I’ve been an avid credit card rewards collector. I was previously using a single bank for all my lending and used that banks high earning AMEX/MC combo credit card, and all was well.
Now, the bank has cancelled their AMEX card, and I was entitled to a free high earning card from two other banks I had home loans with, so I ended up getting those. The problem was, with three different banks and credit cards, forgetting to setup autopays and so on, I copped a few $200+ interest payments (as well as an expensive card renewal fee) - which probably cancelled out the benefits from the points.
I have been looking at the AMEX Explorer card for it’s good sign on bonus and earn rate, although I feel I’ll fall for the illusion/confusion of having my money all over the place across various internet banking sites and not really knowing where it all is (e.g. I’ll have $5k in my main bank account, but owe $10k on the AMEX card that I never log into, etc).
Basically - I think I’m too lazy/busy to keep track of using different cards for spend. Not to mention, I question the number of points I get from regular card spend vs the larger point bonuses from the sign on bonuses.
Given you have to usually wait 18 months between each of these to repeat them anyway, I was thinking of adopting the strategy of using a fee free/basic VISA debit from my main bank for my everyday usage and from time to time get these sign up promo offers from the various people who have them, pay the annual fee, make the minimum $3k spend (or whatever), get the bonus points them promptly cancel the card and repeat.
Does anyone else have this issue or use a strategy like this?