My name is dragoncar and I have a problem.
I signed up for a lot of credit cards over the years, many of them Chase. After I get the bonus, when the annual fee rolls around, I "product change" to Chase Freedom for the bonus categories.
My wife and I now have 5 Freedom cards.
Last quarter, I bought $7500 in Visa Gift Cards at Safeway. I earned $375 in cashback (not including the activation fees, many of which were negative due to abusing the Safeway rewards program) which I can redeem for $562 in flights thanks to the CSR.
This quarter, the category includes Walgreens, and I just picked up my first gift card. Another $7500 possible this quarter.
Help me.
Seriously, though, I saw this older article saying that Chase terms say they will shut you down for abuse (
https://millionmilesecrets.com/2014/09/07/how-to-keep-your-chase-credit-cards-from-being-shut-down/)
Haven't been able to find any data points regarding actual shut downs, though. If I continually spend exactly $1500 on each card, per quarter, only in rewards categories, will I get shut down? Will it help to make a few other small purchases on these cards?
Some of these are my oldest tradelines, should I leave those alone to maintain a high FICO?
side note: I consider the biggest problem holding so much value in cards that could be lost or stolen. not sure how much I should discount on the risk that I somehow lose the value
Also, I don't completely MS these cards. Meaning I don't go and buy cashiers checks or try to pay off my balance with a serve account or anything super sneaky. So far, I pay off the cards and use them for household expenses although I did get lucky and was able to overpay some medical bills to get a refund check, and reimbursable business expenses. At this point, however, I'm maxing out the amount of stuff I can prepay.