What’s In my Wallet: February 2018

This is a new segment that I want to throw out there that outlines the credit cards I’m currently using, how I’m using them, and which cards I have my eyes on in the future. Also here I’ll list certain updates such as any credit limit increases, product changes, or even cancelations of any cards. You can expect an update to this every month, so be sure to stay tuned!

Just to give a good baseline for what I’m doing, here is my current credit card setup. You may note that these cards are not ideal for earning rewards, and that would be true. Now that I have a better understanding of how I can use my credit to get me the credit cards that I want and benefit me and my spend, we will be going on quite a journey together!

My Collection of Cards

  • Blue Cash Everyday $8,300
  • Slate $6,000
  • Discover Chrome $5,000
  • Citi Double Cash $3,300
  • Care Credit $5,000
  • Walmart $2,000
  • One Nevada Credit Card (Local CU) $5,000
  • Firestone $1,800
  • Shell $2,000
  • Chevron $2,000
  • Mobil $2,000

Cards Currently In My Wallet

  1. Blue Cash Everyday
  2. Discover Chrome
  3. Citi Double Cash
  4. Rotating between Shell / Chevron / Mobil

Strategy

So how am I using these cards? The breakdown is below:

  1. Groceries: Blue Cash Everyday (3%)
  2. Gas: Blue Cash Everyday (2%) / Shell / Chevron / Mobil
  3. Restaurants: Discover Chrome (2%)
  4. Everything Else: Blue Cash Everyday (1%) / Citi Double Cash (2%)

Obviously not every card here is being used. Cards like the Care Credit or Firestone cards that I have are just sitting around waiting for me to come up with a medical expense or tire expense. The other card to note here is my local credit union card is just used for a balance transfer on it. Most cards have balances that I’m working on paying down.

Either case, the card that sees most of my spend is the Blue Cash Everyday. It offers 3% back at grocery stores, 2% back on gas purchases, and 1% everywhere else. While it may make sense to put the “everything else” spend on the Citi Double Cash and get 2% instead of 1%, the problem is I have a balance on the Double Cash. If a place doesn’t accept American Express, I’ll put it on the Double Cash, but I’d prefer not to add to the balance. The only other category I put any spend on (and it’s very little to be honest), is the restaurant spend with the Discover Chrome. 

Next Card

There is one move I can do pretty soon that would not require a new account. Instead, I’m thinking to product change my Chase Slate into either a Freedom or Freedom Unlimited. The Slate card serves no purpose, as there are no rewards, and I’m not far from paying it down. Product changing instead of applying for the card itself offers an advantage of not adding to the 5/24 rule. The downside is that I would not get a bonus. 

Final Thoughts

I hope a lot of good comes from this segment. Not only will it help me document the cards I have, the cards I want to get, but it’ll also show how far you can grow your credit. I am a recent college graduate with a lot of debt. I know that overtime as I pay these cards down, my score and my credit will both go up. If I can do this, so can you. Let’s grow together!

Which cards do you have in your wallet, and how are you using them this month? Let us know down in the comment section below!

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