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Discussion in 'The Mainboard' started by blind dog, Apr 10, 2015.
Churning 101 by ohhaithur
so you get 2% back as you pay off the purchases?
Just got a American express blue cash preferred. 6% cash back at grocery stores up to a certain amount for the year. 3% back at department stores and gas stations.
Yes, and I haven't carried a balance in years so this should be perfect for me. No limits and don't have to worry about categories
Got my Sapphire Preferred bonus on Wed. $4k in a month.
they rejected my sapphire preferred application.
just recently got the chase amazon card to get the signup bonus while ordering a mattress
what reason did they give?
insufficient income and credit history
Discover It card for me
Credit history in general or with chase?
They gave me 4 since July.
Just got this too. Using it for groceries, but staying with BoA Cash Rewards for gas, because I get a 25% bonus for transferring rewards to my checking account. Going to net $435 in the first year from $6,000 on the preferred card.
So I tried to get a BOA cash rewards card the other day to do the same. They told me my card wasn't eligible for another upgrade. (they randomly upped my credit limit a month ago without me asking.)
They told me I could just reapply and get the new card/close my old one. I didn't want to do that because I've had this card for like ten years.
The bonus spend (2 and 3% categories) is capped at $1,500 per quarter, so if you're only using it for these categories, you don't need a large limit. You could try applying for the card online without the intention of closing the old one. I have a 11 year old non rewards with BoA and a Cash Rewards too, so getting a new one shouldn't be contingent on closing the old.
wife and I both got the barclays us air card before it went away and both got the citi AA card. now that AA and USAir are merged we have 200k AAdvantage miles
churning is fun, isnt it?
My bro is the managing parter of a small business and gets all the rewards from their $100K per month AMEX spend. He has so many points that Mrs. Block and I get free flights and hotel rooms during the year, which is the fucking tits.
So. I've never had a credit card before. i've had a visa check card through my back for the past idk 10 years or so. what should I look into getting.
Pretty much I'm just going to put groceries and gas on it every month and then just pay it off every month.
Recently paid off my Amazon Chase and Capital One I've had since I was 17 and hid them away. Only using a Discover It card now.
I personally prefer the Discover It card
Look at the Blue Preferred and the BankAmericard Cash rewards for grocery and gas. Blue is annual cash statement credit, BoA is anytime true cash above $25. No category rotation or changes, just limits on the category spend annually/quarterly.
I know the vogue thing to do is get a card with great reimbursement on miles but...
This is the best card out there if you have a kiddo:
I spend approx. $20,000/mo. so I'm hoping to provide free college for Shock Jr. based upon my normal spending habits and a couple of moderate contributions to the 529 plan. That is a tremendous gift.
That is a fuck ton of monthly spend.
wow yeah it is
I work at a bank, and we just put out an AMEX card that's like 6.25% (variable based on WSP), and 1.5% back and they're hyping the shit out of. Makes me lol when I see the sick cards you guys are talking about.
Been using AMEX blue cash preferred for a few years. Just got the Chase Sapphire Preferred with a $21k limit which surprised me and made me quite happy. Working on the bonus now. Already put about $1,600 in a couple weeks so I think we will be fine to meet the bonus requirement.
A clever tip I read about the Blue Preferred. You can buy gift cards at the grocery store and get the 6%. Amazon gift cards with the grocery reward.
I hate the word kiddo. So much.
you actually believe shock?
True dat. I do it often.
Approved for the Chase Freedom card ($20,000 CL) just now to go with my Chase Sapphire Preferred ($21,000 CL) that i got a few weeks ago. Met the spend requirement on the Sapphire this week thanks to the purchase of wedding bands and cake. Kinda weird having $41,000 of available credit limit virtually overnight. Highest card before was Amex BCP at $6,800. Utilization at 1%.
Just got an email from Uber that for the next year you get 20% off all rides if you pay with Capital One Quicksilver. My first rewards card was Capital One, and I upgraded to Quicksilver to get out of annual fees, then started using my new Amex in its place. Looks like I'll be activating that Quicksilver and attaching it to my Uber acct. It says you just get a statement credit in the amount of the discount within 1-2 billing cycles.
I've just learned about the Sallie Mae MasterCard from Barclay's. 5% cash back on up to $750 bookstore spend per month.
Amazon is coded as a bookstore. Mrs. Block and I buy most of our shit through this bookstore.
Edit: Add up to $250 monthly gas at 5%.
Had to put a big purchase on my card, which by months end will put me at 70% usage. Going to pay off a good chunk to bring me down to 40%. Have always paid off my card in full, will this effect my credit much? I'm still in the early period with this card so no interest and will have it paid in 3 months max.
No, it won't.
Long term, no. You'll likely get dinged in the short term with such a high utilization rate (assuming you don't have a bunch of cards that would lower your average utilization rate).
Credit question: I have 3 cards. I'd like to close one because I don't use it, and I want to open a rewards driven card. How far will my credit be driven down if I do this.
I have a 752 credit score right now.
How old is it?
Depends on the age of the credit line and the history involved with it. If it's an old account that you utilized a lot and had a lot of good history built up, then it would be best to either upgrade that into a rewards program or shred the card and keep the account open to keep the history.
Damn, didn't realize it depended on age. I've had 2 since I was about 14, so close to 15/16 years now. The capital one they claimed they couldn't just roll it into a new card, it had to be a new application and I would have 2 credit cards with them. Chase I never really inquired.
Do either of you have experience with this? Maybe there is something specific I need to say/ask?
No experience trying to close/upgrade an account that old, but as a last ditch effort you can try and force Capital One's hand by saying if they don't upgrade your account you'll go with another company and never use that card again (i mean your score is good enough to get you about anything you want, so they should at least try and work with you).
Regardless, you don't want to close that account. I have a 7 year old credit union Visa Platinum I've had since I was 18 with no rewards that sits in my extra wallet. Never closing nor utilizing that account again.
My parents opened them to start my credit history off right. I didn't take them over till I was 18 and they were only used for gas or whatever.
I know people who's parents opened them cards earlier than that.
So I know our cards are lacking vs others but just a cool feature I wanted to share. If you pay your cell phone bill with a Wells Fargo credit card and it gets broken or stolen you get up to $600 twice a year to replace the phone after a $25 deductible.
Much cheaper than insurances
Was approved for a chase sapphire preferred card and switched my Bank of America card to their travel rewards card. Have a slate card and taking advantage of the 0 apr for another like 15 months
Thinking about switching from Delta Amex Gold to Chase Sapphire Preferred. Same annual fee, and I pay off monthly so APR doesn't matter to me. Chase gives 2x points on flights and restaurants, while Delta only gives 2x points on flights.
Anyone made the switch? Any benefits to the Amex I'm missing that make it worth keeping? Free checked bag and priority boarding are nice, but not a make or break for me.
Got approved for a Sapphire Preferred. I plan to use it for almost all purchases except for Delta purchases (which I have the Delta Amex for and are a decent amount of my purchases, since I live in Atlanta) I already have a Freedom and I don't want to cancel it, since the primary knock on my credit score is lack of credit history.
My question is - What do I do with a credit card I never plan to use but don't want to cancel. Just keep it in a filing cabinet or something?