CREDIT CARDS 101: What credit cards do I carry, and how do I use them to maximize credit card points efficiency? đź’ł

Matthew Esparza
5 min readAug 29, 2023

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Photo by Avery Evans on Unsplash

Different cards offer different benefits, you should not treat a credit line as a loan but act as a medium to spend your money without spending your money, you borrow the banks money and put your money to work by investing it or keeping it in a high yield savings account. If you spend what you don’t have, you can find yourself digging into a hole of piling debt (19% interest rates on GOOD CREDIT is insane).

Spend only what you have and make sure you can afford it. Pay off your cards in FULL weekly to ensure you don’t miss a payment. Make a habit out of this, and watch your cards. Know when your credit statement is, and pay it off to keep utilization low.

I know that credit bureaus typically take a snapshot of credit utilization 5 business days after the statement period has ended. I pay off my card 3 days before this day to report low credit card usage. It’s good to keep utilization below 30% for your credit.

Please only spend what you have!

Capital One Platinum Mastercard:

The first credit card I ever got in college, super easy to get approved with no credit. No real benefits, but allows you to build credit with little to no credit. They also offer secure lines of credit for people with poor credit, where after 6–12 months of on-time payments they graduate you to an unsecured credit card, you can deposit anywhere from $50-$1000 as collateral that you will get back after making on-time payments.

I rarely use this card now. However, it is a great backup card that I keep for emergencies.

Capital One SavorOne Mastercard:

The second credit card I got in life, the Capital One SavorOne gives you a true 3% cashback on grocery purchases and restaurants, 10% cashback on Uber Eats, 5% back on car rentals, and 1% cashback on all other purchases. A great everyday card for groceries that allows you to earn back on your daily purchases.

This is my go-to card for groceries and restaurants due to the 3% cashback that can be used as statement credit or you can pay with your points at checkout on certain websites. These points can be transferred freely between other Capital One Cards for maximum efficiency.

Capital One Quicksilver Mastercard:

You get a true 1.5% cashback on purchases anywhere. This is convenient for everyday shopping and all purchases. This card is accepted everywhere (except Costco because they have an exclusive deal with Visa for credit card purchases).

For all other purchases, I use this card for my daily purchases to earn 1.5% back. The ability to transfer the points between Capital One cards allows me to use my points together at the end of the year!

Chase Everyday Freedom Unlimited Visa Card:

You get 1.5% cashback on any purchase as well as 3% cashback on restaurants. This card is useful for places that don’t accept MasterCard. COUGH COUGH Costco.

I use this card for my Costco Purchases. However, because of the point system, you get 0.79 of a penny per point. You’ll need 126 points for a full dollar. However, you can get a statement credit for 1 penny = 1 point value.

Chase Prime Visa Card:

You get 5% cashback on all Amazon and Whole Foods purchases. 2% cashback on gas and restaurants. Plus you get a $100 gift card when you sign up (Used to be $250 + some cool perks, they lowered it after rebranding the card from the Amazon Prime Signature Visa name, now it is referred to as “prime visa”)

I got this card because it initially had a 10% back at gas stations for the first year, but they canned that deal. I use this card for all Gas Station and Amazon purchases for maximum benefits. The downside is the points have maximum efficiency only if they’re used at Amazon.

American Express Platinum Card:

This card comes with perks and is a luxury card. I wouldn’t recommend it unless you travel a lot because if not, then you are not getting the maximum benefits. You get 5x points on Flights, Pre-paid hotels, and Packages through Amex’s travel site, but 1 point for for every other purchase.

This is my only card with an annual fee ($695/yr), but there are too many benefits to list. I would suggest getting this if you travel; otherwise, it isn’t worth the fee. This is also not a credit card but a charge card where what you spend is due in the next statement. This is not to be confused with a traditional credit card that allows you to pay off purchases over time.

I use this card for large travel purchases such as flights and hotels. I also put my streaming on this card due to the perks; each reward point is worth ~.65 of a penny on cashback. While using the points on Amex travel, you can get back the equivalent of 3.5% of cash back on travel spending. There are deals that allow you to use your points on travel packages at a discount of 25–50% if you pay in full with your points. Increasing the cashback to nearly 5%, but that is if you use it for traveling. If you don’t, it is not worth getting this card.

This card is typically associated with wealth, where your friend throws it at the bartender in a bar to show off his wealth because the card is made of metal. However, this card is not a flex; anyone using this card for anything but travel is a showoff and not using their credit cards for maximum utilization. Anyone can get this card, I’ve seen people with a FICO score lower than 600 get approved for it, the downside is the $695 fee that deters people. So for the next Tinder date when you see someone pull out this card and use it. RUN. It’s good to know someone is financially irresponsible using it for anything BUT traveling…

With all the points, I typically find myself using them at Christmas time on gifts or treating myself to something nice, whether it’s a big purchase or a trip.

Those are the cards I use. If there are any recommendations or questions, please let me know.

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Matthew Esparza
Matthew Esparza

Written by Matthew Esparza

Just a Software Engineer that works in the Data Marketing Sector. I invest a lot and my topics include Politics, Finance, and Economics.

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