Credit Card Rewards - Wallet Engineers

Ultimate Credit Card Rewards Update

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.

By Wallet Engineer #2:

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 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.

9 thoughts on “Ultimate Credit Card Rewards Update

  1. Kipp

    You say you have refinanced your Town Home twice, do you actually find it worth the closing costs to do this? On my sub 100k mortgage it is very difficult to say I would benefit after considering closing costs.

    1. Post author

      Typically this is not worth while but the first time was to drop our interest rate by 1 whole percent which was worth it and the second time was to refinance our FHA into a conventional to rid ourselves of PMI.

    1. Post author

      It really is nice. When I first graduated for college my wife and I were putting 200$ away each month into our vacation fund but now that we have started using CC’s to rack up the points we don’t use hardly any actual cash for vacations. More money into the IRA!

  2. LeisureFreak Tommy

    I have been bragging about how I haven’t paid a dime of interest on my credit cards for over 15 years and they pay me to use them but I didn’t think about Churning Cards for their sign-up reward offers. This is really something for me to think about. Thanks for laying out your amazing plan and results.

    1. Post author

      No problem I am happy to share! Even if you are only taking advantage of a 1% cash back and paying your bills in full each month you are still ahead of most and getting paid to buy things you would be buying anyway.

  3. A Frugal Family's Journey

    Nice payouts from credit card rewards! As long as your behavior stay same whether you charge or not, I also think there are real benefits to CC rewards. Obviously, the CC companies are banking on the majority who do not think like you nor I or these programs would exist. 🙂

    1. Post author

      Thanks! So many people look at a 500$ credit card reward after spending 5000$ as a reason to look for something to spend 5000$ on that they don’t actually need. I instead look out for big purchases that are coming up and find the credit card to fit the purchase instead of the other way around.


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