What’s in My Wallet, June 2018

As promised from last month’s post, I’ve got some pretty exciting news that I want to share. 

Updates

With it being 6 months since my last credit limit increase request from American Express, I figured it was time to once again hit the request line. I did try the good old 3x credit limit request trick, but I didn’t quite get that much. My limit before the request was $8,300. My current credit limit sits at $14,200! Again, it isn’t quite 3x, or even 2x. However this is still a pretty crucial point. Because I now have a card with a limit above $10,000, it will be much more likely that I’ll get approved for a Chase Sapphire Reserve. 

In addition to that CLI, I also requested an upgrade on the Blue Cash Preferred. American Express had targeted me with a $250 bonus if I upgraded to the Blue Cash Preferred and spend $2,000 within the first 3 months. The Blue Cash Preferred offers 6% back on groceries, 3% on gas and department stores, and 1% everywhere else. The only bad thing about the card is that it comes with a $95 annual fee. But with the 6% grocery spend ($6,000 max per year), that would leave me coming out ahead pretty easily. 

The one final update involves my Discover Chrome card. Frankly I’ve been thinking that only getting 2% back in purchases was pretty lame. Especially when just about every other card they offer gives 5% back, similar to the Chase Freedom. Having experience with the Chase Freedom, there’s nothing wrong with getting 5% back, and if I have more of a reason to use it, I’m more likely to grow the limit past 10,000. 

So, I product changed from the Discover Chrome to the Discover IT NHL. Not much of a difference between the Discover IT and Discover IT NHL, but it is a nice way to rep the Las Vegas Golden Knights (Go Knights Go!). Unfortunately, because of the product change, I didn’t get a cash back match sign up bonus. But that’s alright, I’d rather stay as low on Chase’s 5/24 scale as I can. 

Cards In My Wallet

  • Blue Cash Preferred
  • Chase Freedom
  • Discover IT NHL
  • Citi Double Cash 

Strategy

  • Meet Upgrade Bonus: Spend every penny on Blue Cash Preferred
  • Places that don’t take Amex: Discover IT NHL (1%) / Citi Double Cash (2%)

Because I accepted the Blue Cash Preferred upgrade bonus, it only makes sense for me to put all of my spend on the Blue Cash Preferred until I reach that $2,000 in spend. Not including rewards for the spend for the upgrade bonus itself, that $250 will be a return of 12.5% which beats out any other credit card I could possibly put spend on. The only caveat here is that the Blue Cash Preferred is an American Express. While more places are accepting the cards, not everywhere does. For those situations, I’m either putting spend on Discover IT NHL, or Citi Double Cash. 

Next Card

The next card on my radar is the Chase Sapphire Reserve. The two biggest requirements with this card I’m trying to play with are the 5/24 rule, and the $10,000 minimum limit. Because it’s a Visa Infinite card, it requires that the credit limit be at least $10,000. Chase isn’t very likely to give you that kind of limit if they don’t see any other cards near that point. Thing are looking pretty good now though with my Blue Cash Preferred limit.  

Final Thoughts

This is actually a huge month for me. I upgraded a card, product changed another, and got a nice credit limit increase that will give me a card that has a $10,000 limit. I think that big limit will help propel me into the direct that I need to go. Additionally, I’m pretty excited to have a card that will reward me for the spend I do. 

What do you think about these latest updates? Do you think I should be set to apply for a Sapphire Reserve? Or do you think I’ll need to bring that Discover up some more? Let us know down in the comment section below!

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