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November 09, 2007


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Twenty different cards? I agree with you. That's way to much of a time waster to be worth the return.

My credit isn't quite good enough for an AMEX Blue, but I do try to maximize my return between my Chase Freedom and Discover Card. Discover only offers one or two categories of 5% discounts each quarter, their "Get more" program. If I'm using those things anyways, I charge with my Discover. Otherwise I charge with my Chase Freedom.

I haven't done a calcuation lately, but I suspect I get over 2% cash back this way. I'm going to find my number and post back.

Yes! I have 2 Chase Freedoms (Visa and Master) and Discover too. Here is how it happened. First, I had Chase Visa (not Freedom and no rewards). All I had to do is to call Chase and ask them to change my Chase (Visa no rewards) to Chase Freedom Visa that pays 3% rewards for many purchase categories.

After I discovered that some merchants don't take Visa, I asked for Chase Freedom Master and ended up with two Chase Freedoms now, one Master, one Visa. Both have 3% rewards, limit $600 in spending. But since I have now two of them one Master, one Visa, I have my limits up to total of $1200 per month to earn my 3% rewards! WooooHooo. ;-)

20 cards are WAY too many to worry with. At one time I tried to get any and all credit and store cards that I could while in college. Fortunately I didn't exercise the credit on those cards but I did learn later that it was dumb to have so many cards....especially when credit scores matter.

Today I have an AMEX Blue for Costco gas and a Countrywide Visa card where all purchases go. Then, for every 2,500 reward points ($1 = 1 point) I get a $50 credit towards the principal of my mortgage. I am not 'focusing' on paying down my mortgage (since I live in Silicon Valley) but every little bit helps. Plus, the Countrywide Visa card has other gift certificate options when redeeming I get all of my gifts throughout the year covered by banked points as well. For me it seems like the best of all worlds. :-)

Using the Chase Freedom and Amex Blue, how do use the 2 cards during the first $6500 on Amex Blue?

Yeah pretty much sums up technique. Though I'm using the Starwood Amex instead of the Blue card. I like hotel rewards, and given the 1st year fee is waived, I should be getting an effective payback rate in excess of 3% if I'm smart about the hotels i use rewards for. Obviously not as much flexibility as cash, but I like traveling...

Maybe I'm mistaken on just what you can buy with credit cards, but isn't 48K a hell of a lot to spend each year on the types of things that one purchases with credit cards? That's 4 grand a month in expenditures.

I'm all for getting the max rewards you can with the dollars that you spend, but I don't think I spend that much a year and I'm sure I make a hell of a lot more than them. Unless we are talking about a lot of company-reimbursed expenses, isn't the real answer that they are spending too much? Have they traded money in hand to chase after higher cash backs by spending more than they should? That's what I'd like to know.

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