A Peek into My Wallet, Part II

Whether you are searching for a new credit card or re-evaluating the credit cards you already have, keep in mind that there are very few reasons to have more than 1-2 credit cards.  Having too many revolving lines of credit might lower your credit score and might increase the amount of time it takes to redeem any sort of meaningful reward.  Here are the credit cards I keep in my wallet:

Citi Forward Visa – As mentioned in a post a few weeks ago, I got this card to replace my corporate credit card, which I have been using as my primary credit card for the past three years (more on this in a later post).  There is no annual fee and you get rewards for being a responsible cardholder, such as 100 ThankYou points each month and a 0.25% APR reduction every 3 months for staying under your credit limit and paying on time (These are things I have always done, and yet have never been rewarded for them before.  But your APR can only be reduced by up to 2%.).   Further, I get 5 ThankYou points for each $1 spent on books, music, movies, and restaurants.  These purchases make up the bulk of my spending anyway!  For all other purchases, I get 1 point for each $1 spent.  Last, I love Citi’s ThankYou Network rewards program, as I have already discussed in a previous post.

Discover More Credit Card – I also use this as my secondary credit card for the reasons mentioned in Part I.  Another reason I love this credit card is  the fact that I can order multiple cards for the same account, including one that can be put in my keyring.  Discover offers a variety of card designs, so you can choose the one (or several) to reflect your personality and to put them in different wallets.  Plus, the Discover card is the only card for which I have gotten compliments from waitresses and cashiers.  I can also purchase from retailers through ShopDiscover and get 5% cash back that way.

Let us know which credit cards are in your wallet and how they have worked for you.

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