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Disclaimer: The Coin link mentioned below is an affiliate link. I suggest researching it before pre ordering, because there is some unknown information regarding its use. On the other hand, it seems like it will be a great manufactured spending tool.
I was sifting through my wallet the other day, when I realized just how many wallet regulars I had (#patentpending). The rightmost picture you see above all came out of my wallet, which means my right butt cheek has to sit on those every day. There are 25 cards there! That doesn’t even include the two Serve cards, five gift cards, and two licenses I realized were still in my wallet after taking that picture, but it’s still ridiculous.
Seeing this got me thinking; Do I really need to keep all these cards in my wallet? I think not. I like having every credit card I am the owner of and authorized user of with me at all times. In fact, I’d like to have every gift card I own with me as well, but that’s not possible, at least right now. Hopefully Coin will change that when it’s released.
After realizing the absurdity of my wallet, I decided to clean it out and only keep the necessary cards. I made two categories for my cards: Regulars and Visitors. The Regulars are cards I plan to keep in my wallet indefinitely. The Visitors, on the other hand, are credit cards I plan to remove after hitting a minimum spending requirement.
Here’s what my wallet looks like after cleaning it out:
Amex Blue Cash Preferred – Used for grocery store purchases.
Amex Starwood – Used for everyday purchases.
Chase Freedom – Used for recurring 5X categories.
Chase Sapphire Preferred – Used for travel related purchases and restaurants.
Chase Ink Bold – Used for office supplies ;).
Discover It – Used for recurring 5% categories
Club Carlson Premier – I’m not sure what I will use this card for, but for now I will keep it in my wallet.
Discover More – Discover offered me $250 cash back if I spend $1,500 every month from March-July, so I only need to keep it in there one more month.
Amex Platinum – I’m still working on my minimum spend for this card. I only have about $1,000 left to go. I may turn this into a regular, but I’m not sure how much I plan to use Membership Rewards points. So, I’ll wait on that.
Visa Buxx Cards – I’ll only keep these in my wallet until their liquidated.
Amex Serve Cards – I’ll only keep these in my wallet if I plan to go to Walmart, but I don’t see that happening.
I only worry about my wallet Regulars and Visitors when shopping and “shopping” in stores, thanks to LastPass. When shopping online I can just look up the card number I need on my phone or computer. That’s because I always make a point to enter every card my wife and I have on our LastPass account, so I never leave home without them!
In this game it’s important to keep track of your cards and wallets. In fact, it might be time to take an inventory of your cards and decide which ones are Regulars and which ones are Visitors.
As the famous question from Capital One goes, “What’s in your wallet?”