2 Card System Works for Me

Discussion / Conversation Forum
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After 20 years of chasing points and reaping huge rewards, I started migrating to a cashback strategy about 18 months ago. With 1 million Chase Ultimate Rewards, 500,000 AmEx Membership Rewards, and another 1.5 million in various other points, I have enough for many upcoming trips. Now, I only chase sign-up bonuses for points; all my other spending is for cashback. The challenge is to simplify my approach by reducing the number of cards I carry. Currently, I primarily use two Bank of America cards (with a few exceptions), and I’m open to expert feedback for further optimization.

I moved $100,000 from Schwab to Merrill and parked it in a 5% 1-year Treasury note to avoid volatility concerns. Then, I opened 6 Cash Back cards (with my partner) to cover every 5.25% spending category and some Ultimate Rewards cards as well. I initially had a Premium Rewards card but found that the Ultimate Reward cards delivered just as good value (2.625%) without an annual fee.

In my wallet, I carry the Dining Cash Back card and one Ultimate Rewards card. This setup allows me to earn 5.25% on dining, 3.5% on groceries, and 2.625% on everything else. I keep the Gas Cash Back card in my car for fueling up, ensuring I get 5.25% at gas stations. The Drugstore Cash Back card is stored in my Apple Wallet for convenience. My spending in these categories is within the $2,500 quarterly limits. For online shopping, I primarily use my laptop and retrieve card details via 1Password.

I have a separate travel wallet, including a Chase Sapphire Reserve and Capital One Venture X for travel protections and lounge access, both of which have no foreign transaction fees. The Venture X also offers decent cell phone insurance.

Recently, I grabbed a 250,000 point offer from the AmEx Business Platinum card and 125,000 points from the Business Gold card, which will more than cover their annual fees due to sign-up bonuses.

While I mentioned ‘basically two BofA cards,’ I keep my Lowe’s and Home Depot cards for occasional trips there, though I’ve not found a way to add them to my Apple Wallet. I also carry my Fidelity CMA debit card for rare global ATM withdrawals. I’m looking to streamline further by eliminating those three cards.

This is how I’ve managed my setup—it works for me, but I would love any ideas for improvements!

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I feel like the title may not truly reflect the content of the post.

3

Amanda said:
I feel like the title may not truly reflect the content of the post.

Mr. 6 Cash Back Cards lol.

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Amanda said:
I feel like the title may not truly reflect the content of the post.

Absolutely agree!

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Amanda said:
I feel like the title may not truly reflect the content of the post.

Yep.

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2-ingredient chocolate chip cookie recipe:

After years of baking, I embraced a minimalist approach about 18 months ago, aiming for fewer ingredients but maximum flavor. The challenge is: how simple can you go while keeping it tasty?

Starting with bananas and oats, I optimized the flavor:

  • 2 bananas, mashed
  • 1 cup oats
  • 2 tbsp peanut butter
  • 1 tbsp honey
  • 1 tsp vanilla extract
  • 1/2 tsp cinnamon
  • 1/4 cup chocolate chips
  • Pinch of salt

Mix, scoop, and bake at 350°F for 10-12 mins. Though I call them ‘2-ingredient cookies,’ a few other additions sneak in. Suggestions for dropping the extra ingredients?

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@Amani
This wins the Internet!

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What’s the point of having 3 high annual fee cards, all offering Priority Pass?
Two provide 10x on hotel stays and all give 5x on flights through their portals. It seems like a waste of money with so much overlap.

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@esleystanley
At this point, it’s simply a farce. Amex has people justifying turning interest-free loans on their own money into points, thinking they will redeem them for great value. It’s just like being content with a big tax refund from the government.

10

A simpler setup can be beneficial.

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Diamonds said:
A simpler setup can be beneficial.

This post doesn’t really advocate a simple setup, though.

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Channing said:

Diamonds said:
A simpler setup can be beneficial.

This post doesn’t really advocate a simple setup, though.

True, it feels like the title and content don’t align well.

13

Consider a Cash Back card for home improvements that works at Lowe’s and Home Depot.

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If you can park some funds with US Bank, you can earn 3%-4% cashback on everything else.