Thanks for watching everyone! If you enjoyed this video then give it a LIKE to support my channel. Also let me know what you guys think of my credit card downgrade and cancellation plan in a separate comment! Cheers!
Agree with BigJim. PenFed has Priority Pass privileges and the 95 dollar annual fee is waived for military, even those with a DD214. We use a lot of credit cards with our 1891 mansion restoration. Our TH-cam money with 2100 subscribers doesn't pay many bills. =)
I would consider Savor Card for entertainment, if you spend a lot on that category. I plan on getting the 4% card if active duty military personnel are not charge the annual fee. Make it my entertainment and sinning card.
That sounds exhausting. I admire your dedication. I have 2 cards, no annual fees, 2%-5% cash back. I use CCs to pay for everything I can, pay in full, and never pay interest. My credit score is the same as yours.
Excellent job. That would work for those just looking for cash back. If a person wanted different rewards they would need to branch out. As with anything ymmv.
I did this exact same thing in a beast of a spreadsheet with bonuses, 5/24 counter, keeper cards, fees, etc. Had to adjust when Amex no longer waived biz card fees for mil. I personally don't see the Hilton as a keeper card due to the "resort" requirement on the $250 cred. If it was a regular $250 credit, then I would definitely call it a keeper. To each their own though! Personally, I missed the Citi Prestige which would have been excellent paired with the US Bank Alt Res and Saph Res. Hopefully, Chase comes out with a replacement with a similar flexible travel credit. Love these videos. Cheers to the nerds!
Great video Jake, you almost refreshed all the credit cards out there. Please do a new video for your new setup after you settle everything. And always Good Luck. Thanks .
The Hilton Aspire + Delta Reserve makes a lot more sense to me moving forward. We're moving near Daytona Beach next year, and I can get plenty of value out of a first class companion ticket. Some could argue that the Bonvoy is a keeper card, if you value that program, but I parted with mine as well.
The navy federal flagship visa and the more rewards visa can take the place of the green American express card. 3 points per dollar. Use Walmart neighborhood market instead of the super center. Aldi&Kroger instead of target and Costco.
I know each one have their own TH-cam channel. But the collaboration with others is great. We see it on music also with other TH-camrs, sooo 2022✅💪🏻👏🏻👏🏻👏🏻
I’m sure you and Dustin will work it out. Looking forward to seeing the collaboration. You are both straight shooters (maybe more of an arc in Jake’s case).
There is an interesting vid on how airlines have become bonus mile banks with an aviation operation attached. Lots of that is supported by credit card commissions enabling the emitting banks to shell out those paybacks. In 2015, the EU capped Credit Card commissions to 0.3% of the payment, and guess what: over might, all those bonus programmes were radically cut back. So now, I've only got one free card with no frills and have less to worry about.
Great video, I understand what you’re trying to do. Good thing you’re single. I can’t imagine you were explaining this to your spouse, when that time comes, Ha! All I can hear in my head as you were talking, Dave Ramsey saying “ when you play with snakes you’re going to get bit!” Ha! . I’m glad you’re getting out enjoy your retirement. If my dad was alive he would say because he was X Air Force, when you get out, do join, re-up in AF reserves or National Guard Air Force and do your 20 to get your full benefits. What saved him down the road was the “lifetime medical” that he received from Tricare, because of it , it saved his house , because when it comes to social Security does not pay for everything and TRICARE did . Same thing for a group home or nursing home, Social Security only pays for 20 days (probably in the future it’s going to be less ) but Tricare gave him more extra days until he was able to get into a VA rest home-nursing home where he was totally covered. So I know he would want me to tell a fellow Air Force officer to think about what my dad did to protect himself down the road. Again really like your videos. I was the one I told you that my dad saw 4 to 5 flying Glowing disc over and of hovering over the landing strip at Hunter SAC Air Force Base in Savannah Georgia and early 50s. Cheers!
I've been curious to see what your new setup will be like, so thanks for this video! I'm also now seriously considering getting one of those hotel cards. With the way you explained it, I feel like I've been overlooking them.
I don't know if this is a perk or not, but with my Bonvoy Marriott card, with all the free nights I have earned they always give me the worst rooms, either without views or by ice machines or elevators. I stopped using it. I wouldn't call this a real perk. There is always the other side of the coin.
I appreciate the video and sharing your thoughts on these cards. Personally, I just don't spend enough on these items to offset the annual fees. I've got good cards for grocery, dining, and general purchases, but I travel so little that I'd lose value most years.
Love your plan and the fresh strategy. I don't want to convince you but have you considered parking your emergency fund at Morgan Stanley and getting the Platinum for free?
Hey the Chase Sapphire family of cards actually have three cards. The third is called the Sapphire card. It’s only available as a downgrade option from the Reserve or preferred.
I love the idea of having no annual fees on cards, though I'm a fan of the Amex Blue and Chase Sapphire Preferred. I will probably keep those and cancel Amex Gold, then do what you're doing and continue to get all the best free cards out there. Props for the commitment of canceling all those cards I imagine that will hit your score pretty hard.
You can downgrade the AMEX $450 Marriott card to their grandfathered $95 Marriott card. You just cannot sign up for the $95 card directly. Be careful with the Hyatt card if you are staying in the Midwest. Make sure they have hotels were you will be traveling to. I live in Fargo and there are only 7 Hyatt's between ND, MN, SD and MT. I have not gone anywhere in the last year were I could actually use my free night.
We're simplifying down to one credit card in our family (wife and I share the same card). Debating between Citi Double Cash and the Amazon card. Going to run through my transaction history to see which will projected returned the best for our needs.
I'd reccomend against Amazon card, it has an annual fee In the form of "prime" Get the Amex blue cash everyday (no annual fee and) Capital one savor one (0%foreign trans and no annual fee)
Nothing I hate more than rotating categories / benefits, half the time I forget to activate a category, then forget what it was, and logging in tends to make me spend money ("oh look, 20% off at this place!")
Looks like you’re in the end game of your credit card journey. Appreciate your thought process in choosing which cards to keep, which ones to axe. I’m just starting & looking to maximize my credit card application velocity without compromising my ability to get these cards & their SUB’s. Thanks for this video 🙏
I’ve got the BCP and basically I’ll have no annual fee for 4 years. The first year was waived and the bonus offer was $300 that will cover 3 more. The multipliers on this card are nice and it’s currently my favorite card.
@@JakeBroe I’ve incorporated some of your ideas for my “landing” in a few years; I’m retired and just about done with my travel bucket list. Thanks from an Air Force vet to a soon to be Air Force vet.🇺🇸
Love the thumbnail, I have quite a few credit cards as well mostly for the rewards on cash back etc. of course I pay it all off completely at the end of the month 😎
Excellent and very thorough video. Thank you, enjoyed a bunch :) Nice collection, too. I guess you'll add a Marriott Bonvoy as something you'll keep forever as well about that time you cancel the Brilliant.
Car loan!? You?? Never figured. That's a surprise to me. I enjoyed watching your downsizing. After your announcement of leaving the Air Force I wondered what you were gonna do with your annual fee cards. Glad to know you read your comments section closely. Does the IHG card have a points expiration schedule? That's was a deal breaker for the Wyndham credit cards.
Well... funny story. But I had the cash to buy my car from the dealership, but there was a $400 if I financed it. I only got the $400 rebate if I took the loan. So I took the loan and then paid it off in 2 payments. Counts on my credit history as a completed on-time loan!
@@JakeBroe And that actually helps your credit score go up! I haven't had an installment loan in too long and that shows up as a potential negative on my report (with same credit scores as you). I wouldn't get a car loan just for the score but I would if I came out ahead $$-wise like you did.
I got the CSR in Oct 2020, the Platinum in Nov 2020, and the Gold Card in Jan 2021; Im interested to see in the next few months how the MLA/SCRA will affect me for the first two. I'm HOPING to get another year out of them. If not i'll be doing some similar things to your plan. I do feel like i'll keep the gold card as i spend the most on dining/grocery and i want to stay in the Amex/Chase ecosystems for travel.
What is your experience about how those banks handle you ETS'ing? Also interesting note is that with AMEX any card that can earn MR points can transfer to travel partners. Where as with Chase you need to have a Sapphire card for that.
Your IHG card sounds very similar to my AMEX Marriott Bonvoy card (no longer available). I pay an AF of < $100 and get a free night. It's a keeper just for that alone.
Using the Hilton Aspire at There property the return it’s HIGHER them 5.6%. At Hilton hotels you get 14 pts from the card plus 12 pts for being Hilton honors member. For the grand total of 26pts per dollar🤑😁
Excellent video, Jake! I was wondering in previous videos what you would do, but your approach definitely makes the most sense. Amex is going to have a blast with you when that time comes, but that amount of annual fees just are not worth it. Keep up the awesome work!
Hey Jake like ur downgrades, but if u fly a decent amount to hotel locations, u may want to downgrade to Delta Gold instead of Blue baggage fees add up. U could downgrade Amex Preferred card to no AF version to keep 4 Amex card spot. I apply for Hyatt first- great card- b4 IHG, instead of downgrade to Freedom do CSP cos those UR points transfer to Hyatt + IHG hotels.
I only have 1 annual fee card and after the 1st year or if not the second year, I'm going to debate weather keeping the Amex green card also. I have the American express everyday card to preserve my points and I'll return to team no annual fee and stay with amex in some way, shape or form. I paid the annual fee for this year but it might become a chore after year 2 or 3 or even 4
Somewhere, American Express is weeping silently and its retention department is about to go into overdrive. Oof, you may end up in their 10-K as an example of material membership count changes, LOL. In any case, good luck with the downsizing! Looks like a solid plan and you have some breathing room after your separation. Looking forward to the future content as you transition your credit card holdings.
Well you showed the image but you skipped the Delta Reserve down to Delta Blue. If you have Medallion status the Blue is perfect; However, if you don't, you may want to consider the Delta Gold to keep equivalent of Silver status for all except free upgrade seats. Also, I know you do invest money so where the Morgan Stanley Platinum version will pay for your annual fee with a certain amount of assets with them, have you considered that path as a way to keep the card and benefits, without the annual fee? Either way, take care and best to you in all you do in life, sir.
About the CSR downgrade, how about going to the Freedom rather than the flex. That way you can apply in a year or two for the flex and get what ever signup is available.
There are so many no annual fee SUBs with BoA, Wells Fargo or Capital One, that I just don't see the need to get the Freedom and the Freedom Flex. If I want a $200 SUB, i'll never run out of new cards to apply for.
Will a 99¢ monthly subscription I have being charged to one of my cards keep it from closing if I don’t use it for anything else? It’s a Petal 2 card. I tried looking online and on the Petal card site for an answer but couldn’t find one.
Borderline insanity with all those cards🤪. I wouldn't be able to stay on top of them. I have Citi Double, Amazon Prime Visa and Costco. Citi Custom looks very attractive. Appreciate the video 👍
Awesome video Jake… love the thumbnail! Please let us know how your credit score is after you buy the house and cancel the cards. I think your plan sounds like a really good one. You could also get the Wyndham Earner + card- $75 AF, annual bonus of 7500 points and it gives you 6x Wyndham and gas and 4x grocery and dining. Or the business one is great for utilities. Once I get under 5/24 again I’m also hoping to get the Hyatt and IHG cards.
I love my Amex platinum the fees work out for me and the lounge helps a lot make the fee fine Hopefully the lounges will die down a little next year or two once the no guest rule goes live
Have you also considered asking for retention offers from Chase or Amex for some of the higher annual fee cards? You might be able to get enough (esp out of Amex) to cover most or all of the annual fee and extended it for another year!! Might be worth it on one of the platinums!
I plan to cancel my amex platinum card and to get Morgan Stanley platinum, not sure about gold card, probably will depend on retention offer, no offer no card.
How is this plan going? I have heard that chase is rather quick to slap the annual fees on after active duty time ends. My personal experience the Amex is that they can go at least 4 years after AD is complete before requiring the fees again. I only have one annual fee Amex but have been off active duty for about 4 years and am still not paying the fee. I'd love to hear your data points on these and other Banks. I haven't heard anything about how Citi or US Bank handle end of AD time. What has your experience been?
What's the expected drop in score by closing all of these accounts? I have one that I've been considering closing, so I cant imagine what will happen when you close 8 of yours.
@@JakeBroe If you have a banker friend you should have a discussion about this situation as soon as you can manage it. You want to get a Loan Officer's perspective about the timing of closing 8 cards around the time of applying for a mortgage. Yes there will be a temporary dip in your credit score because the Aggregate Credit Limit dropped, but it will settle then rise back up. The Bank/Loan Committee might PREFER that you have a lower Aggregate Credit Card Limit. Also consider adding a comment/explanation to your credit reports why you are closing these cards because you are exiting military & no longer qualify for no Annual Fee status.
I would think his score would either stay flat or maybe increase even. Sure utilization may increase because of the loss of overall credit, but a lot of these AF cards were opened more recently than the non-AF cards, meaning his AAoA should actually go up.
I see you did get that Altitude Reserve. I was waiting for a video on that because I'm currently almost out of garden I've been for 12 months in order to apply for it
I have had AR for 9 months. It's a great choice because it has most of the same protections as the CSR for an effective annual fee of 75 dollars. It also works well as a stand alone card with the 3x mobile wallet and travel(booked directly). Points are worth 1.5cents like the csr. The travel portal is decent and points are not treated as all or nothing but as cash for travel. It comes with 4 priority pass visits for 2 people, 12 gogo wireless wifi passes. This card is probably best suited for the occasional economy traveler as there are no transfer partners. With the recent updates to the CSP and CSR point earnings for portal travel, it does make the AR fall behind them. A good paring card could be the hilton surpass card to get you gold status at hilton and 10 more priority passes. The total in fees will be about 170 dollars a year for both. I really do like Jake's setup with the hilton aspire card. Make sure you have a banking relationship a week or two before applying. It might be best to apply in branch. Good luck!!!
@@engineerengineer2218 I'm a fan of the 3x on mobile wallet since I use that to pay for most things. I honestly wouldn't consider this card at all if it weren't for that
@@fiduciary2244 without the mobile 3x wallet the card does not have enough earnings power. The 3x mobile wallet works only with Apple, Google, and Samsung pay. Any other mobile wallets outside this such as fitbit pay count as 1X. I wish they made the 3X dining permanent(they enabled it up until June of 2021).
Perhaps I don’t understand the terminology you used. You mentioned you didn’t want to be in the Amex or Chase eco-system but are getting two new cards from Chase (IHG and Hyatt) and keeping the Amex Hilton. What did you mean by eco-system?
Hey Robert! With most Chase cards, they earn Chase Ultimate Reward Points. With most AmEx cards, they are AmEx Membership Reward Points. I don't want to earn or deal with these points. I just want simple no-annual fee cash back cards for my spending. The IHG, Hyatt, and Hilton cards are all hotel keeper cards. I pay the annual fees for the free nights, not to put any spend on them and earn points in their hotel rewards programs.
@@JakeBroe Gotcha…tracking. I am in the same boat right now myself as I retired in 2018. I wish you the best of luck during your transition. Love your content as it is very helpful for those with a military background as well.
The Bonvoy Brilliant has a downgrade path to $95 Marriott card with free night certificate. But the Brilliant is a keeper card also anyways. $300 Marriott statement credit and better free night cert than the rest of the Bonvoy cards.
Years in the future, after cancelling the BB, I was going to apply for the $95 Marriott card to get the SUB and then just keep that card forever. I think the BB would be a keeper card if I didn't already have and prefer the Aspire card.
Unless you have a certified job before you get out otherwise you will have to a year prior to separation before you get out to be able to legally buy a house without committing fraud.
I've never paid interest or paid a fee. And in cash back, points, sign-up bonuses, credits, free stuff and referrals I have easily made over $20,000 in the last 3 years. It's just a fun hobby...
@@JakeBroe I think you should check your numbers. I'm highly skeptical of them. You're active duty military which isn't exactly high income and you've stated your net worth is about $350k and to make over $20k in 3 years means you would have to spend about $200k a year at an average of 3.5% back and $100k a year at 7% back.
I have a low score.660.0 hard inquiries. 3 medical collections that are 5 years old. 2 credit cards. 0 installment loans. How should I move forward with getting my score up enough to buy a home/get a mortgage? My average credit history is 3 years and 7 months.
If you have any credit card keep using it for everything and pay as you use. Your score will jump up quickly. I would avoid keeping a balance on it too.
Curious if cancelling all those AF AmEx cards will get you the pop-up for sure, or if there is any chance to remain on AmEx’s good side. There are still some high-SUB AmEx cards out there (Business Plat etc), maybe you could delay cancelling and stay in their good graces long enough to pick up a few more of their high-SUB cards before moving to a keeper-card only setup.
Having 4 inquiries does not mean that you are under the chase 5/24 rule. The rule is actually thought to be less than 5 opened accounts in the last 24 months to not get automatically denied by chase. Feel free to do more research.
Thanks for watching everyone! If you enjoyed this video then give it a LIKE to support my channel. Also let me know what you guys think of my credit card downgrade and cancellation plan in a separate comment! Cheers!
Jake, why don’t you consider NFCU or PenFed products??? (Deuce missileer here)
Agree with BigJim. PenFed has Priority Pass privileges and the 95 dollar annual fee is waived for military, even those with a DD214. We use a lot of credit cards with our 1891 mansion restoration. Our TH-cam money with 2100 subscribers doesn't pay many bills. =)
I would consider Savor Card for entertainment, if you spend a lot on that category. I plan on getting the 4% card if active duty military personnel are not charge the annual fee. Make it my entertainment and sinning card.
Does capital one waive credit card fees?
So awesome to hear your plan after no longer being active duty military. Great content here Jake!
Hands down, one of your best thumbnails
Thanks Andrew!
That sounds exhausting. I admire your dedication.
I have 2 cards, no annual fees, 2%-5% cash back. I use CCs to pay for everything I can, pay in full, and never pay interest. My credit score is the same as yours.
Sensible and reasonable
Excellent job. That would work for those just looking for cash back. If a person wanted different rewards they would need to branch out. As with anything ymmv.
Jake got free bonuses, hotel nights, and credits. 8k return a year. I’ll take the extra work for that 16k bonus.
One of the things I really like about your channel is that you use your real life transactions as an educational tool. It helps a lot.
I was wondering what you were going to do when you leave the military and have to pay AFs…love the video! Genius strategy and knowledge of the rules!
I agree with your plan. I canceled my Schwab Plat unfortunately. They didnt have a downgrade path for the card.
Thanks RideSmoothTV! Yep... those platinums are a problem to get rid of.
I did this exact same thing in a beast of a spreadsheet with bonuses, 5/24 counter, keeper cards, fees, etc. Had to adjust when Amex no longer waived biz card fees for mil. I personally don't see the Hilton as a keeper card due to the "resort" requirement on the $250 cred. If it was a regular $250 credit, then I would definitely call it a keeper. To each their own though! Personally, I missed the Citi Prestige which would have been excellent paired with the US Bank Alt Res and Saph Res. Hopefully, Chase comes out with a replacement with a similar flexible travel credit. Love these videos. Cheers to the nerds!
Great video Jake, you almost refreshed all the credit cards out there.
Please do a new video for your new setup after you settle everything.
And always Good Luck.
Thanks .
I surely will Ayman! Cheers!
The Hilton Aspire + Delta Reserve makes a lot more sense to me moving forward. We're moving near Daytona Beach next year, and I can get plenty of value out of a first class companion ticket. Some could argue that the Bonvoy is a keeper card, if you value that program, but I parted with mine as well.
I really like how you manage your annual fee down off those cards to no annual fee. Nice work Jake👍🏾
The navy federal flagship visa and the more rewards visa can take the place of the green American express card. 3 points per dollar. Use Walmart neighborhood market instead of the super center. Aldi&Kroger instead of target and Costco.
We are waiting for the video with Waller’s Wallet and you 💪🏼 .Would be very interesting having 2 great Credit cards masters together👏🏻
Haha, we unfortunately live nowhere's near each other. But this is on the agenda possibly for 2022!
I know each one have their own TH-cam channel. But the collaboration with others is great. We see it on music also with other TH-camrs, sooo 2022✅💪🏻👏🏻👏🏻👏🏻
@@JakeBroe do it through streamyard.
I’m sure you and Dustin will work it out. Looking forward to seeing the collaboration. You are both straight shooters (maybe more of an arc in Jake’s case).
Been waiting for this to happen. Welcome to the real world.
Haha, thanks Sam! Cheers!
There is an interesting vid on how airlines have become bonus mile banks with an aviation operation attached.
Lots of that is supported by credit card commissions enabling the emitting banks to shell out those paybacks.
In 2015, the EU capped Credit Card commissions to 0.3% of the payment, and guess what: over might, all those bonus programmes were radically cut back.
So now, I've only got one free card with no frills and have less to worry about.
Great video, I understand what you’re trying to do. Good thing you’re single. I can’t imagine you were explaining this to your spouse, when that time comes, Ha! All I can hear in my head as you were talking, Dave Ramsey saying “ when you play with snakes you’re going to get bit!” Ha! . I’m glad you’re getting out enjoy your retirement. If my dad was alive he would say because he was X Air Force, when you get out, do join, re-up in AF reserves or National Guard Air Force and do your 20 to get your full benefits. What saved him down the road was the “lifetime medical” that he received from Tricare, because of it , it saved his house , because when it comes to social Security does not pay for everything and TRICARE did . Same thing for a group home or nursing home, Social Security only pays for 20 days (probably in the future it’s going to be less ) but Tricare gave him more extra days until he was able to get into a VA rest home-nursing home where he was totally covered. So I know he would want me to tell a fellow Air Force officer to think about what my dad did to protect himself down the road. Again really like your videos. I was the one I told you that my dad saw 4 to 5 flying Glowing disc over and of hovering over the landing strip at Hunter SAC Air Force Base in Savannah Georgia and early 50s. Cheers!
Love that nuke painting on your wall. 💯💯💯
Appreciate hearing your thinking behind all this
I appreciate you watching Brian! Cheers!
I've been curious to see what your new setup will be like, so thanks for this video! I'm also now seriously considering getting one of those hotel cards. With the way you explained it, I feel like I've been overlooking them.
I don't know if this is a perk or not, but with my Bonvoy Marriott card, with all the free nights I have earned they always give me the worst rooms, either without views or by ice machines or elevators. I stopped using it. I wouldn't call this a real perk. There is always the other side of the coin.
@@Terika- I genuinely did not take that into consideration either. Thank you!
Congratulation on your new found freedom as you will have more time to enjoy travelling without being shackled by the 9-5 job.
I appreciate the video and sharing your thoughts on these cards. Personally, I just don't spend enough on these items to offset the annual fees. I've got good cards for grocery, dining, and general purchases, but I travel so little that I'd lose value most years.
I agree. When I am older when I travel a lot, i would get the annual fees in the future
Great video Jake! Awesome thumbnail and thanks for the shout out!
Thanks for providing great content on credit cards! Cheers Dustin!
Love your plan and the fresh strategy.
I don't want to convince you but have you considered parking your emergency fund at Morgan Stanley and getting the Platinum for free?
Under the SCRA I heard if you’re reservist and do annual training you can still qualify for no annual fee. Just need to send them your orders
Always excellent advice! I have 5 years until I’m eligible to retire. Thanks again for all your wonderful videos.
Awesome! Congrats on almost retiring Lea!
Hey the Chase Sapphire family of cards actually have three cards. The third is called the Sapphire card. It’s only available as a downgrade option from the Reserve or preferred.
Haha, forgot about that card! I might get it just for its rarity!
Some banks handle this differently, so YMMV. Some give you benefits up to 18 months after you separate, so it’s something to consider.
I love the idea of having no annual fees on cards, though I'm a fan of the Amex Blue and Chase Sapphire Preferred. I will probably keep those and cancel Amex Gold, then do what you're doing and continue to get all the best free cards out there. Props for the commitment of canceling all those cards I imagine that will hit your score pretty hard.
You can downgrade the AMEX $450 Marriott card to their grandfathered $95 Marriott card. You just cannot sign up for the $95 card directly.
Be careful with the Hyatt card if you are staying in the Midwest. Make sure they have hotels were you will be traveling to. I live in Fargo and there are only 7 Hyatt's between ND, MN, SD and MT. I have not gone anywhere in the last year were I could actually use my free night.
Two years until I get out of the Navy. Thanks for the vid, very helpful! 🙌🏻
Thanks for watching Ricardo! Congrats on getting out in 2 years!
We're simplifying down to one credit card in our family (wife and I share the same card). Debating between Citi Double Cash and the Amazon card. Going to run through my transaction history to see which will projected returned the best for our needs.
I'd reccomend against Amazon card, it has an annual fee In the form of "prime"
Get the
Amex blue cash everyday (no annual fee and)
Capital one savor one (0%foreign trans and no annual fee)
Or you can get the BofA card that lets you customize 3%back on whatever category you want
Nothing I hate more than rotating categories / benefits, half the time I forget to activate a category, then forget what it was, and logging in tends to make me spend money ("oh look, 20% off at this place!")
Haha, that's why those cards exist and what the credit card companies hope for!
Looks like you’re in the end game of your credit card journey. Appreciate your thought process in choosing which cards to keep, which ones to axe. I’m just starting & looking to maximize my credit card application velocity without compromising my ability to get these cards & their SUB’s. Thanks for this video 🙏
sounds like a solid plan Jake.
Thanks Doc!
The Amex BCP is worth the annual fee if one makes it their dedicated grocery credit card
Yes, but in his case he's going from 6% cash and 95 annual fee to 5% and zero annual fee for groceries.
I’ve got the BCP and basically I’ll have no annual fee for 4 years. The first year was waived and the bonus offer was $300 that will cover 3 more. The multipliers on this card are nice and it’s currently my favorite card.
I agree the Hilton Aspire Card is a great deal and worth the annual fee.
100%! Great card!
Great Plan!
Thanks 1Drummer!
@@JakeBroe I’ve incorporated some of your ideas for my “landing” in a few years; I’m retired and just about done with my travel bucket list. Thanks from an Air Force vet to a soon to be Air Force vet.🇺🇸
Thank you for your service
Thanks for your support Paul!
amazing thumbnail. added to my watch later
Thanks Michael!
Love the thumbnail, I have quite a few credit cards as well mostly for the rewards on cash back etc. of course I pay it all off completely at the end of the month 😎
Thanks IS! Solid play!
Excellent and very thorough video. Thank you, enjoyed a bunch :)
Nice collection, too. I guess you'll add a Marriott Bonvoy as something you'll keep forever as well about that time you cancel the Brilliant.
Car loan!? You?? Never figured. That's a surprise to me. I enjoyed watching your downsizing. After your announcement of leaving the Air Force I wondered what you were gonna do with your annual fee cards. Glad to know you read your comments section closely.
Does the IHG card have a points expiration schedule? That's was a deal breaker for the Wyndham credit cards.
Well... funny story. But I had the cash to buy my car from the dealership, but there was a $400 if I financed it. I only got the $400 rebate if I took the loan. So I took the loan and then paid it off in 2 payments. Counts on my credit history as a completed on-time loan!
@@JakeBroe And that actually helps your credit score go up! I haven't had an installment loan in too long and that shows up as a potential negative on my report (with same credit scores as you). I wouldn't get a car loan just for the score but I would if I came out ahead $$-wise like you did.
I got the CSR in Oct 2020, the Platinum in Nov 2020, and the Gold Card in Jan 2021; Im interested to see in the next few months how the MLA/SCRA will affect me for the first two. I'm HOPING to get another year out of them. If not i'll be doing some similar things to your plan. I do feel like i'll keep the gold card as i spend the most on dining/grocery and i want to stay in the Amex/Chase ecosystems for travel.
What is your experience about how those banks handle you ETS'ing?
Also interesting note is that with AMEX any card that can earn MR points can transfer to travel partners. Where as with Chase you need to have a Sapphire card for that.
Great plan! Thank you for you military service as well as the TH-cam content. I hope you continue making videos as a civilian.
This is the video we've all been waiting for!
Your IHG card sounds very similar to my AMEX Marriott Bonvoy card (no longer available). I pay an AF of < $100 and get a free night. It's a keeper just for that alone.
All good things much come to an end. Lol. Good plan though. Aspire card is well worth the annual fee!
Thanks JP!
Using the Hilton Aspire at There property the return it’s HIGHER them 5.6%. At Hilton hotels you get 14 pts from the card plus 12 pts for being Hilton honors member. For the grand total of 26pts per dollar🤑😁
This is true!! I love the Hilton ecosystem!
Good strategy!!
Thanks Noah!
Great video!! can you do a video of any updates of your credit cards?
Excellent video, Jake! I was wondering in previous videos what you would do, but your approach definitely makes the most sense. Amex is going to have a blast with you when that time comes, but that amount of annual fees just are not worth it. Keep up the awesome work!
Hey Jake like ur downgrades, but if u fly a decent amount to hotel locations, u may want to downgrade to Delta Gold instead of Blue baggage fees add up. U could downgrade Amex Preferred card to no AF version to keep 4 Amex card spot. I apply for Hyatt first- great card- b4 IHG, instead of downgrade to Freedom do CSP cos those UR points transfer to Hyatt + IHG hotels.
Solid options! Lots to consider K! Cheers!
I only have 1 annual fee card and after the 1st year or if not the second year, I'm going to debate weather keeping the Amex green card also. I have the American express everyday card to preserve my points and I'll return to team no annual fee and stay with amex in some way, shape or form. I paid the annual fee for this year but it might become a chore after year 2 or 3 or even 4
Thank you for your service and videos! cant get enough of them lol
Who has been here since Jake was new to TH-cam?
Some people are still here! Cheers Emily!
Somewhere, American Express is weeping silently and its retention department is about to go into overdrive. Oof, you may end up in their 10-K as an example of material membership count changes, LOL.
In any case, good luck with the downsizing! Looks like a solid plan and you have some breathing room after your separation. Looking forward to the future content as you transition your credit card holdings.
Well you showed the image but you skipped the Delta Reserve down to Delta Blue. If you have Medallion status the Blue is perfect; However, if you don't, you may want to consider the Delta Gold to keep equivalent of Silver status for all except free upgrade seats. Also, I know you do invest money so where the Morgan Stanley Platinum version will pay for your annual fee with a certain amount of assets with them, have you considered that path as a way to keep the card and benefits, without the annual fee? Either way, take care and best to you in all you do in life, sir.
About the CSR downgrade, how about going to the Freedom rather than the flex. That way you can apply in a year or two for the flex and get what ever signup is available.
There are so many no annual fee SUBs with BoA, Wells Fargo or Capital One, that I just don't see the need to get the Freedom and the Freedom Flex. If I want a $200 SUB, i'll never run out of new cards to apply for.
Go Jake, Go! Just be happy 👍👍👍
Thanks so much Matthew! Cheers!
I've been eagerly awaiting this video, thanks for sharing your plan!
Thanks for the video suggestion during the livestream AC!
I can't wait for the video titled: "AMEX broke up with me for no reason"! Hahah!
Good Plan... I was worried . As a Army Veteran myself, I was like How is he going to deal with American Express lmmfao. Great Video as always.
Will a 99¢ monthly subscription I have being charged to one of my cards keep it from closing if I don’t use it for anything else? It’s a Petal 2 card. I tried looking online and on the Petal card site for an answer but couldn’t find one.
Borderline insanity with all those cards🤪. I wouldn't be able to stay on top of them.
I have Citi Double, Amazon Prime Visa and Costco. Citi Custom looks very attractive. Appreciate the video 👍
Solid setup Hans! Most people only need 3-5 cards for life. I just personally like the challenge!
@@JakeBroe I figured it's a little bit of a game for you. Probably worth it if you travel a lot.
6K in annual fees would be a total abomination LOL 🤣🤣🤣🤣🤣🤣
Make sure to try to get retention offer from Us bank for altitude a reserve as it might cover the effective annual fee of 75 dollars
Damn American Express isn’t going to like anymore after canceling almost all their cards😂😂 but hey you gotta do what you gotta do
Nope... I think I might never get approved for another AmEx card ever again after this, lol
Hey, Jake I'm from Belgium and I wondered if you could maybe make a video about what the costs are to buy American stocks from other countries.
Awesome video Jake… love the thumbnail! Please let us know how your credit score is after you buy the house and cancel the cards. I think your plan sounds like a really good one. You could also get the Wyndham Earner + card- $75 AF, annual bonus of 7500 points and it gives you 6x Wyndham and gas and 4x grocery and dining. Or the business one is great for utilities. Once I get under 5/24 again I’m also hoping to get the Hyatt and IHG cards.
I love my Amex platinum the fees work out for me and the lounge helps a lot make the fee fine Hopefully the lounges will die down a little next year or two once the no guest rule goes live
You can still have a guest, they’ll just have to pay to get in.
FYI Jake, I’m a realtor in Kansas City. So if you end up here - I can help out!
Haha, thanks QT! I appreciate that!
Always have to have a good exit strategy
I do my best! Cheers Ty!
Have you also considered asking for retention offers from Chase or Amex for some of the higher annual fee cards? You might be able to get enough (esp out of Amex) to cover most or all of the annual fee and extended it for another year!! Might be worth it on one of the platinums!
I wanna see your George Kastanza wallet with all those cards
Thank you for your service sir
Thanks for the support Leo! Cheers!
Can you please do a video on your student loans and how you are tackling that?
Thanks for the video idea Roberto! I can look in to it!
Thanks for your service!
Ok one thing you didn't cover in the video, WHAT KIND OF A WALLET DO YOU USE TO CARRY ALL OF THESE CARDS AROUND LOL ?
I love this! I also think “ what will I do when I get out the military?” 😂😂
I plan to cancel my amex platinum card and to get Morgan Stanley platinum, not sure about gold card, probably will depend on retention offer, no offer no card.
How is this plan going? I have heard that chase is rather quick to slap the annual fees on after active duty time ends. My personal experience the Amex is that they can go at least 4 years after AD is complete before requiring the fees again. I only have one annual fee Amex but have been off active duty for about 4 years and am still not paying the fee. I'd love to hear your data points on these and other Banks. I haven't heard anything about how Citi or US Bank handle end of AD time.
What has your experience been?
What's the expected drop in score by closing all of these accounts? I have one that I've been considering closing, so I cant imagine what will happen when you close 8 of yours.
We'll find out and I'll make a video about it!
@@JakeBroe That will be one of the realist video ever.
@@JakeBroe If you have a banker friend you should have a discussion about this situation as soon as you can manage it. You want to get a Loan Officer's perspective about the timing of closing 8 cards around the time of applying for a mortgage. Yes there will be a temporary dip in your credit score because the Aggregate Credit Limit dropped, but it will settle then rise back up. The Bank/Loan Committee might PREFER that you have a lower Aggregate Credit Card Limit. Also consider adding a comment/explanation to your credit reports why you are closing these cards because you are exiting military & no longer qualify for no Annual Fee status.
I would think his score would either stay flat or maybe increase even. Sure utilization may increase because of the loss of overall credit, but a lot of these AF cards were opened more recently than the non-AF cards, meaning his AAoA should actually go up.
If you are willing can you do an 2+ year update on this plan?
I see you did get that Altitude Reserve. I was waiting for a video on that because I'm currently almost out of garden I've been for 12 months in order to apply for it
I have had AR for 9 months. It's a great choice because it has most of the same protections as the CSR for an effective annual fee of 75 dollars. It also works well as a stand alone card with the 3x mobile wallet and travel(booked directly). Points are worth 1.5cents like the csr. The travel portal is decent and points are not treated as all or nothing but as cash for travel. It comes with 4 priority pass visits for 2 people, 12 gogo wireless wifi passes. This card is probably best suited for the occasional economy traveler as there are no transfer partners. With the recent updates to the CSP and CSR point earnings for portal travel, it does make the AR fall behind them. A good paring card could be the hilton surpass card to get you gold status at hilton and 10 more priority passes. The total in fees will be about 170 dollars a year for both. I really do like Jake's setup with the hilton aspire card. Make sure you have a banking relationship a week or two before applying. It might be best to apply in branch. Good luck!!!
@@engineerengineer2218 I'm a fan of the 3x on mobile wallet since I use that to pay for most things. I honestly wouldn't consider this card at all if it weren't for that
@@fiduciary2244 without the mobile 3x wallet the card does not have enough earnings power. The 3x mobile wallet works only with Apple, Google, and Samsung pay. Any other mobile wallets outside this such as fitbit pay count as 1X. I wish they made the 3X dining permanent(they enabled it up until June of 2021).
Perhaps I don’t understand the terminology you used. You mentioned you didn’t want to be in the Amex or Chase eco-system but are getting two new cards from Chase (IHG and Hyatt) and keeping the Amex Hilton. What did you mean by eco-system?
Hey Robert! With most Chase cards, they earn Chase Ultimate Reward Points. With most AmEx cards, they are AmEx Membership Reward Points. I don't want to earn or deal with these points. I just want simple no-annual fee cash back cards for my spending. The IHG, Hyatt, and Hilton cards are all hotel keeper cards. I pay the annual fees for the free nights, not to put any spend on them and earn points in their hotel rewards programs.
@@JakeBroe Gotcha…tracking. I am in the same boat right now myself as I retired in 2018. I wish you the best of luck during your transition. Love your content as it is very helpful for those with a military background as well.
You didn’t mention the delta reserve
You are correct William! I accidentally forgot to add that slide. But the plan is just to downgrade it to the no annual fee delta blue card. Cheers!
Thank you. I was about to get the delta reserve. That’s why I noticed. Have a happy new year
Why would anyone want the confusion of so many cards?
The Bonvoy Brilliant has a downgrade path to $95 Marriott card with free night certificate. But the Brilliant is a keeper card also anyways. $300 Marriott statement credit and better free night cert than the rest of the Bonvoy cards.
Years in the future, after cancelling the BB, I was going to apply for the $95 Marriott card to get the SUB and then just keep that card forever. I think the BB would be a keeper card if I didn't already have and prefer the Aspire card.
Unless you have a certified job before you get out otherwise you will have to a year prior to separation before you get out to be able to legally buy a house without committing fraud.
I don't understand the fascination with having so many credit cards.
I've never paid interest or paid a fee. And in cash back, points, sign-up bonuses, credits, free stuff and referrals I have easily made over $20,000 in the last 3 years. It's just a fun hobby...
@@JakeBroe I think you should check your numbers. I'm highly skeptical of them. You're active duty military which isn't exactly high income and you've stated your net worth is about $350k and to make over $20k in 3 years means you would have to spend about $200k a year at an average of 3.5% back and $100k a year at 7% back.
why not downgrade CSR to vanilla sapphire? that way you can still avail top travel insurance like primary car rental insurance?
Somehow you avoided discover it.
I have a low score.660.0 hard inquiries. 3 medical collections that are 5 years old. 2 credit cards. 0 installment loans. How should I move forward with getting my score up enough to buy a home/get a mortgage? My average credit history is 3 years and 7 months.
If you have any credit card keep using it for everything and pay as you use. Your score will jump up quickly. I would avoid keeping a balance on it too.
Hi Jake - I'll be in your same boat some day, so I feel your pain. Why not downgrade the blue cash preferred just to keep the history?
It takes up an AmEx slot and we are limited to 4 or 5. I would rather cycle through and get more sign up bonuses of difference cards over time.
@@JakeBroe that's fair.
Curious if cancelling all those AF AmEx cards will get you the pop-up for sure, or if there is any chance to remain on AmEx’s good side. There are still some high-SUB AmEx cards out there (Business Plat etc), maybe you could delay cancelling and stay in their good graces long enough to pick up a few more of their high-SUB cards before moving to a keeper-card only setup.
Jake's heart must sound like a cash register as it pumps money through his veins.
On the CSR, were you not able to downgrade to just a Sapphire card? I thought there was a bland Sapphire card you could downgrade to.
It is possible, but I would rather have a freedom card. Cheers Dylan!
I am sure you have already thought of this, but closing these cards might lower your credit score.
For sure, closing a couple of them will, but I'm still above 800 and it won't bring me down that much for that long. Cheers Summer!
But Dave Ramsay says...just kidding!
Having 4 inquiries does not mean that you are under the chase 5/24 rule. The rule is actually thought to be less than 5 opened accounts in the last 24 months to not get automatically denied by chase. Feel free to do more research.
This is true. I'm 4 for 4 in the last 24 months...