What’s In My Wallet (Q1 2024) | Improving the Credit Card Strategy
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- Опубліковано 25 чер 2024
- So for the first quarter of 2024, there hasn’t been much change to my credit card setup, but that’s a good thing, and here’s why.
Since my setup doesn’t contain any rotating category cards, there’s really no need to constantly change things up every quarter, making understanding and perfecting my credit card setup much easier.
After using it over the past few months, I’ve learned a lot about my spending habits and analyzed some data to see how I can continue to make small adjustments to have these cards fit my lifestyle.
There are 5 cards in my setup, and this is how I use them:
1. Tthe US Bank Altitude Reserve for 3X points back on mobile wallet purchases, travel, and select transit
2. The Bilt Mastercard for 3X points back on dining where mobile wallets are not accepted and 1X points back on rent
3. The Bank of America Premium Rewards Elite card for 3.5X points back on transit not covered by the US Bank Altitude Reserve card and 2.625X points back on all other purchases
4. The Amex Platinum Card for 5X MR points back on flights
5. The Bank of America Customized Cash Rewards card for 5.25% cash back on online purchases
The data I analyzed was from Q4 2023 and included two metrics: the amount spent on each credit card as compared to each other and the number of individual purchases made on each credit card.
This data was super helpful in guiding my credit card decisions, so I hope you're able to apply some of what I've learned to your credit card setup to make your category earnings this quarter the best and most valuable yet!
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Note: Use the Bilt Mastercard® 5 times each statement period to earn points. For more information, please visit www.wellsfargo.com/credit-car...
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📚 Chapters:
00:00 Intro
00:36 What's In My Wallet Q1 2024
01:39 Transaction Analysis Data
08:29 Catch-All Credit Card Plan
11:08 Product Change Sequence
13:58 Outro
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Some of the products that appear on this website are from companies from which I will earn an affiliate commission or referral bonus. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
I am not a financial advisor, accountant, or lawyer and do not provide financial, tax, or legal advice. This video and any ideas presented in it are my opinions and are provided for entertainment purposes only. Please do your own research and consult your own financial, tax, or legal professional for specific advice.
#creditcard #whatsinmywallet #cashback
I can't lie - i love the math driven set ups. Sounds like I need to open a deposit account with BofA
Luke, you need to!! 5.25% cash back is no joke, and I know you can get there! Self-Directed brokerage with Merrill w/ S&P500, easy-peasy - hah!
yeah that might take me some time unless i can convert some stuff but I can definitely do it mid 2029. Until then I'm stuck with these awesome travel points. @@TheCreditFrog
No, you don't, there are better cards on the market, without requirements of deposit.
@@yurig2530 Depends on what you’re looking for!
@@TheCreditFrogI'm mostly looking for 5x or more, and Citi setup with Curve is unbeatable right now.
I have a feeling the US Bank AR is going to be the core centerpiece of your Setup for a long time, so much value to be found there. Definitely makes sense the spend on the Plat was a bit higher with the honeymoon spend, so exciting! Love the data-driven approach & the spending frequency chart is definitely a helpful illustration to support your overall spending breakdown. Great video as always Stan!
I think you're right Matt! Unless they change the card or something, this card is going to be a main part of my setup for (hopefully) many years to come. It's definitely cool to analyze your expenses and see where your money is going so it was fun to do this exercise for the video! Appreciate it bro!
Love the data-driven approach you took towards evaluating whether your core and supporting cards are really being used as such. Also YES completely agree with calling it "highly subsidized" travel ... if one doesn't appropriately budget for those expenses that aren't covered with points/miles/statement credits, the eventual travel bill might be uncomfortably shocking. Awesome stuff Stan!
Thanks so much Monty! Yeah, I think it's super important to analyze your transaction data so you can make those data-driven decisions to figure out what card is still working / needs replacing. And yes, it's also important to make sure that the travel you're getting "for free" isn't going to break the bank where you get there and start splurging at that Waldorf Astoria/Ritz Carlton/Grand Hyatt!
Solid setup backed with data! Thanks for the detailed overview brother! 10k soon!🚀
Of course César!! Love data-driven decisions. I appreciate your support. Hopefully will get to 10k soon!
Very Nice. You Do Your Research! You make me want to look at Bank of America Cards again.
I learned it from the grandmaster who does his research - Mr. Sledge!! Thank you sir. BofA cards are legit with the PH boost!
Great content as always! Thx Stan!
Of course, Dugroz! Appreciate it!
Thanks for the great info + video!
Of course, Jimmy James!
Great video stan.
Excellent to see the breakdown of your stats. Im gona have examine my spend as well. Seems like you came up with a great system for your core setup.
I just finished earning 2 subs myself, so im pivoting back to my core setup but im always reviewing it for updates
Thanks Doc! Definitely check out your spend - I think it's a very eye-opening experience and can help tailor your setup to something you may not have even though of before! Congrats on finishing the 2 welcome offers! They come and go, but your core setup will always be there so it's not something to be underestimated. Great that you're reviewing it always for improvement 👍!
Excellent analysis! ✊
Thanks Shawn!
Solid setup Stan, definitely agree that once you've created your core setup, it's more about what you're planning to do rather than switching it up all the time, the only time I personally change things around is when I want to hit a welcome bonus offer, other than that, nothing really changes.
Nice Eric! Yeah, the core setup is always the most important since it's what you fall back on, but since we're all trying to get welcome offers, they're definitely going to be a major player here and there. Glad to hear you're on team consistent instead of switching it up a lot!
I love how you stick to cards based on your use and not hype. I’m still working on racking up points, but at almost 200k MR, I think I’m ready for a quick weekend trip on spring break!
Love your content.
- Ivan
Thanks Ivan! Gotta work on burning those points for that next great redemption! Spring break would be as good as a time as any to use them!
I feel like we’re all playing checkers and you’re playing chess when it comes to credit cards. I always learn something new from your videos. Thanks Stan!
Thanks Jake! That's a really nice compliment, and I really appreciate it, but I think we all have something to add! We're all learning how to get maximum value together! I'm happy to hear that you learn something from my videos as that is my goal with each one!
USB AR + BILT + Plat is such a good setup. I think im gonna work towards that for mine too
I agree Jake! Definitely work towards that setup. If I remember correctly, you have 2 of the 3 cards already so you're almost there!
Thanks on touching base with the BoA cards.
You bet! They are awesome!
Thanks doc
You're welcome!
Your setups are always so unique smd you talk about slept on cards that no other cardtuber really talks about (USBAR, BofA, etc)
Makes for interesting setups for sure
Thanks! Yeah, I'm happy that my setup is pretty unique, but I think a lot of people are starting to come on to the USB Altitude Reserve, which is great because this card deserves more attention for being so awesome!
Great setup. That Altitude Reserve is making more and more sense to me. If only I could product change from the Go.
Thanks Joker! The USBAR is for sure my favorite card. Is it not possible to PC from the Altitude Go?
@@TheCreditFrog I just product changed from the Connect to the Go, which was my only option. I'll definitely give it a try in about a year or so. If not, I may build a stronger relationship as you did, apply and get the signup bonus too.
good setup
Thank you!
Hey Stan, great analysis! Just curious, what type of transactions are you using the mobile wallet/Altitude Reserve on? In thinking about my own spend, I can’t think of many situations where I use mobile wallet. I have a B of A customized cash card and have it set to online shopping. It gets a lot of use.
Hey Paul, thanks! I use it for basically all transactions. Anything where I can use a tap to pay terminal on. This basically covers (most) restaurants, gas, groceries, and some transit! I also put 3X travel on the card too, mostly to make the RTR 1.5X redemption multiplier kick in! Mobile wallet category is the best!
Yes Sir! 👍
💯
Will you do a vid on all the credit cards that you have, and why you have them?
Yup, I'll be doing a video on that!
I just grabbed a US Bank Altitude Go secured card, I’m done playing with crap approval odds with US Bank ha in a year it will graduate and I will be all set! I love the no FTF and solid rewards of the Altitude Go. ✊
Very nice! Congrats on the approval and that’s a nice choice from the US Bank lineup!
Great video. How are you using the redemption for US bank reserve card points. I am assuming you use your Marriot cards for hotel and Amex platinum for flights so not sure how this card would benefit me and wondering if you have any thoughts .
Thanks! I personally calculate my available rewards and when I have an upcoming travel redemption (could be air travel or hotel), I selectively use the card for that purchase to get that 1.5X redemption. If I need to get a rental car, this card works great for that too! Otherwise, you're right, I use my Marriott card for hotels and Amex Platinum for flights otherwise.
Great video as always Stan. Interesting to see how everyone spends on their cards differently. I have a personal question if you can help me. I am moving overseas permanently soon, and need help on a second credit card suggestion. Currently have the chase sapphire preferred. Also, I have the no annual fee Hilton card and a Savor one. Called up Capitol One and they would not ship a card out with a foreign address. Chase and Amex would.
Thanks! Hope all goes well with the move. From my perspective, I don't have any solutions for shipping out a Capital One card to a foreign address. I know UPS offers PO boxes with real addresses so that may be something to look into, but I don't know if you have to register a US main. I think your setup is solid to capture a lot of elevated categories overseas.
I was just going to cancel the Savor one and keep the Amex and chase. Those are the only two credit cards companies based on my research, that allows you to have have a foreign address.@@TheCreditFrog
I just got my USBAR 🎉
Oh man!! Congrats 🎉!! That is huge! A great card that will change the way you look at credit card categories.
hi Stan, did Chase mention any deadline date for the Hyatt personal & biz cards SUB promo? cant find any... thanks
I'm not sure when the promo is ending. Your guess is as good as mine!
Nice job. Both BoA Black Cards also offer 3.5% on Dining. I know the point was not to cover in detail but the Elite card has insurance on rental cars, discount on rental cars, baggage and delay insurance on flights, payments for canceled flights, and 4 Priority Passes allowing 3 people per pass and the Priority Pass includes restaurants with $28 credit per person. If you fly even 5 times a year and do not use another travel card, the Elite card is pretty solid even at $550 of course this assumes you have 100k with BoA/ME. Also, the $300 and $150 offsets are annual not broken up into $20 monthly credits like AMEX and the $300 airline offset you are not forced to pick an airline of choice. For me, the Elite and Red Rewards are all i need, I could see a 2nd Red Rewards for another 5.25%. Both cards, rewards straight to your account no hassle with redemption. BoA travel portal is worthless most of the time, that is my biggest grip with BoA Elite Card.
Thanks Forest! Yeah, the PR Elite has some pretty nice benefits as you mentioned, with a pretty flexible Priority Pass and some pretty nice statement credits that are much more flexible than similar ones found on Amex. I had the same experience with you regarding the BofA Travel portal. When the card first came out, Southwest was an airline on the portal which was pretty nice, but SW has since left the portal and the flights on there (at least for me) sometimes cost even more than the what's advertised directly on the airline. It makes that 20% airline redemption bonus not as valuable. This is part of the reason why I'm going to transition to the PR card at my next renewal for the PR Elite! Thanks for providing a lot of good information on the PR Elite and it's benefits!
I don't use the BILT feature to pay directly from the bank account, but it's still only about 10% utilization so I don't think it matters. My rent is around $1600 and my bank account gives me ~4.5% so that's like getting about $70/yr extra, lol.
Haha, yeah, if you wanted to do a mini-arbitrage by holding the rent on the card and getting some HYSA money, I guess that would be something to think about too! For me personally, I just like the simplicity of just being able to pay my rent, get the points, and move on to the next thing!
When it comes to the Premium Rewards Elite (PRE) and Premium Rewards (PR) card, I tried to product change from the PR to the PRE, and I was told they're separate products. Not sure if that's the case the other way around, though. I actually still have both, and I'm able to move the points from the regular PR to the PRE. I kept the PR because I have an AU card for that one, so my wife can use it, and I can move those points over to the PRE. I'm still on the fence if I'm going to keep it, but I like the card so far. I'm striving for a simple card solution; I don't want to juggle like 6 cards trying to find the perfect card for each transaction. Life's complicated enough without making it worse.
Oh interesting Shad! That's weird that you couldn't go from PR to PRE. I was told that the other way was possible by CS, but didn't go through with it when my AF hit last year. I wouldn't mind keeping the PRE around, but I've noticed that I don't use the BofA Travel Portal enough to take advantage of the 20% redemption boost on the PRE. For my use case, I think the PR is going to be an overall better fit. I hope I can change the PRE to a CCR because I was told it was possible, but some have commented that this was not possible for them. I'll definitely have to do a follow-up once my PRE AF hits so I can get the data point to share with everyone! I agree, less cards is better if you can organize it that way!
Ideal core setup: you only need 2 cards:
1. Altitude Reserve for in-person transactions
2. A card with online category, such as AT&T AM (3-4x) or BofA CCR (3-5.25%) + Curve. CCR can be converted to MC, so you can use it with Curve. Everything which goes via Curve codes as online. This also works for in-person, so you don't really need AR anymore.
Sounds like a nice setup using the Curve card! I heard that it's no longer open to new applicants and their cash back program has closed.
@@TheCreditFrog yes, no cashback anymore, but it's still very useful. You can join a waitlist.
You used the Bilt card 46 times last quarter. Was there any headache remembering to use it 5x a month?
Hah! Not at all. It was pretty fluid and just using the card naturally, I cleared that limit with no issues!
I've been trying to figure out what my setup should be. There was a time I used to travel a ton and got a ton of value from my PlatAmex, but those times are in the rear view mirror for me. I love Amex, and would even consider myself somewhat of an Amex fanboy. But it is annoying that I can't downgrade my Amex to a NAF card that suits me for now, until I'm ready to upgrade to the PA again. Is this what they call "golden handcuffs"? Or would these be Platinum Handcuffs?
Hah! Definitely Platinum handcuffs, if anything you could always go down to the Amex “Traditional Green” for $55 AF, but tbh there are so many luxury travel card options that are not as intense as the Platinum that you could choose from! It may even be better to go to Greener pastures (Iike the Amex Green which is definitely another downgrade path to consider at $150AF!)
do you use the CLEAR credit from the MS Platinum? I think only Platinum and Green has this benefit, it might be useful depending on where and when you fly out of.
Also Hilton Aspire. But clear is mostly useless. I used it before,then stopped using it, and didn't see much difference.
Yes, I use the CLEAR credit on the MS Platinum! Was pretty meh compared to TSA Pre-Check, but now that more people have it, I've noticed CLEAR is becoming more and more useful!
@@yurig2530 Had that experience initially, but the past few trips I've done, CLEAR has helped me skip the TSA Pre-Check line, which has become increasingly longer!
Does the BILT card work on mortgage payments same as the rent, or is there something special about it having to be only rent payments?
Some have said that they have been able to use as mortgages, but not officially. Officially, Bilt is working on making this happen! Not sure myself because I still rent.
does the 5x gas & 5x dining & 5x groceries for the Chase IHG Premier applies outside US? thanks
Yes, it should apply outside the US!
Yes, the 5x worked on my family trip to Costa Rica.
Why the BoA Customized Cash Reward cards over the Citi Custom Cash? Feels like there is more upside for the Citi product without giving up much on base earning rate.
I already bank with BofA and have PH status. I don't have any Citi products. So I'm with BofA at this point, but the Citi Custom Cash is a strong card, no doubt!
@TheCreditFrog, are you now putting rent actually on your Bilt Mastercard given it will help you acquire higher status and, therefore, better transfer bonuses on Rent Day?
Yup, I've been paying rent on my Bilt Mastercard since I got it!
@@TheCreditFrog In the video, you indicated that you were paying rent via BiltProtect Debit. I know spending from BiltProtect Debit earns points for rent, but does it also count towards status?
@@cws-07 Bilt rent or BiltProtect Debit both earns points for rent, but after the program was updated, those rent points no longer count towards status regardless of how you pay for your rent! So you have to get points for status through other means.
@@TheCreditFrog Okay, I understand now. I thought you might be able to earn towards status if you used the card, but not if you used BiltProtect Debit. That's unfortunate. Thanks for the replies. By the way, I love all of your vidoes, but your strategy videos are my favorite!
@@cws-07 I appreciate that! Thanks so much for your support!
I’m first…forget the other 6 comments
Here's a trophy for your troubles CJ 🏆. I left your participation medal in Ahmad's comment.
Bank of America unlimited is free too with $.01 redemption.
Great card! Definitely worth considering if you don’t want to pay the $95 AF on the PR on not planning to use it internationally!
I recently product changed my US Bank Altitude Connect to an Altitude Reserve, inspired partly by your arguments in its favor. The US Bank product change process is indeed weird, from a slow online change process, to wondering from quite a few data points, as to whether I’ll get an unpromised (accidental?) sign up bonus. I’ll let you know.
But I have the same issue with lack of parking coverage, and I also want no foreign transaction fees on that. Which leaves me the Sapphire Reserve (which I can’t apply for til December) or the Autograph. I cancelled my WF Active Cash because of their horrible customer service and don’t want to go that way. I wish there were a Visa version of the Amex Green!
Very nice Robert! You're going to love the USB AR! I've heard that you can still get the welcome offer from a product change so definitely keep an eye out for that! FWIW, I had a welcome offer spend counter on my card when I first opened mine so not sure if you're account shows that or not. As for parking coverage, yeah, I would say CSR would be your best bet if you didn't want to go the BofA or WF route.
@@TheCreditFrog I’m still waiting for the card to show up as a Reserve rather than Connect card! It’s maddening. Some people say by the time they get the counter, it’s too late to do the spend! So I’m going to spend on it as if, for at least 45 days, to see. Can’t hurt except for opportunity cost from not spending on my other cards while I’m gardening for the CSR.
US Bank just plain sucks. Customer service, IT, processes/workflows. And their couponing is even more bizarre and tedious than Amex. Believe it or now.
@@newagain9964 I know, I have them as my brick and mortar bank, with various successes and failures. I’m just hoping this one card works out well, like my Cash + card. If not I’ll probably move all my banking elsewhere.
@@newagain9964 That has not been my experience so far!
Are 5x American express on flights price competive?
Oh definitely 5X on flights and redeemed correctly can be amazing value!
@@TheCreditFrog Thanks!
@@FreedomFinanceFun You can book directly with the airline so you don’t really have to worry about pricing.
71 txns on USBAR in a quarter? Those are rookie numbers. I went back and looked at my card and I had 138. But I have a high maintenance wife and son to spoil....
Hah! Contrary to what a lot of people probably think, I really do try to keep my spending way down, and since I only use credit cards to purchase things, it's easy to see how I'm doing. I will say that as someone who is not yet married with no kids, it's a lot easier for me, but for families, there's definitely more expenses that need to be done! In any case, analyzing your transactions is key to figuring out which cards work for you, and which was no longer get you value!
The BofA cards are only useful because you have a huge amount of money with BofA. You want to share that with us?
That’s the power of BofA’s Preferred Rewards system!
First
Almost Juan! Keith and Ahmad beat you to it! But you got 3rd 🥉
UA-cam sucks big time! Most of comments are getting removed!
Sorry about that!
Isn't he a physician? Why would he get married? There's a new crop of freaky nurses every year.
It depends on what you're looking for!
@@TheCreditFrog Clearly, I'm looking for freaky nurses, lol. I'm just horsing around. Congratulations.
First
Congrats Ahmad!! You are FIRST today 🥇. I'll put CJ's participation medal here too when he comes here to comment. 🏅
@@TheCreditFrogdon’t give Ahmad BOTH of my medals! I’ll be meeting with The Committee on your actions Stan.
First
Almost Keith!! 🥈
@@TheCreditFrog rigged