Card Use

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Michael
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Card Use

Postby Michael » Tue Jul 02, 2013 9:09 am

I have just applied for and received the Cap One New 'Quicksilver' signature Visa which pays 1.5% on everything.

This will change what I carry in my wallet. Please advise if this is a good strategy, or how I can improve:

AMEX Blue Cash Preferred: Groceries 6%, gas 3% (except for 5% categories on gas below).
Chase Freedom or Discover: 5% categories only. Use for gas, restaurants, etc. when 5%. (Also, carry only one, depending on which quarterly offering is better for that quarter)
Cap One Quicksilver: 1.5% on everything else.

So, at any one time, I would carry only three cards.

I have been using AMEX BCP for primary, but it will get cut down to above categories, because CAP ONE 1.5% is better on everyday purchases.

Any suggestions to maximize, or is this as simple as it gets?

Also, CAP ONE offer comes with 0% 12 months APR (not a balance transfer). Does this mean that all of these purchases earn 1.5% also?

Thanks,

Michael


MB131174
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Postby MB131174 » Tue Jul 02, 2013 10:26 am

Sounds like a good plan. What I'm doing from now on is: BCE for supermarkets, BofA cash rewards for gas, unless Discover is doing 5% cash back like they currently are this quarter, Target REDcard for all Target purchases (5% discount), and Discover for everything else. Once the annual fee hits my Sapphire Preferred I'm gonna change it to a Freedom and use it for categories as well. Yeah, juggling cards can be confusing, but it's worth it to maximize cash back. Your plan seems fine. Yes, you'll get the cash back on the 0%. Just means you can carry a balance for 12 months and pay no interest.
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takeshi
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Postby takeshi » Tue Jul 02, 2013 3:23 pm

Michael wrote:Any suggestions to maximize, or is this as simple as it gets?

Which is the priority? If you're looking to maximize you could eke out a little more with other cards. If you're looking to simplify then you probably don't want to deal with more cards.

If this strategy suits your spend/needs/preferences then it's a good strategy. One size doesn't fit all.

Michael wrote:Also, CAP ONE offer comes with 0% 12 months APR (not a balance transfer). Does this mean that all of these purchases earn 1.5% also?

One really has nothing to do with the other unless the terms say otherwise. What does the fine print say?

Michael
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Postby Michael » Fri Jul 05, 2013 1:43 pm

Thanks to both of you.

Takeshi, you say if I use more cards, I could make more reward.

What cards would you suggest, in my situation?

Also, in my sock drawer. I have a Shell "Drive for Five" gas card with $2000 limit (2010) and an ExxonMobil "Smart" card, also a gas card, with a $1200 limit (2008). Both pay 5 and 6 cents per gallon, respectively, if you charge at least 45 gallons a month. I know that you should not close accounts because it hurts utilization. Should I at least try to keep the ExxonMobil gas card open, since I have had it since 2008? If so, how much should I use it? Or should I let both get canceled for non-use?

Thanks !

Michael

MemberSince99
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Postby MemberSince99 » Fri Jul 05, 2013 4:09 pm

Both of your gas cards beat your BCE in terms of return so you might want to keep them IF you can meet the spend needed to get the max return.

Also since they are your oldest accounts you might want to keep them open as well. (or at least older accounts).

I mean sure with the completely optimal rotation, you can make the most rewards, but there was nothing wrong with what you were doing in the first place. If you are worried about every single penny just do the math and compare what each one gives you for what. There is no magic involved and no one else can figure out any real secrets to the process.

Michael
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Postby Michael » Fri Jul 05, 2013 4:43 pm

Thanks, but I am talking about 5/6 cents per gallon, not percent.

They do not beat 3% from BCP.

Are the gas cards worth keeping?

MemberSince99
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Postby MemberSince99 » Fri Jul 05, 2013 5:48 pm

My bad there, yeah in that case the BCP for the win.

If they are your oldest cards, maybe they are from that standpoint just for average age of account purposes. Otherwise, from a practical point of view, maybe not.

I would say any card you never plan to use is not worth keeping but a lot of people disagree with that and have no problem with throwing them into a sock drawer forever or until the lender closes for lack of use. I'd just rather close them and move on, personally. In the end it's your call.



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