re: How many credit cards do you have?

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You sure about that?

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He may be looking at one of the alternative scores. Just as an example, BofA uses the traditional model which tops out at 850, while Citi uses an alternative model which tops out at 900.

Really depends on you as far as how many.

I do cards that maximize my cash back at places I usually spend money. But we don't travel a ton. Usually one vacation a year that usually doesn't involve flying.

If you travel a decent amount, Chase has a pretty good rewards program if you get a couple of their cards and can just put all your points towards getting cheaper trips. They won't earn you as much as some cash back cards straight up, but the points can be redeemed for more if put towards travel and you book through their portal. This route will require you to get a card with a annual fee though. So need to consider that.



If you are more like me, then you may want to look at cards that will maximize your cash back. But that's gonna depend on where you shop some, etc.

Some I have .. (all no annual fee)

Citibank double cash - that gives me 2% back everywhere. It's my main card I use purchases where I don't have a card that gives me a higher %.

Citi Custom Cash - Gives me 5% back on whatever eligible category I spend the most in up to 500 a month. I use it for my gas card.

Cap one walmart card - 5% back on walmart pickup orders.

Lowes - 5% off on lowes purchases.

Altitude Go Visa - 4% back on dining

And a wells fargo autograph - 3% back on travel.



I would look at what you spend the most on and how much in normal rewards categories (dining, travel, gas, grocery (this doesn't include walamart, sams, etc), entertainment, etc) and go from there.

Some tips.

Request a credit increase every 6 months on your cards. That will raise your limit and help keep your utilization low. Pay in full on time, obviously. Try to keep utilization under 10%


Good luck.

There’s an Amazon card that gives 5% back. Otherwise it’ll probably be 1-2% max for online purchases with another card.

Groceries depends on where you shop. Amex Blue Cash has 6% back but excludes Walmart, Sams, Costco.

5.

Use 4 regularly (Chase trifecta + Chase business card) since they all earn bonus chase rewards points on different categories and I can move all of those points to my Chase Reserve card each month for the higher conversion rate.

So I'm firmly entrenched in the Chase family of cards.

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The other two I only put 1 small charge a month on and pay the card balance down to $10 (if the charge is even over $10) as soon as it posts. I keep that $10 balance running through end of statement period then pay it off. Rinse and repeat. If you have cards that aren't your primary, you still want to show "responsible activity" on them, even if it's only a pack of gum a month.

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This is not correct. Should utilize the All Zero Except One approach to maximize credit score, and it's best to have a charge card reporting as that one with a balance as it will still show as 0% utilization

I've got a few, some for specific use and a couple for general:

-Chase Amazon: 5% back on Amazon purchases
-Citi CostCo: 4% back on gas, don't use it in store
-Amex Delta Reserve: primary card till I hit MQM bonus; extended warranty protection
-Fidelity Visa: 2% cash back, second primary, use inside CostCo
-Amex Everyday: use it to hold my Amex MR points

I will get other cards for sign up bonuses but don't hold them long term (i.e. Amex Plat)

About 16. It’s ever evolving. Majority are kept only one year.

Churn and burn.

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Amex Green - 150$ fee
Amex Gold -550$ fee
Amex Platinum - 695$ fee
Amex Credit Card Blue One
UPromise Barclays
Citi Credit Card
Chase Sapphire Reserve 550$ fee
Chase Slate
Chase Unlimited Freedom
Some Dell Card from 18 years ago

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This guy has almost $2,000 in credit card fees. Don't do this.

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This guy has almost $2,000 in credit card fees. Don't do this.

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LOL

Reserve was cut in January.
Platinum will likely be cut in July.
Amex Gold is $250.

Amex Platinum in my opinion pays for itself.

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Chase Amazon is the only one we use.

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I had no idea this was a thing. My wife loves Amazon even though we understand that it isnt always the best choice. 5% would be nice. May have to get it and use it for that solely.