How a 31-year-old with 80 credit cards earned $32,000 in rewards over the past 10 years

A year ago

Thu May 11, 2023 8:09 pm

ToxikPH

Rebel AdministratorProbably Applying for New Cards

Recent HP or new account.

Level0 Last INQFriday, August 23, 2024 Gardening For15 days, 20 hours, and 37 minutes Next Level in15 days, 3 hours, and 23 minutes on September 23rd INQ 1yr onSaturday, August 23, 2025 INQ 1yr in11 months, 15 days, 3 hours, and 23 minutes INQ 2yr onSunday, August 23, 2026 INQ 2yr in1 year, 11 months, 15 days, 3 hours, and 23 minutes Goal6 months Goal DateSunday, February 23, 2025 Goal In5 months, 15 days, 3 hours, and 23 minutes

Cassie wrote: ↑Thu May 11, 2023 7:28 pm Via Fortune.com or bing.com (non-paywall): "While the average American has one to six credit cards, Guo has opened 80 in the past decade, according to credit card documents reviewed by Fortune. He's not managing all of those at one time; 50 are closed, and he uses just a handful of the remaining 30 each month for various expenditures."

lmao ofc he works at Credit Karma. one of us one of us

A year ago

Thu May 11, 2023 10:48 pm

805orbust

Seasoned Rebel

805orbust has passed the 12 month threshold!
No scorable inquiries on file!
805orbust has achieved the Garden Goal !!

Level17 Last INQWednesday, March 15, 2023 Gardening For1 year, 5 months, 23 days, 20 hours, and 37 minutes Next Level in7 days, 3 hours, and 23 minutes on September 15th INQ 1yr onFriday, March 15, 2024 INQ 1yr reached5 months, 23 days, 20 hours, and 37 minutes ago INQ 2yr onSaturday, March 15, 2025 INQ 2yr in6 months, 7 days, 3 hours, and 23 minutes Goal12 months Goal DateFriday, March 15, 2024 Goal Achieved5 months, 23 days, 20 hours, and 37 minutes ago

Wow... wonder what I've earned in rewards/cash back over the years... wish I had kept track!

$32,000 in 10 years, so $3,200 per year, average. It did not state if that was net, after all AFs, but shall we assume so? It also did not state what he spent per year (using CCs) but let's just say he got 5%, or 5 cents for every $1 spent - a very generous/conservatize number (I doubt any one of us could average 5% rewards/cash back for all our spend.). That means he spent $64,000 per year (using credit cards), getting 5% rewards/cash. I can't imagine a 21 year old spending $64,000 per year with credit cards. Or even a 31 year old for that matter. I'm calling BS on this one until I see the exact breakdown of income/CC spend/expenses/rewards %/intro bonuses/annual fees/etc.

TU8 799/EX8 786/EQ8 805 EQ5 770/EX2 757 8/18/2023

A year ago

Sat May 13, 2023 5:11 pm

Saeren

Rebel Administrator

Recent HP or new account.

Level0 Last INQFriday, August 23, 2024 Gardening For15 days, 20 hours, and 37 minutes Next Level in15 days, 3 hours, and 23 minutes on September 23rd INQ 1yr onSaturday, August 23, 2025 INQ 1yr in11 months, 15 days, 3 hours, and 23 minutes INQ 2yr onSunday, August 23, 2026 INQ 2yr in1 year, 11 months, 15 days, 3 hours, and 23 minutes Goal6 months Goal DateSunday, February 23, 2025 Goal In5 months, 15 days, 3 hours, and 23 minutes

ptatohed wrote: ↑Sat May 13, 2023 3:18 am $32,000 in 10 years, so $3,200 per year, average. It did not state if that was net, after all AFs, but shall we assume so? It also did not state what he spent per year (using CCs) but let's just say he got 5%, or 5 cents for every $1 spent - a very generous/conservatize number (I doubt any one of us could average 5% rewards/cash back for all our spend.). That means he spent $64,000 per year (using credit cards), getting 5% rewards/cash. I can't imagine a 21 year old spending $64,000 per year with credit cards. Or even a 31 year old for that matter. I'm calling BS on this one until I see the exact breakdown of income/CC spend/expenses/rewards %/intro bonuses/annual fees/etc.

A lot of that was likely manufactured spending.

A year ago

Sat May 13, 2023 6:32 pm

Beefy

Seasoned Rebel

Level3 Last INQTuesday, May 28, 2024 Gardening For3 months, 10 days, 20 hours, and 37 minutes Next Level in20 days, 3 hours, and 23 minutes on September 28th INQ 1yr onWednesday, May 28, 2025 INQ 1yr in8 months, 20 days, 3 hours, and 23 minutes INQ 2yr onThursday, May 28, 2026 INQ 2yr in1 year, 8 months, 20 days, 3 hours, and 23 minutes Goal12 months Goal DateWednesday, May 28, 2025 Goal In8 months, 20 days, 3 hours, and 23 minutes

Saeren wrote: ↑Sat May 13, 2023 5:11 pm
ptatohed wrote: ↑Sat May 13, 2023 3:18 am $32,000 in 10 years, so $3,200 per year, average. It did not state if that was net, after all AFs, but shall we assume so? It also did not state what he spent per year (using CCs) but let's just say he got 5%, or 5 cents for every $1 spent - a very generous/conservatize number (I doubt any one of us could average 5% rewards/cash back for all our spend.). That means he spent $64,000 per year (using credit cards), getting 5% rewards/cash. I can't imagine a 21 year old spending $64,000 per year with credit cards. Or even a 31 year old for that matter. I'm calling BS on this one until I see the exact breakdown of income/CC spend/expenses/rewards %/intro bonuses/annual fees/etc.
A lot of that was likely manufactured spending.

He averaged 400 per card assuming a 200 dollar sub that means he averaged 20 dollars a year per card. When you consider he likely had multiple 1,000 dollar subs from various plat/gold cards and CSP/r and that he likely factored “credits” into the mix with that manny account 32k isn’t exactly hard, especially when you consider he had insider knowledge.

I hear you guys. But I'm still smelling a little fish. Again, I would want to see income/CC spend/rewards %/welcome bonuses/annual fees/etc. I'd like to see what made up that $32k. I wouldn't be surprised if it included things "valued at" that he may otherwise not have needed/used. I also suspect the $32k is gross, not net.