Credit Cards

Help with strategy, new to churning

  • Last Updated:
  • Sep 4th, 2021 6:32 pm
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[OP]
Sr. Member
Apr 8, 2020
640 posts
824 upvotes

Help with strategy, new to churning

I've gone overboard and have gotten so many new cards in the last month, started a spreadsheet and have gotten my wife and I to start spreading spending across cards to hit their bonuses. I need some help with strategy on what to do with my cards.
  • MBNA SmartCash Mastercard, opened 11/6/2015 - planning to keep, no fee, long history (before this date too)
  • TD First Class Travel VISA, opened 10/23/2018 - did a credit split to open another of these, plan on doing a product switch for this to something? Platinum maybe? I can still credit split this further too
  • Tangerine World Mastercard, opened 7/9/2020 - going to cancel this
  • CIBC Aeroplan VISA Infinite, opened 7/19/2021 - going to cancel this at six months? Got a buddy pass from this
  • Marriott Bonvoy American Express, opened 8/6/2021 - planning to keep this, don't want to get amexiled
  • Canadian Tire Triangle Mastercard, opened 8/9/2021 - unsure whether to keep for gas discount or cancel
  • BMO Eclipse VISA Infinite, opened 8/9/2021 - planning to cancel after a year to get bonus points
  • ScotiaBank Passport VISA Infinite, opened 8/15/2021 - planning to cancel after six months
  • American Express Cobalt, opened 9/1/2021 - planning to keep this, everyone says its a great card
  • ScotiaBank Gold American Express, opened 9/2/2021 - planning to cancel after a year for points
  • TD First Class Travel VISA, opened 9/2/2021 - did a credit split to get this, and new points, unsure what to do with this, product switch every six months? Got it to park my td rewards points
  • Neo Financial, opened 9/3/2021 - planning to cancel after six months
Curious if I'm on the right track with keep vs cancel, or if anyone has suggestions to earn more or do better (or if I'm missing anything - I'm eyeing the other tiers of buddy pass to convert before November deadline, but the annual fees of those tiers is high).

Could use any advice people can think of.
Last edited by Jokerpersona on Sep 3rd, 2021 9:38 pm, edited 1 time in total.
11 replies
Deal Addict
User avatar
Dec 2, 2002
1434 posts
185 upvotes
You seem to be all over the place and you’ve might of reached your “limit” since you had to split credit for the last card.

Figure out what you want by doing all of this, if it’s cash or equivalent then go after only those cards. If your travel plans are typically J/F flights and staying at the Ritz, then chase after Aeroplan and Bonvoy points. Mixing too many different point currencies just leads to more frustration than it’s worth.

Since you fear an Amex boot, keep in mind they’ve been doing soft credit checks on customers to see they’re non-Amex accounts. Opening 8 accounts in a short period of time might raise some red flags to them and other banks.
Newbie
Dec 10, 2012
57 posts
71 upvotes
MARKHAM
Are you me? I ended up making a GANTT-like chart, where I took total organic spend and allocated to each card based on MSR. If I'm at risk of missing MSR or to hit grocery spend, I use a PP which I then use for bill pay.

In the past 8 weeks, I opened 6 new cards, and P2 opened 4 new cards and did 1 PS.
Newbie
Aug 2, 2021
57 posts
56 upvotes
That is a lot of MSR in a short period to get the full bonuses.

And you are going to try to add another premium tier AP card and another higher MSR in time to get the buddy pass before Nov 30th.

Baller.
[OP]
Sr. Member
Apr 8, 2020
640 posts
824 upvotes
jigarshah84 wrote: Are you me? I ended up making a GANTT-like chart, where I took total organic spend and allocated to each card based on MSR. If I'm at risk of missing MSR or to hit grocery spend, I use a PP which I then use for bill pay.

In the past 8 weeks, I opened 6 new cards, and P2 opened 4 new cards and did 1 PS.
You are me, I am you.
hubbabubba73 wrote: That is a lot of MSR in a short period to get the full bonuses.

And you are going to try to add another premium tier AP card and another higher MSR in time to get the buddy pass before Nov 30th.

Baller.
Meh, the only hit is credit checks and I'm still at 850 after all of these. I'm also not even at my limit, got approved today for an Amex Aeroplan card that I mistakenly applied for (wanted the Reserve one). Cancelled it. Saw the AP Reserve annual fee and still deciding what to do, if I should apply for it or not.

I did the credit limit split on the td one cause a forum member said it would be better, had 20k limit on that visa so cut it up into 5/15, can still go further on the 15.

Basically just want to make the most of these churns, been hitting the bonuses easily.
Deal Addict
Nov 29, 2006
1597 posts
999 upvotes
As long as you can cash out all your points either by using them or transferring them somewhere else for safekeeping, then it's all good. Just make sure you don't have to keep cards longer than you would want to because you weren't able to get everything out of the card. If it was myself, I would have difficulty trying to utilize Scotia Points, BMO Points, and TD points if they were all scattered. Also, are you able to use the Scotia Passport Lounge Passes before you cancel? If not, it would a little bit of a waste imo, and would probably of "churned" this card later when you could use the benefits. But again, as long as you use all the points, then it's all good =)

On a side note, I'm a huge fan of the CT/Triangle cards, so should always have one of them as a keeper.
Deal Addict
Feb 4, 2019
2298 posts
3630 upvotes
BC
Jokerpersona wrote: got approved today for an Amex Aeroplan card that I mistakenly applied for (wanted the Reserve one). Cancelled it. Saw the AP Reserve annual fee and still deciding what to do, if I should apply for it or not.
Take a step back, sit, and breath. From what you've posted so far it seems like you are franticly applying for random cards without thinking. I highly recommend taking a break and thinking about what you are trying to achieve before applying for more cards.
ktkn wrote: I would have difficulty trying to utilize Scotia Points
Scotia points are some of the easiest to cash out.
[OP]
Sr. Member
Apr 8, 2020
640 posts
824 upvotes
rhw123 wrote: Take a step back, sit, and breath. From what you've posted so far it seems like you are franticly applying for random cards without thinking. I highly recommend taking a break and thinking about what you are trying to achieve before applying for more cards.


Scotia points are some of the easiest to cash out.
It's not so much without thinking, basically just seeing free stuff and getting it. A lot of the cards had a $100+ gcr or CCG rebate, so I get that off the bat, then their bonus rewards etc. Having no issues meeting minimums for the bonuses.

Yeah, I'm all over the place, but mainly because I don't have a reason to not be. Free stuff calls to me.
Deal Guru
Dec 5, 2006
10708 posts
5719 upvotes
Markham
rhw123 wrote: Take a step back, sit, and breath. From what you've posted so far it seems like you are franticly applying for random cards without thinking. I highly recommend taking a break and thinking about what you are trying to achieve before applying for more cards.


Scotia points are some of the easiest to cash out.
Totally agree what you said, should have strategy first then execution, not other way around.
Deal Expert
May 30, 2005
46096 posts
6584 upvotes
Richmond Hill
It sounds like you just woke up to the realization of CC bonuses :lol: The first rush is tempting, but very soon you'll become one of us and pace yourself across the year. Credit score hits don't get reflected until 1-2 months down the road, and many companies are starting to introduce terms that mean you don't want to apply for everything and anything. I started applying to anything that would give me even just $100 - nowadays, it takes $300 to wake me up.
Deal Addict
Nov 29, 2006
1597 posts
999 upvotes
rhw123 wrote:
Scotia points are some of the easiest to cash out.
Does the Expedia trick work for Scotia to get the bonus? If it does, and I have a credit on the account (they owe me money), will they send me a cheque or do I need to "use" it to redeem it?

If not, what are some of the easy ways to cash out? Thanks in advance!

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