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New WuhooPoints Interview
Having a Credit Card Strategy
Wuhoo Group
June 26, 2024
For episode 3 I bring in Paul Cheung who has been using credit card since he could basically drive. Listen in to how he uses various cards optimize his spending and how he evaluates whether they’re worth keeping around or not.
Some Key Takeaways
Don’t be afraid to apply to credit cards, even ones with annual fees. If you do the math and it works out, it can benefit you in the long-run, and likely won’t hurt your credit score. On the flip side, make sure you understand what you’re applying for so you can best use it.
Different banks have different application rules - Chase’s 5/24 rule means they won’t approve you if you’ve opened 5 personal credit cards in the past 24 months.
Different credit cards will have different bonuses throughout the year, so to optimize your spending, it’s best to know when they’re going on.
For new subscribers, I’ve been ranking the most popular US personal credit cards on Instagram.
American Express Platinum - Support | Though a highly regarded card, it really just supports your current lifestyle with credits and travel perks. It’s not an everyday card.
American Express Blue Cash Preferred - Cashback | 6% on groceries is pretty solid (up to $6,000) and with some credits that can make back the annual fee.
American Express Blue Cash Everyday - Cashback | The no annual fee version of the above Preferred with some credits that could be useful.
American Express EveryDay Preferred - Useless | When they say everyday, they mean everyday. You get a 50% bonus in points if you make at least 30 transactions per billing cycle, but that’s a lot to keep track of for so few Membership Reward points.
American Express EveryDay - Useless | The no annual fee version of the above EveryDay Preferred, not really much of an earner.
American Express Bread Cashback - Cashback | It earns 2% on everything, so it can be a solid 2% option.
Citi Double Cash - Support | It earns 2% back in ThankYou Reward points that can be transferred to other Citi cards for more value.
Our lineup for this week is below. See our rationale here just for newsletter subscribers like you.
Matthew: World of Hyatt | American Express Gold | Chase Sapphire Reserve | Citi Custom Cash | Capital One Venture X
Sarah: American Express Gold | Capital One Venture X
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About WuhooPoints
WuhooPoints focuses on the credit card consultation side of Wuhoo Group. Here we help with both the accrual of points and perks and the use of points for free travel.
About Wuhoo Group
Wuhoo Group was founded in 2022 to accent people’s lives with bespoke events and free luxury travel. We are based out of Northern Virginia and are always down to help brainstorm and develop fun ideas into plans.