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Old 08-05-2020, 06:39 AM   #61
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According to my spreadsheet going back to 2004, between DW an I, we've had well over 150 credit cards racking up $6,615 in annual fees over the years. We've paid $0 in interest. On average, we save $8K - $10K per year in airlines and hotels paid by points. Unfortunately, nothing this year. Have 1,725,000 points/miles remaining valued at roughly $20K. DW thinks it's a pain, but perks up a little every time we fly or stay somewhere nice for free.

Having said that, we're down to 3 total credit cards between us. Have slowly stopped playing the game and eventually will just get a cash back card and call it a day.
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Old 08-05-2020, 06:47 AM   #62
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One (or Hubby and Wife) needs 2 cards minimum, just in case one gets compromised. It has happen to us, then the second card is a life saver. We had a card that was always compromised regularly at lease once every 3 months, even when the CC company completely changed the card number and we stopped using it at all. I think it was a Mastercard, we have since cancelled it and do not have any Mastercards anymore. I forget the bank.
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Old 08-05-2020, 08:15 AM   #63
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You have too many cards, that will impact your credit score. I would say cut it down to three maximum, get rid of the rest. Keep the three that make you the most money or get you the most travel rewards or whatever it is youíre actually looking for.
Personally, I have one business visa that pays double miles on everything. I use it to pay for literally everything and pay the card off every month. My travel balance is usually over 100,000 miles. At the moment itís higher than that because thereís nowhere to go. Iím hoping that will end by 2025
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Old 08-05-2020, 08:22 AM   #64
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One (or Hubby and Wife) needs 2 cards minimum, just in case one gets compromised. It has happen to us, then the second card is a life saver. We had a card that was always compromised regularly at lease once every 3 months, even when the CC company completely changed the card number and we stopped using it at all. I think it was a Mastercard, we have since cancelled it and do not have any Mastercards anymore. I forget the bank.
That is very wise.

A friend had one CC, a Mastercard from a big bank. On his second day of a three week trip to Hawaii, he sees an odd charge on the car. One call to the bank and they cancel his card (good!) and then tell him they will FEDEX a new card to him (Good!). But, he was in Hawaii (Bad!). It took him an entire day to work out the issues so they would FEDEX the card to his hotel room and not his home.
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Old 08-08-2020, 07:15 AM   #65
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We have 5 major cards, Dont even carry one unless traveling, or planning on making a purchase. Have been playing the 0% interest transfer game over the last few years to pay off some leftover debt, and a few big purchases and leave our nest egg from our selling our house 3 years ago alone. 4 have 0 balance and the 5th will be paid off in the next 2 months.... YAA debt free baby.... Our banks VISA is set up for some auto billing and Paypal....and generally paid off every month...
We also have 5 store cards for materials to restore our retirement home...
Only use for 0% interest purchases...
and total balance on them.... $150... and that will be paid off next week...
The next big purchase coming up.... Windows and doors....
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Old 08-08-2020, 07:27 AM   #66
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Unfortunately because of vendors and banks preferences and their different benefits, we do have 2 cards on the back burner, and one form a different country.

Our main Cards are: AMEX cashback, and Visa Sapphire as a backup.

We also have a Costco Visa, as we purchased a TV this year and got a significant discount and 5 years warranty by using it. That will most likely be cancelled before the one year expiry as Costco is becoming less and less competitive and is 45 mins drive from us. Aldi is better for us for groceries, and On-line purchases for non food items, to save the sales taxes.

We have a Credit union Visa because there are no transaction fees for foreign purchases. And a Canadian Visa for Canadian purchases and using money from our Canadian Bank account.
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Old 08-08-2020, 08:16 AM   #67
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We live near the Newark United hub and, given that I used to travel a lot for work, around a decade ago I started using my Chase United Presidential Plus card for everything. I have never missed a payment. I charge around $20k a month and pay if all off. Everything goes on there. Naturally we have the ability to take vacations whenever that becomes possible again. I have a BofA credit card, a USAA credit card and my wife has a Williams Sonoma card. The thing is that this is still a high credit usage and we get dinged when we try to apply for loans. I was rejected for a $30,000 auto loan this year. Kind of nuts since we have over 150x that in stocks. The hitch is that we are also 53 and retired. Our credit score is stuck at 760/780. My main concern is that I be able to get a mortgage for a second house one day. Even if we move full time, Iíd rather that we sell the house we live in (worth over $1 million) on our own time and not be forced to sell it to avoid paying massive capital gains by selling hundreds of thousands of dollars of equities all at once.
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Old 08-08-2020, 10:11 AM   #68
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We live near the Newark United hub and, given that I used to travel a lot for work, around a decade ago I started using my Chase United Presidential Plus card for everything. I have never missed a payment. I charge around $20k a month and pay if all off. Everything goes on there. Naturally we have the ability to take vacations whenever that becomes possible again. I have a BofA credit card, a USAA credit card and my wife has a Williams Sonoma card. The thing is that this is still a high credit usage and we get dinged when we try to apply for loans. I was rejected for a $30,000 auto loan this year. Kind of nuts since we have over 150x that in stocks. The hitch is that we are also 53 and retired. Our credit score is stuck at 760/780. My main concern is that I be able to get a mortgage for a second house one day. Even if we move full time, Iíd rather that we sell the house we live in (worth over $1 million) on our own time and not be forced to sell it to avoid paying massive capital gains by selling hundreds of thousands of dollars of equities all at once.
So to reduce your credit usage, pay $5K on your CC debt every week online. You don't need to wait for the statement to pay your CC, which by then has 20K usage on it.

Also phone up the CC company and raise your limit on the card you use a lot, so it's usage will then be lower with the same amount of spending.
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Old 08-13-2020, 08:59 AM   #69
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Yeah, I think that makes sense. No need to wait until the end of the month.
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Old 08-13-2020, 11:41 AM   #70
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Yeah, I think that makes sense. No need to wait until the end of the month.
Many cards make awards based on the closing balance of the statement. If you pay if off before the month closes, you may miss the rewards (cash back or miles). I know I have!
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Old 08-13-2020, 04:56 PM   #71
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Many cards make awards based on the closing balance of the statement. If you pay if off before the month closes, you may miss the rewards (cash back or miles). I know I have!
Really ?

I get my rewards immediately upon the purchase, at least for all 3 of my BOA cards.

I've never had it where I don't get a reward because I paid off the card or paid a portion early. Many cards might have a rule of needing to spend 3->5K to earn a bonus when new, but I've always gotten it even when spreading the payments many times all over and the spending over a few months.

Which card did this to you ?
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Old 08-14-2020, 01:05 PM   #72
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Really ?

I get my rewards immediately upon the purchase, at least for all 3 of my BOA cards.

Which card did this to you ?

Thatís a good point and question. I think my reward points are calculated on each purchase and become available when the bill is paid. If you pay early or some other credit is posted (like an item is returned) how is it handled? I donít think Iíd get cheated but Iím going to look into it.
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Old 08-14-2020, 01:22 PM   #73
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Which card did this to you ?
Sorry, I can't remember which one. It was a Visa card, and I had a large balance due to a trip...paid it off early, and didn't get the reward. I record every credit card transaction to my checking spreadsheet and pay attention to points/miles at the end of each period.
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Old 08-14-2020, 04:55 PM   #74
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That’s a good point and question. I think my reward points are calculated on each purchase and become available when the bill is paid. If you pay early or some other credit is posted (like an item is returned) how is it handled? I don’t think I’d get cheated but I’m going to look into it.
I know BOA gives me the points, even when I pay early, but but looking online I see they are pending points, so maybe it's at the end of the bill time when they make them permanent and usable.

As for credits (return of goods) I know how that works , when it posts they subtract the points. Since I had a cruise cancelled I currently have about -9,000 points.
The really good part is they didn't redeem the points on me and make me pay $450. So I'm slowly working off the (-) points as I earn points by using my card.
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Old 08-14-2020, 05:08 PM   #75
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You have too many cards, that will impact your credit score. I would say cut it down to three maximum, get rid of the rest. Keep the three that make you the most money or get you the most travel rewards or whatever it is youíre actually looking for.
Personally, I have one business visa that pays double miles on everything. I use it to pay for literally everything and pay the card off every month. My travel balance is usually over 100,000 miles. At the moment itís higher than that because thereís nowhere to go. Iím hoping that will end by 2025
I have 10 total cards and over 800 credit score. I don't think having 8 is a detriment to his score.
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Old 08-14-2020, 05:47 PM   #76
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I have 10 total cards and over 800 credit score. I don't think having 8 is a detriment to his score.


Agree. The folks with a bunch of cards and lousy scores are mis-managing their cards.
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Old 08-15-2020, 06:33 AM   #77
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Many cards make awards based on the closing balance of the statement. If you pay if off before the month closes, you may miss the rewards (cash back or miles). I know I have!
Over 20 years, 150+ credit cards I have never had this happen. I often pay them off online before the statement closes. Sometimes I'll make 2 or 3 monthly payments. No real reason why I do so. It's just easy and I like to keep things paid off. Back when interest rates were high, I obviously didn't do this very much.

There have been some reports of people closing cards too early and having points "clawed back" but those are very rare.
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Old 08-15-2020, 06:34 AM   #78
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Sorry, I can't remember which one. It was a Visa card, and I had a large balance due to a trip...paid it off early, and didn't get the reward. I record every credit card transaction to my checking spreadsheet and pay attention to points/miles at the end of each period.
Did you contact the credit card company and ask why the points didn't show up?
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Old 08-15-2020, 06:52 AM   #79
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Many cards make awards based on the closing balance of the statement. If you pay if off before the month closes, you may miss the rewards (cash back or miles). I know I have!
As others pointed this is very unusual, I'd love to know which one did that - to avoid it like a plague, lol. One thing that might be tricky with earning bonuses is making sure that the all the mandatory spending is actually posted before the deadline - and we all know that it takes a few days for the transaction to be posted.

Another tricky part: points only get awarded if the merchant is properly classified by the CC vendor (Visa/Amex/MC). Back when I started this hobby I spent 15k at a travel agent. It did earn me the welcome bonus but only 1pt/$1 because the agent wasn't classified as "travel". So I called them, they contacted Visa, recategorized themselves AND were nice enough to re-charge me while voiding the original payment (long after the trip was over). That earned me 3pts/$1. It wasn't even so much about the points as it was about the principle.
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Old 08-15-2020, 10:10 AM   #80
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Over 20 years, 150+ credit cards I have never had this happen. I often pay them off online before the statement closes. Sometimes I'll make 2 or 3 monthly payments. No real reason why I do so. It's just easy and I like to keep things paid off. Back when interest rates were high, I obviously didn't do this very much.

There have been some reports of people closing cards too early and having points "clawed back" but those are very rare.
I have one reason why I generally pay off or pay down my credit cards every 2 weeks or do it early, instead of waiting for the last day.

One time I forgot about a CC , it was a paper statement that got lost under other papers.

I got charged a late fee plus the interest for the month..

It was a good lesson, that by paying even a small amount before the actual bill, means they cannot get me for a late fee.
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