Advice on managing multiple cards optimally?

For just about anything you want to get off your chest about credit cards.
4 posts
tr87
 
Posts: 1
Joined: Thu Jan 09, 2014 6:54 pm
Location: NJ

Advice on managing multiple cards optimally?

Postby tr87 » Thu Jan 09, 2014 7:00 pm

Hey guys,

Just wondering if you more experienced credit connoisseurs can shed some light on this...

I had only two cards until my credit score recently broke 700 and now FICO sits at 750.

I applied for AMEX, Discover, and Chase Freedom. All approved.

Capital One - $500
Barclay Card Visa - $2800
Amex BCP - $2000
Discover - $1000
Chase Freedom - $3000

My question is, what is the best way to manage these? Can I not use some of them for a while and it not hurt my score? Can one of them be auto pay for small things and then paid off every month? I already see my bread and butter daily card being the AMEX BCP.

Thanks in advance.


MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Fri Jan 10, 2014 6:05 pm

Yeah you can not use them for a time. Just be careful to use them every 3 months or 6 months at the very least so they don't close the account because you aren't using it, but you don't have to use every card every month.


I assume what you mean by best way to manage is the way that gives you the best rewards. Simply look at what each card offers for a given thing, keeping in mind Freedom and Discover have rotating 5% categories each quarter, and use that card for the purchase.


Not that hard. And yes you can autopay for a small monthly purchase like Netflix, I do that on a couple of my cards. Well I don't autopay but I put that recurring payment on it. So yes.

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

Postby samhradh » Sat Jan 11, 2014 5:18 pm

tr87 wrote:I applied for AMEX, Discover, and Chase Freedom. All approved.

Capital One - $500
Barclay Card Visa - $2800
Amex BCP - $2000
Discover - $1000
Chase Freedom - $3000

My question is, what is the best way to manage these?


Why would you apply for all these cards without a plan of how to utilize them!? Especially since some of them have sign-up bonus min spend requirements that I would be surprised if you can meet all at the same time.

Regardless: figure out the rewards associated with each and spend accordingly. When the Freedom has 5% on gas use it for gas. When it doesn't, use the AmEx. When the it has 5% cash back on restaurants, use it. Then switch to the Freedom the following quarter. Etc, etc, etc...
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 Jan 13, 2014 9:21 am

tr87 wrote:My question is, what is the best way to manage these?

Just as best varies on any topic there's no one best method for everyone. You have to find and use what works for you. If that means autopay then use autopay. If a finance app works for you then use a finance app. If Mint or a similar site works for you then use it. If a spreadsheet works for you then use a spreadsheet.

tr87 wrote:Can I not use some of them for a while and it not hurt my score?

Yes but keep monitoring unused cards for potential fraud. Make sure you're using cards sufficiently to avoid closure (verify with each creditor minimum activity requirements).



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests