Most of the advice in my blog is primarily of use to “low-spender” middle-class family. If you are looking for sophisticated MS or reselling strategy, you are in the wrong place. That said, majority of my credit card advice does apply to high spenders as well. Here is an email I got the other day. As always, I edited it down and took out the names:
Currently we have one card (CapitalOne World Elite, $19/yr annual, 1.25 mi/$), have had it for over a decade, always pay off balance (about $6k+/month), and we finally woke up to how much better we can do. (Yeah, we’re that dumb!)
So, what card/cards are best for long-term cashback mainly. We do travel, but not much, so points and miles are less preferred than cashback, and especially points or miles that are “captive” to one agency or airline or ‘program’ are undesired… we’ll probably forget about them! Automatic cash back to the card is best.”
First of all, you are not dumb for not obsessing over credit card rewards. Let’s face it, there are much more important things in life! Many people don’t get any rewards for their purchases, so earning 1.25 cents per dollar, you are still ahead of most in this respect. I also understand why you don’t want to constantly switch cards.
It can be time-consuming, though I do recommend you at least consider getting one or two new bonuses per year. For most families, it will be sufficient, and will supplement the rewards you are getting via everyday spending. Canceling cards is quite easy, and can be done via secure message in your credit card profile, no need to call. Of course, this is totally your decision.
As always, every family is different, so it’s impossible to recommend a golden combination that happens to be “one size fits all.” While my advice for high spenders will differ somewhat from that I would give to a typical family, in the end, it comes down to your unique goals and preferences.
Readers, what would you like to add to my advice? I would love to hear it.
Leana is the founder of Miles For Family. She enjoys beach vacations and visiting her family in Europe. Originally from Belarus, Leana resides in central Florida with her husband and two children.