinum or close it and open a new cashRewards for the SUB then get a Cash Magnet for a real Amex card. 


Compare the extended warranty terms.  NFCU Amex cards get up to one extra year, but Amex-issued cards get up to two extra years.

 

Delta Blue and the other five Amex-issued cards I checked:

https://www.americanexpress.com/us/credit-cards/card/delta-blue/?eep=25330

Did Your Warranty Run Out?♦︎

Why is it that as soon as a manufacturer's warranty runs out, something always seems to happen? When you use your American Express® Card for eligible purchases, you can get up to two extra years* added to the original manufacturer's warranty. Applies to warranties of 5 years or less. Please read important exclusions and restrictions.

 

NFCU (from your link):

Extends the terms of original manufacturers' warranties (of five years or less) on a covered product purchased entirely with the Card for a period of time equal to the duration of the original manufacturer's warranty, up to one additional year, on products purchased in the United States.

 

Or maybe you're right and your link is just out of date.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 9 of 44
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Regular Contributor

Re: The “one of each” strategy?

Where I live you have Costco on one side of the street, and Smith's on the other side.

 

On a related note, I carry a thin wallet with 3 credit card slots. The thought of carrying a fourth card distresses me, but I'd like to get my own M/C account at some point. Not sure how I'll manage it.

Sep 2020: EQ 713, EX 711, TU 709 (Mar 2017: 550's)
Message 10 of 44
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