That sounds fine but how many cards do you want to have to carry in your wallet? Bluebird is useless for earning points so why even have it in your wallet?

The insurance thing you mention is a bit of a stretch. If you want Amex to make a profit off your account, you can occasionally leave some money in it so they collect some interest. It's not like you get anything meaningful in a savings account. Why let go any opportunity to earn points?

Agree with the occasional using of older cards to keep the account active. But the best way to do this IMO is to purchase yourself a $1 Amazon gift card and apply to your account every 3-4 months or so. Once you store the CC info in your Amazon account, you don't even have to dig up the card for repeat purchases. Beats carrying around all these cards in your wallet and having to constantly switch them.

Personally I limit myself to 4 cards at all times always having atleast 1 Visa and one Amex. I carry the Freedom (still get the 10 points per swipe), SPG, Blue Cash and any card I am meeting minimum spend on. If I need a no foreign transaction fee card I carry the Amex Plat and Priority Club card and get rid of the SPG and Blue Cash.