Credit Card combos
Hi all, Wondering what credit cards folks use here to get the best rewards. I use the following. Amazon chase card — use at Amazon and Whole Foods. 5% back. Combo of Wells Fargo cards — propel American Express to collect 3x points on dining out and gas stations. Also pay for Netflix with this. I then transfer the points to the Wells Fargo signature rewards which can be redeemed for 1.5x on travel. This leads to 4.5% back if used on airline tickets. For everything else I use the Alliant cash back card. To get this card you need to be a part of the Alliant credit union. Going on their website you can join the credit union by making a $10 donation to one of their charities. No annual fee year 1 and 3% cash back on everything. Total 3% cash back. This means I am mostly getting my expenses back at between 3-5%, that’s a good amount of TC back, especially given it’s post tax TC. Does anyone have any improvements to optimize my cards?
Costco card for gas and dinning. Everything else citi double cash
Chase Sapphire reserve, freedom, freedom unlimited. Overall effective yield of 3.6% for me last year with this combo, that’s net (after all fees)
Amazon/CSR/FreedomUnlimited
Got Southwest companion pass after getting 110k points by signing up for Chase Southwest Premier & Plus. This means someone travels for free with me anywhere on Southwest. Chase Freedom - 6% (5% quarterly bonus + 1%) Chase Freedom Unlimited - 1.5% Chase Reserve - 3% I transfer all Chase points to Southwest at a redemption value of 1.5 cents per point, then double it to 3 cents per point due to companion pass. That means my effective cash back in Southwest flights is Chase Freedom - 18% on quarterly categories Chase Freedom Unlimited - 4.5% on everything else Chase Reserve - 9% on food and travel
Damn, that’s optimized!!
How do you maximize the quarterly categories to the fullest for freedom card ?
I have Sapphire reserve for everyday use and churn everything else. I'm on my 12th credit card since moving to US a few years ago.
Get the freedom and use it in all the areas your Sapphire doesn't get any special bonus. Then transfer the points on the freedom to the sapphire so you can take advantage of the better points redemption options on the sapphire. I would check whether you churn strategy is really worth the effort you put into it. What if you put the same effort into a side gig, or worked a little overtime to try and get a promotion. I bet the time you spend churning isn't the best use of your time unless you just think it's fun.
It doesn't take much time at all, just a 30 second application every couple of months, and closing some accounts once or twice a year.
American Express Platinum. At several occasions there has been some girl that comments on the metal card. The girls reaction is 😱😳😉😘 Once I was on a date with a girl I meet in Europe and when I handed my card to the waiter he said “Oh shit, there is a lot of money on this card” and tapped it against the table. The girls reaction was 😯🤑👙💦 And the best part is that my TC is quite low actually... My reaction is 😢😩😫😭🤷🏻♂️🤷🏻♂️
I used to obsess over optimizing this stuff until I realized by juggling 4-6 credit cards I was only saving up to a few hundred a year more. The hassle of carrying the cards, picking the right ones, managing the payments wasn't worth it to me. If you want to keep your life simple just get a 2% flat rate cash back card that has no annual fee. Or even a 1.5% one. If you spend $20000 on it per year you're only missing out on $100 a year versus the 2%.
SPG for everything. Costco for restaurant and Costco. I also use Uber card for restaurants.👍 Cash+ for electronic stores and movie theaters Discover and Chase Freedom for their quarterly sirens categories. I also churn big bonus sign ups cards as appropriate.
Keep getting sign on bonuses. There are many cards offer 150~200 when you spend 500. Which is 30% ~ 40% return. No cash back / points can do this high. Keep track of your credit report. It won't hurt your score too much and recovers quickly if you take care of it.
Best combo I know of is no credit card at all.
That’s just stupid. As long as you pay in full, credit cards save you money.
I’m more of a Dave Ramsey type.