What's Your Credit Card Rewards Strategy?

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VictoriaF
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Re: What's Your Credit Card Rewards Strategy?

Post by VictoriaF » Tue May 23, 2017 10:18 pm

protagonist wrote:
VictoriaF wrote:
Bfwolf wrote:
Barefootgirl wrote:I am seeing mixed reports on the Chase IHG Card:

https://creditcards.chase.com/a1/ihg/ih ... MasterCard

Do any of you know for sure whether this one counts toward. 5/24?

Thanks
Yes it will count toward 5/24. You will not be rejected by it if you are over 5/24 though.

I have the card and recommend it. The intro bonus isn't great but the annual free night for $49 is very good value.

This is an old link but I think you can still get 80K points by calling in but not the $50 offer anymore. Flyertalk would have more info on that.

http://frequentmiler.boardingarea.com/2 ... s-plus-50/
I had the Chase IHG card and cancelled it when the annual fee was due. Do you know how soon I could re-apply for it?

Right now I have over 100k IHG points and I am slowly draining them by using 15k points for 1-night stays at the Prague airport for the convenience of getting the next day morning flight.

Victoria
I think the IHG card is def. worth keeping.
Annual fee is only $49/month.
Last year I stayed at the London Intercontinental free.
This year I am staying in a similar very expensive property free in Dublin.
IMHO, it is the best of the hotel cards to keep, given the low annual fee and ease of finding rooms.
When I was canceling IHG I thought it was not worth the annual fee. Ironically, as soon as I cancelled it, I started using IHG quite actively. I hope I could get it again in a couple years.

Victoria
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SRenaeP
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Re: What's Your Credit Card Rewards Strategy?

Post by SRenaeP » Wed May 24, 2017 9:09 am

VictoriaF wrote:
SRenaeP wrote:That said, I'm currently above 5/24 and already have a CSR which I plan to cancel by the end of the year before the next annual fee comes due.

-Steph
Steph,

Before you cancel a CSR ensure that you have another Chase card to hold and transfer URs.

Victoria
I have a Chase Freedom that I will transfer any URs to before I cancel. DH has a CSR that he's going to cancel too. IIRC, he can transfer to it as well.

-Steph

Barefootgirl
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Re: What's Your Credit Card Rewards Strategy?

Post by Barefootgirl » Wed May 24, 2017 9:15 am

Starwood Amex up for annual renewal @ $95.

I rarely stay at Starwood properties and I believe staying is the only way to earn these points.

Any creative strategies to justify keeping and paying the AF? I tried to get it waived, they refused. oh well.

Thanks
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.

Jags4186
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Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 » Wed May 24, 2017 9:42 am

Barefootgirl wrote:Starwood Amex up for annual renewal @ $95.

I rarely stay at Starwood properties and I believe staying is the only way to earn these points.

Any creative strategies to justify keeping and paying the AF? I tried to get it waived, they refused. oh well.

Thanks
You can ask for points instead of a AF refund but when I called they told me to cancel it since it apparently didn't meet my needs. Your points are in your SPG account so there's nothing to lose by cancelling.

millionsofpennies
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Re: What's Your Credit Card Rewards Strategy?

Post by millionsofpennies » Wed May 24, 2017 11:11 am

Perhaps I should have created my own post, but I have a large purchase coming up ($10,000 +) and I would like to take advantage of introductory offers.

I see that the Wells Fargo Cash Wise Visa has $200 cash back for spending $1,000 and 1.5% cash back. Would you recommend something else?

How many different credit cards would one usually be able to open at once in order to take advantage of the intro offers? My score is about 815.

lakpr
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Re: What's Your Credit Card Rewards Strategy?

Post by lakpr » Wed May 24, 2017 11:55 am

millionsofpennies wrote:I have a large purchase coming up ($10,000 +) ......

Would you recommend something else?
.......
My score is about 815.
I recommend Chase Sapphire Preferred or Chase Sapphire Reserve cards assuming you don't already have them and you don't have more than 5 new cards in the past 24 months

Both give you 50,000 UR points for a $4K spend within 90 days. That can be exchanged for $500 in cash in addition to 1% back on purchases in UR points that can also be exchanged for cash

Chase Sapphire Preferred does not have annual fee for the first year.

Chase Sapphire Reserve does not waive the annual fee of $450 and has to be paid upfront; but if you have ANY kind of travel expenses that can be split or incurred up to $300 this year and another $300 next year prior to annual fee renewal, you will win another $150 that way.

You can apply for both with your projected $10,000 expense. Then cancel next year after collecting the bonuses

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willthrill81
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Re: What's Your Credit Card Rewards Strategy?

Post by willthrill81 » Wed May 24, 2017 11:59 am

millionsofpennies wrote:Perhaps I should have created my own post, but I have a large purchase coming up ($10,000 +) and I would like to take advantage of introductory offers.

I see that the Wells Fargo Cash Wise Visa has $200 cash back for spending $1,000 and 1.5% cash back. Would you recommend something else?

How many different credit cards would one usually be able to open at once in order to take advantage of the intro offers? My score is about 815.
I suggest that you go to http://www.thepointsguy.com to see the various strategies out there for maximizing credit card offers.

Personally, I would recommend starting with Chase. This is for two reasons: they have some of the best signup bonuses out there, and they won't issue you a card (except maybe under rare conditions) if you have opened five or more credit accounts with anyone in the last 24 months. So if you're thinking about starting a 'credit card burn strategy' where you'll be cycling through many credit cards for signup bonuses (I'm doing that now), you should start with Chase.

Other credit card issuers are generally much more receptive to you opening new accounts. Most credit card issuers only look at your credit score, so they don't care if you've opened 20 new credit cards in the last year as long as your credit score is high enough. It's true that opening a new account will very slightly ding your credit score (no more than a few points for 24 months before they are removed from your credit report), but with a score as high as yours, it doesn't matter. As long as you're above around 750ish, then you're fine. Most credit card issuers only look at your credit score, so they don't care if you've opened 20 new credit cards in the last year.

Right now, we're taking out about one or two new credit cards every month. Most of them offer $150-$300 for spending $500-$2,000 on the card, but some are far better. With the Chase Sapphire Preferred card, you must spend $4,000 in 90 days, but you get $625 worth of travel money by booking through the Ultimate Rewards site. Because of the 5/24 rule above, I can't get that card, but I just took out a Barclays card that has a $525 bonus when you spend $3,000 in 90 days.

Pay close attention to credit card offers you receive in the mail. They are often 'targeted' to people the issuers think will be good customers, and their signup bonuses can be better than what is available to the general public.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

BeneIRA
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Re: What's Your Credit Card Rewards Strategy?

Post by BeneIRA » Wed May 24, 2017 1:46 pm

SRenaeP wrote:
VictoriaF wrote:
SRenaeP wrote:That said, I'm currently above 5/24 and already have a CSR which I plan to cancel by the end of the year before the next annual fee comes due.

-Steph
Steph,

Before you cancel a CSR ensure that you have another Chase card to hold and transfer URs.

Victoria
I have a Chase Freedom that I will transfer any URs to before I cancel. DH has a CSR that he's going to cancel too. IIRC, he can transfer to it as well.

-Steph
You can downgrade to another Freedom to have two. Some categories, such as this quarter's, are easy to hit the $3,000.
Barefootgirl wrote:Starwood Amex up for annual renewal @ $95.

I rarely stay at Starwood properties and I believe staying is the only way to earn these points.

Any creative strategies to justify keeping and paying the AF? I tried to get it waived, they refused. oh well.

Thanks
Wait until the annual fee posts, wait a day, then call. They will hopefully have an offer for you.

Bfwolf
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Re: What's Your Credit Card Rewards Strategy?

Post by Bfwolf » Wed May 24, 2017 8:31 pm

lakpr wrote:
millionsofpennies wrote:I have a large purchase coming up ($10,000 +) ......

Would you recommend something else?
.......
My score is about 815.
I recommend Chase Sapphire Preferred or Chase Sapphire Reserve cards assuming you don't already have them and you don't have more than 5 new cards in the past 24 months

Both give you 50,000 UR points for a $4K spend within 90 days. That can be exchanged for $500 in cash in addition to 1% back on purchases in UR points that can also be exchanged for cash

Chase Sapphire Preferred does not have annual fee for the first year.

Chase Sapphire Reserve does not waive the annual fee of $450 and has to be paid upfront; but if you have ANY kind of travel expenses that can be split or incurred up to $300 this year and another $300 next year prior to annual fee renewal, you will win another $150 that way.

You can apply for both with your projected $10,000 expense. Then cancel next year after collecting the bonuses
Chase Sapphire Preferred: yes.

Sapphire Reserve: I wouldn't. At 100K bonus it was a great deal. At 50K it's just OK. It may go up again in the future.

I'd look at the Chase Ink Preferred card next if you feel comfortable saying you have your own business.

Keep in mind spouses can get in on this too.

Andymoler58
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Re: What's Your Credit Card Rewards Strategy?

Post by Andymoler58 » Wed May 24, 2017 10:55 pm

I churn em and burn em. I have no loyalty to any credit card company.

I've racked up over 3k in rewards so far this year and it's financing my trip to Europe this summer.

I think i've been blacklisted for new cards but it was worth it.

adptnt
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Re: What's Your Credit Card Rewards Strategy?

Post by adptnt » Thu May 25, 2017 6:27 am

lakpr wrote:
millionsofpennies wrote:I have a large purchase coming up ($10,000 +) ......

Would you recommend something else?
.......
My score is about 815.
I recommend Chase Sapphire Preferred or Chase Sapphire Reserve cards assuming you don't already have them and you don't have more than 5 new cards in the past 24 months

Both give you 50,000 UR points for a $4K spend within 90 days. That can be exchanged for $500 in cash in addition to 1% back on purchases in UR points that can also be exchanged for cash

Chase Sapphire Preferred does not have annual fee for the first year.

Chase Sapphire Reserve does not waive the annual fee of $450 and has to be paid upfront; but if you have ANY kind of travel expenses that can be split or incurred up to $300 this year and another $300 next year prior to annual fee renewal, you will win another $150 that way.

You can apply for both with your projected $10,000 expense. Then cancel next year after collecting the bonuses
Chase has done away with the double dipping on the $300 travel credit. New applicants are only eligible to receive the credit on a membership year basis vs a calendar year basis. See link - http://onemileatatime.boardingarea.com/ ... t-changes/

Drew777
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Re: What's Your Credit Card Rewards Strategy?

Post by Drew777 » Thu May 25, 2017 9:53 am

Andymoler58 wrote:I churn em and burn em. I have no loyalty to any credit card company.

I've racked up over 3k in rewards so far this year and it's financing my trip to Europe this summer.

I think i've been blacklisted for new cards but it was worth it.
I doubt you've been blacklisted, you may just need to cool off from new inquiries for a little bit. I know plenty of people who have been doing it for over a decade and are still going strong.

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willthrill81
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Re: What's Your Credit Card Rewards Strategy?

Post by willthrill81 » Thu May 25, 2017 10:00 am

Drew777 wrote:
Andymoler58 wrote:I churn em and burn em. I have no loyalty to any credit card company.

I've racked up over 3k in rewards so far this year and it's financing my trip to Europe this summer.

I think i've been blacklisted for new cards but it was worth it.
I doubt you've been blacklisted, you may just need to cool off from new inquiries for a little bit. I know plenty of people who have been doing it for over a decade and are still going strong.
Precisely. As long your credit score is high enough, even the number of new accounts and inquiries won't hurt you (apart from Chase's very troublesome 5/24 rule). I've taken out 8 new accounts in the last two years, and this year alone, I'll probably wind up taking out around 12-15.

I'm also starting to churn and burn savings and money market accounts for sign up bonuses. It sure beats the 1% interest you get by letting your money just sit there!
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

munemaker
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Re: What's Your Credit Card Rewards Strategy?

Post by munemaker » Thu May 25, 2017 11:14 am

Drew777 wrote:
Andymoler58 wrote:I churn em and burn em. I have no loyalty to any credit card company.

I've racked up over 3k in rewards so far this year and it's financing my trip to Europe this summer.

I think i've been blacklisted for new cards but it was worth it.
I doubt you've been blacklisted, you may just need to cool off from new inquiries for a little bit. I know plenty of people who have been doing it for over a decade and are still going strong.
Aside from new inquiries, the other thing that can hurt you in applying for new cards is if your combined credit limit is too high. I noticed when the combined credit limits of all my cards gets over $225,000-$250,000 or so, I get denied on new cards. If you still have a lot of cards open, try closing some you don't use. It might help.

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Re: What's Your Credit Card Rewards Strategy?

Post by giesen5 » Thu May 25, 2017 1:10 pm

New business card out: AmEx Blue Business Plus

20,000 sign up miles after $3000 spend in 3 months
2x on ALL purchases per year, up to $50k
NO FEE

Looks like a great non-bonus spend card. The question out there is it a new Blue business card or an extension of the old Blue. I got the Blue business card this year for the 10x restaurant for 6 months and 2x for first year spend. Thinking I am not eligible for the bonus, but not sure yet. Will be a good card to PC to when the year is up, though.

https://www262.americanexpress.com/appl ... RTV=10XLTO

Edit: It seems the 20,000 miles is only through affiliate links.
Last edited by giesen5 on Thu May 25, 2017 1:56 pm, edited 1 time in total.

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flamesabers
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Re: What's Your Credit Card Rewards Strategy?

Post by flamesabers » Thu May 25, 2017 1:38 pm

munemaker wrote:
Drew777 wrote:
Andymoler58 wrote:I churn em and burn em. I have no loyalty to any credit card company.

I've racked up over 3k in rewards so far this year and it's financing my trip to Europe this summer.

I think i've been blacklisted for new cards but it was worth it.
I doubt you've been blacklisted, you may just need to cool off from new inquiries for a little bit. I know plenty of people who have been doing it for over a decade and are still going strong.
Aside from new inquiries, the other thing that can hurt you in applying for new cards is if your combined credit limit is too high. I noticed when the combined credit limits of all my cards gets over $225,000-$250,000 or so, I get denied on new cards. If you still have a lot of cards open, try closing some you don't use. It might help.
An alternative to closing your cards I think would be lowering the credit limit on the cards you never use. So long as your credit utilization rate is minimal, I don't think there is a good reason to get a limit of $10k+ on a card you're keeping in the drawer and only using to make a small annual purchase to keep the card active.

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Re: What's Your Credit Card Rewards Strategy?

Post by travellight » Thu May 25, 2017 3:34 pm

munemaker wrote:
Drew777 wrote:
Andymoler58 wrote:I churn em and burn em. I have no loyalty to any credit card company.

I've racked up over 3k in rewards so far this year and it's financing my trip to Europe this summer.

I think i've been blacklisted for new cards but it was worth it.
I doubt you've been blacklisted, you may just need to cool off from new inquiries for a little bit. I know plenty of people who have been doing it for over a decade and are still going strong.
Aside from new inquiries, the other thing that can hurt you in applying for new cards is if your combined credit limit is too high. I noticed when the combined credit limits of all my cards gets over $225,000-$250,000 or so, I get denied on new cards. If you still have a lot of cards open, try closing some you don't use. It might help.
Wow, this is news to me!

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Re: What's Your Credit Card Rewards Strategy?

Post by sharpjm » Thu May 25, 2017 4:18 pm

munemaker wrote:
Drew777 wrote:
Andymoler58 wrote:I churn em and burn em. I have no loyalty to any credit card company.

I've racked up over 3k in rewards so far this year and it's financing my trip to Europe this summer.

I think i've been blacklisted for new cards but it was worth it.
I doubt you've been blacklisted, you may just need to cool off from new inquiries for a little bit. I know plenty of people who have been doing it for over a decade and are still going strong.
Aside from new inquiries, the other thing that can hurt you in applying for new cards is if your combined credit limit is too high. I noticed when the combined credit limits of all my cards gets over $225,000-$250,000 or so, I get denied on new cards. If you still have a lot of cards open, try closing some you don't use. It might help.
This is not good advice at all. Most banks don't care how much credit other banks have extended you. Most banks do care how much credit they have extended you. As an example, Chase will typically stop extending more credit to folks once you have reached a CL around 50% of income with Chase. And you should absolutely not close a card to reduce credit limit. Just lower the credit limit on the card, many banks will let you have limits as low as $500 and some even lower.

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corwin
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Re: What's Your Credit Card Rewards Strategy?

Post by corwin » Thu May 25, 2017 4:58 pm

I took the plunge today for the MileagePlus Explorer card. I couldn't pass up the 75K miles. Will come in handy for trip to AU/NZ. The annual fee is $99 but it should save bag fees totaling more than that each year.

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willthrill81
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Re: What's Your Credit Card Rewards Strategy?

Post by willthrill81 » Thu May 25, 2017 5:05 pm

corwin wrote:I took the plunge today for the MileagePlus Explorer card. I couldn't pass up the 75K miles. Will come in handy for trip to AU/NZ. The annual fee is $99 but it should save bag fees totaling more than that each year.
I'm only seeing 50k miles for $3k of spend, 5k for adding an auth. user, and another 10k for $25k spend (wow that's a lot for one card).
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

Jags4186
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Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 » Thu May 25, 2017 5:13 pm

willthrill81 wrote:
corwin wrote:I took the plunge today for the MileagePlus Explorer card. I couldn't pass up the 75K miles. Will come in handy for trip to AU/NZ. The annual fee is $99 but it should save bag fees totaling more than that each year.
I'm only seeing 50k miles for $3k of spend, 5k for adding an auth. user, and another 10k for $25k spend (wow that's a lot for one card).
It's a targeted offer.

FYI there's a great new AMEX card Blue Business Plus which comes with a 20k MR after $3000 spend and 2x MR on the first $50,000 in purchases a year. These are fully transferable points as well. And no annual fee! Hands down the very best nonbonused spend card on the market.

You don't need a business to apply, make up a company name, use your social security number, and say you have $0 revenue. I was instantly approved and they didn't even pull my credit (AMEX hasn't been pulling credit on current customers randomly...I won!)

fareastwarriors
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Re: What's Your Credit Card Rewards Strategy?

Post by fareastwarriors » Thu May 25, 2017 5:42 pm

Jags4186 wrote:
willthrill81 wrote:
corwin wrote:I took the plunge today for the MileagePlus Explorer card. I couldn't pass up the 75K miles. Will come in handy for trip to AU/NZ. The annual fee is $99 but it should save bag fees totaling more than that each year.
I'm only seeing 50k miles for $3k of spend, 5k for adding an auth. user, and another 10k for $25k spend (wow that's a lot for one card).
It's a targeted offer.

FYI there's a great new AMEX card Blue Business Plus which comes with a 20k MR after $3000 spend and 2x MR on the first $50,000 in purchases a year. These are fully transferable points as well. And no annual fee! Hands down the very best nonbonused spend card on the market.

You don't need a business to apply, make up a company name, use your social security number, and say you have $0 revenue. I was instantly approved and they didn't even pull my credit (AMEX hasn't been pulling credit on current customers randomly...I won!)
Did you get that in email or actual mail?

munemaker
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Re: What's Your Credit Card Rewards Strategy?

Post by munemaker » Thu May 25, 2017 5:48 pm

sharpjm wrote:
munemaker wrote:
Drew777 wrote:
Andymoler58 wrote:I churn em and burn em. I have no loyalty to any credit card company.

I've racked up over 3k in rewards so far this year and it's financing my trip to Europe this summer.

I think i've been blacklisted for new cards but it was worth it.
I doubt you've been blacklisted, you may just need to cool off from new inquiries for a little bit. I know plenty of people who have been doing it for over a decade and are still going strong.
Aside from new inquiries, the other thing that can hurt you in applying for new cards is if your combined credit limit is too high. I noticed when the combined credit limits of all my cards gets over $225,000-$250,000 or so, I get denied on new cards. If you still have a lot of cards open, try closing some you don't use. It might help.
This is not good advice at all. Most banks don't care how much credit other banks have extended you. Most banks do care how much credit they have extended you. As an example, Chase will typically stop extending more credit to folks once you have reached a CL around 50% of income with Chase. And you should absolutely not close a card to reduce credit limit. Just lower the credit limit on the card, many banks will let you have limits as low as $500 and some even lower.
Think about it. As far as the potential credit card issuer knows, you could run up all your open credit lines and skip town. The issuers have a logical interest in how much open credit you have. A large amount of open credit card limits doesn't affect your credit score, but it seems it can affect the accept/decline decision.

This is anecdotal. I went for years, churning credit card after credit card. Then, with a 800+ FICO score, I was declined. I thought it was a fluke, and then I got declined again. A knowledgeable friend suggested I cancel some cards to reduce my available credit. I did, and it worked. Two years later, same situation. I cancelled a couple cards and again was accepted on new cards.

So, I am not sure this is bad advice. If you get declined with a high credit score, many open cards and open credit totalling $250K, try cancelling a few cards. I think it could help.

giesen5
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Re: What's Your Credit Card Rewards Strategy?

Post by giesen5 » Thu May 25, 2017 5:52 pm

giesen5 wrote:New business card out: AmEx Blue Business Plus

20,000 sign up miles after $3000 spend in 3 months
2x on ALL purchases per year, up to $50k
NO FEE

Looks like a great non-bonus spend card. The question out there is it a new Blue business card or an extension of the old Blue. I got the Blue business card this year for the 10x restaurant for 6 months and 2x for first year spend. Thinking I am not eligible for the bonus, but not sure yet. Will be a good card to PC to when the year is up, though.

https://www262.americanexpress.com/appl ... RTV=10XLTO

Edit: It seems the 20,000 miles is only through affiliate links.
Great write up here: http://www.doctorofcredit.com/faq-amex- ... ent-410637

Bfwolf
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Re: What's Your Credit Card Rewards Strategy?

Post by Bfwolf » Thu May 25, 2017 6:28 pm

giesen5 wrote:
giesen5 wrote:New business card out: AmEx Blue Business Plus

20,000 sign up miles after $3000 spend in 3 months
2x on ALL purchases per year, up to $50k
NO FEE

Looks like a great non-bonus spend card. The question out there is it a new Blue business card or an extension of the old Blue. I got the Blue business card this year for the 10x restaurant for 6 months and 2x for first year spend. Thinking I am not eligible for the bonus, but not sure yet. Will be a good card to PC to when the year is up, though.

https://www262.americanexpress.com/appl ... RTV=10XLTO

Edit: It seems the 20,000 miles is only through affiliate links.
Great write up here: http://www.doctorofcredit.com/faq-amex- ... ent-410637
This doesn't get me pumped up. I guess if I wasn't a credit card churner and wanted an alternative to a 2% cash back card, this would be a good one. Or if I was manufacturing spending and had so much spending that I needed to find a good card to put it on, this could be good.

But as is, my goal is to spend as close to $0 as possible that's not counting toward meeting an intro offer. Intro offers dwarf everything else so dramatically, it's not even worth my time to think about the regular points I get from a card.

And the intro offer here is below average.

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willthrill81
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Re: What's Your Credit Card Rewards Strategy?

Post by willthrill81 » Thu May 25, 2017 6:31 pm

munemaker wrote:
sharpjm wrote:
munemaker wrote:
Drew777 wrote:
Andymoler58 wrote:I churn em and burn em. I have no loyalty to any credit card company.

I've racked up over 3k in rewards so far this year and it's financing my trip to Europe this summer.

I think i've been blacklisted for new cards but it was worth it.
I doubt you've been blacklisted, you may just need to cool off from new inquiries for a little bit. I know plenty of people who have been doing it for over a decade and are still going strong.
Aside from new inquiries, the other thing that can hurt you in applying for new cards is if your combined credit limit is too high. I noticed when the combined credit limits of all my cards gets over $225,000-$250,000 or so, I get denied on new cards. If you still have a lot of cards open, try closing some you don't use. It might help.
This is not good advice at all. Most banks don't care how much credit other banks have extended you. Most banks do care how much credit they have extended you. As an example, Chase will typically stop extending more credit to folks once you have reached a CL around 50% of income with Chase. And you should absolutely not close a card to reduce credit limit. Just lower the credit limit on the card, many banks will let you have limits as low as $500 and some even lower.
Think about it. As far as the potential credit card issuer knows, you could run up all your open credit lines and skip town. The issuers have a logical interest in how much open credit you have. A large amount of open credit card limits doesn't affect your credit score, but it seems it can affect the accept/decline decision.

This is anecdotal. I went for years, churning credit card after credit card. Then, with a 800+ FICO score, I was declined. I thought it was a fluke, and then I got declined again. A knowledgeable friend suggested I cancel some cards to reduce my available credit. I did, and it worked. Two years later, same situation. I cancelled a couple cards and again was accepted on new cards.

So, I am not sure this is bad advice. If you get declined with a high credit score, many open cards and open credit totalling $250K, try cancelling a few cards. I think it could help.
Next time, try lowering the credit limit on the cards instead.

To my knowledge, no one but Chase actually looks to specifically see how many accounts you have open or how many new accounts you've had in the last 24 months.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

IngognitoUSA
Posts: 52
Joined: Sat Mar 11, 2017 7:54 am

Re: What's Your Credit Card Rewards Strategy?

Post by IngognitoUSA » Thu May 25, 2017 6:32 pm

I have churned many cards over the years. I close most cards when annual fees are about to hit. It also helps to close cards since I use them online extensively and fully expect compromised cards. Due to Chase 5x24, Amex once in lifetime bonus, and pain of manufactured spending I have stopped churning for now. Once customers acquisition become more important than cost of acquisition I expect churning to be worthwhile again.

giesen5
Posts: 267
Joined: Wed Jan 27, 2016 1:44 pm
Location: Bellingham, WA

Re: What's Your Credit Card Rewards Strategy?

Post by giesen5 » Thu May 25, 2017 6:37 pm

Bfwolf wrote:
giesen5 wrote:
giesen5 wrote:New business card out: AmEx Blue Business Plus

20,000 sign up miles after $3000 spend in 3 months
2x on ALL purchases per year, up to $50k
NO FEE

Looks like a great non-bonus spend card. The question out there is it a new Blue business card or an extension of the old Blue. I got the Blue business card this year for the 10x restaurant for 6 months and 2x for first year spend. Thinking I am not eligible for the bonus, but not sure yet. Will be a good card to PC to when the year is up, though.

https://www262.americanexpress.com/appl ... RTV=10XLTO

Edit: It seems the 20,000 miles is only through affiliate links.
Great write up here: http://www.doctorofcredit.com/faq-amex- ... ent-410637
This doesn't get me pumped up. I guess if I wasn't a credit card churner and wanted an alternative to a 2% cash back card, this would be a good one. Or if I was manufacturing spending and had so much spending that I needed to find a good card to put it on, this could be good.

But as is, my goal is to spend as close to $0 as possible that's not counting toward meeting an intro offer. Intro offers dwarf everything else so dramatically, it's not even worth my time to think about the regular points I get from a card.

And the intro offer here is below average.
I disagree, it is a great offer for a no fee card, but if you are only churning for the bonus, then I see why you would pass.

Jags4186
Posts: 1451
Joined: Wed Jun 18, 2014 7:12 pm

Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 » Thu May 25, 2017 9:44 pm

Bfwolf wrote:
giesen5 wrote:
giesen5 wrote:New business card out: AmEx Blue Business Plus

20,000 sign up miles after $3000 spend in 3 months
2x on ALL purchases per year, up to $50k
NO FEE

Looks like a great non-bonus spend card. The question out there is it a new Blue business card or an extension of the old Blue. I got the Blue business card this year for the 10x restaurant for 6 months and 2x for first year spend. Thinking I am not eligible for the bonus, but not sure yet. Will be a good card to PC to when the year is up, though.

https://www262.americanexpress.com/appl ... RTV=10XLTO

Edit: It seems the 20,000 miles is only through affiliate links.
Great write up here: http://www.doctorofcredit.com/faq-amex- ... ent-410637
This doesn't get me pumped up. I guess if I wasn't a credit card churner and wanted an alternative to a 2% cash back card, this would be a good one. Or if I was manufacturing spending and had so much spending that I needed to find a good card to put it on, this could be good.

But as is, my goal is to spend as close to $0 as possible that's not counting toward meeting an intro offer. Intro offers dwarf everything else so dramatically, it's not even worth my time to think about the regular points I get from a card.

And the intro offer here is below average.
You need a card to store your MRs as you cancel ones with annual fees. This is a great card for that--especially if you get lucky and AMEX doesn't do a hard pull for applying.

giesen5
Posts: 267
Joined: Wed Jan 27, 2016 1:44 pm
Location: Bellingham, WA

Re: What's Your Credit Card Rewards Strategy?

Post by giesen5 » Thu May 25, 2017 9:52 pm

Jags4186 wrote:
Bfwolf wrote:
giesen5 wrote:
giesen5 wrote:New business card out: AmEx Blue Business Plus

20,000 sign up miles after $3000 spend in 3 months
2x on ALL purchases per year, up to $50k
NO FEE

Looks like a great non-bonus spend card. The question out there is it a new Blue business card or an extension of the old Blue. I got the Blue business card this year for the 10x restaurant for 6 months and 2x for first year spend. Thinking I am not eligible for the bonus, but not sure yet. Will be a good card to PC to when the year is up, though.

https://www262.americanexpress.com/appl ... RTV=10XLTO

Edit: It seems the 20,000 miles is only through affiliate links.
Great write up here: http://www.doctorofcredit.com/faq-amex- ... ent-410637
This doesn't get me pumped up. I guess if I wasn't a credit card churner and wanted an alternative to a 2% cash back card, this would be a good one. Or if I was manufacturing spending and had so much spending that I needed to find a good card to put it on, this could be good.

But as is, my goal is to spend as close to $0 as possible that's not counting toward meeting an intro offer. Intro offers dwarf everything else so dramatically, it's not even worth my time to think about the regular points I get from a card.

And the intro offer here is below average.
You need a card to store your MRs as you cancel ones with annual fees. This is a great card for that--especially if you get lucky and AMEX doesn't do a hard pull for applying.
And if you just got the EDP card for $95, you can trade it out for the no fee Blue Business Plus.

Bfwolf
Posts: 1645
Joined: Thu Oct 14, 2010 11:19 am

Re: What's Your Credit Card Rewards Strategy?

Post by Bfwolf » Fri May 26, 2017 12:34 am

Jags4186 wrote:You need a card to store your MRs as you cancel ones with annual fees. This is a great card for that--especially if you get lucky and AMEX doesn't do a hard pull for applying.
This is a great point which I hadn't considered. I still don't think it's a card I'll be hopping on anytime soon for a measly 20K MRs though.

munemaker
Posts: 2201
Joined: Sat Jan 18, 2014 6:14 pm

Re: What's Your Credit Card Rewards Strategy?

Post by munemaker » Fri May 26, 2017 6:16 am

willthrill81 wrote:
munemaker wrote:
sharpjm wrote:
munemaker wrote:
Drew777 wrote:
I doubt you've been blacklisted, you may just need to cool off from new inquiries for a little bit. I know plenty of people who have been doing it for over a decade and are still going strong.
Aside from new inquiries, the other thing that can hurt you in applying for new cards is if your combined credit limit is too high. I noticed when the combined credit limits of all my cards gets over $225,000-$250,000 or so, I get denied on new cards. If you still have a lot of cards open, try closing some you don't use. It might help.
This is not good advice at all. Most banks don't care how much credit other banks have extended you. Most banks do care how much credit they have extended you. As an example, Chase will typically stop extending more credit to folks once you have reached a CL around 50% of income with Chase. And you should absolutely not close a card to reduce credit limit. Just lower the credit limit on the card, many banks will let you have limits as low as $500 and some even lower.
Think about it. As far as the potential credit card issuer knows, you could run up all your open credit lines and skip town. The issuers have a logical interest in how much open credit you have. A large amount of open credit card limits doesn't affect your credit score, but it seems it can affect the accept/decline decision.

This is anecdotal. I went for years, churning credit card after credit card. Then, with a 800+ FICO score, I was declined. I thought it was a fluke, and then I got declined again. A knowledgeable friend suggested I cancel some cards to reduce my available credit. I did, and it worked. Two years later, same situation. I cancelled a couple cards and again was accepted on new cards.

So, I am not sure this is bad advice. If you get declined with a high credit score, many open cards and open credit totalling $250K, try cancelling a few cards. I think it could help.
Next time, try lowering the credit limit on the cards instead.

To my knowledge, no one but Chase actually looks to specifically see how many accounts you have open or how many new accounts you've had in the last 24 months.
Sure, you can do that. But why not cancel cards you don't use or need? In some cases, you can apply for another one in a short period and earn another sign up bonus?

fh2000
Posts: 86
Joined: Thu Sep 02, 2010 7:18 pm

Re: What's Your Credit Card Rewards Strategy?

Post by fh2000 » Fri May 26, 2017 10:34 am

I opened the below 4 in the last 6 months:
Chase Sapphire Reserve
Chase Southwest Plus
Chase Southwest Premier
Chase Sapphire Preferred

My wife opened the below 2 in the last 6 months:
Chase Sapphire Reserve
Chase IHG Rewards

She has a Chase Amazon card and that was opened more than 2 years ago.

When my wife tried to apply for Chase Sapphire Preferred, she was rejected due to "too many cards opened". We do not have authorized user set up for any of our cards.

Does Chase look into all of our open cards combined in the same household?
Should I cancel Chase Southwest Plus and have her try again?

Mudpuppy
Posts: 5468
Joined: Sat Aug 27, 2011 2:26 am
Location: Sunny California

Re: What's Your Credit Card Rewards Strategy?

Post by Mudpuppy » Fri May 26, 2017 11:42 am

fh2000 wrote:I opened the below 4 in the last 6 months:
Chase Sapphire Reserve
Chase Southwest Plus
Chase Southwest Premier
Chase Sapphire Preferred

My wife opened the below 2 in the last 6 months:
Chase Sapphire Reserve
Chase IHG Rewards

She has a Chase Amazon card and that was opened more than 2 years ago.

When my wife tried to apply for Chase Sapphire Preferred, she was rejected due to "too many cards opened". We do not have authorized user set up for any of our cards.

Does Chase look into all of our open cards combined in the same household?
Should I cancel Chase Southwest Plus and have her try again?
It should only look at her report. If those three cards were the only cards she's opened in the past two years, she should get her credit card reports to see what is showing on them and make sure there are no mistakes or fraud occurring. Mistakes happen quite frequently, so the reports might have mixed her up with another "Mary Jane Smith" (a sign of this would be prior addresses you don't recognize). Fraud also happens quite frequently, and churners would not be using credit freezes to protect against fraud.

giesen5
Posts: 267
Joined: Wed Jan 27, 2016 1:44 pm
Location: Bellingham, WA

Re: What's Your Credit Card Rewards Strategy?

Post by giesen5 » Fri May 26, 2017 11:50 am

fh2000 wrote:I opened the below 4 in the last 6 months:
Chase Sapphire Reserve
Chase Southwest Plus
Chase Southwest Premier
Chase Sapphire Preferred

My wife opened the below 2 in the last 6 months:
Chase Sapphire Reserve
Chase IHG Rewards

She has a Chase Amazon card and that was opened more than 2 years ago.

When my wife tried to apply for Chase Sapphire Preferred, she was rejected due to "too many cards opened". We do not have authorized user set up for any of our cards.

Does Chase look into all of our open cards combined in the same household?
Should I cancel Chase Southwest Plus and have her try again?
So you are saying that she only has 3 TOTAL credit cards opened at this time? If that is the case she should not have been denied because of too many cards opened. Chase looks at other cards too, not just their own.

fh2000
Posts: 86
Joined: Thu Sep 02, 2010 7:18 pm

Re: What's Your Credit Card Rewards Strategy?

Post by fh2000 » Fri May 26, 2017 1:39 pm

giesen5 wrote:
fh2000 wrote:I opened the below 4 in the last 6 months:
Chase Sapphire Reserve
Chase Southwest Plus
Chase Southwest Premier
Chase Sapphire Preferred

My wife opened the below 2 in the last 6 months:
Chase Sapphire Reserve
Chase IHG Rewards

She has a Chase Amazon card and that was opened more than 2 years ago.

When my wife tried to apply for Chase Sapphire Preferred, she was rejected due to "too many cards opened". We do not have authorized user set up for any of our cards.

Does Chase look into all of our open cards combined in the same household?
Should I cancel Chase Southwest Plus and have her try again?
So you are saying that she only has 3 TOTAL credit cards opened at this time? If that is the case she should not have been denied because of too many cards opened. Chase looks at other cards too, not just their own.
During the last 6 months, she opened 3 from Citi bank, and 2 from America Express. But for Chase, she has 3 open at the moment.

I downloaded her credit report from annualcreditreport.com, and see those accounts. No other suspicious accounts open.

So per Chase 5/24 rule, she should still be qualified, right?

Mudpuppy
Posts: 5468
Joined: Sat Aug 27, 2011 2:26 am
Location: Sunny California

Re: What's Your Credit Card Rewards Strategy?

Post by Mudpuppy » Fri May 26, 2017 1:44 pm

fh2000 wrote:
giesen5 wrote:
fh2000 wrote:I opened the below 4 in the last 6 months:
Chase Sapphire Reserve
Chase Southwest Plus
Chase Southwest Premier
Chase Sapphire Preferred

My wife opened the below 2 in the last 6 months:
Chase Sapphire Reserve
Chase IHG Rewards

She has a Chase Amazon card and that was opened more than 2 years ago.

When my wife tried to apply for Chase Sapphire Preferred, she was rejected due to "too many cards opened". We do not have authorized user set up for any of our cards.

Does Chase look into all of our open cards combined in the same household?
Should I cancel Chase Southwest Plus and have her try again?
So you are saying that she only has 3 TOTAL credit cards opened at this time? If that is the case she should not have been denied because of too many cards opened. Chase looks at other cards too, not just their own.
During the last 6 months, she opened 3 from Citi bank, and 2 from America Express. But for Chase, she has 3 open at the moment.

I downloaded her credit report from annualcreditreport.com, and see those accounts. No other suspicious accounts open.

So per Chase 5/24 rule, she should still be qualified, right?
No. She is not qualified. Chase looks at ALL accounts, not just Chase accounts. And by your own accounting, she's opened 7 cards across 3 banks, so she's got more than 5.

giesen5
Posts: 267
Joined: Wed Jan 27, 2016 1:44 pm
Location: Bellingham, WA

Re: What's Your Credit Card Rewards Strategy?

Post by giesen5 » Fri May 26, 2017 1:56 pm

Mudpuppy wrote:
fh2000 wrote:
giesen5 wrote:
fh2000 wrote:I opened the below 4 in the last 6 months:
Chase Sapphire Reserve
Chase Southwest Plus
Chase Southwest Premier
Chase Sapphire Preferred

My wife opened the below 2 in the last 6 months:
Chase Sapphire Reserve
Chase IHG Rewards

She has a Chase Amazon card and that was opened more than 2 years ago.

When my wife tried to apply for Chase Sapphire Preferred, she was rejected due to "too many cards opened". We do not have authorized user set up for any of our cards.

Does Chase look into all of our open cards combined in the same household?
Should I cancel Chase Southwest Plus and have her try again?
So you are saying that she only has 3 TOTAL credit cards opened at this time? If that is the case she should not have been denied because of too many cards opened. Chase looks at other cards too, not just their own.
During the last 6 months, she opened 3 from Citi bank, and 2 from America Express. But for Chase, she has 3 open at the moment.

I downloaded her credit report from annualcreditreport.com, and see those accounts. No other suspicious accounts open.

So per Chase 5/24 rule, she should still be qualified, right?
No. She is not qualified. Chase looks at ALL accounts, not just Chase accounts. And by your own accounting, she's opened 7 cards across 3 banks, so she's got more than 5.
Sorry, she is out of luck. No more Chase cards for her, for awhile.

Mudpuppy
Posts: 5468
Joined: Sat Aug 27, 2011 2:26 am
Location: Sunny California

Re: What's Your Credit Card Rewards Strategy?

Post by Mudpuppy » Fri May 26, 2017 2:10 pm

fh2000 wrote:I downloaded her credit report from annualcreditreport.com, and see those accounts. No other suspicious accounts open.
Another thing, YOU should not be downloading her credit report from annualcreditreport.com. She should be doing this. It is technically fraud for you to access your spouse's credit report, unless your spouse gives you permission and fully knows the implications of what you are doing. Also, each spouse should be equally aware of what is happening financially in case something unexpected happens to the other spouse.

Just in case you don't believe me that this can be considered fraud, here is a Bankrate article about the importance of getting explicit spousal permission to check credit reports: http://www.bankrate.com/finance/credit/ ... eport.aspx

giesen5
Posts: 267
Joined: Wed Jan 27, 2016 1:44 pm
Location: Bellingham, WA

Re: What's Your Credit Card Rewards Strategy?

Post by giesen5 » Fri May 26, 2017 2:14 pm

Mudpuppy wrote:
fh2000 wrote:I downloaded her credit report from annualcreditreport.com, and see those accounts. No other suspicious accounts open.
Another thing, YOU should not be downloading her credit report from annualcreditreport.com. She should be doing this. It is technically fraud for you to access your spouse's credit report, unless your spouse gives you permission and fully knows the implications of what you are doing. Also, each spouse should be equally aware of what is happening financially in case something unexpected happens to the other spouse.

Just in case you don't believe me that this can be considered fraud, here is a Bankrate article about the importance of getting explicit spousal permission to check credit reports: http://www.bankrate.com/finance/credit/ ... eport.aspx
Oh come on, that is not a big deal at all. And, for all you know, he asked her about it.

Mudpuppy
Posts: 5468
Joined: Sat Aug 27, 2011 2:26 am
Location: Sunny California

Re: What's Your Credit Card Rewards Strategy?

Post by Mudpuppy » Fri May 26, 2017 2:18 pm

giesen5 wrote:
Mudpuppy wrote:
fh2000 wrote:I downloaded her credit report from annualcreditreport.com, and see those accounts. No other suspicious accounts open.
Another thing, YOU should not be downloading her credit report from annualcreditreport.com. She should be doing this. It is technically fraud for you to access your spouse's credit report, unless your spouse gives you permission and fully knows the implications of what you are doing. Also, each spouse should be equally aware of what is happening financially in case something unexpected happens to the other spouse.

Just in case you don't believe me that this can be considered fraud, here is a Bankrate article about the importance of getting explicit spousal permission to check credit reports: http://www.bankrate.com/finance/credit/ ... eport.aspx
Oh come on, that is not a big deal at all. And, for all you know, he asked her about it.
It can quickly become a very big deal if the spouse is left in the dark about the family finances. See the following post for a warning story: viewtopic.php?f=2&t=219744#p3383637

fh2000
Posts: 86
Joined: Thu Sep 02, 2010 7:18 pm

Re: What's Your Credit Card Rewards Strategy?

Post by fh2000 » Fri May 26, 2017 2:22 pm

Mudpuppy wrote:
giesen5 wrote:
Mudpuppy wrote:
fh2000 wrote:I downloaded her credit report from annualcreditreport.com, and see those accounts. No other suspicious accounts open.
Another thing, YOU should not be downloading her credit report from annualcreditreport.com. She should be doing this. It is technically fraud for you to access your spouse's credit report, unless your spouse gives you permission and fully knows the implications of what you are doing. Also, each spouse should be equally aware of what is happening financially in case something unexpected happens to the other spouse.

Just in case you don't believe me that this can be considered fraud, here is a Bankrate article about the importance of getting explicit spousal permission to check credit reports: http://www.bankrate.com/finance/credit/ ... eport.aspx
Oh come on, that is not a big deal at all. And, for all you know, he asked her about it.
It can quickly become a very big deal if the spouse is left in the dark about the family finances. See the following post for a warning story: viewtopic.php?f=2&t=219744#p3383637
No worries, guys. She is right by my side reading the report. I am the honey-do person. :)

giesen5
Posts: 267
Joined: Wed Jan 27, 2016 1:44 pm
Location: Bellingham, WA

Re: What's Your Credit Card Rewards Strategy?

Post by giesen5 » Fri May 26, 2017 2:29 pm

fh2000 wrote:
Mudpuppy wrote:
giesen5 wrote:
Mudpuppy wrote:
fh2000 wrote:I downloaded her credit report from annualcreditreport.com, and see those accounts. No other suspicious accounts open.
Another thing, YOU should not be downloading her credit report from annualcreditreport.com. She should be doing this. It is technically fraud for you to access your spouse's credit report, unless your spouse gives you permission and fully knows the implications of what you are doing. Also, each spouse should be equally aware of what is happening financially in case something unexpected happens to the other spouse.

Just in case you don't believe me that this can be considered fraud, here is a Bankrate article about the importance of getting explicit spousal permission to check credit reports: http://www.bankrate.com/finance/credit/ ... eport.aspx
Oh come on, that is not a big deal at all. And, for all you know, he asked her about it.
It can quickly become a very big deal if the spouse is left in the dark about the family finances. See the following post for a warning story: viewtopic.php?f=2&t=219744#p3383637
No worries, guys. She is right by my side reading the report. I am the honey-do person. :)
Nice work!

User avatar
willthrill81
Posts: 2349
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: What's Your Credit Card Rewards Strategy?

Post by willthrill81 » Fri May 26, 2017 3:14 pm

munemaker wrote:
willthrill81 wrote:
munemaker wrote:
sharpjm wrote:
munemaker wrote: Aside from new inquiries, the other thing that can hurt you in applying for new cards is if your combined credit limit is too high. I noticed when the combined credit limits of all my cards gets over $225,000-$250,000 or so, I get denied on new cards. If you still have a lot of cards open, try closing some you don't use. It might help.
This is not good advice at all. Most banks don't care how much credit other banks have extended you. Most banks do care how much credit they have extended you. As an example, Chase will typically stop extending more credit to folks once you have reached a CL around 50% of income with Chase. And you should absolutely not close a card to reduce credit limit. Just lower the credit limit on the card, many banks will let you have limits as low as $500 and some even lower.
Think about it. As far as the potential credit card issuer knows, you could run up all your open credit lines and skip town. The issuers have a logical interest in how much open credit you have. A large amount of open credit card limits doesn't affect your credit score, but it seems it can affect the accept/decline decision.

This is anecdotal. I went for years, churning credit card after credit card. Then, with a 800+ FICO score, I was declined. I thought it was a fluke, and then I got declined again. A knowledgeable friend suggested I cancel some cards to reduce my available credit. I did, and it worked. Two years later, same situation. I cancelled a couple cards and again was accepted on new cards.

So, I am not sure this is bad advice. If you get declined with a high credit score, many open cards and open credit totalling $250K, try cancelling a few cards. I think it could help.
Next time, try lowering the credit limit on the cards instead.

To my knowledge, no one but Chase actually looks to specifically see how many accounts you have open or how many new accounts you've had in the last 24 months.
Sure, you can do that. But why not cancel cards you don't use or need? In some cases, you can apply for another one in a short period and earn another sign up bonus?
Because of this. A lady with a credit score over 800 was denied a Barclaycard because she cancelled two prior credit cards and no active credit cards when she applied. Granted, most of us probably keep some cards on hand (I've had one for around 11 years now), but it's a warning to those who think cancelling is always best.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

HopeForTheBest
Posts: 10
Joined: Thu May 25, 2017 6:39 pm

Re: What's Your Credit Card Rewards Strategy?

Post by HopeForTheBest » Fri May 26, 2017 3:22 pm

My credit cards rewards strategy is to not have any credit card debt. I get rewarded with paying no interest. And I don't have to manage multiple credit cards...and I sleep well at night.

But it is quite interesting how people use credit cards to get the rewards. I'm tempted to do some research on the strategy which I suppose is starting right here. Just not a big fan of credit cards period.

User avatar
flamesabers
Posts: 1546
Joined: Fri Mar 03, 2017 12:05 pm
Location: Rochester, MN

Re: What's Your Credit Card Rewards Strategy?

Post by flamesabers » Fri May 26, 2017 3:47 pm

HopeForTheBest wrote:But it is quite interesting how people use credit cards to get the rewards. I'm tempted to do some research on the strategy which I suppose is starting right here. Just not a big fan of credit cards period.
If you decide to do the research I think you'll find it worthwhile to get some rewards cards. If you're not a fan of managing multiple credit cards, I suggest going with a card that gives you 2% cashback on all of your charges.

User avatar
willthrill81
Posts: 2349
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Location: USA

Re: What's Your Credit Card Rewards Strategy?

Post by willthrill81 » Fri May 26, 2017 4:07 pm

HopeForTheBest wrote:My credit cards rewards strategy is to not have any credit card debt. I get rewarded with paying no interest. And I don't have to manage multiple credit cards...and I sleep well at night.

But it is quite interesting how people use credit cards to get the rewards. I'm tempted to do some research on the strategy which I suppose is starting right here. Just not a big fan of credit cards period.
The only other real choice in many situations is to use a debit card, and there are really not many, if any, good reasons to use one instead of a credit card unless you're afraid you can't control your credit card use.

Unlike Dave Ramsey suggests, using a credit card does not mean going into credit card debt. Don't charge what you can't immediately pay.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

dbr
Posts: 24108
Joined: Sun Mar 04, 2007 9:50 am

Re: What's Your Credit Card Rewards Strategy?

Post by dbr » Fri May 26, 2017 4:16 pm

HopeForTheBest wrote:My credit cards rewards strategy is to not have any credit card debt. I get rewarded with paying no interest. And I don't have to manage multiple credit cards...and I sleep well at night.

But it is quite interesting how people use credit cards to get the rewards. I'm tempted to do some research on the strategy which I suppose is starting right here. Just not a big fan of credit cards period.
Why not credit cards. It goes without saying that one avoids being stupid and holding credit card debt.

Credit card bonuses are a hobby which may have some payoff. If it isn't for you, ignore it. Cash back cards make sense for a lot of people. Operating in today's world without two or three credit cards can be problematic. Debit cards have many drawbacks and are not recommended if they can be avoided.

Barefootgirl
Posts: 2152
Joined: Tue Oct 06, 2009 7:05 pm

Re: What's Your Credit Card Rewards Strategy?

Post by Barefootgirl » Fri May 26, 2017 4:26 pm

Credit is a tool and it can be a valuable one under the right conditions.

That said, what is the advantage of the new Amex card compared to the Fidelity Elan, other than the 20K bonus? are there any advantages? both pay 2% in all categories...
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.

Scotttheking
Posts: 175
Joined: Wed Apr 09, 2008 7:58 pm

Re: What's Your Credit Card Rewards Strategy?

Post by Scotttheking » Fri May 26, 2017 5:32 pm

Barefootgirl wrote:Credit is a tool and it can be a valuable one under the right conditions.

That said, what is the advantage of the new Amex card compared to the Fidelity Elan, other than the 20K bonus? are there any advantages? both pay 2% in all categories...
One can get more than 1c of value per AMEX MR point by using them for travel with transfer partners.

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