Anyone else here big on Credit Cards - in a good way?

[Jpurd]

I'm a big credit card nerd. Follow a few different blogs and have a wide array of travel cards that I use for purchases across the board. Any other NSers that dabble in this area? Here are some of the sites I regularly read:

https://onemileatatime.com/

https://www.godsavethepoints.com/

https://viewfromthewing.com/

 

[oldmanski]

I have a few cc's that I use for my travels. A. Ex. Platinum(Delta Lounge and air miles), Chase Sapphire Visa(no foreign transaction fees)can use it like a debit card without the fees in other countries. I dont use them to their full potentials but they do come in handy.

 

[Sdot.]

We have two kids who are now both over two years old, so we have a total of four Alaska Airlines cards (one business, three personal) to get awesome mileage rewards plus companion fares, which saves us thousands each year. And then we have a Capital One Venture card, but I've never used any of the points. I've got a number of other credit cards, but I never use them - just have them for good credit. We treat our credit cards like debit cards and never carry a balance. I saw my share of credit hell in my early 20s, and fortunately, credit card debt was one thing I've always somehow avoided.

I'd be interested to read some info from the sites you listed. I haven't really dug into the details of credit card benefits because Alaska Airlines benefits are so huge and important for Alaskans, but once COVID hell has passed some, I'll probably look into this. Thanks for sharing.

 

[50Kal]

If you have a job that allows you to buy items on a personal cc and you get reimbursed, you can rack up some serious points.

I knew a manager at small county airport who did this with a Cabela’s cc that was super high interest but had triple bonus point on it. He was buying 1,000 gallons plus a month (triple that if it was high fire danger and retardant bombers were in town).

Because it was always paid off by the county he just sat back and reaped the profits.

 

[1337]

I use the Chase Sapphire and have over 100,000 points racked up. Their travel booking portal is really top notch and you can find really good flight deals on it (usually cheaper than other sites). No idea when/where I'll use them, but stoked to have them in the bank!

 

[Jpurd]

If you have a job that allows you to buy items on a personal cc and you get reimbursed, you can rack up some serious points.

I knew a manager at small county airport who did this with a Cabela’s cc that was super high interest but had triple bonus point on it. He was buying 1,000 gallons plus a month (triple that if it was high fire danger and retardant bombers were in town).

Because it was always paid off by the county he just sat back and reaped the profits.

My old job allowed me to purchase hotels/flights on my personal cards. Got a TON of chase points doing this.

 

[Monsieur_Patate]

I'm not out there subscribing to a bunch of cards for the sign up bonuses and then cancelling after I make the threshold like some folks I know if that's what you mean (a friend of mine claims to generate roughly $10k year from being a huge credit card nerd and having anywhere between 10-20 credit card accounts open at a given time).

But I do try to optimize my wallet by trying to find the card that will generate me the most return for everything I spend regularly on. So I first listed the categories I spend money on:

Everyday life:

- Rent

- Utilities

- Groceries

- Gas

Travel:

- Airfare

- Hotel

- Dining out

And then for each tried to find the "best" credit card to have, here is what I came up with:

- Amex blue cash preferred for groceries & gas

- Chase sapphire reserve for all travel spending: dining out, airfare and hotels

- Chase freedom for utilities when it is one of the quarterly categories (and also whatever the quarterly category is goes on there, prioritized over the other two when that happens)

Not really able to use the credit card for rent because rentler charges a fee that would offset whatever points I would otherwise earn.

All the spending outside of these categories goes on the Sapphire reserve so it nets me 1.5 cents per dollar (point value).

And lastly I transfer the chase freedom points to the sapphire reserve account to increase point value when redeeming (and I redeem those exclusively for airfare)

That's my setup, I think I found a fairly simple, yet optimized system.

What about you guys?

 

[50Kal]

My old job allowed me to purchase hotels/flights on my personal cards. Got a TON of chase points doing this.

Hoping the new job this summer will allow me to use a personal cc.

 

[danbrown]

when I lived in utah, I used amex platinum skymiles because slc was a delta hub. now I use capital one venture because they have 2x miles for everything and the miles can be transferred between travel, amazon etc

 

[WoFIowz]

Chase sapphire reserve is dope. Got in when they were still giving away 100k points so that was sweet. I travel a lot so it really helps. The benefits are nice.

Have two other non travel cards and barely use them except for a few recurring purchases or for the Discover 5% cash back calendar.

If you're a businessman/lady you can really profit on credit cards. I had a buddy who traveled weekly for work and got reimbursed for it, so he put everything on his card and racked up mad points. Anytime we went somewhere he covered all the travel. As long as you pay off your statements in full each month, credit cards can be profitable.

 

[TRVP_ANGEL]

..pulling up to the mfin blocc aka victoria secrets shop. got this bread really to spend it you feel me. Gotta look fresh af, u know the cashiers give me DAT LOOK when i swipe wih platinum card bih it got two chips. 1 business 1 personal

 

[Jpurd]

Totally agree. I have about 10 different cards, credit score is about 790 and I'm 25. I easily make at least 2000 profit each year from my cards even after considering the annual fees. All about being responsible

Chase sapphire reserve is dope. Got in when they were still giving away 100k points so that was sweet. I travel a lot so it really helps. The benefits are nice.

Have two other non travel cards and barely use them except for a few recurring purchases or for the Discover 5% cash back calendar.

If you're a businessman/lady you can really profit on credit cards. I had a buddy who traveled weekly for work and got reimbursed for it, so he put everything on his card and racked up mad points. Anytime we went somewhere he covered all the travel. As long as you pay off your statements in full each month, credit cards can be profitable.

 

[Sdot.]

Exactly. Our nonprofit owns the building, and my board of directors doesn’t want us to have a company credit card, so all of the bills are set up on one of my Alaska Airlines cards. I travel a lot for work, too, and considering I live in Alaska, travel is always expensive and far (most of my conferences are on the east coast). All expenses go on the card, get reimbursed, and I never carry balances. It’s inconvenient at times, but the miles are pretty nice.

If you're a businessman/lady you can really profit on credit cards. I had a buddy who traveled weekly for work and got reimbursed for it, so he put everything on his card and racked up mad points. Anytime we went somewhere he covered all the travel. As long as you pay off your statements in full each month, credit cards can be profitable.

 

[Dustin.]

We have two kids who are now both over two years old, so we have a total of four Alaska Airlines cards (one business, three personal) to get awesome mileage rewards plus companion fares, which saves us thousands each year. And then we have a Capital One Venture card, but I've never used any of the points. I've got a number of other credit cards, but I never use them - just have them for good credit. We treat our credit cards like debit cards and never carry a balance. I saw my share of credit hell in my early 20s, and fortunately, credit card debt was one thing I've always somehow avoided.

I'd be interested to read some info from the sites you listed. I haven't really dug into the details of credit card benefits because Alaska Airlines benefits are so huge and important for Alaskans, but once COVID hell has passed some, I'll probably look into this. Thanks for sharing.

You shouldn't hold the Capital One Venture card and pay the annual fee if you don't use it. Redeem the points for airline tickets or cash and then cancel it, otherwise you are just paying $95 a year for nothing. In addition, you should cancel credit cards that don't benefit you. Yes, your credit may drop a point or two for a month, but the difference is negligible and quickly recovered if you are doing everything else right. Each credit account opens you up to another opportunity for fraud, phase out the ones that are pointless over time and your score will barely move.

Finally, a credit score is just a measure of how good you are at borrowing money....don't get too attached to it. If you can buy the car/house/whatever you want at the lowest rate, it's high enough (this stops at about 720-760 for most applications).

 

[Dustin.]

I use the Chase Sapphire and have over 100,000 points racked up. Their travel booking portal is really top notch and you can find really good flight deals on it (usually cheaper than other sites). No idea when/where I'll use them, but stoked to have them in the bank!

I just cashed in all ~160,000 of my Chase points for cash. It's not as good a deal as flights, but cash in hand to invest these days is way more valuable than miles I can't use. Could be a great option for you if you don't have a trip planned.

 

[Jpurd]

Disagree with some of this. Having credit cards open you don't spend on can often be smart. Not the venture, but I have a Marriott and United card I rarely put spend on because the benefits are more than worth the annual fee. It also raises your utilization ratio. If you cancel a card, it can definitely stop your score more than a point or two. And in terms of fraud, as long as you monitor your accounts, you shouldn't have significant problems unless you are not taking the 30 minutes a month to check them

You shouldn't hold the Capital One Venture card and pay the annual fee if you don't use it. Redeem the points for airline tickets or cash and then cancel it, otherwise you are just paying $95 a year for nothing. In addition, you should cancel credit cards that don't benefit you. Yes, your credit may drop a point or two for a month, but the difference is negligible and quickly recovered if you are doing everything else right. Each credit account opens you up to another opportunity for fraud, phase out the ones that are pointless over time and your score will barely move.

Finally, a credit score is just a measure of how good you are at borrowing money....don't get too attached to it. If you can buy the car/house/whatever you want at the lowest rate, it's high enough (this stops at about 720-760 for most applications).

 

[Jpurd]

1600 bucks, not bad. Definitely not the best value, but 1600 bucks is 1600 bucks.

I just cashed in all ~160,000 of my Chase points for cash. It's not as good a deal as flights, but cash in hand to invest these days is way more valuable than miles I can't use. Could be a great option for you if you don't have a trip planned.

 

[Dustin.]

I'm not out there subscribing to a bunch of cards for the sign up bonuses and then cancelling after I make the threshold like some folks I know if that's what you mean (a friend of mine claims to generate roughly $10k year from being a huge credit card nerd and having anywhere between 10-20 credit card accounts open at a given time).

But I do try to optimize my wallet by trying to find the card that will generate me the most return for everything I spend regularly on. So I first listed the categories I spend money on:

Everyday life:

- Rent

- Utilities

- Groceries

- Gas

Travel:

- Airfare

- Hotel

- Dining out

And then for each tried to find the "best" credit card to have, here is what I came up with:

- Amex blue cash preferred for groceries & gas

- Chase sapphire reserve for all travel spending: dining out, airfare and hotels

- Chase freedom for utilities when it is one of the quarterly categories (and also whatever the quarterly category is goes on there, prioritized over the other two when that happens)

Not really able to use the credit card for rent because rentler charges a fee that would offset whatever points I would otherwise earn.

All the spending outside of these categories goes on the Sapphire reserve so it nets me 1.5 cents per dollar (point value).

And lastly I transfer the chase freedom points to the sapphire reserve account to increase point value when redeeming (and I redeem those exclusively for airfare)

That's my setup, I think I found a fairly simple, yet optimized system.

What about you guys?

That's a good system. I'm like your friend, but I don't have to pay the annual fees so I keep any card that has an annual benefit (I end up with 20-25 cards at any given time between my wife and I for that reason). Even still, our system is pretty straight forward and geared to make it easy and stress free:

-Amex Gold - groceries

-CSR - odds and ends/travel that isn't airfare

-Amex Platinum - Airfare

-Right now, since COVID has made cash infinitely more useful than points and miles, we are using the Blue Cash Preferred.

And that's pretty much it. I use the specific hotel and airline cards I have on hand for annual credits and stuff sometimes, but mostly I just hold them and rake in the free nights and such (again, no annual fee makes this feasible, if I paid annual fees I'd have way fewer cards).

 

[Dustin.]

Totally agree. I have about 10 different cards, credit score is about 790 and I'm 25. I easily make at least 2000 profit each year from my cards even after considering the annual fees. All about being responsible

That's about where I was at that age (6 years ago). One piece of advice I'd offer to keep you grounded is to always ensure you aren't spending money you otherwise wouldn't just because of the points you get.

That's sounds super stupid, but I've seen friends throw down for dinner for the group and then be like "dude I got 4x points on that"....

If you want to buy people dinner, do it because you want to and would have regardless of what card you have. Don't spend $300 to get a $12 return. Enjoy $12 back on $300 you had to spend on groceries anyway. Again, sounds dumb but even The Points Guy writes articles based around this stupid idea of spending more to get a great deal on a plane ticket you probably weren't going to buy anyway to San Francisco so you can have a dinner then fly home. That's not vacation nor is it a "great deal".

 

[elcheapo]

I should get a cash/points whatever back for purchases but as for credit cards, aren't the interest rates something like 15% or more?

 

[1337]

I just cashed in all ~160,000 of my Chase points for cash. It's not as good a deal as flights, but cash in hand to invest these days is way more valuable than miles I can't use. Could be a great option for you if you don't have a trip planned.

Definitely thought about that - I just lose the 25% bonus they're worth redeeming for travel ($1250 in flights vs $1000 in cash) and I have been saving them for when i need to travel for a project that I'd be paying out of pocket for.

 

[Dustin.]

I should get a cash/points whatever back for purchases but as for credit cards, aren't the interest rates something like 15% or more?

You should NEVER care about the interest rate. If you are ever planning on spending more than you can pay back that week, do not get the card, do not use the card. When used as a debit card (aka, you pay the charges right when they show up from your checking account), you never pay interest but get the points/cash back.

 

[Dustin.]

Definitely thought about that - I just lose the 25% bonus they're worth redeeming for travel ($1250 in flights vs $1000 in cash) and I have been saving them for when i need to travel for a project that I'd be paying out of pocket for.

If that's the only pot of points you have, I'd save them for your trip. Since I have AMEX points and a 7 figure pile of airline and hotel points, it makes no sense for me to save the Chase points. Points are not an investment....unfortunately I just got refunded a huge amount of mine since my big trip this summer is now cancelled....

 

[IanAvery-Leaf]

I was stoked on my delta AmEx card when I was traveling frequently before COVID-19 hit. I highly recommend it if you live in SLC or another delta hub and fly often, or just look at what airlines have a hub at in your region I’m sure they have similar offerings. It makes the experience wayyyy smoother. Free checked bag, lounge access, priority boarding, and upgrades to the point of I was pretty much always bumped to at least business class, sometimes even first class. No foreign transaction fees is nice because those are sneaky and can add up quick. If this sounds up your ally hmu I’ll send you a referral so we can both get a bunch of bonus delta miles

I agree with whats posted above, interest is irrelevant, never overspend. With paperless billing and autopay you can basically use it like a debit card but get superior purchase protection and all the points/benefits along with it.

 

[arnie_grape]

I only have 1 credit account but I use it almost exclusively to rack points and just pay it off every pay day.

what's the deal with your 3rd world payment systems in america? restaurants are cash only half the time and (as of 2018) I did not see a single fucking chip reader POS? they literally just take your card behind the counter, type in whatever number they please and then hand it back to you. I've been to actual 3rd world countries that have chip readers in their card machines. pretty fucked that I have to call up my bank before I go to the states and say "hey could you please not freeze all my accounts when I try to buy something, I am going on vacation thanks"

 

[Sdot.]

Yeah, a couple of the cards are worth cancelling. We both have credit scores over 830, so there are points to spare. To be honest Venture card hasn’t been cancelled because all of our bills are auto-paid with it, and I’m the one in charge of all of the finances. I’ve been insanely busy abs haven’t made it a priority. We will probably end up using the mileage points soon, though, since my sister lives in a city that Alaska Airlines doesn’t fly to, and she just had a baby.

We will probably actually end up getting a Lowe’s credit card (0% APR for 18mo) in the next year or so to remodel our house, and then pay off the card when we sell the house. Anyone in here do anything like that?

You shouldn't hold the Capital One Venture card and pay the annual fee if you don't use it. Redeem the points for airline tickets or cash and then cancel it, otherwise you are just paying $95 a year for nothing. In addition, you should cancel credit cards that don't benefit you. Yes, your credit may drop a point or two for a month, but the difference is negligible and quickly recovered if you are doing everything else right. Each credit account opens you up to another opportunity for fraud, phase out the ones that are pointless over time and your score will barely move.

Finally, a credit score is just a measure of how good you are at borrowing money....don't get too attached to it. If you can buy the car/house/whatever you want at the lowest rate, it's high enough (this stops at about 720-760 for most applications).

 

[OregonDead]

I need to play the game more. Probably going to get a USAA card to start paying all my bills with because they pay a decent percentage back. I got a card with like a no payment for 6 months deal when I bought my furnace and then I never used the card again. Paid off my bill in full like 5 1/2 months later. I know people that basically take a free flight someplace every year just for buying everything on the card.

 

[elcheapo]

I haven't had a credit card since the 90's and definitely don't need one now but seems the interest rate would be something to be concerned about or am I missing something.

You should NEVER care about the interest rate. If you are ever planning on spending more than you can pay back that week, do not get the card, do not use the card. When used as a debit card (aka, you pay the charges right when they show up from your checking account), you never pay interest but get the points/cash back.

 

[Jpurd]

You are only charged interest if you don't pay your statement each month.

I haven't had a credit card since the 90's and definitely don't need one now but seems the interest rate would be something to be concerned about or am I missing something.

 

[theabortionator]

I don't nerd to hard on them but I've gotten some deals. Usually just like the no foreign transaction fees. That shit adds up. Both summer living in Africa I didn't have a bank account there. I got paid in cash but I def fucked off a lot at the bars and traveling.

It's good and shitty. I'm good at saving money even when poor but my car blew up, fixed it, they lied about doing head gasket and blew up half way across the country. Finally paying that off at the moment.

Had I know the total shitshow would have ditched the car and gotten a new one but shit is clutch for traveling.

My wallet got stolen the day I left for Thailand and I stopped at bank for temp debit card. Missed having my ccs. When the debit expired I had to budget hard to make sure Id make it home lol. Actually ran out if money in Shanghai but I kept some USD with me that I was able to exchange.

The perks t2ou can get are pretty dope. Friend flew first class to japan with his gf on points a couple years ago. Im just shitty at figuring things out and it give me anxiety.

Luckily I remember numbers well so i shop flights the way I buy groceries. Remember all the prices on anywhere I want to go and when I see the killer deals I take it. Free would be better 450 to thailand, 250 to europe, 600 to south Africa etc aint bad.

Honestly if Im drinking and doing shit that's what adds $$$ to the trip for me.

Sparknotes: cc points are dope but I'm a noob pussy and suck at life

 

[ScaryDumpTruck]

I'm not the biggest fan of credit cards

Spend $1,000, get $10 back. Also, if you have a credit card it influences you to spend more money, the rewards are simply there to make you spend more money. You'll probably just buy things you don't need to just to get those points up.

**This post was edited on May 3rd 2020 at 5:13:23pm

 

[elcheapo]

I know that but sometimes people can't always pay because of loss of income(injury, pandemic etc) so idk just seems wise to get the best rate in case of the unforseen, whatever.

You are only charged interest if you don't pay your statement each month.

 

[Sdot.]

I'm not the biggest fan of credit cards

Spend $1,000, get $10 back. Also, if you have a credit card it influences you to spend more money, the rewards are simply there to make you spend more money. You'll probably just buy things you don't need to just to get those points up.

**This post was edited on May 3rd 2020 at 5:13:23pm

Generally, that's true. We have monthly budgets for our cards. Each card has specific types of expenses that it's used for, so we set a maximum amount that we can spend for each (eg: one is for eating out, date nights, and random non-essentials, and we limit that to $850/mo). It definitely helps prevent impulse spending.

 

[Dustin.]

I know that but sometimes people can't always pay because of loss of income(injury, pandemic etc) so idk just seems wise to get the best rate in case of the unforseen, whatever.

There is nothing unforeseen about swiping the card when you don't already have the money to pay the bill. I pay my bill every morning over coffee on all my accounts. If you know your interest rate, you are losing the game very hard.

 

[Jpurd]

I'm not the biggest fan of credit cards

Spend $1,000, get $10 back. Also, if you have a credit card it influences you to spend more money, the rewards are simply there to make you spend more money. You'll probably just buy things you don't need to just to get those points up.

**This post was edited on May 3rd 2020 at 5:13:23pm

Disagree. I get way more than 10$ of value when I spend $1K. I am probably getting on average, at 6% back on most purchases, when I actually go to use those points for travel, they are worth more than cashback.

I also have a budget each month that I follow to the T. I would spend the same money wether it was a debit card, cash, or a credit card. I've never spent more for points, only spend on different cards to maximize the return.

That being said, if you can't follow a monthly budget and limit your spending, credit cards are not for you.

 

[Charlie_Kelly]

BoA for every day purchases, Royal Caribbean for my yearly cruise and flights, Capital One for my flight training and solo hours, Amazon for amazon purchases, Citi for emergencies, and a Best Buy one I don’t really use anymore but still have. If you’re responsible they are great, you literally get free money/rewards for purchases you’d otherwise do on a debit card and get nothing for.

 

[CatdickBojangles]

I gave up credit cards a long time ago, as I've repeatedly faced the problem that I have money debited from my wallet and quite large amounts. I went to the police, but they couldn't help me, so I started to study this area and was shocked at how easy it's to steal someone else's money and how easy it's to find a credit card information. If you want to read articles about how to secure your credit card use google. I'm very happy that in our world there's a cryptocurrency in which I store absolutely all my savings and don't worry that someone will steal my money.

I am not sure if you are a bot or just an idiot.

 

[ASSholebomber22]

I really kick myself for not getting an alaska airlines card when uncle sam was footing the bill for travel. Between my usaa card and my bank of the west card I do OK but I do want to get in on that amazon ish. Free money's awesome and I couldn't imagine being someone who keeps a balance on their cards and pays interest.

 

[roddy116]

credit cards are generally only good for international travel for me because if i use my visa debit everything is a few more dollars on the transaction cards, but thesides that dont go in debt over a car ffs.

 

[extravert]

Everyone and their mom has this card, but the Chase Reserve is soo nice. Love the piece of mind with extra warranty, insurance, and lounge access is a nice perk. With the travel credit its a no brainier. Got a Delta to make flying them suck less, a Citi Premier for gas and its bonus, Chase Freedom for bonus and cash back. I really can't be bothered to ms a bunch or track 20 cards, but I like putting money i'm already spending to work.

Any suggestions for hot rewards out now, I'm due for a new card

 

[leprechaunsissy]

I have traveled the world for cheap using credit card benefits, and managed in the process to achieve a near perfect credit score. At this point I've held all of the main travel cards. Everyone who is responsible and likes to travel should do it.

 

[theabortionator]

As far as flighta flights are cheap as fuck. If you find cheap flights. Idk a flight is like a 16 hour kax thing. Ill fly eco anywhere. The rest of the month/months if traveling is where it adds up. Idk. The most I've spent on an international flight in the last 6 years is like 750 from NYC to Joburg. Sure there are some deals but a lot if people don't even take advantage of them anyway. My buddy did fly first class to Japan once so i get it. Idk i also know a lot of people in CC debt. If you know for sure what you're doing and actually use the perks it's great. Obviously most people fuck themselves over which is why it's offered.

 

[1337]

As far as flighta flights are cheap as fuck. If you find cheap flights. Idk a flight is like a 16 hour kax thing. Ill fly eco anywhere. The rest of the month/months if traveling is where it adds up. Idk. The most I've spent on an international flight in the last 6 years is like 750 from NYC to Joburg. Sure there are some deals but a lot if people don't even take advantage of them anyway. My buddy did fly first class to Japan once so i get it. Idk i also know a lot of people in CC debt. If you know for sure what you're doing and actually use the perks it's great. Obviously most people fuck themselves over which is why it's offered.

Yeah, I only use credit cards for purchases I can pay for and never carry a balance more than a few weeks. They offer rewards and protections over a debit card. They're nice too as a freelancer so I can pay on a CC when I have a check coming but not necessarily the balance in my debit to cover the purchase immediately. But it's important to constantly pay them off and never go into debt with them.

 

[theabortionator]

Yeah, I only use credit cards for purchases I can pay for and never carry a balance more than a few weeks. They offer rewards and protections over a debit card. They're nice too as a freelancer so I can pay on a CC when I have a check coming but not necessarily the balance in my debit to cover the purchase immediately. But it's important to constantly pay them off and never go into debt with them.

For sure. Def good perks. Even the no foreign transaction fees on my one card is huge. Little bits add up.

My parents were in crazy debt so I never wanted to go there. But I prefer to use my CCs over a debit card. Also good to have if you're stuff.

I've got 2. I've thought about dabblung in ithers fir the rewards but never did. My one card is pretty solid my other one doesn't really offer anything but works for me.

Credit cards are def useful af especially these days.