What are your top five credit cards and why? (2024)

@MarkintheHVwrote:

@ptatohedwrote:

If I could only have 5 cards and all 5 cards just happened to be on the Visa network, I'm not understanding how this should keep me awake at night. ?

Visa recently had an outage....I for one would not like to be somewhere trying to make a purchase and be affected by an outage or having issues with one bank where my cards were not available to me. Thats why I carry one network of each (Visa, MC and AmEx) in my wallet.

This ^ @ptatohed, for network diversity. But my main point wasn't the payment network diversity. It was the lender diversity with AMEX being both the issuing bank and payment network in this particular case. If a bank gave me 10% rewards on everything I purchased, I still wouldn't give them 100% of my card spend. Why? My credit report and history are much more important than whatever card rewards I receive. Credit history can only be build slowly over time. If a lender, for whatever reason, decides to take adverse action on my accounts, I've just allowed a single financialinstitution to completely trash my credit file. That is way too much power and control in my opinion. Diversifying, for me, means having at least three separate lenders who would then have no more than 1/3 control over changes on my credit file. But I also believe more is better, at least to a certain extent. That's why I value having (and maintaining, even at the potential loss of some rewards) a relationship with multiple major lenders. My cards are not just a way to make rewards money; they are tool in my overall financial toolbox, with a far greater value than simply the rewards they offer.

Business Cards


Length of Credit > 40 years; Total Credit Limits >$900K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0 - SYCH - 65.0
AoOA > 30 years (Jun 1993); AoYA (Feb 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.

@Aim_Highwrote:

@MarkintheHVwrote:

@ptatohedwrote:

If I could only have 5 cards and all 5 cards just happened to be on the Visa network, I'm not understanding how this should keep me awake at night. ?

Visa recently had an outage....I for one would not like to be somewhere trying to make a purchase and be affected by an outage or having issues with one bank where my cards were not available to me. Thats why I carry one network of each (Visa, MC and AmEx) in my wallet.

This ^ @ptatohed, for network diversity. But my main point wasn't the payment network diversity. It was the lender diversity with AMEX being both the issuing bank and payment network in this particular case. If a bank gave me 10% rewards on everything I purchased, I still wouldn't give them 100% of my card spend. Why? My credit report and history are much more important than whatever card rewards I receive. Credit history can only be build slowly over time. If a lender, for whatever reason, decides to take adverse action on my accounts, I've just allowed a single financialinstitution to completely trash my credit file. That is way too much power and control in my opinion. Diversifying, for me, means having at least three separate lenders who would then have no more than 1/3 control over changes on my credit file. But I also believe more is better, at least to a certain extent. That's why I value having (and maintaining, even at the potential loss of some rewards) a relationship with multiple major lenders. My cards are not just a way to make rewards money; they are tool in my overall financial toolbox, with a far greater value than simply the rewards they offer.

@Aim_Highwrote:

@MarkintheHVwrote:

@ptatohedwrote:

If I could only have 5 cards and all 5 cards just happened to be on the Visa network, I'm not understanding how this should keep me awake at night. ?

Visa recently had an outage....I for one would not like to be somewhere trying to make a purchase and be affected by an outage or having issues with one bank where my cards were not available to me. Thats why I carry one network of each (Visa, MC and AmEx) in my wallet.

This ^ @ptatohed, for network diversity. But my main point wasn't the payment network diversity. It was the lender diversity with AMEX being both the issuing bank and payment network in this particular case. If a bank gave me 10% rewards on everything I purchased, I still wouldn't give them 100% of my card spend. Why? My credit report and history are much more important than whatever card rewards I receive. Credit history can only be build slowly over time. If a lender, for whatever reason, decides to take adverse action on my accounts, I've just allowed a single financialinstitution to completely trash my credit file. That is way too much power and control in my opinion. Diversifying, for me, means having at least three separate lenders who would then have no more than 1/3 control over changes on my credit file. But I also believe more is better, at least to a certain extent. That's why I value having (and maintaining, even at the potential loss of some rewards) a relationship with multiple major lenders. My cards are not just a way to make rewards money; they are tool in my overall financial toolbox, with a far greater value than simply the rewards they offer.

Hell, I would......Have others and just wouldn't use them.

Credit cards are just credit cards, some you use, some you don't, it's not an investment portfolio.

Aim_High it's 10%, gee whiz......

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR

@redpatwrote:

@Aim_Highwrote:

... If a bank gave me 10% rewards on everythingI purchased, I still wouldn't give them 100% of my card spend.

Hell, I would......Have others and just wouldn't use them.

Credit cards are just credit cards, some you use, some you don't, it's not an investment portfolio.

Aim_High it's 10%, gee whiz......

Lol 😂. I thought that would get a rise out of someone. But seriously, I wouldn't, 😐 for the reasons stated. Which has absolutely nothing to do with an "investment portfolio." 🙄 (where did that even come from??? I've never called my cards an investment portfolio.) But it haseverything to do with building and maintaining credit file, credit history, and FICO. Now, I'm not saying that bank with 10% rewards wouldn't get a LOT of my business but it just wouldn't be 100%. I want to maintain relationships with more than one lender, and doing that requires using their cards too. So be it. I'm not suggesting that I need relationships with all the many lenders in my signature but I would never go down to a single credit card account. Putting 100% of spend on that one card means the others would be closed by lenders for inactivity.

Business Cards


Length of Credit > 40 years; Total Credit Limits >$900K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0 - SYCH - 65.0
AoOA > 30 years (Jun 1993); AoYA (Feb 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.

@Aim_Highwrote:

@redpatwrote:

@Aim_Highwrote:

... If a bank gave me 10% rewards on everythingI purchased, I still wouldn't give them 100% of my card spend.

Hell, I would......Have others and just wouldn't use them.

Credit cards are just credit cards, some you use, some you don't, it's not an investment portfolio.

Aim_High it's 10%, gee whiz......

Lol 😂. I thought that would get a rise out of someone. But seriously, I wouldn't, 😐 for the reasons stated. Which has absolutely nothing to do with an "investment portfolio." 🙄 (where did that even come from??? I've never called my cards an investment portfolio.) But it haseverything to do with building and maintaining credit file, credit history, and FICO. Now, I'm not saying that bank with 10% rewards wouldn't get a LOT of my business but it just wouldn't be 100%. I want to maintain relationships with more than one lender, and doing that requires using their cards too. So be it. I'm not suggesting that I need relationships with all the many lenders in my signature but I would never go down to a single credit card account. Putting 100% of spend on that one card means the others would be closed by lenders for inactivity.

@Aim_High

Re: Investment portfolio analogy,

"Diversifying, for me, means having at least three separate lenders who would then have no more than 1/3 control over changes on my credit file."

Lol, over the past couple months, Jan 24% (many more hotel stays), Feb about 10% w/ all my spend on AA exec. based on what I have been getting on redemptions. Citi or bust........

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR

• US Bank AR (4.5%): In-store (digital wallet).
• BOA CCR (3-5.2%): Online shopping/HD.
• US Bank Cash+ (5%): Phone/internet/Stream.
• Chase Amazon (5%): Amazon.
• BOA PR (1.5-2.6%): Other (Citi DC as a backup for 2%).

I moved groceries to Instacart (~25% off due to using discounted GC and using instacart pick-up, instead of delivery). The other cards like Discover/CFF (5% category), Citi SYW (any spend offer) would get used occasionally. I may use Citi CCC, depending on the scenarios.

If I could get 10% cash back on everything, I think I could easily become a 1 card guy. lol

5% CB rotating: ;
Everyday 3% CB: ;
Everyday 5%: ;
Companion Card: ;
Everyday 2.2% CB: ;
Retired to sock drawer after AOD (kept alive w/ 1 purchase every 6 mo): ;
On my radar: ;
Still Waiting for an Invite: ;
No hope:

Chase Amazon

Chase FU

Others are also rans

0Kudos

@ptatohedwrote:

If I could get 10% cash back on everything, I think I could easily become a 1 card guy. lol

Since SUB is typically ~10%, by applying for ~2 new cards in each year with large SUB, this goal can be done for 2 quarters (one SUB for one quarter). It does not cover the entire of the year while by sticking to a conservative plan to apply for maximum 2 cards per year, it is possible to stay always below 5/24 to qualify for any Chase card.

Anyway, if somebody does not want to go for Chase cards at any time, he might get one new card with large SUB per each quarter.

@redpatwrote:

@Aim_Highwrote:... Which has absolutely nothing to do with an "investment portfolio." 🙄 (where did that even come from??? I've never called my cards an investment portfolio.)

@Aim_High

Re: Investment portfolio analogy,

"Diversifying, for me, means having at least three separate lenders who would then have no more than 1/3 control over changes on my credit file."

Lol, over the past couple months, Jan 24% (many more hotel stays), Feb about 10% w/ all my spend on AA exec. based on what I have been getting on redemptions. Citi or bust........

Gotcha,@redpat, although you're taking my comments on diversification too narrowly. In the context of this definition of diversification, it simply means adding more of something to minimize risk. So sure, it can be adding a variety of investments to minimize risk. But it can also mean having additional lender relationships reporting to the CRBs to build a credit file and minimize risk of changes with that lender relationship. Or for a large business, it might mean diversifying into other product lines or services to protect profits or to transition into newer technologies. (For example, what is happening in the automotive industry with the transition to EVs.). Or for a smaller business like a restaurant, adding other menu options to appeal to a wider variety of customers. Or even in the context of a royal family having multiple children as a hedge against protecting the lineage to the throne. 👑. Lots of other examples of how diversification can minimize risk.

Congrats on finding such success with your CITI relationship.

Business Cards


Length of Credit > 40 years; Total Credit Limits >$900K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0 - SYCH - 65.0
AoOA > 30 years (Jun 1993); AoYA (Feb 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.

@xenon3030wrote:

@ptatohedwrote:

If I could get 10% cash back on everything, I think I could easily become a 1 card guy. lol

Since SUB is typically ~10%, by applying for ~2 new cards in each year with large SUB, this goal can be done for 2 quarters (one SUB for one quarter). It does not cover the entire of the year while by sticking to a conservative plan to apply for maximum 2 cards per year, it is possible to stay always below 5/24 to qualify for any Chase card.

Anyway, if somebody does not want to go for Chase cards at any time, he might get one new card with large SUB per each quarter.

Yes, we have members who forgo everyday card rewards in lieu of a SUB-based strategy and yes, when thoughtfully pursued it can be a great alternative method of maximizing rewards! As long as one realizes the potential impacts to credit file if it is overdone and as long as those lucrative SUB offers hold out. (For example, member hasn't exhausted all the better offers from all lenders such as the once-in-a-lifetime offers from AMEX.

Business Cards


Length of Credit > 40 years; Total Credit Limits >$900K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0 - SYCH - 65.0
AoOA > 30 years (Jun 1993); AoYA (Feb 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.