Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

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CoastLawyer2030
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Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by CoastLawyer2030 »

Title pretty much says it all. I currently have two credit cards that have decent rewards (one is cash back, the other is travel-related). The rewards are nice but generally the fee usually makes them not much better than a 1.5/2.0% flat rate cash back card with zero fees.

With that in mind I am thinking of moving to one card to simplify. I like the idea of the Schwab AmEx because it would be integrated with my Schwab accounts. I think the rewards would be slightly less but we are talking very small fractions of money in the big picture, and the idea of almost all of our accounts being integrated with Schwab would be nice.

Any thoughts?
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AnnetteLouisan
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by AnnetteLouisan »

I just have one Amex and it’s perfectly simple. I don’t get rich off it by hacking rewards but I also don’t have a lot of cards to keep track of, and I value having as little admin work as possible at home. I also have a few bank debit cards but for security reasons I’ve stopped using them for the most part. However I’m glad I have the extra debit cards (with a credit feature) in case I misplace or have any trouble with the Amex.

However when I used travel loyalty cards (LHW, hotel, airline cards) I was pretty happy with them.
Last edited by AnnetteLouisan on Thu Jan 27, 2022 8:22 pm, edited 4 times in total.
Dottie57
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by Dottie57 »

I like fidelity cash back since I get to do a bitof investing that way.
mptfan
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by mptfan »

I've given this thought as well, and I've thought about getting the Schwab Amex card for the same reasons you mentioned, I like simplicity, but I'm not sure exactly how it would be "integrated" into the Schwab accounts. I wonder if I would be able to access it through the same login, I know their FAQ says yes, but I wonder if it will be full access and full ability to manage the card, or just basic info like balance and recent charges.

As of now I have three credit cards for various reasons and that seems to be my current middle ground between benefit maximization and simplicity. I would never have just one credit card, it's too risky, too many things can go wrong and I don't want to be stuck away from home without a means of payment.
MrJedi
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by MrJedi »

I usually sign up for a few cards each year that offer $500+ in sign up bonus value.

Other than that I prefer to just stick to 1 card. Juggling multiple cards to grind out 4-5% value instead of a flat 2-3% makes very little difference even over the course of a year.
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CoastLawyer2030
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by CoastLawyer2030 »

mptfan wrote: Thu Jan 27, 2022 8:09 pm I've given this thought as well, and I've thought about getting the Schwab Amex card for the same reasons you mentioned, I like simplicity, but I'm not sure exactly how it would be "integrated" into the Schwab accounts. I wonder if I would be able to access it through the same login, I know their FAQ says yes, but I wonder if it will be full access and full ability to manage the card, or just basic info like balance and recent charges.

As of now I have three credit cards for various reasons and that seems to be my current middle ground between benefit maximization and simplicity. I would never have just one credit card, it's too risky, too many things can go wrong and I don't want to be stuck away from home without a means of payment.
I just got done with an online chat with Schwab. Basically you can view your balance within the Schwab portal but to access transactions there is a link to take you to the American Express site. You control the cash back from the AmEx site and pick which eligible Schwab account you want it to go into automatically.
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CoastLawyer2030
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by CoastLawyer2030 »

Edit…double post.
chw
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by chw »

Long time Fidelity CC holder(2% cash back on everything), but did sign up for the Bank of America Premier Rewards program last year. It was a bit of a hassle to setup, but at least got a nice $900 bonus when moving funds to Merrill to qualify for the Premier tier. I generally only use BOA for the 5.25% cash back categories on 3 cards, and looking at what we earned last year, it was worth it.
desiderium
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by desiderium »

I used to find it entertaining to dabble in the rewards game. Now, like many, I have a B of A rewards card and 100k parked in an index ETF at Merrill edge. Simple; I use it for most everything and collect the 2.62% discount my spend. I have a few backup cards that rarely get used.
flyingcows
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by flyingcows »

I use BofA cash back card for almost everything, 2.6% with plat honors tier. Otherwise we use Amazon card for 5% off Amazon which we buy a lot from
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UpperNwGuy
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by UpperNwGuy »

I am happy to use 3% category cards on such items at groceries, gas, dining, and travel. I use 2% flat rate cards for everything else. I figure that I have to do at least that to offset the price increases imposed by the merchants who have to pay the banks that offer these rewards.
FedGuy
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by FedGuy »

Like others here, I use BoA for their high cash back cards (with sufficient assets at BoA/ML).

Having said that, I value rewards/"hacking." I love getting discounts on everything I buy, and enjoy the mental puzzle of choosing the best cards to maximize the cash back given my spending patterns.

I use 7 credit cards regularly, 4 of them issued by BoA. I also have several other cards--mostly once-useful cards that I've replaced with newer, better cards--that I either use for very specific niches or just hang on to in the hopes of product changing them in the future.

To be honest, given that I'm interested in this stuff and have built my cards over time, it's really not difficult to keep track of 7 different cards and what I use them for. Having 4 cards with the same issuer, and setting the payment due dates to be the same for each, certainly helps with that.
Jags4186
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by Jags4186 »

The great thing about rewards hacking is the amount you get out of it is proportional to the amount of effort you put in. If you want to make a few $100 extra a year, you can do that with minimal effort. If you want to make a few $1000 a year you can do that with moderate effort. If you want to make $10,000+ a year you can do that with great effort.

There is opportunity cost to simplicity in the credit card world. In my case if I went the "simple" route with rewards that simplicity would have cost me $10,000s. I used to be a "great effort" person until I lost the ability to do certain activities. Now I'm a moderate effort type of person.
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FrugalInvestor
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by FrugalInvestor »

We used to have only one card but now we have three between my wife and myself.

One is strictly for online purchases and it gives us 3% cash back for online purchases and limits the risk of our 'everyday' cards being compromised through online use.

Two are for in-person purchases. One of the in-person cards provides more cash back for travel, fuel, restaurants, entertainment etc. The second in-person is our "all-purpose" card for everything else and it gives us 2% cash back on everything we put on it. We use the all-purpose card the most.

When we take trips one of us carries the travel/entertainment/meals card and the other carries the all-purpose card. This way if one is stolen we still have a card to use until the other is replaced. When we used to carry only one card my wife's purse was stolen and it became a big problem since we had no credit card to use until that card was replaced.

So yes, we "hack" but we use a system that we feel makes us more secure and is not overly complicated.
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cabfranc
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by cabfranc »

I have the Fidelity card. I like the simplicity. I also have a checking account at BofA but do not do the preferred rewards program because I prefer to keep my investments with Fidelity.
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by whodidntante »

Sign-up bonuses are the key to this game. Making choices in the name of simplicity is fine, but having less money can lead to terrible complications like working longer or not having enough money.
CletusCaddy
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by CletusCaddy »

Capital One Spark Cash Plus

$3k bonus for spending $50k over 6 months
2% cash back on that $50k
$150 annual fee

Works out to 7.7% cash back on the $50k

Best credit card bonus ever
Da5id
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by Da5id »

whodidntante wrote: Thu Jan 27, 2022 9:03 pm Sign-up bonuses are the key to this game. Making choices in the name of simplicity is fine, but having less money can lead to terrible complications like working longer or not having enough money.
I do a few sign up bonuses per year and juggle 4-5 cards. I don't manufactured spend or such. They mostly gave me vacations that were ritzier than I'd otherwise have taken. Doubt in the big picture playing the sign up bonus game is the difference maker. At least it wasn't for me.
Last edited by Da5id on Fri Jan 28, 2022 6:53 am, edited 1 time in total.
manlymatt83
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by manlymatt83 »

There are two Schwab AMEX cards. The Schwab investor card automatically deposits 1.5% back into your account at Schwab every month, without you needing to do anything.

Schwab Platinum Card has a very high annual fee ($695), but earns MR points, and you can redeem those points for increased value as cash in a Schwab account. The redemption can be initiated either from schwab.com or from the American Express website. To manage the card, you still have to access the American Express website.

I have recently simplified. I have my Amex Schwab Platinum, which I love and use, alongside the Amex Gold — however, I mostly use my Alliant 2.5% cashback on everything card now. Simple, no FTF, no AF, easy.

I’d say do what’s best for you. American Express offers on the Schwab card can easily make back that missing 1% (when compared to a 2.5% cashback card).
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by sport »

You cannot use an AMEX card at Costco nor costco.com.
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by BUBear29 »

1) Fidelity 2% - all spend
2) Citi Double Cash - back up 2% in case of loss or theft or other issue
3) Citi AA Advantage - All airline bookings and use during trips to easily see how much I spent during vacation.

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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by freight_train »

CoastLawyer2030 wrote: Thu Jan 27, 2022 8:03 pm Title pretty much says it all. I currently have two credit cards that have decent rewards (one is cash back, the other is travel-related). The rewards are nice but generally the fee usually makes them not much better than a 1.5/2.0% flat rate cash back card with zero fees.

With that in mind I am thinking of moving to one card to simplify. I like the idea of the Schwab AmEx because it would be integrated with my Schwab accounts. I think the rewards would be slightly less but we are talking very small fractions of money in the big picture, and the idea of almost all of our accounts being integrated with Schwab would be nice.

Any thoughts?
I favor simplicity. Costco Visa for its categories that pay better than 1.5%, and a couple of 1.5% cards for everything else. I tried rotating category cards (Chase and Discover) and found them not worth the hassle. I got the cashback match from Discover but then closed it and decided not to chase further bonuses. And the Chase card's rotating bonus categories have significantly deteriorated over the years IMO, so I switched to their flat 1.5% card. 1.5% and not having to track tons of cards or track rotating categories works fine for me!
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by freight_train »

whodidntante wrote: Thu Jan 27, 2022 9:03 pm Sign-up bonuses are the key to this game. Making choices in the name of simplicity is fine, but having less money can lead to terrible complications like working longer or not having enough money.
I sincerely doubt my settling for "regular" credit card rewards will matter one bit as to my eventual retirement date. But hey, for those willing to play the game, more power to you!
snapvestor
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by snapvestor »

We favor simplicity and use cash back only cards. We do have a couple different cards with fixed percentages; one card for gas/dining and another for everyday else. I don’t have the time or patience for managing 7+ cards and all of the various rotating categories.
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by delamer »

mptfan wrote: Thu Jan 27, 2022 8:09 pm I've given this thought as well, and I've thought about getting the Schwab Amex card for the same reasons you mentioned, I like simplicity, but I'm not sure exactly how it would be "integrated" into the Schwab accounts. I wonder if I would be able to access it through the same login, I know their FAQ says yes, but I wonder if it will be full access and full ability to manage the card, or just basic info like balance and recent charges.

As of now I have three credit cards for various reasons and that seems to be my current middle ground between benefit maximization and simplicity. I would never have just one credit card, it's too risky, too many things can go wrong and I don't want to be stuck away from home without a means of payment.
I agree that going to just one credit card is a bad payment idea.

Nothing wrong with using just one for the vast majority of purchases, but you should have another active card in case you lose access to your primary card (theft; hacking; loss).
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by leland »

I go moderate, but enjoy the optimization so it's not too much. A few Chase cards, Discover, rotating for bonused spend. Fidelity card for what remains. Airline/hotel cards strictly for the benefits on their annual fees (will cancel if not used, but have come out ahead thus far). Like others will move an ETF to Merrill Edge soon to switch what would have been on Fidelity to get a few more points and bonus categories.
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by bsblguy31 »

I was thinking about this exact topic recently and how my approach has changed over the years. When I was younger I never understood why someone would pay a fee to use a credit card when there were plenty of no-annual fee options. I wasn't attuned to some of the benefits and thought of credit cards more as simply a way to pay for things than be rewarded for your spending.

I used a Chase Freedom card exclusively throughout my 20s and can remember thinking how great it was to be able to apply my points as a statement credit or gift card, when in reality it was probably a poor use of them, value wise at least. Eventually started using the Citi Double Cash card and thought getting 2% cash back on everything was great (and it is if you value simplicity).

Then I discovered how lucrative sign-up bonuses can be and how much better of a return you get when you apply your points toward travel. Been mostly trading off now between Amex Gold, Chase Sapphire Preferred and Chase Freedom Unlimited, and plan to get the Capital One Venture X later this year (mostly for the sign-up bonus and lounge access). Don't really see myself ever though being someone who churns through a bunch of cards; the ones I get make sense for what I spend on and the annual fees are manageable to me for what they provide in return in benefits/credits. Could see myself eventually valuing simplicity more and going back to Citi Double Cash, but this works for me now. Curious if anyone else has had a similar change in approach like that over the years.
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by jfave33 »

I like to have a few for those times when some vendor, website or whatever just can't get your main card to work.
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JoeRetire
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by JoeRetire »

CoastLawyer2030 wrote: Thu Jan 27, 2022 8:03 pm With that in mind I am thinking of moving to one card to simplify.
Is the difference between having two cards versus one card really that significant for you?
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59Gibson
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by 59Gibson »

I juggle 4 cards to get 5-6% cashback on grocery, online purchases, restaurants, gas, hotels etc. I've done for it many years now and it's not that difficult, probably at 95% efficiency
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by jpelder »

I balance the two, but I do skew more towards simplicity. Between DW and I, we have 4 credit cards: The Citi Double Cash for 2% back on anything, and a couple of 3-6% category cards for our high spend areas (groceries, restaurants/entertainment, Amazon). While we don't travel internationally much, we did make sure to have two cards with no foreign transaction fees for our trip to Europe last summer. we We don't churn cards for signup bonuses, and we haven't opened any cards that we don't plan to keep long-term.

I would not want an AmEx to be my only credit card, as they aren't as widely accepted as Visa and MasterCard.
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by stoptothink »

I've churned for the last ~5yrs (4-6 cards a year), but I am slowing down as the game gets more difficult. The current card is Fidelity Rewards, which I am getting $150 bonus and 12-months of 0% APR on purchases. With 2% back on everything, it may be my go-to moving forward.
Exterous
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by Exterous »

I mostly focus on signup bonuses which simplifies it a bit for me as I don't worry about spending categories because that bonus far exceeds the benefits of maximizing category spend. Once the bonus is done its time for a new credit card. Takes maybe 10min looking at Doctor of Credit or Frequent Miler to figure out which card next, about 1 minute entering that data on my travel\credit card spreadsheet (where I track all my loyalty accounts and credit card applications). I already have accounts at most of the banks so then just a quick edit to an account description on my password manager so I know what account that card lives with. Having a formally registered small business helps as card companies don't have nearly the same card application restrictions on small businesses (at least yet) which allows a lot of additional flexibility for us.

So once you get a process it isn't too much work. Like most things more effort at the start to get there though. It's been a big benefit for us as we like far flung places but I am taller than average with broader than average shoulders so heading there at the back of the sardine can is a not something I'd be willing to do. If we just wanted to head to Europe from the East Coast it wouldn't be as big of a benefit for us but I really like places like New Zealand, the Faroe Islands, Seychelles etc.
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anon_investor
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by anon_investor »

We have the Platinum Honors tier Bank of America Preferred Rewards status and between our 3 BoA CCs we get 2.62%/3.5%/5.25% cash back on most purchases. We also have a few other category and store specific CCs that get us 4%/5% cash back on other purchases.

To us the optimization is worth it for the extra cash back.
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by aristotelian »

I value simplicity but only to a point. Vendors are being charged credit card fees and those fees are then passed on to consumers in the form of higher prices. I see credit card rewards as essential to recouping hidden costs that are otherwise baked into virtually every transaction. You're really getting screwed if you don't use at least some kind of rewards program. We have a good general purpose rewards card (used to be Cap One Quicksilver 1.5%, now using BofA Travel Rewards 2.62% with Platinum level bonus). I also have a BofA Cash Rewards card that gets me 5% for online shopping and 3.5% for groceries.

I have done a little churning in the past but not currently and never more than one card a year.
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by muffins14 »

Dottie57 wrote: Thu Jan 27, 2022 8:06 pm I like fidelity cash back since I get to do a bitof investing that way.
I am all about the fidelity 2% cash back

I used to be into airline miles etc but now I can’t stand it.

If I want a flight, I buy one that’s a good compromise between cost and desired timing.

Even the time spent toggling around on rewards calendars or using poorly configured/poorly loading rewards websites drives me crazy now. I just decided it wasn’t worth my time
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NYCaviator
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by NYCaviator »

Simplicity. The more I consolidate my finances, the more mental energy I can spend on things that matter to me.

Unless you spend a lot of money on cards, the cash back and points/miles aren't really that lucrative. I don't want to have the hassle of keeping track of 10 credit cards and figuring out which one to use for what purchase. Not to mention making sure you check each one for fraud, pay each one on time, etc. I also don't want to leave my credit unlocked to keep opening cards for signup bonuses; that seems like a liability to me (having been the victim of a couple data breaches already).

Points and miles bloggers and YouTubers make it sound like its all 5 star vacations to the Maldives and first class to Asia. But remember they are paid by the cc companies to generate this "original content."
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by Jack FFR1846 »

I actively use a couple dozen cards.

Initially, sign up bonus for a couple hundred dollars is nice.

For the cards that work, selling tradelines at this point brings in maybe $400-$500 a month. If you want this kind of money, see the thread in the MrMoneyMustache forum.

I have cards that bring in "low balance forgiveness", where they're new and "aging" for later tradeline sales. These get 99 cents or $1.99 a month put onto my Amazon gift card balance and then they're forgiven by the cc company. I do know that I have to watch these as companies are inconsistent or change their policies. A couple of my Barclays cards recently have stopped the forgiveness. That's ok....I just mark it on my spread sheet.

Of course, there's the 2% I get with Wells, Citi and Fidelity but also the bonus categories that bring in 5% on Discover and Freedom.

I would be pretty scared if like some of the posters, I had only one card. I have had a card frozen for various reasons over the years, which sometimes is because the card was hacked and while trying to pay for groceries, someone in Hong Kong is trying to pay for a $1000 hotel bill. Sure, while I'm on the phone with the cc company, it's nice to know I won't be responsible for the charge, but it's even nicer to pull out another card and pay for my groceries and walk to the car.

I will say that I never get airline miles cards or any card that charges an annual fee. Why would I pay a fee to get rewards when there are 10s of cards out there that will give me stuff for free. I combine bonuses as often as I can, like getting supermarket points and snapping a picture of every receipt to get points on an app that gets turned into a CVS gift card. And of course, I have the gas card (not credit card) to get 5 cents a gallon off, then use the gas club number to get some % back and snap the receipt on 2 apps to get a % back.

Unfortunately, the stop & shop visa gift card offers have seemed to dry up. I have used these for the last 5 years and paid and average of 88 cents a gallon for gas during that time. Not seen now for half a year. I will use the grocery card to get 1% back as later money discounts on groceries.
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gotlost33
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by gotlost33 »

As others have said, Did some fairly extensive hacking a few years back, but with travel reduced from COVID and many card issuers putting in longer intervals to avoid bonus churning, definitely simplified of late.

Primarily use 2 cards
- Citi Double Cash or Fidelity for 2% everywhere
- Costco Visa for gas, travel, restaurants

Depending on the Discover/Freedom categories they might make it into the wallet for the quarter.

Still happy to open a few new cards a year for the bonus, but no longer chase signup bonuses that are less than $500 cash or cashable points. We've moved away from stockpiling airline miles or hotel points for the time being.
iamblessed
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by iamblessed »

Simplicity all the way. Have two cash back cards. I use to have 12 cards now I have two.
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Cranberry44
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by Cranberry44 »

Jack FFR1846 wrote: Fri Jan 28, 2022 7:08 am


I combine bonuses as often as I can, like getting supermarket points and snapping a picture of every receipt to get points on an app that gets turned into a CVS gift card. And of course, I have the gas card (not credit card) to get 5 cents a gallon off, then use the gas club number to get some % back and snap the receipt on 2 apps to get a % back.


What app(s) are those? I’m interested in looking into them. Thanks for sharing your strategy!
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Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by cshell2 »

I'm kind of middle ground. I chase sign-on bonuses quite a bit, and regularly use 3 cards. Target 5% there, Sam's Club for gas (5%) and 3% at Sam's and my Fidelity card for 2% everywhere else. I don't like the Target one much though because it's cash back right at the time of sale. I prefer letting it accumulate rather than getting $1 here and there off of my receipt.
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anon_investor
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Joined: Mon Jun 03, 2019 1:43 pm

Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by anon_investor »

Cranberry44 wrote: Fri Jan 28, 2022 7:46 am
Jack FFR1846 wrote: Fri Jan 28, 2022 7:08 am


I combine bonuses as often as I can, like getting supermarket points and snapping a picture of every receipt to get points on an app that gets turned into a CVS gift card. And of course, I have the gas card (not credit card) to get 5 cents a gallon off, then use the gas club number to get some % back and snap the receipt on 2 apps to get a % back.


What app(s) are those? I’m interested in looking into them. Thanks for sharing your strategy!
I use the Fetch Rewards app. You get different amount of points per receipt pic uploaded (based on what you bought). You trade in pts for gift cards (I get Amazon).
cmr79
Posts: 1307
Joined: Mon Dec 02, 2013 3:25 pm

Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by cmr79 »

I use a single 2% cash back card for almost everything. I'm sure that I could get at least a few hundred additional dollars a year back by adopting a more complicated approach, but honestly, the effort just wouldn't be worth it to me vs the time I would have to invest, and it would add unnecessary stress to my life.
sureshoe
Posts: 2165
Joined: Tue Jan 15, 2019 3:26 pm

Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by sureshoe »

There are some people (see above) who obsess over every possible rebate point. I used to do it when I was younger and maybe a little less well off.

The problem is that it becomes a lot of work for a very small percentage increase. And, credit card companies are constantly tinkering with their terms of service, so I would find I did all this effort to make an extra $25-$50, but they didn't count the "points". Instead of getting a 3% bonus, I only get a 1%... WTF!?

So today - I basically only use Citi double cash. I get 2% on everything, no muss, no fuss.

If I happen to look at one of my Chase cards and can sign up for a 5% bonus month for something I know I'm going to drop a lot of money on, I do it. For example, sometimes they do Amazon or airlines. But for things like restaurants, gas, etc... I just go back to the 2% to avoid the hassle and possible hosing.
robphoto
Posts: 595
Joined: Tue Sep 25, 2018 12:42 pm

Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by robphoto »

Another vote for 2% no fee cards; I don't want to pay attention to each month's offers, and things you need to sign on for.

My secondary card in an airline AmEx, for rental insurance, baggage perks, etc.
manlymatt83
Posts: 1287
Joined: Tue Jan 30, 2018 7:23 am

Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by manlymatt83 »

59Gibson wrote: Fri Jan 28, 2022 5:53 am I juggle 4 cards to get 5-6% cashback on grocery, online purchases, restaurants, gas, hotels etc. I've done for it many years now and it's not that difficult, probably at 95% efficiency
Which 4?
traveler901
Posts: 86
Joined: Wed Aug 02, 2017 3:50 am

Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by traveler901 »

I use about 4 cards right now. Love getting points to use for travel.
furwut
Posts: 2123
Joined: Tue Jun 05, 2012 8:54 pm

Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by furwut »

I’m on a multi-year glide path towards simplicity in retirement, if it has a destination. Just this month I decided to go dormant on two of my three credit cards.

Pros:
One bill* a month instead of three.
Single place to search for history.
CC categorizes spending automatically (and well enough for me), don’t have to fiddle with 3rd party software or mess with personal spreadsheet.

Cons:
Not optimal cash back rate. I lose 1% on many transactions which, for me, equates to around $300/year.

* - Yes, I use auto pay but managing 3 payments while safeguarding my checking account against overdraws due to lumpy spending was becoming a chore. With one bill I know exactly at the beginning of the month how much I need to deposit into checking.
manlymatt83
Posts: 1287
Joined: Tue Jan 30, 2018 7:23 am

Re: Credit Cards — Do You Value Rewards/“Hacking” or Simplicity?

Post by manlymatt83 »

iamblessed wrote: Fri Jan 28, 2022 7:39 am Simplicity all the way. Have two cash back cards. I use to have 12 cards now I have two.
Did you cancel the others?
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