I figure that with credit cards becoming more popular for various reasons, I would mention my strategy and why. This is what I project myself doing in the future along with my personal spending habits as is right now and will likely be different for others. However, I feel that it does help hearing other’s takes on credit card strategy because I know it did for me.
My current set up is as follows:
- CITI Rewards+
- Chase Freedom
- Uber Visa Card
- American Express Gold
- Chase Sapphire Preferred
- American Express Blue Business Plus
- Amazon Business Prime American Express
- Chase Ink Business Cash
I am currently sitting at 4/24, and will not be 3/24 until 2021. Click here if you are not familiar with the 5/24 rule from Chase. Therefore my strategy is to apply for business credit cards from Chase and American Express (maybe even Bank of America) as those cards will not add to the 5/24 rule.
I am currently eyeing the Chase Ink Business Unlimited card for one reason…50,000 UR points after $3,000 spend in 3 months. This card is basically the business version of the Chase Freedom unlimited, earning 1.5x unlimited points on everything.
Another card I am eyeing would be the Bank of America Business Advantage Travel Rewards card for its 30,000 points after $3,000 spend in 90 days. This card is very similar to the Chase Ink Business Unlimited card with the 1.5x points back on everything except 3x points back on travel when booking through the Bank of America travel center.
My Current Set Up
My largest spending category is in the grocery category, which is why I love holding the American Express Gold card. I also use this card when dining out, which I do on an occasional basis. I earn 4x MR points on both these categories. For the other categories that do not fall in the 4x category, I use the American Express Blue Business Plus card. This card is my “catch all” card, earning 2x MR points on everything for the first $50,000 spend. The only exception is if I make purchases from office supply stores for my business. Here I would use the Chase Ink Business Cash card where I earn 5x UR points.
In the future, I would ideally have 10-15 cards active. Of course, I would not be able to use all of them at once but my daily drivers as of now will include the American Express Blue Business Plus and American Express Gold. These two cards I feel more confident in as they are both solid cards. The only issue here is unless American Express continues to expand their presence into smaller stores, I will be needing a Visa card (most likely Chase). With Chase, I feel they need to catch up to American Express as their multipliers are not as impressive. This is my current set up as well as my future outlook for my next handful of cards. But until next time…
We appreciate y’all for letting us be a part of your Break Time.
Checking out, Kenny