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.
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 many of those offers end up being any better than your wife's 4% Discover?
Nixon wrote:A couple, actually.
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?
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.
So all in all, the AA offer is approx 10%, and the Discover offer is approx 20% payout albeit in a small capacity.
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.
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.