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In one fell swoop (credit card activity)

March 13th, 2012 at 08:31 am

I logged online to see that I had now earned $200 cash back from Citi so I redeemed that with a simple phone call. Check in the mail in about 10 days. Yippee!

After some online research for my next card, I'm finding the cash back rewards are a bit more slim pickings. Because of my pared down spending and budget in general, I'm only comfortable getting a card that requires spending of $2,000 in the first 3 months. Most of my recurring bills are not with companies that accept credit card payments without charging you for the convenience, although I have paid my phone/Internet bill and my homeowners insurance this way. There are one or two cards that reward handsomely for spending $3,000 in the first 3 months, but I'm a little afraid I might not definitely hit that target.

So, with cash back rewards now mostly in the $100 range, I decided to go with a card that rewards $250 in gift cards, the Citi Thank You Preferred card. Depending on the choice of retailers, I can make at least some of those gift cards non-frivolous in nature if I buy groceries at Target or vegetable seedlings for my garden at Home Depot, for instance.

I had to call them to complete the application because I didn't remember the secret word I'd apparently made up at some point. But anyway, since I had them on the line, I decided to close my Citi Master Card at the same time, and that was no problem. The application was approved and I should get the card in about 10 days.

I intend to keep applying for new cards for as long as they keep offering cash back or gift card credit cards and as long as they keep approving my application. I imagine at some point my application will be rejected becus I simply have applied for too many cards or something, but that hasn't happened yet, surprisingly. (Hence my eagerness to close at least one card.)

The 2 cards I will never use again, or extremely sparingly, are an Amex card and an USAA card. the Amex doesn't have very good rewards at all, and the USAA card has no rewards. However, these are my 2 oldest cards, so for that reason, I must hold on to them.

I am finding myself somewhat "attached" to 2 of my newer cards...the Discover card with its bright and colorful daisy on it and the Chase Freedom card, i guess becus of the word "Freedom." The remaining 2 Citi cards I have are completely disposable and I will give them the ax when the time comes.

10 Responses to “In one fell swoop (credit card activity)”

  1. MonkeyMama Says:

    "I imagine at some point my application will be rejected becus I simply have applied for too many cards or something"

    Eh - I've never had a problem. Wink IT depends on your credit profile. Actually, I think you may have more issue when your mortgage is paid off. With a mortgage, I find the credit to be endless, and not affecting score much. My MIL is into some of these deals, but I cautioned her to keep an eye on her FICO since this would be her only debt - house paid off ages ago. You might have some time since the mortgage will stay on your report for 10 years, so it's not like the minute it is paid off your FICO profile will change much.

  2. MonkeyMama Says:

    P.S. I've got an AmEx to close and a Citi card to apply for. Was just waiting for our refinance to close, to be on the uber safe side. Probably unnecessary, but very happy to close this AmEx!

  3. MonkeyMama Says:

    Your post reminded me to close my AmEx. BUT, when I did I saw they were offering $250 reward to general public. Just google "American Express Gold" - reward is 25,000 bonus points. I think that is $250 - will check at home later. Or at least keep in mind for next time. The spending requirement is $2,000.

    This puts us in the running for three cards:

    -Citi Thank You (dh got a direct mail offer, but not sure will be approved since did deal very recently)
    -AmEx Gold for dh
    -Chase Sapphire for dh

    The last two I had done, but he didn't. We will do one at a time, but I just wasn't expecting to find much this year. It just goes on and on!

  4. PatientSaver Says:

    I did come across the Amex Gold Card but it appears you can't be an existing Amex customer, which I am. also wasn't sure that particular offer hadn't expired. It's a little tricky finding the latest offerings; many seem to fall by the wayside.

  5. PatientSaver Says:

    However, I did see this post dated Jan 2012.

    http://thepointsguy.com/2012/01/amex-premier-rewards-gold-25000-sign-up-and-10000-point-referral-bonus/

    so maybe I'd be eligible after all, having never had this particular card.

  6. ceejay74 Says:

    MonkeyMama, have you ever "double-dipped" and applied for the same offer after you've done it once and closed the card? I haven't read the fine print and don't know if that's against the rules.

  7. MonkeyMama Says:

    @PatientSaver - we have another AmEx, so I think it depends on the type of AmEx you already have - as you mentioned.

    @Ceejay - no - I never have. The reason I figured I'd try was since dh got a direct mail offer from a card he just closed a couple of months ago. This AmEx Gold may also be the one he applied for a couple of years ago. But, it seems several online have double dipped and triple dipped over the years. I am sure I will be trying soon. There is definitely no rule against that - but you are more likely to be denied.

  8. MonkeyMama Says:

    Here is the AmEx Gold I mentioned:

    https://www304.americanexpress.com/credit-card/premier-rewards-gold

  9. frugaltexan75 Says:

    If you hear of a deal where you only have to spend $1500 in 3 months, I'd be all over that. Big Grin

  10. ceejay74 Says:

    frugaltexan, the Chase card gets you $200 back for spending $500. That's a pretty good ROI! https://applynowdc1.chase.com/FlexAppWeb/renderApp.do?SPID=DPRY&CELL=6H8X&AFFID=EhraRx8K_BE-gVJGbBDeAWB.MwBypT3FSw&pvid=112b2ae02012fe0350141441454f07

    (patientsaver, sorry to keep hijacking this post with my messages to others!)

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