What’s In My Wallet: March 2018

Welcome back to our second month of taking our cards and what we plant do so with them. Before getting into the cards that are currently in my wallet, I figure I should give a quick update.

The Updates

I’ve come to a decision on what I want to do with my Slate card from Chase. I’ve decided to product change it into a Freedom card. The Freedom card offers 5% back on rotating categories. While I don’t personally believe them, there have been some rumors floating around about Chase wanting to get rid of the Freedom card. So with that being said, I figured I may as well go with that one, incase they want to remove it to new applicants.

Cards in my Wallet

  • Amex Blue Cash Everyday
  • Chase Freedom
  • Discover Chrome
  • Citi Double Cash

Strategy

  • Grocery: Blue Cash Everyday (3%)
  • Gas: Chase Freedom (5%)
  • Restaurants: Discover Chrome (2%)
  • Everything Else: Blue Cash Everyday / Citi Double Cash (1%)

If you compare this month and last month, you’ll notice that my strategy has been a little bit more streamlined. Grocery, restaurant, and my everything else spending is the same with Blue Cash Everyday, Discover Chrome and Citi Double Cash card. The main difference is the gas spending, which is the 5% category for my new Chase Freedom. 

Next Card

I’ve decided that I want to go all in with a travel credit card, and there’s no better than the Chase Sapphire Reserve. The $450 annual fee is made up with a $300 travel credit, 3x back on travel and dining, and a slew of other benefits and perks. The only problem I have is that the Sapphire Reserve requires a minimum credit limit of $10,000. Unfortunately, Chase isn’t very likely to give out that limit if no other cards are up there. 

That means I’ll have to work with what I’ve got and boost up a few credit limits. The strategy here is to spend on both Amex and Discover and get the soft inquiry credit limit increases, hopefully to the tune of $10,000+ I have a big graduation trip planned in November, so October would be the perfect time to apply to help meet that $4,000 sign up bonus spend on the trip. 

Final Thoughts

I’m really trying to set myself up with a few select players here. I’m already in with American Express, which should be able to help with my credit limit dilemma. I product changed to the Freedom card, so hopefully spending on the 8 months until October will show Chase that I’m here for the long term. 

What do you think about this strategy? Do you think I’m setting myself up in a good way for the Sapphire Reserve? Let us know down in the comment section below. 

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