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08-24-2016, 08:31 AM | #89 | |
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There are rare occasions where a high CL is nice to have and if you're spending a lot, you might as well get the points. |
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08-24-2016, 10:57 AM | #90 | |
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The card has an APR. Are you saying if I make a purchase (say for $600), then the next morning I log into my chase account and pay that $600 directly from my checking account with some bank, I won't be charged the APR? The APR is only charged at the end of the month if you're holding a balance? Is that correct? If so I've been unaware of this for way too long. And yes I realize my AMEX is a charge card, but I guess I am not well-versed in how to avoid APRs. I am fine with paying for things as I go, I don't carry balances on any of my credit cards.
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08-24-2016, 10:59 AM | #91 | |
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If you ever get a credit card and can't pay balance in full, you are screwed, particularly if you don't have money to knock it out. Once they get you, it's hard to get out. |
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08-24-2016, 11:04 AM | #92 | |
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08-24-2016, 11:45 AM | #93 | |
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Good for you, that's how it should be. Sadly this isn't the case for many Americans. Otherwise, you wouldn't get so many credit card offers in the mail. The general credit card business runs this way: - The industry is split between transaction processors and credit: - Visa and MasterCard are pure transaction processors. Every time you swipe your card, the merchant pays around 1% to 3% of the transaction amount, or a fixed fee, and most of that money goes to Visa and MasterCard. So they're incentivized to get you to swipe your card for almost every possible transaction. They partner with financial institutions to issue cards: -Chase, Wells Fargo, Capital One, etc etc etc, are financial institutions (doesn't even have to be a bank), are on the credit side. They take credit risk with each card holder. If the card holder defaults on a $25,000 credit card bill, these financial institutions eat it. However, there's a sweet spot in the business where they want you to carry a credit balance b/c they can charge 13%+ on outstanding balances. That's why you're getting these bonus offers to run your bill up $3000 in 2 months to get your points or to do a credit balance transfers from another card. Not everyone can pay off a $3000 bill in 2 months, sadly. - Discover and AMEX are the largest ones that are both transaction processors and credit. They get a cut out of both swipes and interest balance carried on their cards. Sometimes, you'll see them offer better consumer cards b/c they see more on consumer spending habits. They also will take more risks and extend ridiculous credit limits to more consumers, hence the Platinum type cards.
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08-24-2016, 12:07 PM | #94 |
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Man thanks a bunch for the breakdown. Honestly I'm embarrassed not to have known more of this already, but I appreciate the information.
And yes I LOATHE debt of any kind! I see APR's and I run the other way, but I didn't realize that's only when you carry a balance. Amazingly simple. Thanks!
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08-24-2016, 12:31 PM | #95 |
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Yeah, if I go international, even in one yearly trip, it would pay for itself... assuming I use it for normal transactions as well throughout the year. Otherwise the reward points won't overcome the discounted $150 (450-300) yearly fee.
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08-24-2016, 12:46 PM | #96 | |
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In this case, you come out ahead with this card. You're getting 100,000 points (minimum value of $1000) and then you get $1600 of direct benefits on top of it by paying $450 up front. You pay to play. The golden rule of any of these cards is, only get it when you see a need to use the points, never collect and horde, b/c over time, things can happen that can erode your points, such as devaluations, etc.
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08-24-2016, 12:50 PM | #97 | |
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Also, you can easily get Courtyards and Residence Inns for 15,000 points. Rural? Sure, maybe at the airport or in business parks, but our hotel needs (location, quality, etc) are clearly not the same. I was using it for road tripping in Washington state, not sure why I need to stay at a Marriott full service location when I just need it for 7 hours to sleep. Recently, I used it to redeem in La Jolla near the mall/business park. Did I need to be on the beach or golf course? No, I was heading out of town 6 hours after check in that night. Nevertheless, you CAN get 6 nights if you're frugal and not picky on 75,000-80,000 points. Redemption value of about $900 worth of stays ($150 per stay). Oh btw, most Courtyards have been renovated. In the last two years, I've stayed in at least 5 Courtyards, and only 1 was not renovated.
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08-24-2016, 01:01 PM | #98 | |
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I would think most people have $300 in travel expenses per year. You don't at all have to travel internationally. If you're worried you're not going to use it, you can stay in a nice hotel in your city and get a $300 credit or fly to Vegas for an afternoon. |
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08-24-2016, 01:04 PM | #99 | |
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08-24-2016, 01:04 PM | #100 |
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08-24-2016, 01:09 PM | #101 | |
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I see the "staying at a Mariott for 6 nights on 75k points misleading" reality is one of their properties, probably not where you really want to be and hopefully for 5 nights. I have 30k points and wanted to stay near downtown Indy, 30k will get me one night or I can stay out by the airport at a Courtyard, nothing wrong with it, just need to understand the benefit to points and they are often not what they seem on the surface.
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08-24-2016, 01:14 PM | #102 | |
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My credit score is good, I only owe on my house and got the best rate possible on it. I think part of it is to make you feel good with their hope that you will use it.
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08-24-2016, 01:25 PM | #103 | |
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So if you want to improve your FICO, one way is to work towards a high credit limit, but actually not use the credit, i.e. pay off your balances monthly, so that the snapshot they take shows minimum current balances across all revolving credit lines.
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08-24-2016, 01:27 PM | #104 | |
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agreed, also the points are dynamically changing based on demand pricing. So you do have to book early and you're staying at non-ideal locations. I can see where Courtyard also costing 30k of points in Indy on certain dates. Here's a crazy one for you, I have about 50k left over, and I can stay at a full service Marriott in Honolulu for 2-nights...25k each night. Indy business hotel vs Honolulu full service hotel. Go figure.
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08-24-2016, 02:52 PM | #105 | |
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define big trips? my airfair is usually $500 $900 once a year would it still be worth it? I wanted to replace my Chase sapphire preferred with this i got instant approval so card should be on the way. |
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08-24-2016, 02:58 PM | #106 |
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I applied online for the card yesterday and was approved in about 5 seconds. The weird part is that two of my coworkers are Chase Private Client customers and they are still waiting for approval. How weird is that!? It's been a couple of days already.
I promptly canceled my Amex Platinum just before I was to be hit with another $450 annual. I still plan to use my Amex Everyday Preferred card as my main card due to the 50% points multiplier on all categories.
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08-24-2016, 03:02 PM | #107 | |
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08-24-2016, 03:17 PM | #108 |
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Sheesh... I think I'll hit that halfway through month 1. I literally put every bill, online order, and every in-person transaction on my Amex. I've racked up a TON of points that we'll be able to use for a free vacation this summer. I literally just put a $9k au pair agency fee on my Amex this afternoon which netted me $135 in points. I haven't paid a penny of interest in years.
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08-24-2016, 03:44 PM | #109 | |
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Last week, I applied for the Chase Hyatt card. Applied at 11pm. Next day, called the reconsideration line, asked about it, they said I was approved, but needed to check in whether it was a fraudulent application and that "they were going to call me".
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08-24-2016, 03:44 PM | #110 |
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i think the smart responsible way would be to pay shit you already have to pay. I easy hit 3-4k a month in expenses. Car rent mortgage utilities shit even pay in advance. Why accrue more unnecessary debt IMO. Once you hit your goal and u actually get 100k points use that to travel.
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