How Many Credit Cards Do You Have?
Title says it all - I'm sure this has been asked before but I was hoping to get some fresh responses/advice on credit
Title says it all - I'm sure this has been asked before but I was hoping to get some fresh responses/advice on credit
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Hey Sunshine Funshine, sorry about the delay, but are any of these useful:
You're welcome.
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)
The Uber card is sooooo good seriously can't beat the meal points.
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?
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.
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
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 :)
So how many credit cards do you recommend someone open when they turn 21?
Great to know! Even better
Am I the only person who doesn’t give a shit about cc, Marriott, delta points/miles? If I get them, great, if I don’t, oh well. I tracked it when I first started traveling for work but who cares about a free night or flight if you have to rack up a bunch of exhausting trips or $10k on seamless in exchange
Don’t understand how there are entire YouTube channels and blogs dedicated to all of this
4.
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.
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.
6 different cards
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.
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.
American Express Blue Business Plus - 2x points on literally everything, used for anything that doesn't fit into a category above.
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.
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.
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.
3 indefinitely + 1-2 temporarily for sign-up bonuses that I'll eventually cancel.
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.
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.
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.
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).
$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.
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
I just use the ole' Bitcoin wallet. No credit cards needed because crypto is the future.
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Beanie Babies are coming back, I swear! Buy them now!
Three.
Chase Slate Visa, Capital One Quicksliver MC, Gold Amex.
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.
Edit: Educated myself. Got the AmEx Trifecta.
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.
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.
I got the Uber one before I got the CSR recently but it was great for the bars and pretty much most other things.
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.
What's so good about the CSR?
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.
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.
3, CSR - personal AMEX Plat - personal AMEX Cent - work
15.
12 I never use. They are no fee credit cards.
I use the CSR, CF, CFU
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.
Just 1 - Can't fit any more in my wallet. As for what card of course it is the AMEX Centurion.
If this is serious, do you think it's worth it?
It is worth it for the concierge services alone.
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
Sup. Playing the game right. About to apply to for my 16th.
I got 4, but use only one:)
I feel the same way about women
Two, but I mainly use the one I have for cash back. All about that money baby.
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
only 1, dont have much money to spend and i am a simple person so one is enough for me
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