One of the reasons WE#1 and I started writing this blog last year was my obsession with credit card rewards. I initially wrote about this topic in August of last year in, Get a 1% Sale on the World. Now that we have had another year of rewards to redeem I wanted to update our readers on our reward reaping.
Here is a spreadsheet of every CC my wife and I have opened since 2009 and the rewards we received from each.
|Credit Card||Date Opened||Date Closed||Rewards Received|
|Chase Freedom (joint)||Aug-09||Still Active||$400.00|
|Buy.com Visa (me)||Aug-09||Aug-10||$50.00|
|Chase BP (me)||Aug-10||Jun-13||$100.00|
|US-Bank Select (joint)||Aug-10||Still Active||$1,600.00|
|Gold Delta Skymiles (me)||Nov-11||Oct-12||$300.00|
|Gold Delta Skymiles (wife)||Nov-11||Oct-12||$300.00|
|Chase Sapphire (me)||Nov-12||Jun-13||$450.00|
|Gold Delta Skymiles Business (me)||Nov-12||Oct-13||$300.00|
|Gold Delta Skymiles Business (wife)||Nov-12||Oct-13||$300.00|
|Amazon Visa (me)||Nov-12||Jun-13||$30.00|
|NewEgg Visa (me)||Nov-12||Jun-13||$30.00|
|Target Debit Card (joint)||Jan-13||Still Active||$300.00|
|US-Bank Travel (me)||Jan-13||13-Aug||$400.00|
|US-Bank Travel (wife)||Jan-13||13-Aug||$400.00|
|Chase Sapphire (wife)||Jun-13||Jan-14||$450.00|
|Walmart Visa (me)||Jun-13||Jan-14||$25.00|
|Chase Ink Bold (me)||Jun-13||Nov-13||$650.00|
|Gold Delta Skymiles (me) 2nd||Nov-13||Still Active||$300.00|
|Citi Bank Preffered (me)||Jan-14||Still Active||$400.00|
|Discover IT (me)||Jan-14||Still Active||$150.00|
|Discover IT (wife)||Jan-14||Still Active||$150.00|
|Chase Ink Bold (wife)||May-14||Jul-14||$650.00|
|Chase Ink Plus (me)||Jun-14||Still Active||$650.00|
This is a total of $8,385 in 5 years by just using credit cards to buy everything we would have been buying anyways.
Many people are concerned about opening and closing this many credit cards because they are afraid it may negatively affect their credit score. Well thanks to our Discover IT cards I can see as of today both my wife and I’s scores are above 700. The only real effect of opening and closing multiple accounts that I have seen is that you will always have a -30 to your score for too many recent accounts. The nice thing is this is -30 whether you open 3 accounts or 20 and I can live with a 30 point ding to my credit when the reward is thousands of dollars.
Also just for reference during this time my wife and I have purchased two homes, financed 5,000$ worth of carpet (12 months interest free), refinanced our town home twice, and purchased a car. In each of these cases our credit has never been a hurdle!
I do not want to beat a dead horse here so I will leave this post short and to the point. If you want more information check out Get a 1% Sale on the World or leave a comment and I will get back to you with some more details.