Indeed. This is one of the assumption failure in all of the credit card comparison engines. They figure out which one card is the best fit for your spending. But who has just one card?
have a target card? only and always at target. 5% off
discover & chase freedom - always and only when it's at 5% "cashback". And always redeem them for > 1:1 GCs.
Gas? Always and only PenFed at the pump for 5%.
Marriott? always and only time i use the marriott visa
With all the ways to meet initial spend without it costing a dollar, why waste the cashbacks?
Originally Posted by
MDtR-Chicago
(2) Which card is best for
ongoing spending?
Probably a different card. This depends on what types of spending you have most - restaurants? gas? etc.
It could very well be a combination of several cards. For example, I'm actively using 7 cards right now to maximize payback on categories:
- 5% cash on gas
- 5% cash rotating categories on Chase Freedom and Discover
- 4% cash on restaurants, movies
- 2 miles/$ at United on groceries and 3 miles/$ on UA airfare
- 5 points/$ Marriott Visa for hotels and 2 points/$ rental car (hopefully)
- 2% cashback card for everything else
Each person should figure out his/her own balance, based on knowing exactly what each sort of mile or point is worth in each unique travel profile and evaluating against cashback opportunities.
Because the signup bonuses are so high right now, you might be better off focusing on #1, getting the good bonuses, and then later going back to round out your cards. You'll only get so many accepted applications across short time frames before you've got too many "pulls"... And it goes without saying, if you need a mortgage within the next 2 years, you may not want to play this game.