What's your credit card setup like?

[winb83]

2020 update:

I now have 9 primary credit cards that always net me 2%-6% cash back on anything I buy.

Amex Blue Cash Preferred 6% back on groceries and streaming services 3% back on gas. $95 annual fee which for me it pays on it's own. The free version of this card gets 3% an groceries and 1% on streaming. Pair the free one with the next card I list and you've still got 5% cb for 6 months and 3% cb for 6 months.

Chase Freedom and Discover It rotating 5% cash back always covers 6 months of warehouse clubs, groceries, gas, also dining.

US Bank Cash+ 5% back on rotating categories you choose. I pick electronics stores (Best Buy) and utilities.

Bank of America Cash Rewards 3% back on a category of your choice. I choose dining.

Citi Double Cash or Fidelity Rewards Visa Signature 2% flat cb. The Fidelity one you'd have to post the cb to a Fidelity brokerage account then pull it out to get the actual cash otherwise invest it.

Amazon Prime Visa 5% cb @ Amazon. A must if you're a Prime member.

Target RedCard MasterCard 5% cb @ Target. Not sure this is available anymore but they still have the in-store one only card.

 

[Heafcliffe]

Great thread.

My setup:

1. Quiksilver: My "everything card." Cash back feature has me with $1k in cash rewards.

2. Target Redcard credit: Wife and I favorite store so made sense. 5% discount per purchase is a nice feature.

3. Banana Republic store card: Oldest card (great for my credit history). Been shopping there since my teens. 10% discount on top of other discount works for me.

Few folks hit it on the head when saying that self-discipline is of the utmost importance. I pay my cards in full every month. A breh has never paid a finance charge since I've had a credit card (20+ years).

 

[pimpineasy]

the amex 6% back on groceries is absolutely crack.
familty of four who tend to cook we spend $500 a month on groceries
for the year that is $6,000. Cash back is 6% which amounts to $360.

 

[Vandelay]

Discover
Capital One Platinum
JP Morgan Chase for work

 

[sayyestothis]

AMEX PLAT
Chase Marriot Visa
Southwest airlines (companion pass is the most valuable travel reward...love it)

Thats it. This way we can get free travel and perks pretty much all year...I'm sure bc of covid tho well end up saving alot of them this year!

 

[OneManGang]

i think using a debit card is clown shyt

why the fukk would i go around swiping MY money, when i could go around swiping the banks money

and being that i pay it off in full every month, its the exact same

Never thought of it this way . Might have to change my usage habits

 

[-deleted-]

Both my cards are closed.......Credit score 457..........I’m fukked?

 

[the cac mamba]

Never thought of it this way . Might have to change my usage habits

my brother got hacked using his debit card, and he couldnt get his money for a couple weeks. huge L

cant happen with a credit card cut it in half and tell the bank tough shyt, this is your problem. send me a new card

 

[MajesticLion]

They've been milking you with these questions for years around here.

 

[newarkhiphop]

Both my cards are closed.......Credit score 457..........I’m fukked?

no your in great shape get 10 - 15 cards like the rest of dudes here

 

[FlimFlam]

Credit cards coupled with living off of fleeting low wage employment is an inherent disaster...im sure such a scenario is a credit standard ...so be mindful...certain equations make credit more of an albatross than a "tool"

Stupid shyt is, while i ran my balance to the limit for years jus trying to stay alive (this youthful irresponsible flossy shyt is an exaggerated stereotype..young adults out here fukked up) i would contantly get credit line increases...several times a year for years....to the tune of like 15k....maximum utilzation too...constantly over 90 percent...shyt bottomed out when i lost a job unexpectedly cause i always paid close to minimal on time...then i missed 2 months...credit score was in the 400s..but i was on the fringes ..that shyt didnt matter

when i was able to get stabllized and knock the balance out in big chunks within a couple years, ofc the increases ENDED COMPLETELY (now i want em smh)

At the end of that madness, i got no debt n an 800 score...while im happy ....moreso relieved...i threw soooooo much money away smdh

 

[winb83]

the amex 6% back on groceries is absolutely crack.
familty of four who tend to cook we spend $500 a month on groceries
for the year that is $6,000. Cash back is 6% which amounts to $360.

Keep in mind that the difference between just the 6% Amex card and the 3% one paired with the Discover It and Chase Freedom is like $25 a year if you spend $6000.

Take half the $6000 so $3000 at 5% is $150
The other $3000 at 3% is $90. So $240 combined.

$6000 at 6% is $360 minus the $95 annual fee is $265.

If you use it for streaming and gas it helps push that more in the 6% cards favor.

 

[Rawtid]

my brother got hacked using his debit card, and he couldnt get his money for a couple weeks. huge L

cant happen with a credit card cut it in half and tell the bank tough shyt, this is your problem. send me a new card

That's why I use cash. I personally need a stopping point and credit cards don't have that. I also keep my spending/debit account separate from bills and savings, that way if my card is compromised, it's not an issue and I still have access to funds. I'm just not good with credit cards and I have to save myself from myself

 

[pimpineasy]

2020 update:

I now have 9 primary credit cards that always net me 2%-6% cash back on anything I buy.

Amex Blue Cash Preferred 6% back on groceries and streaming services 3% back on gas. $95 annual fee which for me it pays on it's own. The free version of this card gets 3% an groceries and 1% on streaming. Pair the free one with the next card I list and you've still got 5% cb for 6 months and 3% cb for 6 months.

Chase Freedom and Discover It rotating 5% cash back always covers 6 months of warehouse clubs, groceries, gas, also dining.

US Bank Cash+ 5% back on rotating categories you choose. I pick electronics stores (Best Buy) and utilities.

Bank of America Cash Rewards 3% back on a category of your choice. I choose dining.

Citi Double Cash or Fidelity Rewards Visa Signature 2% flat cb. The Fidelity one you'd have to post the cb to a Fidelity brokerage account then pull it out to get the actual cash otherwise invest it.

Amazon Prime Visa 5% cb @ Amazon. A must if you're a Prime member.

Target RedCard MasterCard 5% cb @ Target. Not sure this is available anymore but they still have the in-store one only card.

so much gems here

but breh which chase card offers a 5% cashback
i downgraded from the chase sapphire after the initial signup bonus reward to a chase freedom unlimited
and thats only 2% rewards
where you seeing 5%?

 

[winb83]

That's why I use cash. I personally need a stopping point and credit cards don't have that. I also keep my spending/debit account separate from bills and savings, that way if my card is compromised, it's not an issue and I still have access to funds. I'm just not good with credit cards and I have to save myself from myself

If you spend enough to earn $500 cash back annually and simply invest all the cash back over 20 years at 8% average growth that’s $23K of money you left on the table to avoid credit cards. In your retirement that could buy you a decent car outright in cash. Add another 10 years to that and you’re at $57K