Kevin86475391 wrote:For me another non-priority is simplicity.
I realize it's a big priority for a lot of people, but it isn't for me. I have no trouble keeping track of multiple accounts or which card earns the best rewards for a given thing - honestly it's really fun for me. In fact even if rewards were completely removed from the equation I'd still want to put different types of spending on different cards, just because that system better suits me and I like seeing all my groceries on one card, dining out on another, bills on a third, non-grocery consumer goods on a fourth, etc. It helps me budget and track spending much more easily than lumping everything together would. Indeed, way back in college before I had credit cards, I kept 4 different checking accounts active for this same purpose (this was back in the day when truly free checking accounts easier to come by and there were no direct deposit or minimum balance requirements). I just actively don't want all my expenses going onto one card/account.
That said, I do believe in keeping card apps to a minimum. I never add more than 1 card a year and usually more like 1 every 12-24 months, but if it's been a year or so since my last app will I consider adding another new card just to eek out an additional 1% rewards on a category I use a lot? Absolutely! Especially if there's an appealing signup bonus.
Of course this system only works for me because I don't have any interest or loyalty on particular rewards points. I'm just doing cash back so I don't care where it comes from. I also don't care how long it takes to get. Sure maybe I could get $90 in one month from one card, but I'd much rather spread that out and get $20 from five lenders, even if I have to wait another month till I hit a $25 threshold or something to redeem. I'm in no rush with redemptions. Maximizing is fun, worth the effort, and worth waiting a little longer to me. Simplicity is a complete non-priority for me.
Simplicity and diversity can be achieved with minimum accounts. All things considered, I'd probably like to wind up with 6 accounts and just swap out spending quarterly. Chase is 1 right now (maybe up to 3 in the future), along with Discover and a future Amex No-AF points card like the ED and possibly Citi with their EQ credit score for free (Since Amex offers EX and I already have TU through Discover, a good way to get all your FICO scores without having to pay "them" $30 a month). Rewards-wise the Synchrony accounts do nothing for me, so they'll be gone soon.