Comments (69)

Feb 6, 2019

Hey Sunshine Funshine, sorry about the delay, but are any of these useful:

  • How many credit cards do you own? about 29 credit cards: https://www.wsj.com/articles/if-you-have-29-credit... That seemed to be an ... abnormally high number even if you want to rack up credit points and it go me thinking. So how many credit ... cards do you actually own? to Friday, April 7, 2017- 7:55pm ...
  • what credit card do you use? down these days what is your card and how long have you had it? credit card ...
  • What Credit Cards Do You Use for many credit cards have changed (Amex Gold is almost a completely different card now). What cards ... do you get the most value from, or use the most? I personally just upgraded my Amex Gold to the ... forward, but was curious to know which other cards are worth a look Credit Cards credit card ...
  • Incoming full-time Analysts: How much debt (student loan/cc debt) do you have? Thought this would be interesting to see. How much in student loans did you take out? Do you have ... any existing credit card debt? If so, are you paying interest? to Monday, December 3, 2018- 7:55pm ...
  • Which credit cards are you guys using? Premier or looking at the new Marriott card since I stay there a bit. What do you guys use? ... Looking to add a travel card. CSR may be alittle too ballin for me. Contemplating the Citi Thank you ... Right now I'm only using my Uber card (4% back on dining is insane) and my Discover IT. ...
  • Those of you who use credit cards....and are full-timers. How much do you find yourself racking up in credit card purchases over the ... looking at credit cards and might want to apply for Amex Blue Cash but don't know if I'd be able ... to charge $6500 a year to an Amex credit card to get the bonus cash back. Would also be curious to ...
  • Building Good Credit How many credit cards do you guys have? What rules/advice have you followed that helped you ... establish great credit? to Sunday, August 19, 2018- 1:55pm ...
  • Low self esteem may lead to credit card debt? explains how spending with touchless forms of payment (like a credit card or online) can lead to spending ... more money than with cash. : Our work was taking the well-established effect of credit card ... sense that people would be willing to spend more when using a credit card than when using cash, because ...
  • More suggestions...

You're welcome.

Feb 10, 2019

I have 3 - mostly just to maximize some points. My credit rating is approximately 800 and I'll probably shut one down and open and another soon.

The main reason to use credit cards is the discount that you get - which really adds up overtime, just like investment returns in stock market. It doesn't really matter how many you have. I think the Uber Credit card is really ideal for most people. Especially if you live in a city.

  • 4% cash back eating out (bars, restaurants)
  • 3% travel (uber, lyft, flights, )
  • 2% everything online (I buy almost nothing in person except milk, meat, eggs, and yogurt that doesn't fall in the above)
  • 1% everything else. I think you get $50 or 95 a year to go to spotify or newspaper subscriptions too. No fee.

Might as well throw this in - pretty much regardless of how many credit cards you have and for most peoples financial situations - you just need to track and consolidate your spending and all your various accounts. Most people use Mint, but I think Personal Capitol is better. It's basically same thing as Mint, but with more of a focus towards investing. Just pools all your data together.

https://share.personalcapital.com/x/6w8Sns --> This should get you $20 free cash just for signing up (I do as well)

Feb 11, 2019

The Uber card is sooooo good seriously can't beat the meal points.

Dayman?

Feb 12, 2019

Just curious, if you use the uber card to buy food through seamless or postmates (or any food delivery app that is not uber eats), how is that classified? Under restaurants or online spending?

Feb 13, 2019

Pretty sure most food delivery falls under the 4% dining category. Also, small correction, Uber itself (Lyft too) is only counted as 2% for online spending, rather than 3% for travel.

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Feb 10, 2019

Just one, and that's all I plan on having. Yes, you can maximize individual spending categories by having various cards that offer more money back by category. So why?

Because typically having multiple cards like that ironically incentivizes you to spend more on those categories, justified by "but I'm getting more money back so it's a good deal." Ultimately, the net amount you spend is significantly more than you would have otherwise, and most of it on crap you certainly didn't need, and most likely didn't even rate high on your list of 'wants' either.

It's the same principle as Uber/Lyft. In principle, it's an economist's wet dream, as pricing is all driven by demand (consumers) and supply (drivers), reaching an equilibrium at all times. However, what's funny is that people now Uber ~2x of what they would have driven before. It's so convenient and reasonably priced, that many distances that people would have walked before (~30min from Point A to Point B), they now just Uber instead. So is it really good for you? I would venture not.

Have 1 very good credit card, 2 if is absolutely necessary. I myself have the Chase Sapphire Reserve, which is $450 annual fee but $300 annual credit to travel (flights, uber, etc.), so the net cost is $150. But you get $625 dollars after spending 4k in 3 months (which I easily do more than), 3% on travel/dining (other than rent, personally my biggest expenses by far), and 1% on everything else, 25% more value when I redeem points on airfare, hotels, etc. and access to airport lounges at most airports. All in all, I get great value, can use this same card on everything, and I don't have to constantly worry about 'maximizing my points.' My spending habits since getting the card hasn't changed a bit, and that's just how I prefer it. I'd advise you to do the same; just my two cents

Feb 11, 2019

Great summary of the CSR, awesome card.

Small correction, the points are 1.5x if you use them towards travel, not 1.25x (that's the Sapphire Preferred) so you actually are getting even more bang for the buck than you thought :)

"If you ain't first, you're last!" - GOAT

Feb 11, 2019

So how many credit cards do you recommend someone open when they turn 21?

Feb 10, 2019

When you're 21, you only need 1. Having 2 is ok only because it improves your credit score (very backwards concept, at least to me). You don't need more than 2 at most through your 20s

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Feb 11, 2019

I have been building my credit since I was 18. At 21 I had the following cards (mainly because I have been playing the "points game")

  • Chase Sapphire Reserve (Somehow got approved at 20, but probably due to my decent credit history for someone my age); this is the no brainer card I think everyone should have because the $300 travel credit goes towards anything from taxis/ubers to flight and hotels, and recently I noticed even parking. The sign up bonus pays for the $150 remaining annual fee for 5 years. Because your points are worth 1.5x when redeemed for travel, you are effectively getting 4.5% back on every dollar spent in dining and travel
  • Discover IT card; my first credit card, good for balance transfers and rotating 5% categories. Also typically has a much lower interest rate than other cards
  • AMEX Gold; I got a special sign up bonus that was 20k points higher than normal and first year fee waived. I upgraded to the platinum after this ran out.
  • Chase Freedom Unlimited; similar to the Discover IT card, I mainly used this for anything not falling into higher earning categories so that no matter what I get at least 1.5% back on all dollars spent, and transferred these points to my CSR so this becomes 2.25% back when redeemed for travel
  • Also have a few other small ones not really important or worth mentioning

I urge people to skim through the Points Guy when you get a chance. Knowing how to maximize cash back can save you tons on travel and it seems complicated but is just a few hours of reading, especially for the smart people on this forum. I earn around $2-3K back in travel a year because of understanding how to efficiently use my 3-4 cards.

"If you ain't first, you're last!" - GOAT

Feb 13, 2019

This strikes me as a good combo. I'm curious as to why you'd double-up with CSR and Amex Platinum? Is it just taking advantage of offers?

Most Helpful
Feb 11, 2019

Good question, I think for a lot of people it wouldn't make sense to have both. I got the Platinum, partly due to taking advantage of a bonus points offer, but also because I easily use up the value. I travel a lot so I don't have any issues maxing out my credit on the CSR. On the Platinum, I also easily use up all of my airline credit, uber credit, and on top of that the annual $100 Saks Fifth credit. Plus the 5x on all my flights is phenomenal

"If you ain't first, you're last!" - GOAT

    • 2
Feb 10, 2019

Great to know! Even better

Feb 10, 2019

4.

  1. CSR
  2. Chase Freedom Unlimited

I use these two to maximize travel rewards. I could get the other chase card for the bonus categories but don't want to open another card.

  1. An old Wells Fargo card that I never use but keep active to have a longer credit history
  2. Amex Blue Cash Everyday (would like to get rid of this one - got it before I was aware of the CSR/CFU combo)
Feb 11, 2019

I have this same exact setup (plus AMEX spg) haha.

Only advice is do not close out those older cards (especially cards with no annual fee) because length of credit is a major part of your score. I can understand closing a card that has an annual fee though if you do not use it anymore.

Feb 11, 2019

6 different cards

  1. American Express Platinum - 5x points on all flights. 5x points on hotels booked through Amex. Centurion and Sky Lounge access. $100 dollars at Saks every year. $100 hotel credit. $200 in airline fees. Fine Hotels and Resorts offers. Marriott/SPG Gold. Hilton Gold.
  2. American Express Gold - 4x points on restaurants. 4x points on groceries. Another $100 airline fees. Weird $10 a month credit at Seamless, Shake Shack, Grub Hub, and restaurants I'd never eat at.
  3. American Express Blue Business Plus - 2x points on literally everything, used for anything that doesn't fit into a category above.
  4. American Express EveryDay - My first AmEx. Had 0% APR and 0 balance transfer charge for 15 months and a complicated point structure, but I keep it around because it has a $25k limit, which is good for my score. Don't use it much anymore.
  5. Amazon Prime Rewards Visa by Chase - 5% back at Amazon. 5% back at Whole Foods. 2% back at drug stores and gas stations if I really want to. I use the Amex Gold for restaurants and non-Whole Foods groceries.
  6. Credit Union Card - 9.9% APR for if I ever need to actually carry a balance in hard times or for big purchases, my oldest card by far, and a $25k credit limit that I never use. Good for credit scores and security.

My fiancee has 4, two of which overlap, and two of which don't.

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Feb 11, 2019

3 indefinitely + 1-2 temporarily for sign-up bonuses that I'll eventually cancel.

  1. CSR
  2. Chase Freedom
  3. Chase Freedom Unlimited

I use these to maximize Chase Ultimate Rewards Points for travel redemption.

I have a Delta Gold Amex right now since I was offered 75k bonus miles with the first year annual fee waived. I'll cancel it before the 1 year anniversary.

Feb 12, 2019

I have the Chase Trifecta as well. I've gotten a ridiculously high rate of return by rotating these 3 cards on every day purchases, plus I just my CSR for everything travel related when it comes to work and I can hoard points that way.

Feb 11, 2019
  1. CSR
  2. AMEX Gold
  3. AMEX Plat (cancelling this year after getting my travel credits and other credits)
  4. Chase Ink Preferred #1
  5. Chase Ink Preferred #2
  6. AA Personal Platinum
  7. Barclays Biz Aviator (60k AA miles for 1 purchase and $95 annual fee... canceling soon).

Plan on grabbing a few others soon.

I'm working through my Chase Ink Preferred (biz) minimum spending requirement. 80k UR was too good to pass up. I open a new card every other month or so. Have roughly 300k UR and will have 400k by next month. These points will pay for over half my honeymoon in 2020 (UR+CSR redemption). That's going to be roughly $5k+ for just opening new cards. It's not for everyone, but I find the sign-up bonuses more than make up for the "hit to credit." Credit score: 770 though no student loans or any other loans.

AMEX cards because you can cash them out for cash via the Schwab Platinum card at $0.0125 (1.25 cents per MR) and a few sign-up bonuses make this a sweet deal. Will have like 400k+ MR to cash out which equals to $5k cash.

Once I cash out the MR, I'm pretty much done with credit cards. Just going to keep the AMEX gold for the 4x MR or get a cashback card. Have an excel sheet with all of this captured and others to apply for... it's my hobby right now, but I'm not going to lie it takes some effort to keep up with.

    • 1
Feb 11, 2019

I don't like cards with annual fees. That up front hit can wipe out months of rewards, and they frequently only make sense for frequent travelers who don't otherwise have lounge access.

My go-to is the Fidelity Retirement Rewards card. It used to be an AmEx, now it's a Visa, but it's still no fee and 2% back on everything into an IRA. (send it to a non-deductible traditional, and convert annually to a Roth) No fuss, no categories and no games.

I also have a Chase Freedom for my SO ($2k limit to prevent stupid purchases) and a TD card to increase my available credit and my credit score. The amount of times Chase has told me I'm pre-approved for a credit increase is ridiculous. Somehow they don't get that the card has a limit for a reason.

    • 1
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Feb 11, 2019

BAML Premium Rewards w/ Preferred Rewards Platinum Honors. Gives 2.625% cash back on everything, 3.5% on travel and dining, $100/year airline credit, Global Entry credit, and all for a $95 annual fee. For my specific case this blows the CSR out of the water (except for the CSR's tactile feel).

Feb 11, 2019

Yeah that's a pretty decent card. I prefer the CSR just for the 1.5x redemption rate and the ability to collect UR from other cards and pool those points.

I'll consider this one for when I'm done churning points. Thanks.

Feb 11, 2019

$450 fee on the CSR vs. $95 fee on the BAML PR = $355. $355 / maximum 4.5% cash back on the CSR (assuming all 1.5x redeemed) = $7,888 in annual break-even incremental spend you would need to justify the CSR just to make up the fee difference alone. Granted, you have the $300 travel credit on the CSR vs. the $100 on BAML, so if you use everything available the difference is $200 less.

Even assuming you use the full travel credit on both, the remaining $150 annual fee difference is $3,300+ in incremental break even spend or about $275-300 per month. Plus peace of mind to not have to play the points game or redeem perfectly.

In reality the real break-even would be only the difference in rewards %, i.e. 4.5% CSR vs. 2.625% - 3.5% = a difference of 1% - 1.875%. $150 annual fee difference after travel credit in that respect adds up to $8,000 - $15,000 for you to incrementally spend to really break even on the CSR fee difference after travel credit assuming you would spend that amount on either card.

Feb 28, 2019

Those BAML rewards only kick in when you have $100,000+ in their banking products.

From BAML: must have eligible Bank of America personal checking account AND a 3-month average combined balance of $20,000 or more in a Bank of America account and/or Merrill Edge or Merrill Lynch investment accounts.

You need $20k just to get any additional rewards, $50k to $100k for the mid tier rewards, and $100k+ for the ones mentioned above.

So even with top tier rewards you only maybe are beating out CSR UR points, throw in no-fee chase freedom and freedom unlimited cards and you are likely around even and don't have to put a single dollar of your money in any chase banking product if you don't want to

    • 1
Feb 11, 2019

I just use the ole' Bitcoin wallet. No credit cards needed because crypto is the future.

Feb 11, 2019
semi.target:

I just use the ole' Bitcoin wallet. No credit cards needed because crypto is the future.

facepalm

Feb 11, 2019

I know this is a troll, but don't spend your bitcoin. Keep it and watch the USD value grow. Please

    • 1
Feb 11, 2019
trustmeimanengineer:

I know this is a troll, but don't spend your bitcoin. Keep it and watch the USD value grow. Please

Beanie Babies are coming back, I swear! Buy them now!

    • 1
Feb 12, 2019

Three.

Chase Slate Visa, Capital One Quicksliver MC, Gold Amex.

Feb 12, 2019

Amex Platinum
CSR
AA Executive Card
AMEX SPG
Citi Prestige

I want to get the ink plus or whatever as they have the 80k point offer and great rewards for business expenses. I'd get the new Hilton card if I used Hilton though.

Feb 11, 2019

CIP is worth it. 5k spend is not hard for 80k UR. I'm on my second CIP now.

Feb 11, 2019

Edit: Educated myself. Got the AmEx Trifecta.

Feb 12, 2019

Restaurant - CSR, but I'll probably switch to Citi P since they give 5 points per dollar.

I us my Amex for the following. $200 AA gift cards, Uber credits, Amex offers (I save a ton with these) and points/booking restaurants. I hit some of their lounges as well, although I find them overrun with kids.

Each one of my cards provides benefit above and beyond the annual fee. Points are gravy. That being said, lifestyle drives card utility. I travel a lot personally and professionally and I eat out often so these cards all help me. If you don't then the fee isn't usually worth it.

Feb 11, 2019

I have both Platinum and Gold. Depends on what you need it for. I traveled a ton last year for work. This year, I'll be on a plane for twice. It just depends.

If you travel, the Platinum is worth it; otherwise the $550 AF is too high for me.

Feb 12, 2019

CSR
Uber
Discover it
QS

CSR and Uber card only cards I use now

Split my dining on both and usually online purchases on Uber since 2%. Everything else on CSR. Probably doesn't make sense to have the Uber but whatever. I had gotten it prior to getting my CSR.

Feb 12, 2019

I got the Uber one before I got the CSR recently but it was great for the bars and pretty much most other things.

Feb 12, 2019

CSR - use for all food, travel
Target (5% off) - anything I buy at Target (top place I buy things not online)
Citi Double Cash Back (2% everything) - for everything not in 1st 2 categories
Old bank card I keep open for long credit history (1 recurring charge / month on it only)

Thinking of opening an Amazon card since I buy so much stuff there.

Feb 11, 2019

What's so good about the CSR?

Feb 12, 2019

Copied from hedgehog9: "I myself have the Chase Sapphire Reserve, which is $450 annual fee but $300 annual credit to travel (flights, uber, etc.), so the net cost is $150. But you get $625 dollars after spending 4k in 3 months (which I easily do more than), 3% on travel/dining (other than rent, personally my biggest expenses by far), and 1% on everything else, 50% more value when I redeem points on airfare, hotels, etc. and access to airport lounges at most airports. All in all, I get great value, can use this same card on everything, and I don't have to constantly worry about 'maximizing my points.' My spending habits since getting the card hasn't changed a bit, and that's just how I prefer it. I'd advise you to do the same; just my two cent."

Also, no international txn fees for when you are traveling and $100 app credit for Global Entry or Pre Check.

    • 1
Feb 12, 2019

I have the free amazon prime card - it's awesome. The 5% adds up ridiculously quickly - I even get the 5% back on groceries through amazon prime now.

Feb 12, 2019

3,
CSR - personal
AMEX Plat - personal
AMEX Cent - work

Feb 12, 2019

15.

12 I never use. They are no fee credit cards.

I use the CSR, CF, CFU

    • 1
Feb 21, 2019

Got 4
Citibank Simplicity
Citibank Diamond Preferred
Capital One Platinum
Corporate Mastercard

Just paid them all off too for the second time. Got to stop running up the balances.

Feb 21, 2019

Just 1 - Can't fit any more in my wallet.
As for what card of course it is the AMEX Centurion.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

Feb 11, 2019
heister:

As for what card of course it is the AMEX Centurion.

If this is serious, do you think it's worth it?

Feb 21, 2019

It is worth it for the concierge services alone.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

Feb 26, 2019

I have 14 credit cards.

Separately,
5% cash back on groceries
4% cash back restaurants
3% cash back gas
2% everything else

Plus, I opened up a bunch to earn $150 - $300 cash back upon spending X dollars in the first X months then never used them again

    • 1
Feb 12, 2019

Sup. Playing the game right. About to apply to for my 16th.

Feb 28, 2019

I got 4, but use only one:)

Feb 11, 2019

I feel the same way about women

Funniest
Mar 2, 2019

Two, but I mainly use the one I have for cash back. All about that money baby.

    • 3
Mar 3, 2019

i have 3. i dont want to hold many cards in my wallet but each is used in for a certain purpose, one to purchase online in amazone apknite or alibaba, one to pay bills and one to buy stuffs

Mar 3, 2019

only 1, dont have much money to spend and i am a simple person so one is enough for me