My #1 Default Credit Card Strategy REVEALED!
ฝัง
- เผยแพร่เมื่อ 24 ก.ค. 2024
- Curious about which credit cards I use MOST? :D If I’m not working on a signup bonus, retention offer, or distracted by something else, then these are the cards I use most often for my regular spend. Click “Show More” to see Ad Disclosure.
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BACKGROUND
My default credit card strategy is cash back, plus travel on the side. By that I mean in my day-to-day life, I prefer to earn cash back rewards to cover expenses, invest, etc. Then when I decide to travel, I like to use travel credit cards because I can often get more value with points and miles than I can with cash back.
PART 1: THE CORE
American Schwab Platinum Card
- 5X Flights (5.5% return)
- Airport lounge access: Centurion Lounge, Priority Pass, Escape Lounge, Delta SkyClub, etc.
- Redeem Membership Rewards points for 1.10¢ each (e.g. 10,000 points = $110)
Amex Gold Card
- 4X U.S. Supermarkets, up to $25K spent per year (4.4% return)
- 4X Dining Worldwide (4.4% return)
Amex Green Card
- 3X Travel at non-chain hotels, car rentals, etc. (3.3% return)
- 3X Transit for tolls, parking, rideshares, etc. (3.3% return)
Amex Blue Business Plus
- 2X Other Purchases, up to $50K spent per year (2.2% return)
PART 2: CASH BACK CREDIT CARDS
Chase Freedom Flex
- 5% Quarterly Categories, up to $1.5K spent per qtr.
Discover it Cash Back
- 5% Quarterly Categories, up to $1.5K spent per qtr.
U.S. Bank Cash+
- 5% Gym
- 5% Internet
Up to $2K spent in combined 5% categories per qtr.
Citi Custom Cash
- 5% Live Entertainment
- 5% Gas Stations
Citi Double Cash
- 2% Other Non-Amex purchases (1% when you buy, 1% when you pay). May replace with SoFi Credit Card.
PNC Cash Rewards
- 4% Gas Stations (when Citi Custom Cash is used for Live Entertainment)
Amazon Prime Rewards Visa Signature
- 5% Amazon
PART 3: HOTEL CREDIT CARDS
Marriott Bonvoy Brilliant American Express Card
- 6X Marriott Hotels
- Free Night Award (up to 50K point value)
- Elite Night Credits (15/yr.)
Ritz Carlton Credit Card
- Free Night Award (up to 50K point value)
Marriott Bonvoy Premier Plus Business
- Free Night Award (up to 35K point value)
Marriott Bonvoy Business Card
- Free Night Award (up to 35K point value)
- Elite Night Credits (15/yr.)
Hilton Honors Business Card
- 12X Hilton Hotels
- Free Night Reward (after spending $15K)
- Hilton Honors Gold Status
World of Hyatt Credit Card
- 4X Hyatt Hotels
- Free Night (up to 15K point value)
Wyndham Rewards Earner Business Card
- 8X Wyndham Hotels
- Anniversary Bonus (15K points)
- Diamond Elite Status
PART 4: AIRLINE CREDIT CARD
CitiBusiness AAdvantage Platinum Select World Elite Mastercard
- Preferred Boarding
- Free Checked Bag
- 25% Off Inflight Wi-Fi
- 25% Inflight Food & Beverage
- 1 Loyalty Point per $1 spent
CREDIT CARDS I USE MOST OFTEN
1. Chase Freedom Flex
2. Citi Custom Cash
3. Discover it Cash Back
4. U.S. Bank Cash+
5. Amazon Prime Rewards Visa Signature
6. Amex Gold Card
7. Amex Blue Business Plus
AVERAGE RETURN (of the 7 most used cards) = 4.5%
SUMMARY
- I currently have 42 credit cards as of March 22, 2022
- Of those 42, this video featured 19 that I use most often throughout the year
- Of those 19, I use 7 with the highest frequency
FINAL NOTE:
You may notice that I’m not running a Chase Trifecta setup that everyone raves about (I do have the Chase Sapphire Preferred, but not the Chase Sapphire Reserve). That doesn’t mean you should or should not use it - or any other credit card setup - yourself. Remember to get the credit cards that reward YOU the most in the areas in which YOU spend the most, while also giving you the benefits YOU value the most. Credit card setups are a personal thing ;-) And yes, the Chase Trifecta is AWESOME.
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#creditcardstrategy #bestcreditcards #cashbackcreditcards - แนวปฏิบัติและการใช้ชีวิต
One often overlooked benefit to an Amex setup is the hiding of utilization. If you need to carry a balance for a month or two, the charge cards will not report the amount towards your utilization. It will report the amount in your credit report, but not be factored into your utilization percentage. A huge benefit if an emergency arises.
Great point! 😃💯
Never knew this, Dope!
Interesting!
Remember though, if you are applying for a mortgage...they will use 5% of your balance as the minimum payment when calculating your DTI ratio as your credit report won't show a monthly "payment".
I commend you, Mark, on your ultra-efficient point-and-benefit-maximizing credit card setup. What. A. Legend. 👑
Thanks Stan! 😃👊💯
This is the best channel anyone can use and recommend for personal finances. I've watched other channels too but I'm subscribed to your channel only.
Thanks so much Aman, I appreciate your support & am glad you find value in the channel! 🥇
Thanks Mark for another great video I run the AMX strategy....and remember YOU are GREAT!
Thank you Eddie! 😃💯 Great that you've got the Amex strategy, too!
Your videos are on point!
Great illustrations and explanation!
Thanks Anand!
I always learn something new! Thanks mark 🙌🏼
You got it! 💯
Been looking for insights on balancing gardening techniques and signup bonuses. New sub and really enjoying your content! Thanks so much!
Thanks Ali! 👊 If Chase cards are important to you, then 2 personal cards per year + business cards tends to work well. If Chase cards don't matter, then 1 card every 3-4 months tends to work well.
Great video! Love hearing about your strategy
Thanks Candice!
holy credit cards! now that’s goal status, thank you so much for breaking it down that’s amazing work! you definitely know how to make the most out of your spending and you present it in such a great and easy to understanding way. keep up the good work! if you were to dedicate one credit card for wholesale club spend (costco), which would you use?
Thanks Rv! I'm a big fan of the U.S. Bank Altitude Reserve for Costco purchases due to earning 3X on mobile wallet transactions (supported by Costco). That's equivalent to 3% cash back or 4.5% towards travel.
Awesome video! Very detailed and easy to understand.
Thanks J!
Very interesting setup, and great video!
Glad you think so!
Thank you for sharing your success strategy. Subscribed.
You bet, and thank you! 🥇
Thanks for this video great content! How do you manage the other cards you have so they don’t get cancelled?
Roughly 1 charge every 6 months to keep them active 👍 Got a spreadsheet with "date last used."
Thanks for the video great info 👍
Of course! 👊
Hey mark on credit karma I just saw a welcome bonus of $200 for the Sofi credit card, when you spend $1,500 in the first 3 mos fyi . Great content as always ! 👊
AWESOME! 💥
Hey Mark, another great video--thanks. Just wondering if you see a personal use case for the new Chase Aeroplan card and its potential cash-out option. Looks like a way to do a bit better than the Schwab Amex (at least up to the 50k point limit). I'm personally waiting to see reviews on how this really works once Chase has updated their platform for it. Hopefully you or others will be posting on it soon!
Hey Kevin - for sure, that card has great potential via the 'modified' Pay Yourself Back feature if/when it gets released. I too am waiting to see how it works in the real world before considering it any further - plenty of other cards out there that provide strong cash back value _now_ 💯👍
just subscribed...love how you share strategies.. with the indefinite travel habit of our family, cashback seems to be the best route for me...could you please make a video soon of travel hacking strategies for bigger families (family of 6 here) that has a fairly conservative spending pattern (just essentials with a lil bit of fun whatever expenses for special occasions) with the least amount of AF and not necessarily needing hotel and airline status
Welcome aboard, Bam C! Thanks for the video suggestion.
I really liked this video, it was very informative.
Glad you enjoyed it!
Great video very helpful
Glad you think so!
Great setup I use the chase business plus as it is 5x on all commuication services so covers my cell, internet and streaming services. Like you say in the video this strategy really just mops up any time that you're not chasing sign up bonuses. That's probably about 3 to 5 months a year in my case.
Awesome Julian! 👊
Mark, that hotel card display was "Masterful" 👏🏽👏🏽
Thanks Lando!
Great video one thing to add to the ritz card you get 300 dollars per year to put towards “airline incidentals” if you know how to use it airline airfare which is great
Absolutely!
I use my US Bank Cash+ mostly for spend at Best Buy. Most cards won't bonus BBY except Altitude Reserve in-store. BBY often has gift card deals, so it's good for that easily maxing the 5x each quarter. I only spend up to the 5x 2k so as not to push it.
Nice that's a great return!
Mark this was a fantastic video! How were you able to status match for frontier and southwest??
Thanks Arry! The Frontier status match was a limited-time opportunity. You can enter your info on the following page (link below) to be notified when new opportunities become available: www.frontierstatusmatch.com
The Southwest status was not a match, rather, it was a combination of Southwest issuing a fast-track to earn status, plus flying. Here's a another link to one of the fast-track promos that ran back in September 2021: www.swamedia.com/releases/release-5081f61e8d12ea2b2b0812bedcc10bf4-southwest-airlines-offers-rapid-rewards-members-fast-track-toward-a-list-or-a-list-preferred-status
Mark,
Appreciate the video and the card strategy that you use. I have a few of the cards like Discover, I use the Venmo card for Utilities. I am working on the Discover IT Miles bonus 3 points back first year. That is my catch all card right now for the 3 percent back on everything not in a category. I have the PAypal Mastercard for 2 percent back on everything. But not using it much unless Discover isn't accepted. The Sofi Card is great with no FTF's. The wells Fargo Active cash is great to with a bonus on it. Appreciate the work that you do from one of my favorite You Tubers. Your videos are very well done. You also explain everything so I never have questions after your video . Thanks man.
Discover it Miles + Venmo CC + PayPal Cashback MC = an excellent 3-card setup! 😃🌟
Wow that Schwab bonus is great. All of my money is parked in Vanguard but that’s almost enough to switch!
It sure is!
👍🏽👍🏽good info video!
Thanks!
@Mark Reese // Credit & Finance You're welcome Mark Reese
Mark, I am currently running the Morgan Stanley Plat, Gold, and BBP. Also have the Freedom flex and unlimited through Chase. Also use the AU for my P2 Venture X. P2 has the Venture X, free AU MS Plat, and Chase Preferred (mainly for the 1.25 redemption value on my spend in the quarterly categories on my freedom cards). I feel like reasonably this is the strongest setup. Thoughts?
Great cards! There is no 'strongest setup' ... objectively. The best setup for Person A may be totally different for person B. Depends on what you spend on, how much you spend, what type of rewards you value, etc.
Mark just to recommend I love the us bank go 4% cash back on dining and takeout is amazing
Excellent choice, Nicolas! 💯
Mark, I am curious to know about your Capital One Venture X, do you use it at all? I asked because I also have my Core cards strategy mostly Amex Cards but I also have the C1 Venture X and was able to mix it up with my Amex cards for some specific expenses under the 2X miles category (but not much expenses).
Use it only for access to the C1 Lounge network, which I'll be using multiple times throughout the year. Not a card I use for regular spend.
Great video! My question to you is what's your strategy to keeping your cards active, so they don't get closed for inactivity
1 purchase every 6 months or so across all cards.
Hi Mark , i have the same card wallet too and i have like 22 cards and i love you channel i can wait every day to you put a new vedio i love all the tips thanks and God bless you.
Thanks so much, Jay! Great that you've got the same wallet too to keep track of those 22 cards 😃💯
I appreciate the comprehensive review. Unfortunately I don’t know if I have the bandwidth to keep track of all this information. Right now I’m currently running an AMEX only set up like your core set up and I have the capital one venture x rewards card as my non AMEX card for uncategorized spend. As I will be traveling a lot in the future, I will probably start acquiring hotel and or airline cards that align with the travel routes that I will be using the most.
Nice! Using Amex as your core setup + the C1VX is a great combo 🏆
Great video!❤️🔥🔥🔥🔥
Thanks! 💥
Mark! you need an IHG card in that collection! i have both! old Select and new Premier
I sure do 😁👍 Great that you've got both already.
Great video. Thank you very much. Just took a AA flight and they are offering 50k miles for one purchase. AA red aviator card. Thought you might want to look at that
Yep, one of the best signup bonus offers around! I already got the card back in 2017 😃✈️
How do you keep all these cards open? Do you have a recurring monthly purchase that goes on each card? Or do you just remind yourself to spend on it every few months so it doesn’t close itself? Also how long is the longest you can wait to spend on a keeper card before it does close on itself? Love your channel and the great content it provides, thanks Mark!
Hey Cameron - I use all cards at least once every 6 months to keep them all active; got a spreadsheet that has the 'date last used.' There isn't a set rule for the "longest you can wait." Wells Fargo closed one of my cards after about 9-10 months of inactivity, so since then I held myself to the "use every 6 months" approach.
Hey Mark, great video as always. Any ideas on which hotel card is best? I already have Marriott and Hilton Gold status with Amex Platinum but just looking to add a hotel card to my collection. which do you suggest. Hilton hotel card or Ritz Carlton. Appreciate your help. Thanks, Archie
The 'best' hotel card, mathematically speaking on paper, is the Hilton Honors Aspire, but that doesn't mean you should get it. I actually had 2, but canceled them both because they didn't make sense for me at the time. Other people love it.
It depends on what you value, how you travel, and what you want.
It doesn't make sense to get a card because someone says it's good, rather, it makes sense to get cards that help you achieve your goals.
Considering you travel have you encountered Issues with merchants not taking Amex also is your cash back with the Schwab's platinum overcoming the annual fees. I wonder how this would compare to the chase set up with fidelity cash back visa
(1) My travels are largely domestic, so no issues with Amex acceptance (2) The annual fees aren't a prohibiting factor for my situation as I earn more rewards than the cost. Whether $695 can be justified is highly dependent on everyone's unique situation.
Great vid. Everyone will have a different strategy. I personally am working on the Citi Trifecta and use my Wyndham Barclays and Amex magnet. For the moment. For my business Amex Hilton, Amex platinum Delta . Plus I get whatever has a good welcome bonus. I do have random cards I keep open to keep a relationship with different banks . Nothing special but they all work for me
Great card selections, and awesome that you're working on the Citi Trifecta! 👊💯
Great selection.I prefer FNBO Evergreen Visa over Citi Double Cash.
Great choice! 💯
Hey Mark! Question about the Amazon 5% cash back credit card? Do I have to have a chase bank or any type of relationship with them in order to be approved for Amazon credit card?
Hey Leon - no, a preexisting Chase relationship is not required.
Excellent content, videography, and delivery👍🏾 But... Bro I'm forced to admit that my need for freedom from distraction exceeds my need for points😎
Hahaha thank you 😂👊
@@MarkReese 😀👊🏾
I’m also looking at the SoFi CC to replace the Citi DC. No FTF and a lot more redemption options make SoFi more attractive🙂
For sure! 💯
@@mike-uw6wt wow that's good. Might go for this instead of the WF active cash
I want to know how to pay multiple credit cards! Do you have them on auto-draft set for one particular day or do you pay them all off on separate days, throughout one particular week, as you use them, etc etc.
I hope this becomes a topic of discussion!
Hi Jason - if you use 1 checking account, you can add all your credit cards as a Payee. So for example, if you bank with Chase, you can log into your Chase account, go to the Pay Bills section, and select "Add a Payee." Then go through the prompts to add a credit card, rinse & repeat for multiple.
I do all my payments manually at different times throughout the month from different accounts. That's not what I recommend to most people; my situation is unique.
Awesome video! Seeing your core makes me feel good about my progress. I have Platinum, Gold and Green. For cash back I have an Apple Card and Wells Fargo card. Do not have hotel or airline yet.
Get the Hyatt card, it’s incredible
@@srqpitcher For whatever reason, Chase does not like me. Have never been approved by them for any of the cards I applied for.
Excellent card choices, Bran! 👊
@@MarkReese Have you looked into the x1 card? Curious if that is worth having in rotation or not.
@@BTUCK03 - I have, did a video on it a year or so ago. Looks like a good product if you're ok with the limited redemption options.
USbc+ is clutch for utilities and I get 5% on gas (anywhere) and Sams purchases with the sams club Mastercard. I don’t think the hotel or airline cards are very useful for most people (jmo), because I imagine they’re super valuable to some. Also, the Amex cost setup is only good for big spenders due to the annual fees creating a bad situation for small spenders and maybe break even for moderate spenders. I think of it as a dollar saved is better than a dollar earned. Honestly, I’d guess this setup would be optimal for less than 1% of people. Great quality as usual though. The information can most definitely help people pick and choose what may be useful to their setups. Thanks for helping people out.
Absolutely, the Amex setup isn't for everybody, esp. for those who don't have larger annual spend on credit cards ✌️ Plenty of no-fee cash back cards out there that'd provide much greater value.
Mark, I highly recommend the Delta platinum Amex and also the Barclays Aviator for you - both have great sign up bonuses. Plus, the Delta platinum is a metal credit card (😉) and the Barclays has a ridiculously easy and obtainable sign up bonus. You deserve both!
Haha thanks Kevin! Given that I fly Delta once every 5-10 years, it may not make sense to get (any) Delta credit card 😂✈️ That could change if my travel habits can make sense of using Delta SkyMiles.
I also had the Barclays AAdvantage Aviator Red and the Barclays AAdvantage Aviator Business cards, but got rid of them ✌️ Agreed, the signup bonus spend requirement is _extremely easy_ when they run the promotion of "Earn X miles after your 1st purchase!"
@@MarkReese We run mostly the AMEX setup you have with the Southwest Card as well. But we do also have the Delta Reserve for the companion ticket. We use this for our once-a-year anniversary getaway. Find we can usually get 2 first-class rt tickets for around $100 more than the 2 in coach, and as mentioned it's the anniversary so why not splurge. I find this gives us well over the value of the annual fee, sometimes even 2x, but generally at least $2-$300. Other than that 1 purchase a year it's a sock drawer card.
@@MarkReese Ahh, one more thing since I mentioned Southwest. Thanks for the tip with the AMEX Airline Credit. First year I have managed to use that benefit, and it worked like a charm. With all the benefits without other cards based on the airlines we generally fly, it has been a very difficult benefit to use. Sure hope they don't catch on and close that loop, or at least make that benefit easier to use.
@@akpilot9468 - Great that you get value out of the Delta card, and glad to hear the Southwest trick worked for the Amex Airline Fee Credit 😃👍✈️
For the Citi AAdvantage business card, why did you go with that one versus the other versions?
1. Welcome offer
2. Doesn't count towards 5/24
3. 25% off WiFi (not available on personal version)
4. Still had same boarding & baggage benefits as personal version
So what do you use the other 20 or so cards? Just used for intro bonus and done? Do you have to put any spend on them in a year or can you leave them “unused”?
I may use them for more niche use cases here and there. Some are open solely for benefits (e.g. Venture X = Capital One Lounge access ... Chase Sapphire Preferred = 25% point boost towards travel ... U.S. Bank Altitude Reserve = purchases at Target, Costco, etc.)
All cards get used at least once every 6 months on average.
Mark, what do you do about keeping all those lines open? Especially with 40 plus credit cards ?
All cards get at least 1 transaction every 6 months or so to keep them active.
Mark can you do a video detailing airlines status match.
Hey there - likely not right now. Airline status matches are not something you can do whenever you like. Certain airlines may run limited-time promotions, but they don't last long and are not a guaranteed thing. The Frontier opportunity I mentioned in this video, for example, is not available anymore.
Great. Can I ask what your credit score is currently? (You shared before). What’s your opinion of Capital One?
1. My credit scores are currently as follows:
- EX: 785
- TU: 803
- EQ: 823
2. I really like Capital One. Fantastic mobile app, solid credit card offerings, and good banking products.
Hey Mark does the business blue plus count towards your 5 card limit with amex?? I really want that card.
Yes it does 👍
Thanks for this video. The impression I had gotten from your other videos was that you were a lot more into the travel points side than cash back. Just curious, what is the overall ballpark spend level that would be needed to justify the fees on the Amex core set-up? I have been sticking to no annual fee cards because I have a lower monthly spend. The only way I might be able to justify an annual fee would be to get a really sweet sign up bonus by using Plastiq to pay my mortgage for a few months. When I looked into it, I saw Amex does not allow paying mortgage through Plastiq. So this is more or less just academic curiosity on my part, because I doubt my spending level would ever organically reach what would be needed.
I don't have an answer for that. It's highly dependent on how many of the credits / benefits you use, plus the rewards earned from spend. That all varies widely from one person to another
For instance, the Amex Gold Card alone is $250. But if someone were already using Uber / Grubhub prior to getting it, and could therefore make use of the monthly credits, then the card has an effective annual fee of only $10 (that's an average of $0.83/mo. ... practically nothing).
Also depends on how much you value non-credit benefits (e.g. lounge access, elite status, etc.). I like to imagine if there were a 'membership card' that gave me those benefits, how much would I be willing to pay for it?
I'm not the kinda guy who runs endless breakeven scenarios on paper. I just keep it all very simple: What's the fee? What are the credits / benefits? Can I use them? If yes, I go for it.
Hey Mark, awesome video. Do you have an excel sheet for all these? I'm trying to build a yearly CC sheet with AF and multipliers for yearly tracking and benefit of P2.
Also, do you know if I can PC AA card then reapply for SUB? I've had it since '17.
Thanks!
Yes, I use an Excel sheet for all my cards, but do not use it for rewards multipliers or return on spend; I've got all that in my head.
Which AA card are you referring to?
@@MarkReese citi advantage platinum select
@@mariog7682 - Yes, you can downgrade to the AA MileUp Card and reapply for the AA Platinum Select. However, there's a 4-year wait period. Here's what the language says," _American Airlines AAdvantage® bonus miles are not available if you have received a new account bonus for a Citi® / AAdvantage® Platinum Select® account in the past 48 months."_
You make it easy to learn the best uses of these cards, Mark, but I think spending across a broad range of cards is relatively counter intuitive than just to keep it all in one group. I prefer using my BBP for all my gas spend for instance so I can use MR points (have gold, platinum, and bbp), than to use 5% cash back in some random CITI card to just redeem a gift card or something every year. Totally not worth separating out all these cards.
You should look into getting a Amex everyday preferred where you could earn 3x points on gas if you use it at least 30 transactions. But I understand that could be a hassle to make sure you have 30 transactions in a month. Hence it’s called “everyday” but there isn’t a spend require to earn a 50% boost in MR points!
@@jonathandavis4373 The issue I have with that idea is the $95 AF. 2x points on gas by default offered by the BBP easily outweighs this and plus... I don't have to make 30 transactions. Thanks for the suggestion, though.
Thank you! Agreed about the simplicity of sticking with 1 primary rewards system if points / miles are the goal (that is, for travel). However, with cash back, any card from any issuer is fair game since cash can be combined no matter where it's earned (e.g. redeem to a common bank account) 👍💵
@@MarkReese Thanks for the response
Thank you for sharing this valuable information. I can do the math but how much is your total annual expense for all these cards?
You're welcome! For the cards mentioned in this video, I think the total is $2,603.
I have the vanilla amex platinum and learned about the schwab platinum recently. Should I just wait for the full year to end with the vanilla platinum and then cancel it and then open the schwab platinum?
Hey James - up to you 👍 It's possible to get both cards in the same year. Just make sure you can justify the cost if you decide to do that. You can also have both cards open at the same time, so you can cancel the vanilla if you like, but not required.
What about the annual premium cost on some of those cards? That surely has to be factored into what you’re describing.
Those should always be factored into the overall value equation 👍
Does the AA card have insurance for delayed and canceled flights? I use the Platinum card for flying a see the value of a AA card.
It does not ✌️
Hi mark , i just wanted to re verify this , so the only way my credit card account would be reported to the credit bureaus is if im at least 30 or more days late correct ? I understand the card company would probably make me pay a late fee and up my interest rate. I understand that .
Correct. A bank may charge penalties for late payments even 1 day out, but the credit bureaus will not report a late payment until 30 days.
I was surprised to learn you don't use the Cash+ card for utilities. I live in a small house in TX and my utilities average between $150 and $200 every month, so the cash back racks up quickly. Highly recommend as a category (especially if you get the Ink Cash and can still get 5% on internet). Do you have some other method for saving there? Like with my cell phone bill I get a 10% discount by paying with a debit card, so that's a no brainer especially with the 1% cash back Discover debit card.
Hey Alex - my utility companies all charge fees when paying via credit card. The fees are a flat rate and some are more than 5% of the cost, so it doesn't make sense for me.
@@MarkReese Gotcha. There are some fees associated with mine as well. One is a flat $2 fee regardless of payment type, so no problem using a card there. The other is a $2.39 fee per transaction for credit cards, but you can overpay and it just applies a credit to your account, so that's what I do now. So instead of $2.39 fee every month on an $80 bill, I try to pay $300 every quarter, drastically lowering the % cash back lost to the fee. Love this card, need to get the Custom Cash so I can have another 5% card that's got similar versatility.
I finally got approved for the custom cash 3rd times the charm
Congrats Lil Mao! 🎉
Great content! With so many cards, how do you view hard inquiries?
If there isn't a need for the highest score possible (e.g. buying a house, getting an auto loan, etc.), then I don't have a problem with inquiries...at all ✌️
@@MarkReese OAN, how many AMEX platinums do you have?
@@derekmarbury5240 - Currently 4.
2 personal and 2 business.
I'm so obsessed with UR points that everything goes on some type of Chase card but I want that US Bank Cash+ card BAAD. I've been banking with them for 20 years so I don't see why not.
Haha that's a dilemma only you can overcome 😂👊
My question is how often do you put charges on your other cards in order for them to not get closed by the bank for lack of use? Is once a year enough or should I aim for once a month?
Once a month is overkill, many people recommend every 6 months. I do every 3-4 months.
I average at least 1 charge every 6 months across all cards 🤙 Ever since Wells Fargo closed my oldest card after ~ 10 months (i.e. less than 1 year), I started going with 6 months.
Would you rather get 3% for dining on the Freedom Flex or 5% on the It Cash Back? If you’re redeeming Chase points for your value of 1.8 cpp, that’s worth more than 5% as statement credit, right? Or is it not worth the hassle in your opinion?
1. If the goal is *cash back,* then the answer is both. The 5% on the Discover it only lasts for 3 months, so use it for that quarter. After that, switch to 3% on the Freedom Flex. If the goal is *travel,* then I'd choose 3% via Freedom Flex & pair it with the CSP (which also earns 3% on dining), but unlocks a higher redemption value.
2. Getting the 1.8¢ per point (or better) value is never guaranteed and requires work to make it happen. Plus, it's only possible with the CSP, CSR, or CIBP, so you need to add one of those cards with an annual fee to make it happen. Furthermore, it's only possible via transfer partners, and requires strategically building a flight / hotel itinerary that works. If you enjoy point maximization & travel planning (i.e. a lot of research), then it's very much worth it. If you don't enjoy the process and prefer the convenience of quick redemptions, it's not worth it.
@@MarkReese That’s the plan, I don’t have the CSP yet, and I’ve been saving up all of my UR points until I eventually do. Thanks for the response!
Question. I thought you can only get one Marriott card. Amex or chase. Or is it cuz mark upgraded to ritz he was able to hold onto both? Or was he grandfathered in? Im thinking about getting three Marriott the amex, boundless (or upgrade to ritz) and business amex. Anyone have insights on this greatly appreciated!
I'm grandfathered / got my Marriott cards before the SPG merger. However, you can get them from both Chase and Amex if you play the rules correctly. Here's a blog post by TPG with a helpful chart: thepointsguy.com/guide/eligibility-chart-marriott-bonvoy-cards/
@@MarkReese this helps a lot! Thank you!
I’m ready for a new card (to buy an electric bike) which one should I open?
I have AMEX PLAT, VENTURE X, Chase Marriott Boundless.
Up to you ✌️ Rumor has it that the Chase Sapphire Preferred may offer an 80,000-point bonus online starting April 14th. I'd personally get that.
I think branches are offering it as well with AF waived
We need a update on this and a business card one 😊
No update needed, strategy hasn't changed ✌
Hey Mark I have question. I have followed your advice on all of the credit cards that I have. My question is I just received an offer from AMEX for their platinum card. The problem is the annual membership fee. I’d love to take advantage of the 100,000 points reward point but I already have gold AMEX. Would I need to be a new customer to the Amex family or do you know if this matters or not? Also last question to take advantage of the renewed points and avoid paying the annual fees would you suggest in canceling the card before it’s time to renew?
1. You do not need to be new to Amex to get a bonus on a different card. Amex allows you to get a welcome offer on all cards.
2. With any card you get, it's recommended to keep the account open for 1 full year. Once the annual fee posts in Year 2, you then have 30 days to downgrade or cancel and get the full amount refunded.
Okie dokie sounds like a plan. Keep educating us and I will keep listening and liking. Thanks again
Just wanted to you to know I went ahead and pulled the trigger on the Platinum AMEX card this morning and got approved. I will follow your advice to the letter again thanks you so much for the in site Mark!👍🏾
@@dealomarilla1753 - BOOM! 👊💥 A big congrats to you on that approval, Dealo! Enjoy the new card!
Hey man! Just curious, do you ever close cards and then re-apply for the sign-up bonus after a certain amount of time? Like with Chase?
I have on occasion, but it's rare. I'll probably be doing that with the CSP soon.
@@MarkReese dont the banks get suspicious when u do that
@@user-yn7pk1ut7i - Maybe ✌️ But as long as I abide by the terms, I don't let that bother me.
Hi mark, This is the first video I’ve watched from you & it has a lot of valuable information. I had 2 questions, first one being what would be your recommendation as a 2nd credit card? I have a Secured credit card with OpenSky I got my credit score up to around 720, I let my sister use my card for some things & she never gave me the money back for it & I didn’t have the money to pay it off at the time when I was 19 I’m 21 now, after that my credit score dropped to around the mid 500s I’ve gotten it up to 630 today, would you recommend applying for another credit card where I could take advantage of cash back & just a better credit card to have overall? Also if I get another credit should I keep my OpenSky account open? Lastly what should I use that credit card for? Should I not be using cash for anything? I rarely ever use my credit card for anything as of now but I’ve been looking into actually building my credit, IRAs & savings accounts. It’s more questions then I originally thought but I would really appreciate your opinion on the matter or anyone who has any advice for me.
Hi Angel - (1) How old is your OpenSky card account? (2) It's your only credit card, correct? (3) What specifically caused your credit score to drop so dramatically? Was it a high balance on the card? Not making payments?
@@MarkReese Thank you for responding I really appreciate it. (1) it’s 2 years old I opened it in October 2020. (2) Yes, it’s my only credit card so far. (3) Yes it was a high balance due to my sister using a few hundred dollars on my account & never giving me the money to pay it back & at the time I didn’t have the money to pay it off so the monthly payments kept adding up, eventually I paid everything off & got my credit score to go up here & there & the balance back down. I don’t ever use my card on anything either my credit limit is 250$ & I maybe use 10-20$ a month then pay it off before the statement due date. I’m 21 almost 22 & just want to build assets for my future. Another question I have is, is it ever beneficial to close an account? like an account that you’ve always been on time & haven’t had any problems with but just want a different credit card?
@@AngelSwervo - Got it. If the situation is settled, then what's keeping your score down at 630? That's 90 points from where you were.
Closing an account isn't "beneficial" to your score, but can make sense in certain situations, like if you want to avoid an annual fee. Here's a separate video I did on closing accounts: th-cam.com/video/UcWqixdQk30/w-d-xo.html
I literally use the exact same cards for my core and cash back set up as you! 👏🏻 I actually wanted to apply for the Wyndham Business for the status match. I can’t seem to find the link on your website. Let me know if it’s still there, I’d love to use your link!
Legit! 😃👊 The Wyndham cards don't have referral / affiliate links, so if you want to get the card simply go for it directly! (Thanks though!) 🥇
@@MarkReese Awesome Mark! I just applied and got approved. Looking forward to following the status match train now! Time to book that Vegas flight 👊🏻😁 thank you again!
@@thecreditcardmd - Congrats on the approval! 🎉
Mark - US BANK Cash+...Dept Stores include Walmart ?
Nope. Here's what U.S. Bank says, _"__Sears.com__ purchases do not qualify. In addition, purchases at discount stores like Wal-Mart, Target and Costco do not qualify."_
@@MarkReese In that case, I use this card for SUBWAY ...
Do you use the blue business for this channel
Yes, but not exclusively. I use it with other cards too.
How are you able to keep all of your 42 cards active since my understanding is that if you don't use a card for a few months the bank may close that card? I find it even harder to make sure all cards have at least 1 transaction every few months when I am trying to hit SUBs.
I use all cards at least once every 6 months. The earliest I've ever had a card closed due to inactivity was around 10 months, so since then I haven't had an issue.
I’m gonna copy your strategy 🙂🙃
Go for it! 😎
You never mentioned in the video how you deal with the $$$ in yearly fees for some of those cards. Not sure how a normal person can make that strategy work with so many credit cards with fees opened. Thanks for the video.
Good point 👍
.08 cents per point redemption now, if you have an Amex checking account. Better, but still should be 1 for 1.
Should definitely be 1:1, with or without a checking account 😎👍
how do you keep the cards from closing when you’re not using them
I use all cards at least once every 6 months on average.
Mark, you must have an incredible amount of spend to benefit from this degree of micromanagement AND continue to churn sign-up bonuses. SUB requirements alone will cover all my organic spend which makes optimizing my points earning....pointless. Also emphasis on "organic" spend. ;)
Yep my spend isn't small ✌️ Always smart to focus on the products & offers that align with your spend.
I've been eyeing the Schwab juat recently opened brokerage with them for the free $101 after depositing $50. Is it worth getting the Vanilla and Schwab just to cash out through Schwab?
Great! 👍 As long as you profit from having both, then it can make sense.
Do you kno if I’m able to have a Hilton business and personal card same time?
Yes you can 👍
@@MarkReese I meant Hilton business and Hilton personal?
@@NMCatfishing - Yes, there's no problem with that.
Do you limit your spend on the business cards to only business expenses?
Over the years it has been a blend between the two (not ideal for accounting purposes) 😄✌️ However, once I form my new LLC & open new business banking accounts, I'm going to also add additional business credit cards that I will be using exclusively for business spend. Time to clean things up 👍
Why not include the Amex blue cash back preferred card?
Because I'd only use it for groceries, and currently I'm happy using the Gold Card for that category.
Amex Blue Cash Preferred is pretty underrated.
Fantastic card 🏆
In your opinion what makes the BCP card underrated?
Hey mark, I pay $225 a month, $2,700 per year for parking in my building. Will my Chase Reserve code this as travel for 3X points or should I get the AmEx Green card?
Call them and see how they are coded. If not, try paying the the CSR for a month and see if it gets coded appropriately. I tried parking at an airport and used my CSR and didn't get the 3x, but then at another airport it was coded as 3x.
There isn't a way for me (or anyone else) to know this before hand. Gotta use the CSR to find out 👍
Why don't the annual fees impact the amount of return on the AF cards? Great video by the way!
They do and should be considered for each person's situation. However, I've already ran the numbers for my situation and the fees don't have a meaningful impact.
I thought the exact same thing. 2% no annual fee vs 4 or 5% on limited purchase plus high annual fees. Seems like there is a break even point but a lot of earnings get chewed up in annual fees. Other good benefits on the cards though and that’s certainly another positive factor.
@@MarkReese would be great it if u included this part into your video
Amex Gold with 4,4%, works in Costco?
It does not. Only Visa cards.
forgot to say in my previous comment, for some reason that platinum card has 9.5% apr which is just crazy low.
also i think I have found a new category which gives more value than regular signup bonus'
back when we were being charged interest on student loans I was able to link 2, 0$ fee 0% bal xfer cards together. the og chase slate and an older BOA card. by first maxing out my BOA card with student loan bal xfer and then balancer xfering that off and onto the chase slate, I was able to repeat the process for around 18k worth of student loans @6% interest, and let them sit on those cards for the full 18 months. That netted me ~$1,500 in avoiding compounding interest with zero fees, and zero tax (unlike bank account bonus')
I really dont think I could have found a higher value for 2 intro tier credit cards.
Well done! 🏆
Can you link the cardholder? I need one!!
Hey Stephen - here's the link to the credit card holder I use: www.amazon.com/gp/product/B07YJGR732/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1
Hello everyone! Great video Mark :)
I am trying to choose between the Amex cards and the Chase ones. I don't have any from either issuer right now. I am currently at 2/24, but I will most likely be cancelling one of these cards as I am stuck with a tiny limit. I wanted to get the Amex gold card, because I can make good use of the credits and points categories, but I wasn't sure whether or not I actually need a trifecta. Also, I've heard that Chase is better for flights, and domestic US travel, but Amex is better internationally. Is there any truth to this? I would like to get flights, but also book cruises, resorts, hotels. With Chase, I was looking at the CFU/CFF and CSP. I was hoping that Chase would have some earning categories for groceries though :( Can anyone give me some advice? Thanks in advanced.
AmEx is definitely not accepted as widely as Chase cards are internationally but their transfer partners can be slightly better when making long haul flights, depending on what you want to do
Also important to mention, AmEx charges a small fee per point when transferring to US airlines while Chase does not
Amex points are best used via transfer partners to international carriers when flying long-haul flights, especially in premium cabins. If that isn't your thing, then Chase's system will likely provide you with greater value.
@@MarkReese what if I'm looking for a mix of flights, cruises, resorts and hotels? I only travel a few times per year but I would like to have the option to redeem points for a variety of travel types.
@@Devyanigupta2468 Honestly most hotel/resort programs have a mediocre value when redeeming points to them (Except Hyatt). Also, you can't transfer any points to cover cruises; I would recommend getting the US Bank Altitude Reserve as it gives 3x points back on cruises which can then be redeemed with a 50% boost for airplane tickets, car rentals, or hotel stays. Again, you can't redeem those points for cruises either but at least you'd get a decent return on any spend on cruises if that's your thing
@@Devyanigupta2468 - My vote still goes (strongly) to Chase 👍 With just the $95 Sapphire Preferred, you can redeem Chase points at 1.25¢ per point for all of those categories.
With Amex, it's only 1.0¢ for flights and 0.7¢ for hotels & cruises.
Looking at more business cards? I'm looking at business cards with Truist this April. They aren't spectacular, but some welcome offers and 0apr options. They also pull from Equifax and my EQ has low activity. I mostly favor business cards because they keep my personal reports cleaner.
Yep, Chase has my priority for that 👍 Great choice with Truist. I may add some of their cards later this year or next.
I am self-employed I was just shocked I was able to get the AmEx platinum card with a gross revenue of 42,000 before all expenses working gig economy I take it the platinum card is now just looking at credit score they really don't care about income that much because I know somebody who's an employee who makes $20,000 a year who can't write off anything and I make $40,000 a year and I can write off 90 percent of my income
Congrats on the approval, Brett! 💯 Not sure what Amex's underwriting criteria are, but the Platinum Card is definitely a lot easier to obtain than many people think.
Hey mark, i was wondering if I need to deposit a few thousand bucks to get a good relationship with BOfA. I have been banking with them since my 17th birthday, and i only have 700-900 with them. I was looking to get BofA student credit card when i turn 18 in this June. Am i in good position or need to deposit more thousand bucks to increase my approval odds? Please guide me (i know you cant provide an exact decision but your experience with credit cards is greatly acknowledged)
Hi Ayush - I do not know what the ideal balance would be. All I can say is I was denied with BoA when I had no banking relationship, and then again with $15 in a checking account due to 'insufficient funds balance.' Whether you 'need' $700, or $900, or $5,000...I have no idea.
@@MarkReese thank you mark for your response. You are great!✌🏻❤️
@@ayushsheth2087 - Thank you!
Why do you keep so many cards? Isn't it better to rotate cards and collect sign up bonuses?
1. I keep a lot of cards open primarily so I can get first-hand experience with them, that way I can answer questions & help others. Without having the cards, I wouldn't get a working knowledge of the portals, the rewards, benefits, etc.
2. Getting signup bonuses will nearly guarantee getting a higher return on spend than a card's regular reward multipliers. However, there are times when I don't want to get new cards, especially when getting below 5/24 to make myself eligible for Chase card products.
You didn't mention the annual fees you pay on these cards.
Correct 👍 The focus was on the cards I use & why I use them.
We’re twins🙌🏽
😎👊