A Card For Everything

For just about anything you want to get off your chest about credit cards.
11 posts
ajacks108
Green Member
Green Member
 
Posts: 22
Joined: Tue Nov 19, 2013 2:01 pm
Location: nj

A Card For Everything

Postby ajacks108 » Fri Dec 20, 2013 10:30 am

So I was talking to one of my coworkers and he was telling me he has a card for everything. That is he has a card for gas a card for groceries a card for everyday purchases etc. I was wondering if anyone else does this and if its more of a hassle then its worth.

Right now I have:
Amex Premier Gold - for gas and groceries

United Mileage Explorer card - CL $6,900
(odd amount) really just to keep my miles from expiring with United I have 80k that I haven't had a chance to use yet after I do may decide to close it and maybe go for Amex Plat or just use the Amex Gold. (side topic anyone)

Freedom - CL $8,000 - I use this for everyday purchases, might switch to using it just for 5% categories

Slate - CL $3,000 - use it for itunes or monthly spotify payments just because its my oldest LOC.

Target/Banana Republic/Ann Taylor Loft- use it for in stores only. Don't know why I got the BR card I don't shop there too often but handy when I do get a few $10 coupons. ATL was for the GF.

The Cards I was thinking of adding,
PNC Cashbuilder - since I have a premium account there I would get 1.75% cashback on all purchases. Already pre-qualified.
Amex Prefered Blue - 6% groceries 3% gas
Amex Platinum/CSP - maybe replace the gold card with one of these.

I'm 22. I have a decent paying starting salary better then most I know. I regularly keep track of Mint, CreditKarma, AwardsWallet etc. Is having this many cards a bad thing? And what do you guys think about getting separate cards for each category of spending. Would you do it and keep track of all the rewards in the different accounts or just accumulate it all in one place.
[size=80]Amex Premier Gold
Chase Freedom - CL $8,000
Chase United Mileage Explorer card - CL $6,900
Banana Republic - CL $4000
Chase Slate - CL $3,000
Target - CL $2000
Ann Taylor Loft - CL $1000[/size]


DavidNY
Centurion Member
Centurion Member
 
Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Fri Dec 20, 2013 10:55 am

You might want a card for non-bonus categories, like a Fidelity Amex.

ajacks108
Green Member
Green Member
 
Posts: 22
Joined: Tue Nov 19, 2013 2:01 pm
Location: nj

Postby ajacks108 » Fri Dec 20, 2013 11:31 am

I actually like that card. I've never heard of it. The only problem is i work for a FINRA bank and am to be licensed. So I know i can't open a investment account, not sure about retirement account no kids (yet *knock on wood*) for the 529 plan but if the cash management account is a regular dda account I might be able to do that. Thanks for the info David.
[size=80]Amex Premier Gold

Chase Freedom - CL $8,000

Chase United Mileage Explorer card - CL $6,900

Banana Republic - CL $4000

Chase Slate - CL $3,000

Target - CL $2000

Ann Taylor Loft - CL $1000[/size]

samhradh
Centurion Member
Centurion Member
 
Posts: 388
Joined: Thu Nov 21, 2013 1:13 pm
Location: United States

Postby samhradh » Fri Dec 20, 2013 1:09 pm

So you have seven cards? It's only a problem if you are having trouble managing them/feel overwhelmed. Online bill pay and statement emails are helpful in these situations. If it were me, I would get another cash back card that suits my spending and cancel the store cards.

Yes, I have a card for everything. Total of four personal cards. The only card I'm lacking is a travel card (working on it - have to get my MS strategy lined up first). For the most part I'm saving rewards for rainy day/travel money so I don't mind spreading it out. I look at it long-term: Where do I want to be with this issuer in five years?

Citi Forward: Restaurants/fast food/bars (5 pts), music/bookstores (3 pts)
AmEx BCE: Groceries (3%) and gas (2%)
Chase Freedom w/0% APR: Expensive purchases at 1% b/c its got my highest CL (car repair bills, Christmas gifts, snowboard expenses). Category bonuses at 5%.
Discover it w/0% APR: Small purchases at 1% that I'd rather pay off slowly. I'm a big online shopper so when the FICO score was added I app'd in late Nov. Category bonuses at 5%.

Is it a hassle? Yes, it can be. But not if I plan ahead. I actually used to stick labels on each of my cards so I knew when to use each. When I added the it I found myself a tad overwhelmed when paying. "WHICH CARD!? WHAT IF I USE THE WRONG ONE AND MISS OUT ON .01 CENTS!? ARGH!R#@($&!"

Now, before I get to the register or the checkout page, I just think it through. I've found having these cards actually helps me target my spending. Over time it becomes easier.

I work part-time so I have the ability to look up my card statements multiple times a week, use shopping portals, and over-analyze when to use which card. Card churning/rewards hacking is not for everyone or everyone would do it. As we always say: only you know what makes sense for you.

I'm leaning toward the CSP myself. Combined with the Freedom, it's a great way to earn UR points. If you get the CSP, you might be best served dropping the Gold. But if you spend lots of $$$ a year at the grocery store than go for the BCP and keep the Gold. My strategy is to only have one annual fee card at a time until I decide which makes the most sense for me.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

ajacks108
Green Member
Green Member
 
Posts: 22
Joined: Tue Nov 19, 2013 2:01 pm
Location: nj

Postby ajacks108 » Fri Dec 20, 2013 1:34 pm

Thanks Sam appreciate the response. I look up my statements all the time at work (i hope nobody i work with knows who i am lol). And i think it may be something I could deal with.

In terms of shopping portals right now the only one I really look at is topcashback.com do you have any recommendations for other ones. And in terms of card churning I know some people cancel and wait to get the sign up bonus again is this something that you do? Or do you just move from card to card. Or am I totally not on the same page as you haha.

For the Amex Gold I am really just trying it out for a year. I have mostly chase cards so I wanted to see what Amex could offer if by the end of the year when my waived fee is up if Amex proves itself I may also pick up the BCP drop my United Mileage and just use the Gold for travel. If not CSP it is and I'm still probably going to drop the United Mileage card.
[size=80]Amex Premier Gold

Chase Freedom - CL $8,000

Chase United Mileage Explorer card - CL $6,900

Banana Republic - CL $4000

Chase Slate - CL $3,000

Target - CL $2000

Ann Taylor Loft - CL $1000[/size]

samhradh
Centurion Member
Centurion Member
 
Posts: 388
Joined: Thu Nov 21, 2013 1:13 pm
Location: United States

Postby samhradh » Fri Dec 20, 2013 2:03 pm

ajacks108 wrote:In terms of shopping portals right now the only one I really look at is topcashback.com do you have any recommendations for other ones. And in terms of card churning I know some people cancel and wait to get the sign up bonus again is this something that you do? Or do you just move from card to card. Or am I totally not on the same page as you haha.


I'm pretty new to the game. My oldest card is from 2010. To start, I focused on cash back and no annual fee cards. The way I planned it, these are the cards I see myself having for as long as they'll let me. It will help with my AAoA if I really get into churning.

Now that I have these four, I am going to be trying out MS and bonus chasing. Right now I see myself fence-sitting on account opening/closing: I won't go too far in either direction. I think newbies see experts post about huge earnings and long card trails and think that's step one. In reality, these posters have mastered the game over time. I doubt Joe Schmoe wakes up, applies for five cards in one day, earns all the bonuses in three months, and repeats six months later. There's definitely strategy and lots of time involved.

For rewards portals: evrewards is the King of online shopping. Compares all the portals. Sometimes I can add on retailmenot discounts but lots of times the codes are not combinable with CB. I have eBates, Big Crumbs, and Mr. Rebates accounts. Let me know if you want referral links :)
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

ajacks108
Green Member
Green Member
 
Posts: 22
Joined: Tue Nov 19, 2013 2:01 pm
Location: nj

Postby ajacks108 » Fri Dec 20, 2013 2:59 pm

samhradh wrote: I have eBates, Big Crumbs, and Mr. Rebates accounts. Let me know if you want referral links :)


Sure might as well give you credit pm me the links. Also I've been all about building credit and getting good deals on cards and helping people build credit since college but i never even heard about churning or bonus hunting till i read a blog about it last week. FrequentMiler or something like that. Is there a section on this forum about it?
[size=80]Amex Premier Gold

Chase Freedom - CL $8,000

Chase United Mileage Explorer card - CL $6,900

Banana Republic - CL $4000

Chase Slate - CL $3,000

Target - CL $2000

Ann Taylor Loft - CL $1000[/size]

DavidNY
Centurion Member
Centurion Member
 
Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Fri Dec 20, 2013 3:04 pm

ajacks108 wrote: if the cash management account is a regular dda account


It acts as a checking account.

https://www.fidelity.com/cash-management/fidelity-cash-management-account/overview

samhradh
Centurion Member
Centurion Member
 
Posts: 388
Joined: Thu Nov 21, 2013 1:13 pm
Location: United States

Postby samhradh » Fri Dec 20, 2013 3:09 pm

ajacks108 wrote:Is there a section on this forum about it?


Not really. Which is why I like this forum (only one I post at despite reading around three others and four blogs). The posters here talk about it from time to time but you won't see a 300 page thread on BlueBird. We're more about responsible credit use and learning how others manage their credit.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Mon Dec 23, 2013 7:50 am

ajacks108 wrote:I was wondering if anyone else does this and if its more of a hassle then its worth.

Some do. Some do not. Whether it's worth it or not is a subjective matter -- just as worth is on any topic. It's certainly more of a hassle than not worrying about what spend goes onto which card but if you want to maximize rewards on spend categories then there isn't likely to be one single card that will maximize rewards on all your major spend categories.

FWIW, I have a BCP for groceries, PenFed Platinum Cash Rewards for gas, Ink Plus for cable and internet, Discover and Freedom for their rotating categories and everything else ends up on the the CSP which is also used for travel and dining (when not 5% on Discover or Freedom).

How you handle earning rewards on your spend is up to you to determine. If you know your spend then you can do the math to determine if dealing with another card for X% on a given category is worth it to you or not.

ajacks108 wrote:Is having this many cards a bad thing?

X cards is never inherently good or bad. If you can't manage X then it's a bad thing.

ajacks108 wrote:Would you do it and keep track of all the rewards in the different accounts or just accumulate it all in one place.

Again, it doesn't matter what any of us would or wouldn't do. You need to do what works for you.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests