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Old 07-05-2018, 09:42 PM   #3751
ungar2000
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Re: Credit Primer & Discussion w/ JL

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Originally Posted by OsTornado View Post
I would lower your credit limit, but keep enough on one card so that you can negotiate to lower it in exchange for new credit. I'd say $10k allows you to move $5k and keep $5k on if needed. You can drop the other freedoms to $2k each, as you shouldn't need more than that to max out the 5% categories.

You should check on DOC or flyertalk about the Chase family rules before applying for the CSP. You should also look at CIP rules.
Yeah, I ended up lowering a few credit limits and am sitting at 5k, 5k, 12.5k for the freedoms. And due to the chase family rules, I think it is best if I wait a few more months til it has been 24+ months since my CSR bonus posted. I may go ahead and do the 60k pt Barclay Arrival+ in the meantime.
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Old 07-12-2018, 12:44 PM   #3752
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Re: Credit Primer & Discussion w/ JL

Looking to do balance transfer. Have capital one card w/ 13.5k limit and no balance. Have CSP with 8.5k limit and ~6k of it used. Want to xfer that new card w/ 0% on BT b/c need some cash on hand looking to purchase house.

Looking at:

Discover it BT: 0% 18 months w/ 3% fee. Can xfer 95% of new cards available limit.
Amex Everyday: 0% 15 months w/ $0 BT fee. Can xfer 75% of new card limit.

Do y'all lean one way or the other? Or know of any other better options?

Thanks
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Old 07-12-2018, 02:36 PM   #3753
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Re: Credit Primer & Discussion w/ JL

Chase Slate?
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Old 07-12-2018, 07:40 PM   #3754
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Re: Credit Primer & Discussion w/ JL

I am fully aware of how obnoxious this post might sound, but I'm hoping that there's a kind soul out there who will have mercy on me and provide useful info anyway.

I am looking to get into the credit card rewards game soon. However, I'm super-busy at work for the next two months, so I won't have time to read this thread thoroughly before then. At that time I will study this thread and come up with a plan I'll post here for feedback.

In the meantime, I received an offer for the Uber credit card. And holy **** do those benefits look great, particularly the 4% back on dining out and 2% back on online shopping. I'm posting here just to make sure that getting that card right now wouldn't be a complete fish move given that I'll be able to devote more serious time and effort to the game in a couple months.

Thoughts?
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Old 07-12-2018, 10:31 PM   #3755
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Re: Credit Primer & Discussion w/ JL

What's your goal when you say you're trying to get into the rewards game? If it's just to make a little extra money, sign up bonuses far exceed the value of any cash back %'s, especially in the short term. You might want to be careful with your selections with that in mind because there are limits to how many cards you can sign up for. Chase cards have a known hard limit - if you've opened 5 credit cards in the past 24 months (from any bank), you'll be auto-denied for all of their best cards. And they have some very good cards. So you'll want to get those first. Other banks may also start denying applications if you're on a credit opening spree, to protect against blatant bonus whoring and/or because it's a red flag that could indicate you're in a bad financial position. There's also the practical matter of clearing the bonuses. The good ones require $3-4k in spending over the first 3 months. There are ways to manufacture spending if you're not naturally spending that much but if you plan on clearing multiple bonuses that might be a limitation you need to plan for.

If you travel enough that you can make use of hotel and airfare rewards, there are cards that offer more valuable signup bonuses and rewards than any cash back card. They'll require more planning though because the best cards vary depending on what airlines and hotels you use. They also usually have annual fees which can factor into whether the card is worth keeping long term, picking up for a year just for the bonus, or avoiding altogether.

As for the Uber card, 4% on restaurants is pretty good for straight cash back and no annual fee. You can do better if you're OK with travel rewards and an annual fee though. 2% on shopping is whatever considering there are cards that will give you 2% on anything, sometimes more for targeted stores and/or time periods.
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Old 07-12-2018, 10:43 PM   #3756
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Re: Credit Primer & Discussion w/ JL

I think this chart has been posted here, but if not it's a good strat map

https://i.imgur.com/CL03bva.png
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Old 07-13-2018, 12:03 AM   #3757
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Re: Credit Primer & Discussion w/ JL

Rapini it mostly depends on how deep you want to go. If you're just looking for 1-2 cards then sure, get the Uber card if it piques your interest.

But if you're interested in building up balances in miles and points to do some travel, the uber card is probably not the most optimal. Something like the Chase Sapphire Reserve gets 3pts on travel and dining, but each point can be worth 1.5c towards travel or more if you transfer to united or hyatt etc.

Basically, this 'game' is an infinite rabbit hole that you need to decide how far down you want to go.
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Old 07-13-2018, 11:53 AM   #3758
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Re: Credit Primer & Discussion w/ JL

Thanks d10, noseeds, and JL for the quick and informative responses. I'm gonna take your advice and hold off on the Uber card so I don't handicap myself later on if I do decide to go hard at this game. And I enjoy traveling--specifically to Europe--so travel rewards would make sense for me.

Currently i have a Citibank Dividend Rewards card, which is garbage but I've had forever, and a Capital One Quicksilver, which I like but I'm sure there's way better options out there.

Thanks again and I'll check back in in about two months after I study this thread and come up with a plan.
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Old 07-13-2018, 02:56 PM   #3759
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Re: Credit Primer & Discussion w/ JL

Rapini,

Call Citi and ask them to "product change" your dividend rewards card into a doublecash. That alone will be getting you a flat 2% on all purchases and is a great baseline and a big improvement form your current setup, and its a card you can continue to keep forever. It also makes your quicksilver obsolete (at 1.5%), which you can either cancel, or sockdrawer if you want to keep the history open and reporting, or you need additional credit line.
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Old 07-13-2018, 03:38 PM   #3760
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Re: Credit Primer & Discussion w/ JL

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Rapini,

Call Citi and ask them to "product change" your dividend rewards card into a doublecash. That alone will be getting you a flat 2% on all purchases and is a great baseline and a big improvement form your current setup, and its a card you can continue to keep forever. It also makes your quicksilver obsolete (at 1.5%), which you can either cancel, or sockdrawer if you want to keep the history open and reporting, or you need additional credit line.
Done. Thanks again! You guys are geniuses.
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Old 07-13-2018, 06:23 PM   #3761
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Re: Credit Primer & Discussion w/ JL

If you travel a lot I think the Chase Saphire Reserve is a slam dunk 1st card

I'm unsure of current sign up bonus (pretty sure you missed out on 100k ultimate rewards (UR)) but it's at minimum 3% back on any travel/restaurant spend (that's if you redeem for cashback) up to at least 4.5% (if you redeem through their portal for airfare/hotels/rental cars/cruises) and potentially more as someone mentioned above. They have lots of airline and hotel affiliates that you can transfer 1-1 to their respective rewards programs if a deal that fits you pops up

It's a high annual fee ($450) but you get $300 back on your first $300 travel purchases of that year and other perks such as priority pass (which for me is easily worth ~$300 year) I spend a lot of time in airports and almost always eat since Im a fatass and bored. Most of the lounges food is subpar but it does me just fine vs my old habit of eating a meal at insert random airport fast food place.

There may be a case for Amex Platinum as a first card if you travel a lot, especially if you can get targeted for the 100k sign up, but I am unfamiliar with their currency, membership rewards (MR). My only 2 amex cards are co-branded cards so I've never had or looked into MRs vs URs. I do know the amex lounges are superior to priority pass lounges (chase) which makes me jelly
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Old 07-13-2018, 07:30 PM   #3762
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Re: Credit Primer & Discussion w/ JL

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hello
think about doing a Bank of America App O Rama even. they seem so lenient on approvals. U could sign up for three different versions of their cash rewards card on the same day and it wouldnt surprise me if you get approved for all three with a decent credit score. That would mean spend $1500($500 on each) for $450 back. if u own a BoA checking or savings, u transfer the rewards to the acct for 10% more, so now $495 back on $1500 spend(of your choice)And then those cards all get 3% on gas, 2% grocery. Over 33% back on $1500 spend of your choice, bink

Last edited by p2 dog, p2; 07-13-2018 at 07:31 PM. Reason: u gotta properly work the App o Rama tho
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Old 07-23-2018, 07:22 AM   #3763
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Re: Credit Primer & Discussion w/ JL

one is responsible with credit, has finances in order, no mortgage, no car payments, and a healthy emergency fund, and is offered up to $8k(credit limit) in cash at 1% fee, how does he not take it? Savings accounts alone are on the rebound and offering 1.7%(mine) and 6% on up to $5k(https://www.mangomoney.cards?rpid=9900065898, gotta give Mango some love because of interest, $) I feel like $8k could be put to pretty good use. Aside of the credit score taking a temporary ding, what else should I be considering as downsides?

I am not entirely sure of how it will be utilized yet but chances are it sits at 1.7%. That would be safest, perhaps I could find a cd with something better over the course of a year(already seeing 2.5% for 1 year). Could go long on btc as well

Last edited by p2 dog, p2; 07-23-2018 at 07:42 AM.
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Old 07-23-2018, 07:57 AM   #3764
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Re: Credit Primer & Discussion w/ JL

well, in that regard, if I choose to max out a cc, my credit is going to be down for a bit. I may do an apporama quick for some signup bonuses with decent cashback, any ideas? I'm pretty high(my wife and I both) on hard pulls, I think, so I need to have "easier approvals" in mind. And while i'm doing that i may borrow more on a different credit line at 2%

credit's sick

Last edited by p2 dog, p2; 07-23-2018 at 08:20 AM.
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Old 07-23-2018, 03:31 PM   #3765
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Re: Credit Primer & Discussion w/ JL

Arrival+ right now has a ~$500+ signup bonus that can be turned into straight cash. Always lots of great offers, just depends where you're at on the 5/24 Chase, 24 month Citi, and total cards with Amex. Also depends whether you're looking for straight cash, miles, or points.

Keep in mind that you will get a 1099 for taxes on that bank interest. On 8k, you're looking at an annual $560 profit before taxes (you'll be sent a 1099 for the full $1360 in interest), plus dinging your credit score. Let's just say your top bracket is 20% taxes as a decent estimate: that means you will owe $272 in taxes. Is it worth $288 when you can sign up for 1CC and get a bonus that is at least that amount and won't tank your credit score? If you're talking about a 0% interest rate, then it gets more interesting IMO.
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Old 07-23-2018, 06:19 PM   #3766
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Re: Credit Primer & Discussion w/ JL

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On 8k, you're looking at an annual $560 profit before taxes (you'll be sent a 1099 for the full $1360 in interest),
This seems off... wouldn't that be a 17% rate as opposed to 1.7?
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Old 07-23-2018, 11:36 PM   #3767
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Re: Credit Primer & Discussion w/ JL

I am going to reconsider and maybe hold off lmao. I never ran numbers but I could borrow 7920 and pay $80 fee and that $7920 invested for 12 months at 2.5 would become $8120

so make $200 in interest by borrowing but paid $80 to borrow = $120 profit less taxes

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Old 07-23-2018, 11:43 PM   #3768
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Re: Credit Primer & Discussion w/ JL

How many here have the Uber card? Seems like a really good card, was going to add it to my rotation next. I don't carry many annual fee cards so the 3% travel and 4% dining trump basically all my cards except rotating categories which I've gotten a bit lazy with recently
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Old 07-24-2018, 02:10 AM   #3769
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Re: Credit Primer & Discussion w/ JL

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This seems off... wouldn't that be a 17% rate as opposed to 1.7?
Lol. That's what quick math does to ya. Yes, that was a 17% interest rate.

$120 before taxes and it will hurt your utilization.... No thank you.
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Old 07-24-2018, 02:24 AM   #3770
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Re: Credit Primer & Discussion w/ JL

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How many here have the Uber card? Seems like a really good card, was going to add it to my rotation next. I don't carry many annual fee cards so the 3% travel and 4% dining trump basically all my cards except rotating categories which I've gotten a bit lazy with recently
I've never considered it because the signup bonus isn't very big ($100), I can always get more than 3% for travel with the wife's CSR, and usually I can get 5% or better on dining (rotating cats for Freedom and IT, or gift cards from staples/online gc sites). Backup is the CSR for 3x UR, which puts it somewhere between 3-7% of value depending on what the URs are used for. 5xUR on the Freedom can be worth as much as 10% with transfer partners on the CSR.

However, if you only like to have one or two cards in your wallet and don't want to spend a lot of time focused on rewards and churning, it looks like a pretty good card.
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Old 07-24-2018, 10:27 AM   #3771
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Re: Credit Primer & Discussion w/ JL

if u dine often and want an easy option I think it's a good one. Like OS said, you may be able to get a bit better bang for your buck with gift cards at restaurants but that usually requires some work
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Old 07-25-2018, 12:54 PM   #3772
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Re: Credit Primer & Discussion w/ JL

Just a headsup: Ocean Resort Casino just opened last month in Atlantic City (it's the renovated Revel). Rooms on Saturday nights run $500+, but can be had for 12,000 Hyatt points. Hyatt somehow only has it listed as a Tier 3 property. Pretty good value on those Chase points.
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Old 07-25-2018, 01:14 PM   #3773
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Re: Credit Primer & Discussion w/ JL

Better yet, in AC you can match hyatt to mlife, mlife to TR Diamond, to HR and to Ocean and have top status everywhere and a bunch of free nights.

https://angelinatravels.boardingarea...c-city-summer/
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Old 07-26-2018, 09:01 AM   #3774
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Re: Credit Primer & Discussion w/ JL

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Originally Posted by maddog876 View Post
Just a headsup: Ocean Resort Casino just opened last month in Atlantic City (it's the renovated Revel). Rooms on Saturday nights run $500+, but can be had for 12,000 Hyatt points. Hyatt somehow only has it listed as a Tier 3 property. Pretty good value on those Chase points.
that's cool. do u know if u can book same day using Hyatt points?
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Old 07-26-2018, 11:11 AM   #3775
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Re: Credit Primer & Discussion w/ JL

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that's cool. do u know if u can book same day using Hyatt points?
I don't see why not. There are rooms available for tonight for points on the Hyatt site.


Quote:
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Better yet, in AC you can match hyatt to mlife, mlife to TR Diamond, to HR and to Ocean and have top status everywhere and a bunch of free nights.

https://angelinatravels.boardingarea...c-city-summer/
Well that's awesome. What's the best way to get the initial status, as I don't have any of those? Seems that the only way for Hyatt to achieve Hyatt statuses is by staying 10+ nights in a year.
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