What's Your Credit Card Rewards Strategy?

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

Post by FedGuy »

Axelrod wrote: Tue Apr 19, 2022 8:39 amMaybe I'm spoiled by how well Amex's website is regarding clarity of cash back purchases, but it is almost like US Bank goes out of its way to be obtuse with theirs.
I agree that US Bank makes it unreasonably difficult to determine how a specific charge was coded. When I first got this card, I selected "Fast Foods" as one of my 5% categories, used the card at maybe 20 or so restaurants during the first month to see what counted, then got my statement, saw I had gotten something like 3% cash back, and spent 30-45 minutes with a spreadsheet trying to figure out which of my charges had coded as what. I eventually called US Bank, and a very nice CSR broke it down for me.

I now use my Cash+ for gyms and streaming services only. I have like three charges on my statement each month. It's a lot easier to do that math.
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anon_investor
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Re: What's Your Credit Card Rewards Strategy?

Post by anon_investor »

greenway23 wrote: Tue Apr 19, 2022 6:58 pm
anon_investor wrote: Tue Apr 19, 2022 4:02 pm
Axelrod wrote: Tue Apr 19, 2022 3:57 pm
anon_investor wrote: Tue Apr 19, 2022 3:50 pm What is the other 5% cash back catagory you use for that card? I have debated whether to try to get the US Bank Cash+ card to get the extra cash back on utilities. For utilities I currently get 2.62% cash back via BoA Premium Rewards or 5% cash back some quarters when Chase Freedom/Freedom Flex or Discover Card offer PayPal as a 5% cash back catagory.
I selected "utilities" and "cell phone providers" for my 5% categories. Yeah, this was the only card I found that offered 5% on utilities which can be a fairly big monthly spend and worth it for that alone. I wasn't confident reading threads on the site that the BoA cards would code as "online" for things like utilities and figured this was more of a sure bet.

My only complaint about the card so far has simply been the less than excellent website which lacks a simple method to track which expenses are getting coded properly. I already caught one that didn't (my water bill) and had to open a ticket with their cardholder support team to see why that happened.
Yeah, I would be afraid to open the card to find out that none of my utility bills would be coded to get that 5% cash back. Half the year I am getting 5% cash back since I can use PayPal BillPay and get 5% cash back via Chase Freedom/Freedom Flex or Discover Card when they have those promo catagories. I know BoA CCR won't get 5.25% cash back as online for utilities, so unless there is a promo catagory I use my BoA PR. But cell phones is another big spend, so that card is tempting. Is US Bank stingy about approving those cards if you have a lot of other credit cards already?
Which cel phone providers allow you to pay via credit card (without taking away some sort of discount for paying via bank)? I am a Verizon customer so I need to have auto pay from a bank set up to qualify for an additional $5 off my bill. I had been using PayPal key (virtual debit card number that you can set up to pay via a credit card) which I loved, but that is being discontinued. I really hate paying this bill via bank account. I was thinking about getting the US Bank card until PayPal discontinued the key.
We have Sprint/T-Mobile.
SciurusVulgaris
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Re: What's Your Credit Card Rewards Strategy?

Post by SciurusVulgaris »

anon_investor wrote: Tue Apr 19, 2022 8:48 pm
greenway23 wrote: Tue Apr 19, 2022 6:58 pm Which cel phone providers allow you to pay via credit card (without taking away some sort of discount for paying via bank)? I am a Verizon customer so I need to have auto pay from a bank set up to qualify for an additional $5 off my bill. I had been using PayPal key (virtual debit card number that you can set up to pay via a credit card) which I loved, but that is being discontinued. I really hate paying this bill via bank account. I was thinking about getting the US Bank card until PayPal discontinued the key.
We have Sprint/T-Mobile.
Also Google Fi, SmartTalk, and Xfinity Mobile (all MVNOs) allow credit card payments.
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anon_investor
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Re: What's Your Credit Card Rewards Strategy?

Post by anon_investor »

SciurusVulgaris wrote: Wed Apr 20, 2022 3:20 pm
anon_investor wrote: Tue Apr 19, 2022 8:48 pm
greenway23 wrote: Tue Apr 19, 2022 6:58 pm Which cel phone providers allow you to pay via credit card (without taking away some sort of discount for paying via bank)? I am a Verizon customer so I need to have auto pay from a bank set up to qualify for an additional $5 off my bill. I had been using PayPal key (virtual debit card number that you can set up to pay via a credit card) which I loved, but that is being discontinued. I really hate paying this bill via bank account. I was thinking about getting the US Bank card until PayPal discontinued the key.
We have Sprint/T-Mobile.
Also Google Fi, SmartTalk, and Xfinity Mobile (all MVNOs) allow credit card payments.
It sounds like only Verizon has that weird requirement. :shock:

I have a few friend that use MVNOs the use the Verizon network, maybe that is an option to save some $.
Axelrod
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Re: What's Your Credit Card Rewards Strategy?

Post by Axelrod »

Interestingly Verizon does have its own Visa but the structure seems a little odd, giving back only 2% on Verizon bills. It does give back 4% on gas and groceries which is nice though.
Leesbro63
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Re: What's Your Credit Card Rewards Strategy?

Post by Leesbro63 »

anon_investor wrote: Tue Apr 19, 2022 8:48 pm
greenway23 wrote: Tue Apr 19, 2022 6:58 pm
anon_investor wrote: Tue Apr 19, 2022 4:02 pm
Axelrod wrote: Tue Apr 19, 2022 3:57 pm
anon_investor wrote: Tue Apr 19, 2022 3:50 pm What is the other 5% cash back catagory you use for that card? I have debated whether to try to get the US Bank Cash+ card to get the extra cash back on utilities. For utilities I currently get 2.62% cash back via BoA Premium Rewards or 5% cash back some quarters when Chase Freedom/Freedom Flex or Discover Card offer PayPal as a 5% cash back catagory.
I selected "utilities" and "cell phone providers" for my 5% categories. Yeah, this was the only card I found that offered 5% on utilities which can be a fairly big monthly spend and worth it for that alone. I wasn't confident reading threads on the site that the BoA cards would code as "online" for things like utilities and figured this was more of a sure bet.

My only complaint about the card so far has simply been the less than excellent website which lacks a simple method to track which expenses are getting coded properly. I already caught one that didn't (my water bill) and had to open a ticket with their cardholder support team to see why that happened.
Yeah, I would be afraid to open the card to find out that none of my utility bills would be coded to get that 5% cash back. Half the year I am getting 5% cash back since I can use PayPal BillPay and get 5% cash back via Chase Freedom/Freedom Flex or Discover Card when they have those promo catagories. I know BoA CCR won't get 5.25% cash back as online for utilities, so unless there is a promo catagory I use my BoA PR. But cell phones is another big spend, so that card is tempting. Is US Bank stingy about approving those cards if you have a lot of other credit cards already?
Which cel phone providers allow you to pay via credit card (without taking away some sort of discount for paying via bank)? I am a Verizon customer so I need to have auto pay from a bank set up to qualify for an additional $5 off my bill. I had been using PayPal key (virtual debit card number that you can set up to pay via a credit card) which I loved, but that is being discontinued. I really hate paying this bill via bank account. I was thinking about getting the US Bank card until PayPal discontinued the key.
We have Sprint/T-Mobile.
My AT&T bill gets auto paid to a credit card.
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anon_investor
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Re: What's Your Credit Card Rewards Strategy?

Post by anon_investor »

Axelrod wrote: Wed Apr 20, 2022 3:47 pm Interestingly Verizon does have its own Visa but the structure seems a little odd, giving back only 2% on Verizon bills. It does give back 4% on gas and groceries which is nice though.
If someone uses the Verizon CC for auto pay do they still get that $5 discount?
Axelrod
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Re: What's Your Credit Card Rewards Strategy?

Post by Axelrod »

anon_investor wrote: Thu Apr 21, 2022 8:44 am If someone uses the Verizon CC for auto pay do they still get that $5 discount?
I don't actually have the Verizon CC but I don't see anything here that would suggest one would be ineligible for the discount.

In addition, they seem to offer $100 credit per card that can be used towards paying one's bill over the first 24 bill cycles (works out to $4.17/per bill).

Receive up to $100 promotional (promo) credit per credit card account, when paying a Verizon Wireless or Verizon Fios bill with either a Verizon Visa Card or by redeeming Verizon Dollars to pay the total bill amount. Promo credit is applied to your Verizon Wireless bill over a period of twenty-four (24) consecutive bill cycles, equaling a credit of $4.17 per bill. The period begins within 1-2 billing cycles after the credit card account approval.

source
jst
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Re: What's Your Credit Card Rewards Strategy?

Post by jst »

So in the end, Verizon is the only company that penalizes customers for paying via credit card?
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Re: What's Your Credit Card Rewards Strategy?

Post by Gadget »

If you want to work around the annoying Verizon CC rule that penalizes credit cards, you can use a crypto reward debit card. The crypto.com card at the 5% back level is the best, but likely too big of a barrier for anyone on the bogleheads forum. The Coinbase debit card though gives 4% back and would still count for the rate reduction that debit cards provide to Verizon. You'd just have to go through the hassle of converting crypto rewards to cash.
homebuyer6426
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Re: What's Your Credit Card Rewards Strategy?

Post by homebuyer6426 »

jst wrote: Thu Apr 21, 2022 10:22 am So in the end, Verizon is the only company that penalizes customers for paying via credit card?
My water utility has always taken a fee for credit cards, so I would mail them a check. Now, they've imposed an additional fee for checks, so I switched to the card :wink:

For credit cards I have 2 that give rewards and 1 that allows fee-less transaction in foreign currency. That can be used not only when traveling but also buying from foreign websites.
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soxfan10
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Re: What's Your Credit Card Rewards Strategy?

Post by soxfan10 »

anon_investor wrote: Thu Apr 21, 2022 8:44 am
Axelrod wrote: Wed Apr 20, 2022 3:47 pm Interestingly Verizon does have its own Visa but the structure seems a little odd, giving back only 2% on Verizon bills. It does give back 4% on gas and groceries which is nice though.
If someone uses the Verizon CC for auto pay do they still get that $5 discount?
I get autopay discounts with the Verizon CC - $10 per line on the cell phones and $10 on FIOS.
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anon_investor
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Re: What's Your Credit Card Rewards Strategy?

Post by anon_investor »

soxfan10 wrote: Thu Apr 21, 2022 9:48 pm
anon_investor wrote: Thu Apr 21, 2022 8:44 am
Axelrod wrote: Wed Apr 20, 2022 3:47 pm Interestingly Verizon does have its own Visa but the structure seems a little odd, giving back only 2% on Verizon bills. It does give back 4% on gas and groceries which is nice though.
If someone uses the Verizon CC for auto pay do they still get that $5 discount?
I get autopay discounts with the Verizon CC - $10 per line on the cell phones and $10 on FIOS.
Sounds like with the loss of PayPal Key a Verizon CC is the best option to get the discount plus some cash back.
spammagnet
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Re: What's Your Credit Card Rewards Strategy?

Post by spammagnet »

I find it odd that Verizon penalizes use of a credit card since Visible, owned by Verizon, does not.
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beyou
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Re: What's Your Credit Card Rewards Strategy?

Post by beyou »

spammagnet wrote: Fri Apr 22, 2022 12:14 am I find it odd that Verizon penalizes use of a credit card since Visible, owned by Verizon, does not.
Lots of places I go now have discount for cash.

And the Verizon cc is one of the best cash back card I have.
spammagnet
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Re: What's Your Credit Card Rewards Strategy?

Post by spammagnet »

beyou wrote: Fri Apr 22, 2022 12:19 am
spammagnet wrote: Fri Apr 22, 2022 12:14 am I find it odd that Verizon penalizes use of a credit card since Visible, owned by Verizon, does not.
Lots of places I go now have discount for cash.

And the Verizon cc is one of the best cash back card I have.
Lots of companies did that. My point was regarding Verizon's charging extra for paying their account by credit card when they don't apply the same penalty to paying Visible (which they own) with a credit card.
wander
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Re: What's Your Credit Card Rewards Strategy?

Post by wander »

I've got 5% rebates for all gas purchases automatically; 5% for flights, hotels, rental cars; and 2% for everything else. Basically, I use the cards when and wherever possible.
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Re: What's Your Credit Card Rewards Strategy?

Post by abuss368 »

Apple Card. That card works great. Especially with Apple Pay.

Wells Fargo - Cash Back card. 2.00% unlimited.

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

Post by ectospheno »

My issue is my laziness. I like cash back but I also like not doing things. I use Apple card for Apple stuff and fidelity otherwise.
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Re: What's Your Credit Card Rewards Strategy?

Post by abuss368 »

ectospheno wrote: Fri Apr 22, 2022 10:18 am My issue is my laziness. I like cash back but I also like not doing things. I use Apple card for Apple stuff and fidelity otherwise.
I agree and had one card for years. But then we realized Costco does not take Visa. Wells Fargo is a Mastercard. Essentially we are getting 2.00% cash back everywhere.

The other part is at least we have a back up. I thought about that for years, and since that time fraud has only become more prevalent.

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

Post by Axelrod »

ectospheno wrote: Fri Apr 22, 2022 10:18 am My issue is my laziness. I like cash back but I also like not doing things. I use Apple card for Apple stuff and fidelity otherwise.
Absolutely nothing wrong with that, one of my good friends and I tend to have this same discussion (he also just likes the simplicity of 2% without having to juggle multiple cards). Although subjective, I tend to argue that it really takes next to zero effort to obtain cards like Amazon Prime Visa and then put it in a sock drawer after the initial setup. I have multiple cards earning me 5% back that literally never see the light of day after being initially setup.

The only two that leave the house regularly are my Amex (for gas and groceries) and my Fidelity (my default 2% card).
Nowizard
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Re: What's Your Credit Card Rewards Strategy?

Post by Nowizard »

Cash back. Have a single CC and use it heavily without concern for any temporary FICO hits that ranges from about 790 to 815 based on CC balance the prior month though we pay it off monthly. Made a choice of a card and don't try to deal with multiple cards for whatever amount might be earned by doing so as it seems like minimal return for the time and effort in our case. Always redeem amounts by reducing balance on that month's amount.

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Re: What's Your Credit Card Rewards Strategy?

Post by spickups09 »

Axelrod wrote: Fri Apr 22, 2022 11:22 am
ectospheno wrote: Fri Apr 22, 2022 10:18 am My issue is my laziness. I like cash back but I also like not doing things. I use Apple card for Apple stuff and fidelity otherwise.
Absolutely nothing wrong with that, one of my good friends and I tend to have this same discussion (he also just likes the simplicity of 2% without having to juggle multiple cards). Although subjective, I tend to argue that it really takes next to zero effort to obtain cards like Amazon Prime Visa and then put it in a sock drawer after the initial setup. I have multiple cards earning me 5% back that literally never see the light of day after being initially setup.

The only two that leave the house regularly are my Amex (for gas and groceries) and my Fidelity (my default 2% card).
You and your friend sound like my father and I. I'm like you - I have 5 credit cards total and the goal is to get as much spend as possible into 5%+ cash back categories. I put everything I can't fit into those categories on one card that gets me 2.62% back. My father, meanwhile has that same 2.62% card and uses it for everything. When I've explained to him how I use other cards to get double the cash back on a large portion of my spending, he just shrugs and says it's not worth it to him. Always interesting to me what people (including myself) will and will not put effort into.
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Re: What's Your Credit Card Rewards Strategy?

Post by FedGuy »

spickups09 wrote: Fri Apr 22, 2022 1:50 pmYou and your friend sound like my father and I. I'm like you - I have 5 credit cards total and the goal is to get as much spend as possible into 5%+ cash back categories. I put everything I can't fit into those categories on one card that gets me 2.62% back. My father, meanwhile has that same 2.62% card and uses it for everything. When I've explained to him how I use other cards to get double the cash back on a large portion of my spending, he just shrugs and says it's not worth it to him. Always interesting to me what people (including myself) will and will not put effort into.
I'm like you, Spickups09, and in fact also have a suite of BoA cards at the PH level to get me 5.25% cash back on a lot of spending and 2.625% on everything else. Meanwhile, last night I had dinner with a friend who charges everything on a 1.5% cash back card and can't be bothered to take the simple step of applying to one of the (several) 2% cash back cards that would instantly raise all of her cash back by a third.
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Re: What's Your Credit Card Rewards Strategy?

Post by Hannibal Barca »

One strategy I've been considering is a blend of 1) my existing ~5% category cards / 2% everything backup cards and 2) churning new cards for early spend bonuses. Since the latter can be 15-25% of spend, I might be able to get the weighted average cash back across all my spend closer to 10%. The obvious issue is the credit score impact from opening and cancelling so many cards (maybe 3-5 cards per year). But I'm not sure how much a credit score impact this would have; the inquiries will be there for ~2 years, but with an already long credit history and very low utiziliation rate I'm not sure churning cards will impact those factors much at all.

Have any Bogleheads tried a variation of this strategy?
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anon_investor
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Re: What's Your Credit Card Rewards Strategy?

Post by anon_investor »

wander wrote: Fri Apr 22, 2022 7:13 am I've got 5% rebates for all gas purchases automatically; 5% for flights, hotels, rental cars; and 2% for everything else. Basically, I use the cards when and wherever possible.
What card gets you 5% cash back on flights/hotels/rental cars? :shock:
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Re: What's Your Credit Card Rewards Strategy?

Post by ZinCO »

Hannibal Barca wrote: Sat Apr 23, 2022 10:59 am One strategy I've been considering is a blend of 1) my existing ~5% category cards / 2% everything backup cards and 2) churning new cards for early spend bonuses. Since the latter can be 15-25% of spend, I might be able to get the weighted average cash back across all my spend closer to 10%. The obvious issue is the credit score impact from opening and cancelling so many cards (maybe 3-5 cards per year). But I'm not sure how much a credit score impact this would have; the inquiries will be there for ~2 years, but with an already long credit history and very low utiziliation rate I'm not sure churning cards will impact those factors much at all.

Have any Bogleheads tried a variation of this strategy?
Yes, although more than 3-5 cards per year. I'm pretty much always working on a sign-up bonus. Don't be afraid of the inquiries (and in the case of Amex, once you have one, unlikely to have any more inquiries for subsequent cards). They are largely offset by the improvement in your utilization (as your total credit available increases, your utilization % goes down).
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ResearchMed
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Re: What's Your Credit Card Rewards Strategy?

Post by ResearchMed »

Hannibal Barca wrote: Sat Apr 23, 2022 10:59 am One strategy I've been considering is a blend of 1) my existing ~5% category cards / 2% everything backup cards and 2) churning new cards for early spend bonuses. Since the latter can be 15-25% of spend, I might be able to get the weighted average cash back across all my spend closer to 10%. The obvious issue is the credit score impact from opening and cancelling so many cards (maybe 3-5 cards per year). But I'm not sure how much a credit score impact this would have; the inquiries will be there for ~2 years, but with an already long credit history and very low utiziliation rate I'm not sure churning cards will impact those factors much at all.

Have any Bogleheads tried a variation of this strategy?
Also keep in mind that there can be restrictions about how many new cards one can open, at least within a particular card type.
I haven't kept current, but last I heard it was something like 4 Chase cards in 5 year? I don't know if other card vendors "notice" any such limitations other than for their own, or what the limitations might be for other card types.

To answer you question, yes, you'll read here that many of us try to make use of those bonus points. Getiing 50k or 100k points for opening a new card and spending $X within Y months can really add to the points pot.
And with two people, well... multiply :happy

We've done this with cards that we don't otherwise want, and find those with minimum annual fees, something like $95/year. We tend to wait until the second year to close them (or try to change them to a non-fee flavor so there is no closing of the account) to minimize the risk of a claw-back of points.

We also focus on cards that have points that work with the networks that we already use, so we don't end up with, say, 60k points in a card with points that we can't use.
When you are considering this, also keep in mind whether the points can be transferred to an airline network partner of another card program. We use AAdvantage CitiCard awards for the American Airlines network (we don't fly on American itself, but on it's international partners). And we use Amex, transferring points to their network airlines. Those two don't overlap too much, so we have almost (not all, but almost) all the airlines we'd want to use.
So when we decided to get a Chase card, we first check whether those points could be transferred to either AAdvantage points OR to an airline that we'd want to use with AAdvantage of Amex points.

We've traveled on some very, very comfortable international airlines, in J (business) or F (that's more difficult to get) on some very long flights 10-15+ hours, and sometimes 2 of those long flights connecting to where we wanted to go.
There is no way we could possible sit up for two of those flights, and arrive in even vaguely good shape, not at our ages anyway. I'm not sure that those lengths of flights would have worked well even when we were younger...

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Re: What's Your Credit Card Rewards Strategy?

Post by spammagnet »

ResearchMed wrote: Sat Apr 23, 2022 11:19 amAlso keep in mind that there can be restrictions about how many new cards one can open, at least within a particular card type.
I haven't kept current, but last I heard it was something like 4 Chase cards in 5 year? I don't know if other card vendors "notice" any such limitations other than for their own, or what the limitations might be for other card types. ...
Chase is the most restrictive in that regard. You cannot have opened more than 5 new accounts in the past 24 months, at any bank. That's why many people looking for new account bonuses open Chase accounts first.

That limit applies to new personal accounts and some new business accounts. While you may be prevented from opening some new business accounts if you exceed their limit, existing business accounts do not count against the number of new accounts.

Bank of America has what is referred to as a 2/3/4 rule. It considers only cards issued by them. From DoctorOfCredit, "they’ll only approve you for at most two cards per rolling 2 months, three cards per rolling 12 months, and four cards per rolling 24 months."

Standard credit approvals apply, of course, those being whatever the bank chooses.
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Re: What's Your Credit Card Rewards Strategy?

Post by FedGuy »

spammagnet wrote: Sat Apr 23, 2022 12:58 pmChase is the most restrictive in that regard.
US Bank is said to be even more restrictive, demanding no inquiries (or one at most, depending on who you ask) in the last 12 months (some say they've gotten away with a single inquiry in that period).
Last edited by FedGuy on Sat Apr 23, 2022 2:22 pm, edited 1 time in total.
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Re: What's Your Credit Card Rewards Strategy?

Post by Da5id »

spammagnet wrote: Sat Apr 23, 2022 12:58 pm
ResearchMed wrote: Sat Apr 23, 2022 11:19 amAlso keep in mind that there can be restrictions about how many new cards one can open, at least within a particular card type.
I haven't kept current, but last I heard it was something like 4 Chase cards in 5 year? I don't know if other card vendors "notice" any such limitations other than for their own, or what the limitations might be for other card types. ...
Chase is the most restrictive in that regard. You cannot have opened more than 5 new accounts in the past 24 months, at any bank. That's why many people looking for new account bonuses open Chase accounts first.

That limit applies to new personal accounts and some new business accounts. While you may be prevented from opening some new business accounts if you exceed their limit, existing business accounts do not count against the number of new accounts.

Bank of America has what is referred to as a 2/3/4 rule. It considers only cards issued by them. From DoctorOfCredit, "they’ll only approve you for at most two cards per rolling 2 months, three cards per rolling 12 months, and four cards per rolling 24 months."

Standard credit approvals apply, of course, those being whatever the bank chooses.
American Express also has limits that hit me recently. I tried to go for two of their Hilton cards, they said I could get them, but not the bonus (despite not having had that specific card before and nothing in the fine print saying I couldn't afaik). Alas, milking companies for sign up bonuses has had decreasing easy wins for me for a while. I generally don't do more than 2 new cards a year anyway.
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ResearchMed
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Re: What's Your Credit Card Rewards Strategy?

Post by ResearchMed »

Da5id wrote: Sat Apr 23, 2022 1:28 pm
spammagnet wrote: Sat Apr 23, 2022 12:58 pm
ResearchMed wrote: Sat Apr 23, 2022 11:19 amAlso keep in mind that there can be restrictions about how many new cards one can open, at least within a particular card type.
I haven't kept current, but last I heard it was something like 4 Chase cards in 5 year? I don't know if other card vendors "notice" any such limitations other than for their own, or what the limitations might be for other card types. ...
Chase is the most restrictive in that regard. You cannot have opened more than 5 new accounts in the past 24 months, at any bank. That's why many people looking for new account bonuses open Chase accounts first.

That limit applies to new personal accounts and some new business accounts. While you may be prevented from opening some new business accounts if you exceed their limit, existing business accounts do not count against the number of new accounts.

Bank of America has what is referred to as a 2/3/4 rule. It considers only cards issued by them. From DoctorOfCredit, "they’ll only approve you for at most two cards per rolling 2 months, three cards per rolling 12 months, and four cards per rolling 24 months."

Standard credit approvals apply, of course, those being whatever the bank chooses.
American Express also has limits that hit me recently. I tried to go for two of their Hilton cards, they said I could get them, but not the bonus (despite not having had that specific card before and nothing in the fine print saying I couldn't afaik). Alas, milking companies for sign up bonuses has had decreasing easy wins for me for a while. I generally don't do more than 2 new cards a year anyway.
I thought Amex won't allow more than one bonus per person-lifetime?

We are occasionally arguing (pollitely, of course!) with them b/c we didn't get bonus points when we opened our accounts, because those were way before such things existed. So they say we can't get "new member" type of cards because we are old members. Well, that's true, but what about the bonus?

Has anyone had any luck getting a nice bonus, e.g., for Amex Plat, even though you've been an account holder since the 1990's, for example? Or a regular Amex cardholder since the 1970's...
If so, how. :wink:

Thanks!

RM
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Freefun
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Re: What's Your Credit Card Rewards Strategy?

Post by Freefun »

ResearchMed wrote: Sat Apr 23, 2022 1:35 pm
Da5id wrote: Sat Apr 23, 2022 1:28 pm
spammagnet wrote: Sat Apr 23, 2022 12:58 pm
ResearchMed wrote: Sat Apr 23, 2022 11:19 amAlso keep in mind that there can be restrictions about how many new cards one can open, at least within a particular card type.
I haven't kept current, but last I heard it was something like 4 Chase cards in 5 year? I don't know if other card vendors "notice" any such limitations other than for their own, or what the limitations might be for other card types. ...
Chase is the most restrictive in that regard. You cannot have opened more than 5 new accounts in the past 24 months, at any bank. That's why many people looking for new account bonuses open Chase accounts first.

That limit applies to new personal accounts and some new business accounts. While you may be prevented from opening some new business accounts if you exceed their limit, existing business accounts do not count against the number of new accounts.

Bank of America has what is referred to as a 2/3/4 rule. It considers only cards issued by them. From DoctorOfCredit, "they’ll only approve you for at most two cards per rolling 2 months, three cards per rolling 12 months, and four cards per rolling 24 months."

Standard credit approvals apply, of course, those being whatever the bank chooses.
American Express also has limits that hit me recently. I tried to go for two of their Hilton cards, they said I could get them, but not the bonus (despite not having had that specific card before and nothing in the fine print saying I couldn't afaik). Alas, milking companies for sign up bonuses has had decreasing easy wins for me for a while. I generally don't do more than 2 new cards a year anyway.
I thought Amex won't allow more than one bonus per person-lifetime?

We are occasionally arguing (pollitely, of course!) with them b/c we didn't get bonus points when we opened our accounts, because those were way before such things existed. So they say we can't get "new member" type of cards because we are old members. Well, that's true, but what about the bonus?

Has anyone had any luck getting a nice bonus, e.g., for Amex Plat, even though you've been an account holder since the 1990's, for example? Or a regular Amex cardholder since the 1970's...
If so, how. :wink:

Thanks!

RM
I’ve gotten plat bonuses 3-4 times by switching products. Most recent was to their Schwab card. Each time they gave me the bonus.
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Da5id
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Re: What's Your Credit Card Rewards Strategy?

Post by Da5id »

ResearchMed wrote: Sat Apr 23, 2022 1:35 pm
Da5id wrote: Sat Apr 23, 2022 1:28 pm
spammagnet wrote: Sat Apr 23, 2022 12:58 pm
ResearchMed wrote: Sat Apr 23, 2022 11:19 amAlso keep in mind that there can be restrictions about how many new cards one can open, at least within a particular card type.
I haven't kept current, but last I heard it was something like 4 Chase cards in 5 year? I don't know if other card vendors "notice" any such limitations other than for their own, or what the limitations might be for other card types. ...
Chase is the most restrictive in that regard. You cannot have opened more than 5 new accounts in the past 24 months, at any bank. That's why many people looking for new account bonuses open Chase accounts first.

That limit applies to new personal accounts and some new business accounts. While you may be prevented from opening some new business accounts if you exceed their limit, existing business accounts do not count against the number of new accounts.

Bank of America has what is referred to as a 2/3/4 rule. It considers only cards issued by them. From DoctorOfCredit, "they’ll only approve you for at most two cards per rolling 2 months, three cards per rolling 12 months, and four cards per rolling 24 months."

Standard credit approvals apply, of course, those being whatever the bank chooses.
American Express also has limits that hit me recently. I tried to go for two of their Hilton cards, they said I could get them, but not the bonus (despite not having had that specific card before and nothing in the fine print saying I couldn't afaik). Alas, milking companies for sign up bonuses has had decreasing easy wins for me for a while. I generally don't do more than 2 new cards a year anyway.
I thought Amex won't allow more than one bonus per person-lifetime?
For the very same card, sure. But e.g. I've never had the Hilton Aspire card. The restrictions say "Welcome offer not available to applicants who have or have had this Card. We may also consider the number of American Express Cards you have opened and closed as well as other factors in making a decision on your welcome offer eligibility."

I got hit by the "We may also consider" part I guess.
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anon_investor
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Re: What's Your Credit Card Rewards Strategy?

Post by anon_investor »

FedGuy wrote: Sat Apr 23, 2022 1:05 pm
spammagnet wrote: Sat Apr 23, 2022 12:58 pmChase is the most restrictive in that regard.
US Bank is said to be even more restrictive, demanding no inquiries (or one at most, depending on who you ask) in the last 12 months (some say they've gotten away with a single inquiry in that period.
Wow, that tough? That's really restrictive.
Lyrrad
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Re: What's Your Credit Card Rewards Strategy?

Post by Lyrrad »

ResearchMed wrote: Sat Apr 23, 2022 1:35 pm
Has anyone had any luck getting a nice bonus, e.g., for Amex Plat, even though you've been an account holder since the 1990's, for example? Or a regular Amex cardholder since the 1970's...
If so, how. :wink:

Thanks!

RM
I got targeted bonuses for the Amex personal Platinum last year (100k) and business platinum this year (150k) even though I received signup bonuses on them in the past.

Other than that, one might be able to apply for different cobranded Platinums like Schwab or Morgan Stanley, though those may have other requirements to sign up.
wander
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Re: What's Your Credit Card Rewards Strategy?

Post by wander »

anon_investor wrote: Sat Apr 23, 2022 11:15 am
wander wrote: Fri Apr 22, 2022 7:13 am I've got 5% rebates for all gas purchases automatically; 5% for flights, hotels, rental cars; and 2% for everything else. Basically, I use the cards when and wherever possible.
What card gets you 5% cash back on flights/hotels/rental cars? :shock:
I use priceline credit card. Everything that is booked through Priceline gets %5 back.
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VictoriaF
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Re: What's Your Credit Card Rewards Strategy?

Post by VictoriaF »

ectospheno wrote: Fri Apr 22, 2022 10:18 am My issue is my laziness. I like cash back but I also like not doing things. I use Apple card for Apple stuff and fidelity otherwise.
I would not call it "laziness." It's the wisdom of choosing simplicity over minor gains. HOWEVER,

Travel credit cards provide their own flavors of simplicity. For example, during the past 2+ years of COVID, I have booked and cancelled several reservations with points/miles credited back to my account. Getting cash back would have taken longer and been error-prone.

The initial bonus of opening a credit card account usually exceeds the minutia of percentages back on purchases. For example, I have just booked a hotel for the Bogleheads-2022 conference with 70,000 Hilton points all of which I received as a bonus for opening an Amex fee-free card.

My Chase United Explorer card provides me with access to flights that are not available to other MileagePlus members.

And so every time I think about simplifying my life and replacing all my credit cards with the one from Fidelity I encounter a good reason to keep the cards.

Your mileage may vary {pun alert},

Victoria
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THY4373
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Re: What's Your Credit Card Rewards Strategy?

Post by THY4373 »

ResearchMed wrote: Sat Apr 23, 2022 1:35 pm I thought Amex won't allow more than one bonus per person-lifetime?
Just got to find the no lifetime language offers. I have received multiple bonuses for the same card.
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Ketawa
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Re: What's Your Credit Card Rewards Strategy?

Post by Ketawa »

FedGuy wrote: Sat Apr 23, 2022 1:05 pm
spammagnet wrote: Sat Apr 23, 2022 12:58 pmChase is the most restrictive in that regard.
US Bank is said to be even more restrictive, demanding no inquiries (or one at most, depending on who you ask) in the last 12 months (some say they've gotten away with a single inquiry in that period).
Unless this has changed recently, I haven't found this to be true at all.

-1st U.S. Bank card opened in 2019, had 4 other new cards within the last 12 months, let alone inquiries
-2nd card opened in 2020, had 2 new cards in last 12 months
-3rd card opened in 2020, had 3 new cards in last 12 months
-4th card opened in December 2021, had 3 new cards in last 12 months
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VictorStarr
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Re: What's Your Credit Card Rewards Strategy?

Post by VictorStarr »

Ketawa wrote: Sat Apr 23, 2022 3:34 pm
FedGuy wrote: Sat Apr 23, 2022 1:05 pm
spammagnet wrote: Sat Apr 23, 2022 12:58 pmChase is the most restrictive in that regard.
US Bank is said to be even more restrictive, demanding no inquiries (or one at most, depending on who you ask) in the last 12 months (some say they've gotten away with a single inquiry in that period).
Unless this has changed recently, I haven't found this to be true at all.

-1st U.S. Bank card opened in 2019, had 4 other new cards within the last 12 months, let alone inquiries
-2nd card opened in 2020, had 2 new cards in last 12 months
-3rd card opened in 2020, had 3 new cards in last 12 months
-4th card opened in December 2021, had 3 new cards in last 12 months
I had similar experience, last year I opened Altitude Reserve card, at that time I had 5 new cards in last 24 months and 7 inquiries.

The Altitude Reserve is a nice card, earns 4.5% on mobile wallet spending (3 points x 1.5 cent). So you do not need a separate cards for grocery, Costco, gas, online purchases, etc. Your situation may vary, in my case around 80% of business I use accept Apple Pay.
Axelrod
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Re: What's Your Credit Card Rewards Strategy?

Post by Axelrod »

wander wrote: Sat Apr 23, 2022 2:42 pm
anon_investor wrote: Sat Apr 23, 2022 11:15 am What card gets you 5% cash back on flights/hotels/rental cars? :shock:
I use priceline credit card. Everything that is booked through Priceline gets %5 back.
I believe you can also get 5% back using the US Bank Cash Plus card when booking through their Travel Rewards Center as well (not sure if that is subject to quarterly spend limits though. The Costco Visa can also get you 5% back on travel but it requires a Costco Executive account which comes with a $60/year fee.
stilllurking
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Re: What's Your Credit Card Rewards Strategy?

Post by stilllurking »

Axelrod wrote: Sun Apr 24, 2022 7:58 am
wander wrote: Sat Apr 23, 2022 2:42 pm
anon_investor wrote: Sat Apr 23, 2022 11:15 am What card gets you 5% cash back on flights/hotels/rental cars? :shock:
I use priceline credit card. Everything that is booked through Priceline gets %5 back.
I believe you can also get 5% back using the US Bank Cash Plus card when booking through their Travel Rewards Center as well (not sure if that is subject to quarterly spend limits though. The Costco Visa can also get you 5% back on travel but it requires a Costco Executive account which comes with a $60/year fee.
Can you advise how the Costco card gets you 5%? https://citicards.citi.com/usc/LPACA/CO ... lsrc=aw.ds
Axelrod
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Re: What's Your Credit Card Rewards Strategy?

Post by Axelrod »

stilllurking wrote: Sun Apr 24, 2022 8:10 am Can you advise how the Costco card gets you 5%? https://citicards.citi.com/usc/LPACA/CO ... lsrc=aw.ds
Someone can correct me if I'm wrong, but I believe it gets a native 3% on travel related spend by going through their travel booking portal and then you get another 2% back (year end gift card) on all Costco related spend just by being an Executive Member.
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heartwood
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Re: What's Your Credit Card Rewards Strategy?

Post by heartwood »

Axelrod wrote: Sun Apr 24, 2022 8:13 am
stilllurking wrote: Sun Apr 24, 2022 8:10 am Can you advise how the Costco card gets you 5%? https://citicards.citi.com/usc/LPACA/CO ... lsrc=aw.ds
Someone can correct me if I'm wrong, but I believe it gets a native 3% on travel related spend by going through their travel booking portal and then you get another 2% back (year end gift card) on all Costco related spend just by being an Executive Member.
Not commenting on the 3% on travel, but on the 2% year end gift card on Costco Executive membership. You'll get that 2% if you book and pay through Costco. You will not get it on, e.g., rental cars booked through Costco but not paid through Costco, but rather with your credit card through the rental company. Costco' emails cconfirming the rental say "this rental earned you so many dollars", but it's incorrect. The fine print on the Exec Membership spells it out. I had a discussion with Costco Customer Service in the past.
egri
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Re: What's Your Credit Card Rewards Strategy?

Post by egri »

I'm looking into getting the Morgan Stanley AmEx Platinum. I'm in the military, so I don't need to jump through all the hoops to get the engagement bonus. I should just need the $5,000 in an Access Investing account. I'm not enamored with the lack of control over investment options, or MS's fees, but it's a small enough part of my portfolio that I can bite that bullet. With an upcoming trip to Italy, I can knock out most of the SUB, and invest the points through Schwab at their higher rate.
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Re: What's Your Credit Card Rewards Strategy?

Post by Ketawa »

egri wrote: Sun May 01, 2022 7:27 pm I'm looking into getting the Morgan Stanley AmEx Platinum. I'm in the military, so I don't need to jump through all the hoops to get the engagement bonus. I should just need the $5,000 in an Access Investing account. I'm not enamored with the lack of control over investment options, or MS's fees, but it's a small enough part of my portfolio that I can bite that bullet. With an upcoming trip to Italy, I can knock out most of the SUB, and invest the points through Schwab at their higher rate.
Thanks for the pointer on this. I didn't know that there is an easy way to get this card. I'm currently in Amex popup jail, but I'd definitely open a 5th Platinum card if all I had to do was tie up $5K. I get around $400 in value out of the annual benefits.
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Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 »

egri wrote: Sun May 01, 2022 7:27 pm I'm looking into getting the Morgan Stanley AmEx Platinum. I'm in the military, so I don't need to jump through all the hoops to get the engagement bonus. I should just need the $5,000 in an Access Investing account. I'm not enamored with the lack of control over investment options, or MS's fees, but it's a small enough part of my portfolio that I can bite that bullet. With an upcoming trip to Italy, I can knock out most of the SUB, and invest the points through Schwab at their higher rate.
How does being in the military prevent you from jumping through hoops for the engagement bonus? The engagement bonus is tied to the CashPlus account, not the Access Investing account.

Edit: or are you just saying you get the $695 fee waived as being part of the military so you don’t care about the engagement bonus?
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Ketawa
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Re: What's Your Credit Card Rewards Strategy?

Post by Ketawa »

Jags4186 wrote: Mon May 02, 2022 10:37 am
egri wrote: Sun May 01, 2022 7:27 pm I'm looking into getting the Morgan Stanley AmEx Platinum. I'm in the military, so I don't need to jump through all the hoops to get the engagement bonus. I should just need the $5,000 in an Access Investing account. I'm not enamored with the lack of control over investment options, or MS's fees, but it's a small enough part of my portfolio that I can bite that bullet. With an upcoming trip to Italy, I can knock out most of the SUB, and invest the points through Schwab at their higher rate.
How does being in the military prevent you from jumping through hoops for the engagement bonus? The engagement bonus is tied to the CashPlus account, not the Access Investing account.

Edit: or are you just saying you get the $695 fee waived as being part of the military so you don’t care about the engagement bonus?
Annual fee is waived, no reason to care about the engagement bonus.
egri
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Re: What's Your Credit Card Rewards Strategy?

Post by egri »

What Ketawa said.
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