djrez4 wrote:I'm looking forward to applying for the Everyday Preferred when I get back from Japan. I did the math in an earlier post. The more I think about it, the more I think I want to have the Everyday Preferred in my wallet. It will simplify things for me and reduce the number of cards I need to carry to maximize rewards. I honestly think I can get away with three cards now: CSP, Freedom, and Everyday Preferred. Ink will stick around for cell phone and cable, along with other business expenses and the occasional VGC purchase when OM runs a special. And, I think I'm going to cancel the MB Plat and apply for the regular Plat, now that Amex is offering 40k points. I doubt I'll spend anything on it, but the perks are still worth it to me.
Everything else will get cancelled when it's fee time.
(As an aside, we have enough points saved up for at least two more nice trips. That's two years in which I can lay off the apps.)
Travis - Is the first year fee waived on the Everyday Preferred?
I would still diversify. I could get by with ONE card - the Associated has the limit, rewards and everything else I need (Concierge even) so I could live just fine with that.
BUT there is the matter of the fact that the card could get stolen. Having a backup is nice. With 3 cards you have best scoring and backup covered but there is the fact that some lenders (OCCU cough cough) are about as stable as Charles Manson on Quaaludes. Even Amex could F/R you at any time. And any lender can take AA against you.
I prefer to diversify more strongly and make them all compete against each other and have backups to my backups. Especially after the OCCU debacle I really can't "trust" any of them. Let them all compete and the best win and the rest hit the back of the wallet.