Hello all -- in terms of a portfolio of cards for TLs...I'm thinking of using one card per issuer and then limiting to 2 AUs per card...I think the old company has this as a limit as well of 2 AUs per card, so that's sort of a moot point anyway.
With that being said...would it make sense to have two cards in play from Barclays? Thinking about this because I have heard that risk of closure from this issuer is quite low. I haven't even signed up for the cards yet from them, but I'm trying to define what the end goal looks like so I can apply for the right cards as fast as possible.
Basically my vision is to just have one card for each issuer that the old company will allow, and maybe two for Barclays, and maybe or maybe not sell TLs with Chase and then at that point declare my TL sidehustle to be fully established.
Anything else I would really want to do or consider?
Thanks!
The old company has recommendations as to slots per card, but it can vary by issuer. I generally go with whatever they recommend. You can always be more conservative if you prefer. And that's really what it is - a degree of preference for risk. Shutdowns are always possible but increase with more AUs, more slots, more cards, not following instructions, just bad luck, and using certain issuers. It's just up to you to decide what you're comfortable with.
Almost all issuers have various rules on how many cards you can apply for in a given time frame, how often you can ask for a credit limit increase, etc. And for me, I don't enroll cards with Old Company until they're two years old because I'd rather do the same amount of add/remove AU hassle for $200 a slot rather than $50 a slot or whatever it is.
Barclays does have the lifetime AU limit, which I've hit on my current card. I plan to apply for another card but have to wait until the fall I think (due to other cards and inquiries). If/when I get the new Barclays card, I'll do as the previous poster suggested - move the CL over and close the old card.
With most issuers any card will work, and for me personally TL sales are almost always far more lucrative than 3% cash back on groceries or no foreign transaction fee or whatever other benefits the card has. I will look for signup bonuses, though, because I can get the card, get the signup bonus, downgrade after a year to avoid the AF, then sock drawer the card for another year then enroll it in TL sales.
Like most of us who do this kind of thing, it'd be good for you to set up tracking spreadsheets. If you know when you opened which card, when you got that bonus, when you added/removed this or that AU, how much you got paid, etc., then you can do a better job optimizing. Planning ahead, like you're doing, is also probably smart.