I stupidly closed a long standing credit card and dropped my credit score - not terribly I am now a 700 but I’m sure it will go back quickly. I am now looking for a good mix of cards. I use credit cards mostly for the accumulating points or getting cash back. I do not carry a balance that accumulates interest. I pay the bill prior to this. I do not travel for work. I probably spend anywhere from $30,000 - $50,000 per year eligible for card purchases. I do buy things on amazon. I am mainly interested in good cash back cards, an amazon card, and of course a gas card.
Capital One Venture card - I took advantage of the 50,000 miles deal and now have around 70,000 miles to spend. The first annual fee was waived but it is $95 when the next year starts up. I am thinking about getting rid of the card when this occurs if the company will not waive the fee. 2x miles on every purchase and 1:1 miles transfer. I’ve heard a lot about how miles aren’t always worth it due to airlines dilution and the hoops one must jump through to redeem.
Seriously thinking of adding:
Amazon Prime Rewards Visa Signature Card - no annual fee and 5% back on amazon purchases - this would be used only for amazon purchases.
Discover it Cash Back - no annual fee and 5% on rotating categories - I don’t mind keeping track of the categories - I would use this when I can get the 5% back then move to the Citi Double Cash Card
Bank of America® Cash Rewards credit card - 3% cash back on gas up to $2500 per quarter (should be fine with that), you can get an additional 10 percent customer rewards bonus when you redeem your rewards into your active Bank of America checking or savings account. So this would be used when the discover is not in rotation.
Citi® Double Cash Card - no annual fee and 2% on everything with no limits - this would be my fall back card and the card to replace the Capital One Venture card if I end up canceling.
These are the 4 cards I’d like to keep as my main “squeeze” and possibly get out of the Venture card. I feel like no AF is really the way to go. Does anyone feel getting a miles card is worth it especially when I only really travel 1-2 times per year for business and 1-2 per year for vacation? Thanks in advance for the remarks! Will applying for all these cards at once cause issues on my credit?