Any "Did I really need that card?" moments?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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JamesMS
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Postby JamesMS » Fri Apr 17, 2015 5:16 pm

That is the way some people are. I don't really like applying for a card just because of the "initial bonus". If I do not have another reason to do so, I won't apply.
Main Cards:
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Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)


MemberSince99
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Postby MemberSince99 » Sat Apr 18, 2015 6:23 pm

Hummm I currently have 13 cards open. They are:
Amex Platinum
Amex Hilton HHonors
Amex EDP
Bank of America Travel Rewards
Barclay's Arrival Plus
Chase Freedom
Chase CSP
Citi Double Cash
Discover IT
FNBO Dodge MasterCard
Home Depot
Lowes
Amazon Store Card


It seems like WAY more cards than I want, HOWEVER they really kind of all have their place.
Discover IT and Chase Freedom have some great 5% cash back categories like gas and Amazon, though now with the Amazon card I get 5% on that all the time. And I spend so much with Amazon that 5% all the time is a boon for me. So I sure wouldn't close those, not to mention Discover gives you your TU FICO score for free.
The EDP is great for groceries and as long as you meet the spend bonus, the rewards are pretty good.
The Platinum is a travel perks card really and the HHonors is also for travel.
However, the Arrival Plus gives 2.2% as a general travel card. And the BofA card is a no annual fee travel card.
I use the Dodge card for repairs, and also FNBO gives you your EX FICO free.
Citi has 2% general cash back and gives you your EQ FICO free.


Lowes gives you 5% back, BUT, I've learned I will NEVER mix promotion and non-promotion items again on that.


Last but not least, I got the Home Depot card last September, but due to the low limit (1701, believe it or not) I have never used it. It offers NO rewards so all it is any good for is promotional spend on large items but with that limit you are kind of constrained. If I can't grow it, I would not be opposed to closing it. I'd prefer to see if it grows though.


So it's a lot of cards, but I really don't have any strong regrets about having or getting any of them. They all have their place, but to me it's a lot to manage. I just can't think of any I want to dump right now.


I did just close out my flooring card I used to get my floors done on a promotion. I am not likely to need new floors for years to come again, so it wouldn't get used. That one I kind of regret but it had its place for a time. Now that it doesn't, I closed it.

popamode72
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Postby popamode72 » Sat Apr 18, 2015 10:06 pm

kdm31091 wrote:MyFico has a lot of people pushing people to app for things they don't really need, especially if there is a bonus. Not everyone on there is like that, and there are some decent people but the majority opinion is "app app app churn bonus" you get my point :)


Yup exactly. I would have probably quit while I was ahead earlier but we live and learn.

There are cards I got that I don't even know what I was thinking when I got them at the time or they seemed like a good idea but in hindsight I didn't have as much use for it like I thought I would even though I rationalized the usefulness in my head at the time. Case in point, probably things like Chase Amazon Visa weren't needed at all had I been more confident in just going for the Freedom in the first place and was sure that I'd be approved for it given my past denials for that card.

I even dabbled in crap like Fingerhut and Target RED Card at one point last year when I didn't really know as much of what I know now.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

MemberSince99
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Postby MemberSince99 » Sun Apr 19, 2015 5:14 am

Red card is good as far as rewards with that 5% off, but it usually doesn't grow. A lot of people seem to get a limit of 200 that stays there for years no matter what they do.

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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Apr 19, 2015 9:57 am

MemberSince99 wrote:It seems like WAY more cards than I want, HOWEVER they really kind of all have their place.


As I learned with BCE and PRG, the value of having a no-AF card can be pretty minimal when you have a similar, better card with an AF. The value in it only emerges when you close or downgrade the AF card.

How often do you actually use the BofA or Citi cards? I'd say CSP and Arrival+, at least so long as you are willing to pay the AFs, make the other two cards pretty useless.

Edit: I am a bit focused on the rewards/customer service aspect, though, and you may like those cards for APRs or limits. I think you did mention a BT with Citi.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

Nixon
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Postby Nixon » Sun Apr 19, 2015 12:14 pm

lobbythis wrote:I avoid all mistakes by just sitting back and watching all the morons at myfico


You mean the comenity morons?

Some bonehead over on MyFICO applied for 5 different Comenity Visa/MCs....Why? Because their profile doesn't support credit cards with reward structures that are actually valuable.

But hey, any approval is a good approval, right? ;)
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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Apr 19, 2015 10:25 pm

I wasn't able to get a reservation on short notice, but I saw on their website that Peter Luger (an NYC steakhouse) has their own store card.

They don't take credit cards from any of the major networks - just cash, checks, debit, and the store card.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

MemberSince99
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Re:

Postby MemberSince99 » Tue May 12, 2015 7:03 pm

CarefulBuilder14 wrote:
MemberSince99 wrote:It seems like WAY more cards than I want, HOWEVER they really kind of all have their place.


As I learned with BCE and PRG, the value of having a no-AF card can be pretty minimal when you have a similar, better card with an AF. The value in it only emerges when you close or downgrade the AF card.

How often do you actually use the BofA or Citi cards? I'd say CSP and Arrival+, at least so long as you are willing to pay the AFs, make the other two cards pretty useless.

Edit: I am a bit focused on the rewards/customer service aspect, though, and you may like those cards for APRs or limits. I think you did mention a BT with Citi.


BofA was used once in the last 6 months, only to keep it open. Citi I just transferred a balance to. I can't use it for daily purchases until the balance is paid off, but once that happens, I will use it regularly to get the 2%. The fact they gave me a 15k limit on it only increases my inclination to use the card. It will just have to wait until I pay off the transferred balance since I don't dare risk interest on it at 23.24% or whatever it is. (I'm just starting the 15 month 0% promotion period).

I'm not fond of Barclays they are kinda twitchy. They did approve me for the WEMC, but they declined a CLI on it saying I already had enough credit in their eyes. I'm not particularly inclined to use it as opposed to other cards that offer good benefits and are willing to grow with me.

CSP, well you know this is kind of stupid but I got it simply because it's a metal card. I really have no use for it at present but I figured I could get the first year free, and get grandfathered in to the 95 annual fee, and if it just doesn't work for me long term, move the limit to Freedom which I don't use either. The limit is 12k and Freedom is 11.5k, and I never use either one, though not due to limit it's just that I can only put so many swipes, and I can't feed all these cards. So some simply don't get the business. It's good to have options is all I can tell you. But sometimes I just want to stick with only 4 or 5 cards tops but having to choose would be hell.

Right now if anything goes I'd probably close the Arrival +, and move the CSP limit to the Freedom, and close the BofA card. That would still leave me with too many but it would be a start. I don't want to close any Amex because they are backdated and as we all know that's been done away with. So I don't want to close any of the Amex cards, but I'll probably never apply for another one.

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue May 12, 2015 10:04 pm

MemberSince99 wrote:BofA was used once in the last 6 months, only to keep it open.

To me, that would be an indication the card doesn't have a place. Unless it has some good perks or offers, it's not going to suddenly become valuable in a specific situation like a store card could. I only plan to keep BCE open for offers. I know your history is more complicated as far as utilization/BTs/AAoA.
MemberSince99 wrote:Citi I just transferred a balance to. I can't use it for daily purchases until the balance is paid off, but once that happens, I will use it regularly to get the 2%. The fact they gave me a 15k limit on it only increases my inclination to use the card. It will just have to wait until I pay off the transferred balance since I don't dare risk interest on it at 23.24% or whatever it is. (I'm just starting the 15 month 0% promotion period).

I don't see much more appeal in a high-CL 2xCash than a low-CL one. It would only be for places that don't take Amex, and I think you said you had a higher limit on EDP.
MemberSince99 wrote:CSP, well you know this is kind of stupid but I got it simply because it's a metal card. I really have no use for it at present but I figured I could get the first year free, and get grandfathered in to the 95 annual fee, and if it just doesn't work for me long term, move the limit to Freedom which I don't use either.

I find the terms of CSP odd. It seems like it's very difficult to get a retention bonus as a simple loyal customer, yet they only loosely limit churning for bonuses and/or waived AFs? I've heard mixed comments about how churn-tolerant Chase is.

And do you get all your food from a warehouse club or something? I can't imagine both Q1 and Q2 Freedom being of no use to a person.
MemberSince99 wrote:
Right now if anything goes I'd probably close the Arrival +, and move the CSP limit to the Freedom, and close the BofA card. That would still leave me with too many but it would be a start. I don't want to close any Amex because they are backdated and as we all know that's been done away with. So I don't want to close any of the Amex cards, but I'll probably never apply for another one.

If they tell you that you can't downgrade Platinum - only keep it or close it - then you will be in a tough spot.

I would have previously said to downgrade Arrival+ to the no-AF version, but since I've learned that is not easily done, I'm not sure what is best for you there.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

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obxfisherman
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Re: Any "Did I really need that card?" moments?

Postby obxfisherman » Wed May 13, 2015 10:32 am

I made this mistake recently, a few days ago actually. I wanted a card with a good BT Intro Rate, meaning 15, or 21 months interest free, so in my wonderful wisdom I went and applied for the BoA BankAmericard or whatever it is called. This is the one that is basic, and essentially offers you nothing in terms of rewards...maybe a bit better APR but that it is. After I was approved for 2.5 K I kind of had a why did I do this, sort of deal. Eh oh well. At least it is another card lol
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K



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