Monsieur_PatateI'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:
- 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).