Here is my scenario:

I have six Chase cards, total credit limit near $100k. My monthly spend is nowhere near the limit of any of the cards, so I pay the full balance a few days before their due date.

Turns out my Freedom Unlimited has a relatively low limit of $8k, which never bothered me since I rarely used it for large expenses (for me, usually travel, which goes on the CSR or Plat).

But with the current Pay Yourself Back option, I have been putting more on my FU. Specifically, I charged my Q2 and Q3 estimated taxes and even considered pre-paying my estimated taxes for Q4 now. Which, together with health insurance and other misc charges would require cycling (or I could request a reallocation of credit from other cards). Not going to do that for the relatively small reward, but I do wonder if cycling is per card or factors in the overall credit the bank has extended to me. If I was money laundering (as seems to a concern based on RNE’s a link), I could just spread it across cards instead of cycling one.