With 7 Cards, The Credit Card Game Is Getting Boring. How Should I Simplify?

A Reddit poster has been trying to maximize his credit card rewards for a long time.

He said he has seven different credit cards total, one of which he pays an annual fee for. He also explained that he has many different 5% cash back cards for every available category of spending.  However, he’s not sure where to go next, and he said he’s getting bored with the credit card game.

So, what should the poster do to simplify? 

How to maximize credit card rewards without complicating your life

Taking advantage of credit card rewards programs can make good sense. The best cash back cards can effectively make your purchases a lot cheaper by giving you money back as a statement credit or by depositing the money right into your bank account.

However, as this poster noted, it can start to get boring keeping track of all of this. Yes, if you have seven cards, you may be able to get 5% back on most purchases you make. However, you have to carry seven cards around, pay attention to which card you’re using for every single purchase, and remember to make payments on all those cards and manage them all effectively.

It’s not a surprise that the poster is getting bored and burned out with doing all that. And, it may not even be worth the time and effort he is spending on it. Instead, he’s likely better off looking for one great cash back card that maximizes the rewards he gets on all his spending. 

For example, rather than switching to different credit cards all the time, each of which probably provides 5% back on bonus categories and 1% on everything else, the poster may be able to find just one great card that offers 2% back on everything.

Or, if he can qualify for credit card loyalty rewards perks that give you extra bonus rewards if you have a certain amount of money deposited in bank or brokerage accounts, he could get an even higher standard cash back rate on all purchases. Doing this, and using just one or two cards, could still help him get a great cash back rate, but without any hassle. 

Focus on the big-picture issues that are going to improve your financial life

Having a good cash back card, or maybe even two, is a smart move. You don’t want to pass up the rewards that these cards offer, which effectively provide you with free money for spending that you were going to do anyway. The rewards add up, and there’s no reason not to get discounts on all you buy as long as you’re paying off your balance in full on the cards. Many cards also offer other valuable perks to take advantage of, like extended warranties or return protection. 

However, you can take your efforts to earn rewards too far, as the Reddit poster has. Spending the time and energy to manage seven cards simply isn’t worth it for most people. Instead, when it comes to building wealth, focus on the big picture stuff, including increasing your income, investing in the right assets, and avoiding high-interest debt. A financial advisor can help you identify these big picture goals, and work with you to find wealth-building options that will actually make a noticeable difference in your net worth over the long run.

So, research your card options, find one great card that will give you generous rewards, and then focus on the bigger picture items that really matter while you rack up those rewards effortlessly in the background.

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