Credit Cards Deposited For SafeKeeping

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obxfisherman
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Credit Cards Deposited For SafeKeeping

Postby obxfisherman » Thu May 21, 2015 6:33 pm

As of tomorrow morning all credit cards, with the exception of the ones in my signature, will be locked away in my safe deposit box. Why you ask? Well simply put, is to keep them in a secure place where they won't get stolen. Also it's good to keep them there so I won't be tempted to use them for unnecessary purchases. :money:
The logic is I don't need to rack up anymore debt, Currently have 5K in debt, so I don't need to put anymore on there. Was recently around 7K in debt, so 2K down in 2 months is pretty good. Anyway the idea is that all of the 5K is sitting on 0% APR card until 06/16 or so and I am confident they will be paid off by then. I will still continue to use my Marriott Card as my Daily Purchase and pay it off as soon as things post, so that it continues to have a $0 (or near 0) balance. Also going into the safe deposit box will be my PIN numbers to unfreeze my credit reports. In my state they are free to unfreeze, so it makes it much to apply for credit…since it does't cost to unfreeze. These are also being deposited as a way to show my dedication to gardening. Without those, well I can't open any new lines of credit…not that I need more anyway. :ppp

I hope by putting these things into the Safe Deposit Box, my itch for new credit will go down, and my overall moral regarding credit will go up. I think I have obtained so much credit and so many cards in the last 12 months I'm kind of burnt out. Maybe that's a good thing? The rational with the SDB is that it will be more of a hassle to go into the bank to retrieve them than it is worth it to me. Of course I will need to take them out every 6 months or so to keep them active, but beyond that they will be stuck there. The price is cheap enough for it to make sense (Like 20 a year).
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K


jcarte29
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Re: Credit Cards Deposited For SafeKeeping

Postby jcarte29 » Fri May 22, 2015 8:44 am

obxfisherman wrote:As of tomorrow morning all credit cards, with the exception of the ones in my signature, will be locked away in my safe deposit box. Why you ask? Well simply put, is to keep them in a secure place where they won't get stolen. Also it's good to keep them there so I won't be tempted to use them for unnecessary purchases. :money:
The logic is I don't need to rack up anymore debt, Currently have 5K in debt, so I don't need to put anymore on there. Was recently around 7K in debt, so 2K down in 2 months is pretty good. Anyway the idea is that all of the 5K is sitting on 0% APR card until 06/16 or so and I am confident they will be paid off by then. I will still continue to use my Marriott Card as my Daily Purchase and pay it off as soon as things post, so that it continues to have a $0 (or near 0) balance. Also going into the safe deposit box will be my PIN numbers to unfreeze my credit reports. In my state they are free to unfreeze, so it makes it much to apply for credit…since it does't cost to unfreeze. These are also being deposited as a way to show my dedication to gardening. Without those, well I can't open any new lines of credit…not that I need more anyway. :ppp

I hope by putting these things into the Safe Deposit Box, my itch for new credit will go down, and my overall moral regarding credit will go up. I think I have obtained so much credit and so many cards in the last 12 months I'm kind of burnt out. Maybe that's a good thing? The rational with the SDB is that it will be more of a hassle to go into the bank to retrieve them than it is worth it to me. Of course I will need to take them out every 6 months or so to keep them active, but beyond that they will be stuck there. The price is cheap enough for it to make sense (Like 20 a year).


Good for you, I'm one month now "in the garden" since I received my Marriott VISA, and I will probably do same as you and put majority of my CCs in the deposit box at my bank. I haven't frozen my credit yet, but I too am committed to just growing the cards I have. I have a good mix of them and I too need to pay down some of my debt. Because of my trip to California last week to visit family it's time to pay the piper lol (it was worth every penny and I actually paid about half cash/half credit so the trip didn't do much to ding me)

All the best to ya! Count me in the slow-down/pay-down club with yah.
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

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CarefulBuilder14
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Re: Credit Cards Deposited For SafeKeeping

Postby CarefulBuilder14 » Mon May 25, 2015 4:17 pm

obxfisherman wrote:As of tomorrow morning all credit cards, with the exception of the ones in my signature, will be locked away in my safe deposit box. Why you ask? Well simply put, is to keep them in a secure place where they won't get stolen. Also it's good to keep them there so I won't be tempted to use them for unnecessary purchases.

Maybe not stolen by a burglar or sneaky waiter, but a hacker could access a merchant's (or even a bank's) electronic records. Just because a card is locked away doesn't mean it's safe from fraud - even if you change the account number. You could also still use the cards online or over the phone. I keep BCE and SM in a drawer, but keep their info on Amazon for $1 "activity" gift cards.

obxfisherman wrote:The logic is I don't need to rack up anymore debt, Currently have 5K in debt, so I don't need to put anymore on there.

I'm unsure how logical this is. If you really feel tempted to buy something you shouldn't, then can't any card with an available CL make you vulnerable? If you have $12,900 of your Marriott CL available on your everyday card, then that's $12,900 (or more with the Visa Sig feature) you can spend - potentially on things you shouldn't. On the other hand, if you know you need to buy some things later, then having one card with a fixed limit may help you to keep the "charge card" mindset that some people say works for them. In that mindset, some people find it's easier to avoid buying things they can't pay for in full.

obxfisherman wrote:Was recently around 7K in debt, so 2K down in 2 months is pretty good. Anyway the idea is that all of the 5K is sitting on 0% APR card until 06/16 or so and I am confident they will be paid off by then. I will still continue to use my Marriott Card as my Daily Purchase and pay it off as soon as things post, so that it continues to have a $0 (or near 0) balance. Also going into the safe deposit box will be my PIN numbers to unfreeze my credit reports. In my state they are free to unfreeze, so it makes it much to apply for credit…since it does't cost to unfreeze. These are also being deposited as a way to show my dedication to gardening. Without those, well I can't open any new lines of credit…not that I need more anyway.

Using a safe deposit box does seem a bit extreme. Maybe there's some set of drawers you don't use much?

obxfisherman wrote:I hope by putting these things into the Safe Deposit Box, my itch for new credit will go down, and my overall moral regarding credit will go up. I think I have obtained so much credit and so many cards in the last 12 months I'm kind of burnt out. Maybe that's a good thing? The rational with the SDB is that it will be more of a hassle to go into the bank to retrieve them than it is worth it to me. Of course I will need to take them out every 6 months or so to keep them active, but beyond that they will be stuck there. The price is cheap enough for it to make sense (Like 20 a year).

Are you paying annual fees for any of the SDB'ed cards? How bad would it be for your credit if you closed a few? I've thought about closing/consolidating cards a little to simplify things, even if it would lead to my FICOs being 5 points lower than they could otherwise be a year from now.

To fight the itch...Other hobbies? Romance? Exercise? A side business?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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obxfisherman
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Re: Credit Cards Deposited For SafeKeeping

Postby obxfisherman » Mon May 25, 2015 7:09 pm

CarefulBuilder14 wrote:Are you paying annual fees for any of the SDB'ed cards? How bad would it be for your credit if you closed a few? I've thought about closing/consolidating cards a little to simplify things, even if it would lead to my FICOs being 5 points lower than they could otherwise be a year from now.

To fight the itch...Other hobbies? Romance? Exercise? A side business?


The only annual fee cards I have are: Disney Premier, Navy CU Rewards, Marriott, Delta AMEX. Just got delta AMEX, so it's a year out, Disney Premier is coming up at some point, but that is the only AF one in SDB . It would probably hurt my score pretty bad...well on second thought it probably wouldn't hurt me, but I did just apply for some cards so I'd like to keep them all open for now. I have 20 some odd credit cards open now and I don't need all of them. In a perfect world i'd have like 5 Max (1 AMEX, 1 Discover, 1 MC, 2 Visa ), but with me being so young, and my file being rather young, average age of accounts is like a year, I probably shouldn't mess with anything more than I already have.

I already have a fairly healthy business going, maybe I'm just bad with money managing...maybe I should go back to the debit card *shudders*......I've done good this entire month however, Haven't charged beyond what I could pay back, on time, and it feels good. Granted it was only a month, but for me that's pretty good. At least my debt isn't going up.
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

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CarefulBuilder14
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Re: Credit Cards Deposited For SafeKeeping

Postby CarefulBuilder14 » Mon May 25, 2015 11:45 pm

obxfisherman wrote:The only annual fee cards I have are: Disney Premier, Navy CU Rewards, Marriott, Delta AMEX. Just got delta AMEX, so it's a year out, Disney Premier is coming up at some point, but that is the only AF one in SDB . It would probably hurt my score pretty bad...well on second thought it probably wouldn't hurt me, but I did just apply for some cards so I'd like to keep them all open for now. I have 20 some odd credit cards open now and I don't need all of them. In a perfect world i'd have like 5 Max (1 AMEX, 1 Discover, 1 MC, 2 Visa ), but with me being so young, and my file being rather young, average age of accounts is like a year, I probably shouldn't mess with anything more than I already have.

I already have a fairly healthy business going, maybe I'm just bad with money managing...maybe I should go back to the debit card *shudders*......I've done good this entire month however, Haven't charged beyond what I could pay back, on time, and it feels good. Granted it was only a month, but for me that's pretty good. At least my debt isn't going up.

Unless you have Disney expenses as part of your business, I don't know why you'd pay an annual fee for a card meant for totally discretionary purchases that will put you further in debt. Sometimes you may need to travel despite being in debt, so the Delta may be worth keeping.

I think the Marriott card is just awful for anything other than trying to impress naïve people or getting a free night in the middle of nowhere. If you stay there a lot and can put some real spending on the card ($10k+), get the R-C for the upgrades that come with Gold status. I'll stick with CSP myself for now.

What's the appeal of paying an AF to Navy Fed? What do you get that's so great? I don't see anything special about it. The cpp value looks pretty bad.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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obxfisherman
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Re: Credit Cards Deposited For SafeKeeping

Postby obxfisherman » Tue May 26, 2015 9:32 am

CarefulBuilder14 wrote:Unless you have Disney expenses as part of your business, I don't know why you'd pay an annual fee for a card meant for totally discretionary purchases that will put you further in debt. Sometimes you may need to travel despite being in debt, so the Delta may be worth keeping.

I think the Marriott card is just awful for anything other than trying to impress naïve people or getting a free night in the middle of nowhere. If you stay there a lot and can put some real spending on the card ($10k+), get the R-C for the upgrades that come with Gold status. I'll stick with CSP myself for now.

What's the appeal of paying an AF to Navy Fed? What do you get that's so great? I don't see anything special about it. The cpp value looks pretty bad.


I happen to enjoy Disney and so as an odd quirk I like having the DIsney Credit Card. Granted I could have the Non AF card, but the small 45 or whatever it is, is neat enough for me to justify it. I think I have a Disney Premier Card Design…which is neat to me…stupid perhaps, but I like it. Most if not all of the debt will be paid off before this time next year. The Delta may be worth keeping, but 100 AF when air isn't my most frequently used method of transportation, i'm not sure…

The Marriott Card for me is more than just attempting to impress people. Although it tends to do that to people who see it, that isn't the point. I actually enjoy the Marriott Brand and I stay their almost exclusively. In fact, I have stayed at Marriott's for extended periods of time, which has helped grow my fondness for them. While the R-C card may be good, I am way too cheap to pay 395 AF for a credit card. I happen to enjoy my free night in the Middle of Nowhere. It really isn't that bad though, there are still some nice Category 5 hotels in the United States, that allow you to get the most bang for your buck. For example I will be using mine for a hotel that is usually 225 a night, and i'll be getting a night for free thanks to my free night. It may not work for everyone, but for me it works out quite well and at the end of the day that is all that matters.

No real appeal to give Navy an AF. I didn't have tons of 5K+ limits at the time (still don't) and so I figured if I went for the best that they offered, and by best I mean most expensive, I had the best chance of getting 5K. I did get that, and so you can't do PC with Navy to my knowledge, so i'll just stick with what I have and be happy.
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

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CarefulBuilder14
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Re: Credit Cards Deposited For SafeKeeping

Postby CarefulBuilder14 » Tue May 26, 2015 1:02 pm

obxfisherman wrote:
CarefulBuilder14 wrote:Unless you have Disney expenses as part of your business, I don't know why you'd pay an annual fee for a card meant for totally discretionary purchases that will put you further in debt. Sometimes you may need to travel despite being in debt, so the Delta may be worth keeping.

I think the Marriott card is just awful for anything other than trying to impress naïve people or getting a free night in the middle of nowhere. If you stay there a lot and can put some real spending on the card ($10k+), get the R-C for the upgrades that come with Gold status. I'll stick with CSP myself for now.

What's the appeal of paying an AF to Navy Fed? What do you get that's so great? I don't see anything special about it. The cpp value looks pretty bad.


I happen to enjoy Disney and so as an odd quirk I like having the DIsney Credit Card. Granted I could have the Non AF card, but the small 45 or whatever it is, is neat enough for me to justify it. I think I have a Disney Premier Card Design…which is neat to me…stupid perhaps, but I like it. Most if not all of the debt will be paid off before this time next year. The Delta may be worth keeping, but 100 AF when air isn't my most frequently used method of transportation, i'm not sure…

The Marriott Card for me is more than just attempting to impress people. Although it tends to do that to people who see it, that isn't the point. I actually enjoy the Marriott Brand and I stay their almost exclusively. In fact, I have stayed at Marriott's for extended periods of time, which has helped grow my fondness for them. While the R-C card may be good, I am way too cheap to pay 395 AF for a credit card. I happen to enjoy my free night in the Middle of Nowhere. It really isn't that bad though, there are still some nice Category 5 hotels in the United States, that allow you to get the most bang for your buck. For example I will be using mine for a hotel that is usually 225 a night, and i'll be getting a night for free thanks to my free night. It may not work for everyone, but for me it works out quite well and at the end of the day that is all that matters.

No real appeal to give Navy an AF. I didn't have tons of 5K+ limits at the time (still don't) and so I figured if I went for the best that they offered, and by best I mean most expensive, I had the best chance of getting 5K. I did get that, and so you can't do PC with Navy to my knowledge, so i'll just stick with what I have and be happy.

Well, all I can say about Disney and Navy Federal is that if I was in debt and could save the money, I would. I focus on the overall economic value of cards, not emotional brand attachment.

I like Marriott hotels, too. I like being in the loyalty program (and mysteriously getting snacks for myself and others in my reservation :confused: :) :cheers: ). For you, maybe it does make sense to use the card as a sort of "prepaid free night" - but that doesn't mean it makes sense to use it for everyday spending.

Do you have Gold status? Or do you expect to reach it through your elite nights or everyday spending on the card? Without that status, I just don't see any real economic value in using the card anywhere other than a Marriott hotel. You're earning points for free nights with your everyday spending, but so slowly that you might bet better off to use a cash back card and pay for your rooms with a cash rate.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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obxfisherman
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Re: Credit Cards Deposited For SafeKeeping

Postby obxfisherman » Tue May 26, 2015 8:18 pm

CarefulBuilder14 wrote:Well, all I can say about Disney and Navy Federal is that if I was in debt and could save the money, I would. I focus on the overall economic value of cards, not emotional brand attachment.

I like Marriott hotels, too. I like being in the loyalty program (and mysteriously getting snacks for myself and others in my reservation :confused: :) :cheers: ). For you, maybe it does make sense to use the card as a sort of "prepaid free night" - but that doesn't mean it makes sense to use it for everyday spending.

Do you have Gold status? Or do you expect to reach it through your elite nights or everyday spending on the card? Without that status, I just don't see any real economic value in using the card anywhere other than a Marriott hotel. You're earning points for free nights with your everyday spending, but so slowly that you might bet better off to use a cash back card and pay for your rooms with a cash rate.


While I agree with you regarding saving money, the debt situation is temporary, it won't be that way for very long, so it doesn't make sense for me to close cards only to reopen them in a year or less. If I had debt extending longer than one year or so, I could see your point. While it is understandable, to me I might as well keep them open.

Yes the snacks are a nice surprise lol, but half the time I elect for points credit instead of snacks if at all possible. Sometimes snacks are nice, but points are better xD Currently I have Platinum Status.
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

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CarefulBuilder14
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Re: Credit Cards Deposited For SafeKeeping

Postby CarefulBuilder14 » Tue May 26, 2015 8:39 pm

obxfisherman wrote:Yes the snacks are a nice surprise lol, but half the time I elect for points credit instead of snacks if at all possible. Sometimes snacks are nice, but points are better xD Currently I have Platinum Status.

Oh, okay. If using the card helps you keep Platinum status, then that makes more sense. Is that mostly from hotel stays or everyday spending? If mostly from hotel stays, then many upgraded nights and other perks could be worth enough to offset the lower cpp value from regular spending.

I'm still on the entry tier, having only joined 3 months ago. The reason the snacks were a nice surprise is that I'm not officially entitled to the welcome gift, since I don't have Platinum status.

I do have big, shiny piles of URs and MRs, though. :)
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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obxfisherman
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Re: Credit Cards Deposited For SafeKeeping

Postby obxfisherman » Tue May 26, 2015 8:58 pm

CarefulBuilder14 wrote:
obxfisherman wrote:Yes the snacks are a nice surprise lol, but half the time I elect for points credit instead of snacks if at all possible. Sometimes snacks are nice, but points are better xD Currently I have Platinum Status.

Oh, okay. If using the card helps you keep Platinum status, then that makes more sense. Is that mostly from hotel stays or everyday spending?

I'm still on the entry tier, having only joined 3 months ago. The reason the snacks were a nice surprise is that I'm not officially entitled to the welcome gift, since I don't have Platinum status.

I do have a big, shiny pile of URs and MRs, at least. :)



The Platinum Status is mostly from hotel stays. I can see why the snacks were a surprise, but a good surprise at that. Hopefully you'll get more of those in the future. I like the fresh baked cookies that are present in some of the Marriott Hotels they are free regardless of status…mmmm….warm chocolate goodness. :)
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K



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