Want to acquire 4 more cards. Advice?

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Csog33
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Want to acquire 4 more cards. Advice?

Postby Csog33 » Fri Dec 11, 2015 3:15 am

I've been using a Wells Fargo 1% cash back card with a limit of $7,500 for a while now but recently decided I'd like to maximize the value of my credit spending.

Last week I applied and was approved for 4 additional cards.
- Discover It $1,500
- Bank Americard Better Balance Rewards $3,500
- Citi Double Cash $3,600
- Chase Freedom $10,000

I was very happy with these approvals, but am still targeting four more cards I would like to own.
- US Bank Cash+
- Amex Blue Cash Everyday
- Capital One Quicksilver
- Bank Americard Cash Rewards

I don't need these cards immediately but would like to obtain them as quickly and efficiently as possible. I don't mind if that still takes a long time however (even years).

I don't know if I should try to apply for some of these quickly before all of my new accounts start showing up on my credit score, or wait until my new accounts age some.

Would like some advice on how to go about applying for these four cards if anyone could help me out, or knows how easy/difficult it is to get these cards.

My credit rating is in the 750s, but lowish income 50-60k.


CardAttack
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Re: Want to acquire 4 more cards. Advice?

Postby CardAttack » Fri Dec 11, 2015 11:00 am

You have nice cards there. Do you PIF each month? Are you okay with managing a lot of cards? Some people prefer the simplicity of just a few cards.

What are your objectives and goals for your credit cards? What do you want from other cards that you don't already have?

How do credit cards fit in with your financial goals?
Amex BCP|Amex Hilton HHonors|AARP Visa|Chase Freedom |BofA BBR|BofA Cash Rewards | BofA Travel Rewards |Citi DC|Discover IT|US Bank Cash +|REI Visa

kdm31091
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Re: Want to acquire 4 more cards. Advice?

Postby kdm31091 » Fri Dec 11, 2015 11:31 am

Csog33 wrote:I've been using a Wells Fargo 1% cash back card with a limit of $7,500 for a while now but recently decided I'd like to maximize the value of my credit spending.

Last week I applied and was approved for 4 additional cards.
- Discover It $1,500
- Bank Americard Better Balance Rewards $3,500
- Citi Double Cash $3,600
- Chase Freedom $10,000

I was very happy with these approvals, but am still targeting four more cards I would like to own.
- US Bank Cash+
- Amex Blue Cash Everyday
- Capital One Quicksilver
- Bank Americard Cash Rewards

I don't need these cards immediately but would like to obtain them as quickly and efficiently as possible. I don't mind if that still takes a long time however (even years).

I don't know if I should try to apply for some of these quickly before all of my new accounts start showing up on my credit score, or wait until my new accounts age some.

Would like some advice on how to go about applying for these four cards if anyone could help me out, or knows how easy/difficult it is to get these cards.

My credit rating is in the 750s, but lowish income 50-60k.


I'd skip the BOA Cash Rewards. You already have a Double Cash, so you're getting 2% on everything. The only gain from a BOA card would be an extra 1% on gas. Unless you have a very long commute, the extra rewards won't be much. Ditto for the Blue Cash Everyday -- you're getting 1% more on groceries. If you spend a lot it may be worthwhile, but otherwise not necessary. Don't app just to app.

The Cash+ can be useful if the 5% categories line up with your spending (keep in mind they can change over time of course).

Don't know why you'd particularly need a Quicksilver; it actually earns less than the Double Cash, although some prefer QS's simplicity vs Double Cash's slightly more delayed return. I have both, and am on the fence about which to keep, but I don't think anyone really needs to have both.

In short, the cards you listed really are not going to provide you with any large gains outside of maybe the Cash+, so evaluate your spend on gas/groceries and determine if a little extra in rewards is going to mean much. In many cases it won't. I mean, even if you spend $500 a month on groceries, an extra 1% from Amex is only giving you $5 more than your double cash.

In the quest to maximize, don't spread yourself too thin. Particularly with cash back cards, there's simply a matter of diminishing returns.

yfan
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Re: Want to acquire 4 more cards. Advice?

Postby yfan » Fri Dec 11, 2015 1:21 pm

Going along the lines of what kdm said, how did you decide that these are the cards you want/need? Did you do a cost-benefit analysis against actual numbers in your spending trend? If not, I suggest you go back and do that first. There's no good reason to have 9 credit cards just for the sake of having them.

  • Citi DC and Capital One QS are a wash, when some foreign travel is factored in.
  • Discover IT has pretty good 5% rotating categories, Chase Freedom is also a rotating 5% card, so unless you have a lot of ongoing spend on a specific category that isn't covered by either (for potentially 6 months), the Cash+ may not even net you that much.
  • Are you using BankAmeriDeals on your BBR? If you find those useful, you're better off using them than chasing an extra 1% on gas.
  • The BCE is a good "in" with Amex, and there are a ton of Amex offers you can choose from if you get that card. So especially if you get it, between Amex offers and BankAmeriDeals and the Chase/Discover 5% categories, you in all likelihood won't need another card.

Remember that it is easier to grow your credit lines with a few good cards than with a ton of cards just to spread your rewards around. Also, look into the benefits of each card rather than just chasing pure rewards. Citi and Discover have good Price Protection benefits that will refund you the difference should something you bought drop in price within a given period of time (60/90/120 days depending on the card) - just redeeming one such benefit could outstrip the marginal rewards on all your other cards combined.

Csog33
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Re: Want to acquire 4 more cards. Advice?

Postby Csog33 » Fri Dec 11, 2015 1:24 pm

CardAttack wrote:You have nice cards there. Do you PIF each month? Are you okay with managing a lot of cards? Some people prefer the simplicity of just a few cards.

What are your objectives and goals for your credit cards? What do you want from other cards that you don't already have?

How do credit cards fit in with your financial goals?


I PIF every month, never spend what I don't have. I already have banking relationships with several banks and find it fun managing a lot of accounts. Not really interested in simplicity.

As I said I want to maximize my credit spending. I know these cards don't offer huge bonuses over what I already have but I eventually want to have many credit cards anyway, so why not take advantage of those small bonuses?

kdm31091
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Re: Want to acquire 4 more cards. Advice?

Postby kdm31091 » Fri Dec 11, 2015 1:27 pm

yfan wrote:Going along the lines of what kdm said, how did you decide that these are the cards you want/need? Did you do a cost-benefit analysis against actual numbers in your spending trend? If not, I suggest you go back and do that first. There's no good reason to have 9 credit cards just for the sake of having them.

  • Citi DC and Capital One QS are a wash, when some foreign travel is factored in.
  • Discover IT has pretty good 5% rotating categories, Chase Freedom is also a rotating 5% card, so unless you have a lot of ongoing spend on a specific category that isn't covered by either (for potentially 6 months), the Cash+ may not even net you that much.
  • Are you using BankAmeriDeals on your BBR? If you find those useful, you're better off using them than chasing an extra 1% on gas.
  • The BCE is a good "in" with Amex, and there are a ton of Amex offers you can choose from if you get that card. So especially if you get it, between Amex offers and BankAmeriDeals and the Chase/Discover 5% categories, you in all likelihood won't need another card.

Remember that it is easier to grow your credit lines with a few good cards than with a ton of cards just to spread your rewards around. Also, look into the benefits of each card rather than just chasing pure rewards. Citi and Discover have good Price Protection benefits that will refund you the difference should something you bought drop in price within a given period of time (60/90/120 days depending on the card) - just redeeming one such benefit could outstrip the marginal rewards on all your other cards combined.


True, I forgot about amex offers. Since OP already has access to the Amerideals like you said, I'd definitely forget about the Cash Rewards.

If OP really determines another card or two are necessary I'd probably do the BCE and/or Cash+ (if the 5% categories not covered by Freedom/Discover are significant for OP).

In case you aren't aware, OP, the 5% categories for cash+ include fast food, furniture stores, electronic stores, department stores, movie theaters, bookstores, and gym memberships. I may be forgetting or two, but that's basically a rundown of them.

Csog33
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Re: Want to acquire 4 more cards. Advice?

Postby Csog33 » Fri Dec 11, 2015 1:32 pm

kdm31091 wrote:
Csog33 wrote:I've been using a Wells Fargo 1% cash back card with a limit of $7,500 for a while now but recently decided I'd like to maximize the value of my credit spending.

Last week I applied and was approved for 4 additional cards.
- Discover It $1,500
- Bank Americard Better Balance Rewards $3,500
- Citi Double Cash $3,600
- Chase Freedom $10,000

I was very happy with these approvals, but am still targeting four more cards I would like to own.
- US Bank Cash+
- Amex Blue Cash Everyday
- Capital One Quicksilver
- Bank Americard Cash Rewards

I don't need these cards immediately but would like to obtain them as quickly and efficiently as possible. I don't mind if that still takes a long time however (even years).

I don't know if I should try to apply for some of these quickly before all of my new accounts start showing up on my credit score, or wait until my new accounts age some.

Would like some advice on how to go about applying for these four cards if anyone could help me out, or knows how easy/difficult it is to get these cards.

My credit rating is in the 750s, but lowish income 50-60k.


I'd skip the BOA Cash Rewards. You already have a Double Cash, so you're getting 2% on everything. The only gain from a BOA card would be an extra 1% on gas. Unless you have a very long commute, the extra rewards won't be much. Ditto for the Blue Cash Everyday -- you're getting 1% more on groceries. If you spend a lot it may be worthwhile, but otherwise not necessary. Don't app just to app.

The Cash+ can be useful if the 5% categories line up with your spending (keep in mind they can change over time of course).

Don't know why you'd particularly need a Quicksilver; it actually earns less than the Double Cash, although some prefer QS's simplicity vs Double Cash's slightly more delayed return. I have both, and am on the fence about which to keep, but I don't think anyone really needs to have both.

In short, the cards you listed really are not going to provide you with any large gains outside of maybe the Cash+, so evaluate your spend on gas/groceries and determine if a little extra in rewards is going to mean much. In many cases it won't. I mean, even if you spend $500 a month on groceries, an extra 1% from Amex is only giving you $5 more than your double cash.

In the quest to maximize, don't spread yourself too thin. Particularly with cash back cards, there's simply a matter of diminishing returns.


I think I could get some value out of the Cash+. I actually spend a fair amount on fast food and frequently shop at best buy.

As for the Quicksilver I am going on several trips to Europe and Japan in the coming year and figured I could use the no FTF on that one. I heard Discover isnt accepted a lot of places abroad.

You're probably right about the Amex and BoA cards though. Thanks for the advice.

CardAttack
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Re: Want to acquire 4 more cards. Advice?

Postby CardAttack » Fri Dec 11, 2015 2:03 pm

As you can see from my card portfolio, I like to maximize and spread around my cash back :)

My Amex BCP gets heavy use for groceries and the Amex Offers. I really like the Amex offers!

My Cash+ gets good use because I pay my cell phone with it, and my cafeteria at work is considered fast food.

I have no problems waiting around for cash back to accumulate, if it means I'm getting more back overall.
Amex BCP|Amex Hilton HHonors|AARP Visa|Chase Freedom |BofA BBR|BofA Cash Rewards | BofA Travel Rewards |Citi DC|Discover IT|US Bank Cash +|REI Visa

CardAttack
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Re: Want to acquire 4 more cards. Advice?

Postby CardAttack » Fri Dec 11, 2015 2:08 pm

Note: The BofA Travel rewards card is no FTF, no AF, and you can get 1.65% back with a BofA account. I use mine for traveling in Canada.
Amex BCP|Amex Hilton HHonors|AARP Visa|Chase Freedom |BofA BBR|BofA Cash Rewards | BofA Travel Rewards |Citi DC|Discover IT|US Bank Cash +|REI Visa

augiedog
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Re: Want to acquire 4 more cards. Advice?

Postby augiedog » Fri Dec 11, 2015 3:11 pm

You could easily be approved for those cards if you wait 6-12 months before applying again. I would also wait for targeted offers to come in the mail which may provide better sign-up bonuses than those offered online.

The cards you've been approved for lately also have sign-up bonuses you should try to meet before applying for other cards.
American Express: Blue Cash Everyday (10k), Everyday, ; Discover It (7.3k) ; Target (2.1k)

Citi: Diamond (2k) ; Bank of America: Cash Rewards (2.6k) ; Capital One: Quicksilver (3k) , Sony ; Chase: Freedom (3.7k), Slate (3k), (Amazon) ; Barclay Ring ; Synchrony: Walmart MC, Amazon, Ebates



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