Credit Card Rewards

[Cnasty]

Absolutely interested.

Interested to hear if Weasel eventually did this as well.

I use one card and one card only but seems I am pigeon holing myself and was concerned about credit drops opening and closing so many cards a year.

[Weasel]

I do about 2 cards/yr each for my wife and I. Open one every 3 months or so, get bonus, keep it open until the year is up and close before the annual fee is due. Ive recently started using Chase only, as theyre the most restrictive with accepting apps (google 5/24 rule) and I find the UltimateRewards points to be the most useful/flexible for me.

This isnt a bad place to look and see whats out there, although occasionally can be outdated at times

http://madfientist.cardratings.com/

[Weasel]

Absolutely interested.

Interested to hear if Weasel eventually did this as well.

I use one card and one card only but seems I am pigeon holing myself and was concerned about credit drops opening and closing so many cards a year.

Couple things:

Havent payed for a flight in years, including two trips to Europe. Annual flights to Dallas/Sioux Falls to see family.
EDIT: Also spend 5 days/4 nights at a really nice all inclusive in Cancun last year for under $300 total for the two of us, flights included. The only thing I paid for was taxes

The credit loss has been a myth. When I started, my credit was in the 780's...its over 800 now. Its been a non issue. From what I gather, the drop in score from the increased inquiries isnt as much as you gain by having more available unused credit, at least thats my guess

[Cnasty]

I wanted to finish building the house and get back to this.

We use our card for everything but have only used this one. I wanted to check with you guys on that credit score hit and see if it was a myth and good to hear it is.

I just started the journey and off we go! Great info fellas, and thanks!!

Do you pay your statement balance each month or the ENTIRE balance. In reading on reddit they say its ok to only pay statement balance and not full balance as you are "overpaying".

[Wasted Memory]

This always interests me, but I have a Capital One card that I've been using for years. It currently gives me 2 points for every $1 dollar spent. I hate to give that up although it looks like Ted's plan would surpass my point totals by quite a bit.

[Cnasty]

This always interests me, but I have a Capital One card that I've been using for years. It currently gives me 2 points for every $1 dollar spent. I hate to give that up although it looks like Ted's plan would surpass my point totals by quite a bit.

Same exact boat here.

I took the plunge today and excited to work through it as I am finally done with the house and other items we had pending.

I have been with my BOA card for over 10 years and we havent paid for flights or hotels but nowhere near as much opportunity as this process for bigger/better options.

[Uuaww]

We went to Australia and Vanuatu for free except for Vanuatu hotels.

Next up is 3 nights at the Disney world dolphin (on site) the girlfriend got with her points. Southwest points for the flight. The whole trip is $300 for 4 day park hopper plus food and stuff

[The_Niddler]

I am curious how this impacts your credit score.
Usually, higher credit scores like you having cards open for a long period of time and not as many inquiries on your credit history.
I use Credit Karma and love how it keeps track of everything and is free and safe to use.

[Cnasty]

I read a lot about this yesterday combined with Weasel and Ted's experiences it makes sense.

As long as you are keeping your debt down and paying off each month there is not much impact outside the inquiries every 3-6 months depending on which way you go.

I developed my goal yesterday and game plan and excited to get going!

Thanks weasel and Ted for the real world feedback.

I also read a ton on r/churning

[Uuaww]

I am curious how this impacts your credit score.
Usually, higher credit scores like you having cards open for a long period of time and not as many inquiries on your credit history.
I use Credit Karma and love how it keeps track of everything and is free and safe to use.

I agree that having a constant high line of credit probably offsets the age of accounts. My credit score is like 805 or something like that. Could it be higher without 5-6 new cards a year? maybe; but what do I need any higher for? Since churning cards I've flown to the following places for free round trip:
Mexico, Belize/Guatemala, Brazil, Thailand/Cambodia, Japan, France, Switzerland, UK (3x), Iceland, Turkey, Ecuador, Philippines (business), Russia, Tanzania (business), Australia... Plus about a dozen or so domestic flights round trip and probably a dozen or so hotel nights (I don't do a lot of hotel cards).

[The_Niddler]

Anything above 750 is considered Excellent Credit, so you are right there, no reason to worry about it.

I am glad to hear it does not really negatively impact you, so I may have to get on this.

[Uuaww]

Also my current balances are 100k United, 110k American, 105k Alaska, 120k Marriott, 20k Southwest. Next card will probably be a SW biz so I can top up my SW account.

Alaska miles will very likely be used on 2 one-way biz awards on Cathay to Hong Kong and somewhere else.

[qazhby]

I don't know which thread is lamer, this one or the one about mattresses(?), sheesh

[Wasted Memory]

So quit reading them then. Problem solved.

[wdoupis]

I don't know which thread is lamer, this one or the one about mattresses(?), sheesh

In 15 years you will appreciate all this knowledge to fall back on

[Cnasty]

I don't know which thread is lamer, this one or the one about mattresses(?), sheesh

In 15 years you will appreciate all this knowledge to fall back on

Man if this isnt the "wish I would have known then what I know now" type old man response I dont know what is.

But its 10000% accurate.

[Weasel]

I don't know which thread is lamer, this one or the one about mattresses(?), sheesh

If you have great credit, can manage credit cards responsibly (not carry a balance), and are already spending the money anyway....why wouldnt you get some free travel perks out of it?

[Weasel]

Ted,you run into issues with the 5/24 rule getting that many cards?

[Cnasty]

Weasel, he is like 19 FWIW.

[Uuaww]

Ted,you run into issues with the 5/24 rule getting that many cards?

not as much b/c I do so many business cards. I had a run for like the last 18 months where I never opened a personal. It helps that I actually have a pseudo-business (I rent half a duplex) but I had biz cards before that.