Sophomore international student here, just opened a BofA 321. I don't spend much day to day, and I live by the philosophy of saving as hard as possible and then dollar-cost averaging. Just wanted to ask the veterans: is it still worth opening other cards, like one to rack up points for flights and such?
You don't spend much day to day — but roughly how much is "not much"? If you're planning to invest regularly, how much you put in each month and whether you can keep it up consistently will affect the outcome more than how many cards you open. Also, the 3-2-1 cashback categories have caps, so you'll need to figure out which category you spend the most in before deciding whether to add another card.
Airline miles aren't always worth it—it really depends on which airline you fly most and how often you travel each year. If you only go home once a year, cash back is simpler than racking up miles, so don't force extra spending just to hit a sign-up bonus.
Figure out how much you can realistically spend in a year before deciding whether you need a second card.
The dollar-cost averaging approach is fine, but sign-up bonuses usually require you to spend a certain amount within a few months. Can your current spending naturally reach that? If not, spending just to hit the bonus could actually throw off your saving rhythm.
What categories do you usually spend most of your money on? Groceries, eating out, or online shopping? If 321 happens to cover the category you spend the most on, you probably don't need to go through the hassle.
Don't overlook how opening new cards affects your credit history—opening several in a short period can impact future apartment rentals or loans.
If you don't have any major expenses or travel plans coming up soon, don't rush to open one—max out the 321 first before you consider it.