Card Reduction Strategy

For just about anything you want to get off your chest about credit cards.
3 posts
rockyrock
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Location: Ventura, CA

Card Reduction Strategy

Postby rockyrock » Tue Apr 23, 2013 8:18 am

I currently have the following cards:

Amex Platinium (NPSL) (AF $450)
Chase Saphire Preferred Visa (20k) (AF $95)
USAA Rewards World MC (10k) (No AF)
Discover More (9.5k) (No AF)
Chase Marriott Premier Visa (12k)
Hawaiian Airlines Visa Signature (1k) (AF $50)

I've gotten pretty good at maximizing point return, cash back, etc. but I am tired of juggling all these cards.

The Marriott card is gone right before it renews for sure as I can do better at several hotels with my Amex & CSP.

Once or twice a year I score a really good deal on the Discover and I like using the cash back for iTunes credit.

The Amex is the first card I pull out for everything so it gets about 85% of my overall CC use. That may change as the MR points don't add up like they used to.

The CSP is new but looks really promissing across the board.

Last year I think I charged about $40k across all my cards with the Amex topping that list with about $34k.

APR isn't really an issue as I never carry a balance beyond the 2nd cycle.

My Questions:

Should I shift spending away from Amex to another and if so which one?

Which of these should I keep and which should go?

Thanks!
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC


Sevenfeet
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Location: United States

Postby Sevenfeet » Tue Apr 23, 2013 2:40 pm

The big question you should be asking here is, "What are my overall goals?" Reducing the number of cards you carry is easy...just leave some in the sock drawer. Canceling them outright has implications for your overall credit picture (overall credit limit and AA0A).

Take for example your Chase Marriott. You say you don't need it and you'd probably like to avoid paying $85 a year for it. But $12K in credit limit is nothing to sneeze at. Why not ask Chase to cancel the product but transfer the available line to your CSP? That would keep your overall CL and have a smaller impact on your scores.

I'm like you on the Amex Platinum. I need the card for my travels...that is not going to change. But up until a few months ago, it was my go-to card for almost everything. The problem is that MR isn't what it used to be, and I might want cash back in my pocket (USAA card works here), or a superior travel program like the CSP. So in my case, my Amex Platinum is now only used for personally booked travel and Costco.

Your Hawaiian Airlines Visa looks suspect with its small limit and $50 AF, but since you live in Hawaii, there are probably inter-island travel perks with that card.

Again, it's all about your priorities? Do you want cash back? Travel options? It's up to you.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

rockyrock
Centurion Member
Centurion Member
 
Posts: 800
Joined: Thu Mar 21, 2013 6:06 am
Location: Ventura, CA

Postby rockyrock » Wed Apr 24, 2013 1:44 am

Thanks!

I like the idea of transfering the available line from Marriott to CSP.

Yes, I go to and fro each year with the Hawaiian Air Visa. It does have some Hawaii based perks and Hawaiian Miles work very well for inter-island travel. If we ever leave Hawaii, the card is a gonner though.

I'll probably move away from MR and try cash back for a while. USAA and Discover offer pretty good targeted programs each quarter.

Thanks again.
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC



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