How have your CC habits and views changed?

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Nixon
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Re: How have your CC habits and views changed?

Postby Nixon » Thu Jun 25, 2015 7:33 pm

I'm still technically bonus chasing. Calling my lenders and pestering them for spend offers. Lol.

No apps in nearly 3 mos.
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CarefulBuilder14
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Re: How have your CC habits and views changed?

Postby CarefulBuilder14 » Thu Jun 25, 2015 7:37 pm

Jon and Member,

I agree that 4-6 would be enough cards to have for regular use. Having met minimum spend on Arrival and IHG, I'm back to having 3 cards for everyday use, 3 for special situations, and 4 I keep open but don't really need (for now, at least). Juggling 8-10 for everyday use would be a nuisance. Any spending I do (apart from tiny stuff to keep cards active) that doesn't go on my three main cards is for a very nice bonus reward or credit.

I agree that unless you're just using a card for the bonus, having a lot of different reward currencies is very inefficient.

I've been tempted by travel cards that wouldn't make much sense for me in the long run, and by the notion of having a lot of accounts. I've not really been tempted by huge CLs, or the desire to have accounts with a huge number of lenders. I was lucky enough to start out with a Freedom, and have never had to rebuild. Even with a $600 card, most of what was available looked to me like a step down.

Vattené,

For scoring purposes, it's generally best to open all the cards you want to keep (AF or not) before you start going for big bonuses. I don't think you could go wrong by getting a Sallie Mae, even if you later decide to amp up your ED to an EDP. I keep Sallie Mae and BCE open not just for scoring purposes, but also as a no-AF, cash-back hedge to EDP (or MRs themselves) being nerfed. *How Wal-Mart is coded for MC will vary from location to location, of course. And it may be the case that even Wal-Mart grocery-focused stores are categorized as discount stores, which makes ED/EDP less potentially appealing, compared to Sallie Mae.*

Nixon,

How many of those offers end up being any better than your wife's 4% Discover?
Last edited by CarefulBuilder14 on Fri Jun 26, 2015 1:48 am, edited 2 times in total.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

Nixon
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Re: How have your CC habits and views changed?

Postby Nixon » Thu Jun 25, 2015 8:19 pm

CarefulBuilder14 wrote:Jon and Member,

I agree that 4-6 would be enough cards to have for regular use. Having met minimum spend on Arrival and IHG, I'm back to having 3 cards for everyday use, 3 for special situations, and 4 I keep open but don't really need (for now, at least). Juggling 8-10 for everyday use would be a nuisance. Any spending I do (apart from tiny stuff to keep cards active) that doesn't go on my three main cards is for a very nice bonus reward or credit.

I agree that unless you're just using a card for the bonus, having a lot of different reward currencies is very inefficient.

I've been tempted by travel cards that wouldn't make much sense for me in the long run, and by the notion of having a lot of accounts. I've not really been tempted by huge CLs, or the desire to have accounts with a huge number of lenders. I was lucky enough to start out with a Freedom, and have never had to rebuild. Even with a $600 card, most of what was available looked to me like a step down.

Vattené,

For scoring purposes, it's generally best to open all the cards you want to keep (AF or not) before you start going for big bonuses. I don't think you could go wrong by getting a Sallie Mae, even if you later decide to amp up your ED to an EDP. I keep Sallie Mae and BCE open not just for scoring purposes, but also as a no-AF, cash-back hedge to EDP (or MRs themselves) being nerfed.

Nixon,

How many of those offers end up being any better than your wife's 4% Discover?


A couple, actually.
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CarefulBuilder14
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Re: How have your CC habits and views changed?

Postby CarefulBuilder14 » Thu Jun 25, 2015 8:29 pm

Nixon wrote:A couple, actually.

I'm curious about the specifics.

My IHG/$1k transactions are still pending, although from some further reading it sounds like the 80k+$50 offer has been inactive for a while. I'll still try to get the extra 20k points. I've gotten my $50 credit, at least, and the card's real value is in the annual free night, of course.

I called Amex to see if they'd duplicate an offer I'd used on my PRG onto my EDP, too. They said no - that the offer was only for PRG and Platinum, but the CSR's language implied that a VIP might get such a request filled (and I don't spend enough).

Would Twitter or Facebook serve as a workaround in those cases, or are some offers truly restricted?
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

Nixon
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Re: How have your CC habits and views changed?

Postby Nixon » Thu Jun 25, 2015 8:35 pm

CarefulBuilder14 wrote:
Nixon wrote:A couple, actually.

I'm curious about the specifics.

My IHG/$1k transactions are still pending, although from some further reading it sounds like the 80k+$50 offer has been inactive for a while. I'll still try to get the extra 20k points. I've gotten my $50 credit, at least.

I called Amex to see if they'd duplicate an offer I'd used on my PRG onto my EDP, too. They said no - that the offer was only for PRG and Platinum. Would Twitter of Facebook serve as a workaround in those cases, or are some offers truly restricted?


I was able to get another "Spend 1K, get 5K AA miles" offer on my Aviator Red. :)

As well as a "Spend $500, get $50 CB" on my Discover. This is in addition to the $100/$10CB offer I got a few mos ago. The best part? It contributes towards my 2X CB payout next year. :D

So all in all, the AA offer is approx 10%, and the Discover offer is approx 20% payout albeit in a small capacity.
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CarefulBuilder14
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Re: How have your CC habits and views changed?

Postby CarefulBuilder14 » Thu Jun 25, 2015 8:45 pm

Nixon wrote:I was able to get another "Spend 1K, get 5K AA miles" offer on my Aviator Red. :)

As well as a "Spend $500, get $50 CB" on my Discover. This is in addition to the $100/$10CB offer I got a few mos ago. The best part? It contributes towards my 2X CB payout next year. :D

So all in all, the AA offer is approx 10%, and the Discover offer is approx 20% payout albeit in a small capacity.

That's pretty nice! I might check with Barclaycard to see if Arrival or Sallie Mae can get me anything special. When I last called, I had only Sallie Mae and got shot down. For a card now 10 months old, there has been no APR reduction, CLI, or extra rewards.

It's not that I think in general that those things should be normal on a card within the first few months. I've just notice that Barclaycard seems to favor some customers over others in that regard.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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Vattené
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Re: How have your CC habits and views changed?

Postby Vattené » Fri Jun 26, 2015 7:25 am

CarefulBuilder14 wrote:For scoring purposes, it's generally best to open all the cards you want to keep (AF or not) before you start going for big bonuses. I don't think you could go wrong by getting a Sallie Mae, even if you later decide to amp up your ED to an EDP. I keep Sallie Mae and BCE open not just for scoring purposes, but also as a no-AF, cash-back hedge to EDP (or MRs themselves) being nerfed.


Oh I definitely agree I have nothing to lose with a SM. I've already gotten the ED bonus so if I ever did decide I wanted an EDP it would probably be better to open a new account, and even then I wouldn't get a lot of use out of the bonus categories. I was excited to hear that some Walmarts are being categorized as grocery on the SM, but I have never heard of a Walmart being categorized as grocery on any Amex. The main grocery stores I use are Walmart and a place that ONLY accepts Discover (not even MC/Visa). So if I get an SM and can use Walmart for groceries, awesome. If not, it is still worth it for a year-round gas card even though I don't spend a ton at gas stations because there is no AF. Plus if I decide there are better options out there I can keep the account open and just move on.
-Vattené
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CarefulBuilder14
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Re: How have your CC habits and views changed?

Postby CarefulBuilder14 » Tue Jun 30, 2015 1:05 pm

Nixon,

Have you figured out any pattern to Barclaycard's mini-bonuses?

With Discover, the criteria seem pretty straightforward. People with a history of spending a lot tend to get more lucrative and/or more frequent bonuses, but most people can get at least something.

With Barclaycard, I don't get it. Some people get showered in promos, and others get nothing. From very limited research, it doesn't look like total Barclaycard spending or credit quality are good predictors.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

kdm31091
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Re: How have your CC habits and views changed?

Postby kdm31091 » Tue Jun 30, 2015 8:03 pm

MemberSince99 wrote:It seems a lot of us feel the same way.

You know once you get past only being able to have a lousy First Premiere or Credit One card, or a Cap One with a toy limit and no rewards, and you get into the GOOD cards, we all seem to go through the phase of wanting to have as many cards as possible. There are multiple reasons for this - establishing credit with multiple lenders, increasing limits, rewards, plus to be honest the thrill of conquest.

Then at some point when you are trying to juggle and stay on top of all of these accounts, you realize that doing this isn't really such a great idea after all. Sure you can squeeze every possible cent out of your rewards this way, but redeeming them in a useful manner can be difficult, and it's a real PITA. Then you come to accept that hey, maybe I don't really care about every penny because in a year's time for me, it's only a few dollars difference anyway and my time is worth more than I'm "making" this way, maybe I should just concentrate on quality over quantity, making my life easier to manage. Lenders are starting to look poorly at churners as they tend to not be profitable over the long term.

So you started with maybe one card, and once you come full circle you realize you absolutely want no more than 4 to 6 cards, TOPS. 10 or more is just a hassle.


I agree with this post 100%. There's also the fact that outside of really large spend you get diminishing returns with 10+ cards. You can't possibly achieve much in rewards across that many cards without spending a ton. As you said, it often comes out to a few bucks a year. Not really worth the time, effort, or tracking of accounts. But to each their own.

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CarefulBuilder14
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Re: How have your CC habits and views changed?

Postby CarefulBuilder14 » Tue Jun 30, 2015 10:38 pm

I can get stuck between a few opposing arguments:

A: I do travel, so AF cards with complicated rewards programs can make sense.

B: AF or not, nerfing happens. Having backup cards helps protect me so I can quickly switch my spending without having inquiries and new accounts.

C: If I'm not routinely using a card, and there's no obvious future situation in which it would be highly advantageous to use it, I shouldn't bother to keep it open, and should perhaps actively close it.

Maybe I will let one card die on the vine, just to see how I feel about it. Brooks Brothers might be the logical choice, or Sallie Mae.

Edit: How do you approach this, Vattené? Do you keep all your old store cards alive through small transactions, or are you just letting them eventually die from inactivity?
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



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