PFAgent said: imbatman, thank you! you hit the nail right on the head.
so what happens when i take Chase's Ultimate Rewards points (say, from Sapphire card), transfer them all to Marriott Rewards Account, then close my Chase cc? if the points already transferred, then they would be safe in Marriott's hands right? thanks again!
P.S. maybe there is a clause in the cc agreement saying i can't trasnfer the points until year 2 (year in which i will have to pay annual fee)?
Not exactly the same situation, but perhaps relevant. I just closed my Chase Sapphire Preferred card before the annual fee kicked in. Before I called to do so, I transferred out the points to a different Chase UR card. No problems. In fact, when I called to cancel the card, the CSR asked me if I wanted to transfer out any UR points before I closed the card, and then noted that I already had. So it's not like you'd be pulling a fast one. It's expected.
tajar96 said: Anyone have experience with the Chase Ink Business card. There is a offer on CreditCards.com for $250 CashBack, 5% on some categories, etc. I applied for my wife's business but no response yet. "They will let me know in the mail". Still waiting, figured might as well FWF it.
I have the card and am loving it. It was in response to a pre-approved app they had been sending me for quite some time. 5% on phone/internet/cable, office supplies, 2% on dining, 1% everything else, 0% APR for 12 months on purchases, and $250 after first use. I also received the "we'll let you know" response, and after well over a week had almost given up, then the card appeared in the mail. I figured the delay was because I already have about eight Chase cards, including a different Chase Ink card (the one that gives 3% on Home Improvement, Dining, Office Supplies and Gas), under the same business. But they did give me the new Ink card, and I still have the old one as well. I immediately switched all of my auto-pays for landline, DSL, cell phone and Dish Network to the new card, and am enjoying the 5% CashBack on all of those payments. I'll get to a $20 redemption level every two months without breaking a sweat. I cashed out the $250 bonus as soon as it appeared. The 0% APR is just icing on the cake for the first year. Overall, this card is a really nice addition to my portfolio.
You got it. At that point, you can close your Chase UR card, and you will not lose anything (unless you have an extra random 15 UR points leftover). All points transferred to Marriott will stay in Marriott rewards account.
There's no clause in CC agreements saying how soon you can use points. There are a bunch of folks on here that signed up for a few AMEX cards last year that will transfer points, then close the cards before the annual fee hits after year 1.
imbatman said: You got it. At that point, you can close your Chase UR card, and you will not lose anything (unless you have an extra random 15 UR points leftover). All points transferred to Marriott will stay in Marriott rewards account.
There's no clause in CC agreements saying how soon you can use points. There are a bunch of folks on here that signed up for a few AMEX cards last year that will transfer points, then close the cards before the annual fee hits after year 1.
cpaynter, imbatman, thanks for all your help! you guys are great.
on a similar note imbatmat, you must have a passion for cc... seems like you live here
Quick update - DW called the Chase Reconsideration Line and was informed that she is approved for 20k - yay! Card will be in the mail on Monday, can't wait. Already have tax payments and some purchases lined up. Thanks imbatman & cpaynter.
I've just opened a new LLC. and I'll be thinking to get some extra bucks by opening up new Checking account as well as applying for 1-2 credit cards. Any suggestions?
coolmind said: I've just opened a new LLC. and I'll be thinking to get some extra bucks by opening up new Checking account as well as applying for 1-2 credit cards. Any suggestions?
Thanks in Advance.
I'm assuming you're considering business cards? If so, read the 10 or so posts above this. 1) it depends on what you're spending $$ on, and 2) it depends on what you want to get out of it.
FYI, I updated the quicksummary to include the linkfor FIA cards to determine if you've been offered some sort of CashBack bonus. It's good info, when considering what card to get, to know if you'll be offered occasional bonuses. I have experience that the link works for my FIA 2% AMEX and my wife's BOA 3-2-1 Visa. I can not speak to other FIA cards. (This quarter I got 3% CashBack on my 2% AMEX at grocery/drugstores/gas, which is nice, and an extra 3% on my 3/2/1 VISA on retail, which isn't good enough for me to pull it out of my sock drawer)
Just to let you know, it may be worth calling before dumping a card with an annual fee. In the past, I have been able to have the fee waived for several years, and one year it was significantly reduced. You never know if you don't try. It doesn't hurt if you've been using the card to charge a lot, either.
ablang said: What is your favorite card (Cash Back rewards) for use at restaurants?
A lot of people will say Citi Forward for this. Objectively, that can be a good deal, but I personally don't really like the Thank You program. You accumulate points, which expire after some time (three years, I think?), which can be devalued without sufficient notice, or the reward you were saving up for can be discontinued. I'd be really upset if I spent three years charging restaurant meals to the card with the intention of ultimately cashing them in for my preferred reward only to log in one day and find out that my preferred reward now cost 50% more points or was no longer offered at all.
So, I prefer to stick with cash. I'm unaware of any cards that offer decent and consistent Cash Back for restaurants, so I have three cards (Citi Dividend Platinum Select, Chase Freedom, and Discover More) that offer 5% Cash Back in categories that change every quarter. The rotating categories get kind of tiresome, and they make you jump through some hoops, but generally you can expect to get 5% Cash Back on restaurants on at least one card or another for maybe half the year or so, which is better than nothing or even 1.5% or 2% Cash Back you can get from other cards.
Trick: You can use student loan checks to pay yourself cash. Just have them make it out to the name of your bank (e.g. "Chase"), and you can then deposit it into your own account. Easy way to get 1:1 value for TY points.
I could use some advice. I'm looking for a credit card for my mother-in-law. She is retired and doesn't generally charge very much other than bills and groceries. I'd like to sign her up for a card that gives either Cash Back or some kind of points for merchandise (I have a personal preference for cash-back...) I also think we want to go for a card that has no annual fee given her low amount of spending. Finally, it needs to be Visa or MasterCard - she has AMEX already and is not looking to change that card at this moment.
I reviewed the category here and found a couple of good ones: http://www.creditcards.com/cash-back.php Including Citi Thank You, Citi Dividend Platinum, Chase Freedom Visa, and Capital One cash rewards. Do you guys think I'm on the right track, and are there any things I need to consider before deciding?
I could use some advice. I'm looking for a credit card for my mother-in-law. She is retired and doesn't generally charge very much other than bills and groceries. I'd like to sign her up for a card that gives either Cash Back or some kind of points for merchandise (I have a personal preference for cash-back...) I also think we want to go for a card that has no annual fee given her low amount of spending. Finally, it needs to be Visa or MasterCard - she has AMEX already and is not looking to change that card at this moment.
I reviewed the category here and found a couple of good ones: http://www.creditcards.com/cash-back.php Including Citi Thank You, Citi Dividend Platinum, Chase Freedom Visa, and Capital One cash rewards. Do you guys think I'm on the right track, and are there any things I need to consider before deciding?
Thanks!
Chase Freedom or Citi Dividend (1% with 5% rotating categories), Capital One cash rewards (1.5%), or Bank of America 1-2-3 (2% groceries, 3% gas, with 10% bonus on casback amount if redeemed into BoA checking/savings). If her spending is heavily groceries / gas, the BoA may be best. AMEX Everyday is better than the BoA card, but if you're looking for Visa/MC, then it'd be my choice.
I could use some advice. I'm looking for a credit card for my mother-in-law. She is retired and doesn't generally charge very much other than bills and groceries. I'd like to sign her up for a card that gives either Cash Back or some kind of points for merchandise (I have a personal preference for cash-back...) I also think we want to go for a card that has no annual fee given her low amount of spending. Finally, it needs to be Visa or MasterCard - she has AMEX already and is not looking to change that card at this moment.
I reviewed the category here and found a couple of good ones: http://www.creditcards.com/cash-back.php Including Citi Thank You, Citi Dividend Platinum, Chase Freedom Visa, and Capital One cash rewards. Do you guys think I'm on the right track, and are there any things I need to consider before deciding?
Thanks!
Chase Freedom or Citi Dividend (1% with 5% rotating categories), Capital One cash rewards (1.5%), or Bank of America 1-2-3 (2% groceries, 3% gas, with 10% bonus on casback amount if redeemed into BoA checking/savings). If her spending is heavily groceries / gas, the BoA may be best. AMEX Everyday is better than the BoA card, but if you're looking for Visa/MC, then it'd be my choice.
Another option is the Sallie Mae 2% Visa. Do not get a card that gets points for merchandise. Merchandise is pretty much always a ripoff. She will get better value getting a CashBack card, and using the CashBack to purchase the same item through Amazon or whoever's offering the best price.
I'm assuming she just wants one card? Any idea how much she charges/month on groceries and/or bills?
We don't have a firm hold on what her spending will be going forward, but our estimates are about $500 per month or less on groceries and gas, and we may put another 500 or so in bills onto it each month.
hellmutt said: We don't have a firm hold on what her spending will be going forward, but our estimates are about $500 per month or less on groceries and gas, and we may put another 500 or so in bills onto it each month.
that should be easy to calculate. I'm gonna use 3 cards for examples 2% card (Sallie Mae 2%, Priceline 2%) with no annual fee - 2% on everything 5% Sallie Mae gas/grocery card - 5% on gas/groceries up to $500/month, 5% on bookstores up to 1000/month, 1% everything else AMEX Blue cash perferred - 6% grocery, 3% gas, 1% everything else. $75 annual fee
assume $525 grocery, $0 gas, $500 other (buy all gas gift cards at the grocery store) / month 2% - $246 CashBack/year 5% SM - $363 CashBack/year (remember 5% on first $500/month) AMEX Blue cash - $363 CashBack/year (after $75 annual fee)
$525 in spending at grocery stores a month is the break even point. Blue Cash Preferred starts making more than Sallie Mae 5%
assume $500 grocery, $0 gas, $1500 other (buy all gas gift cards at the grocery store) / month 2% - $480 CashBack/year 5% SM - $480 CashBack/year AMEX Blue cash - $465 CashBack/year
So, If she's going to be spending less than $500 on gas/grocery - go with the Sallie Mae 5% CashBack on gas/grocery card. If it's more than $525/month at grocery, go with AMEX Blue Cash Preferred card. If she's going to be spending a LOT more on non-category spending/bills - go for the Sallie Mae 2% (or another 2% card). I figure a 2% card is a stretch.
Another option - even though she probably has no need for HHonors points, is the HHonors AMEX - gives 6x HHonors pts/dollar on all gas, grocery, and telecom bills, no annual fee.
imbatman said: hellmutt said: We don't have a firm hold on what her spending will be going forward, but our estimates are about $500 per month or less on groceries and gas, and we may put another 500 or so in bills onto it each month.
that should be easy to calculate. I'm gonna use 3 cards for examples 2% card (Sallie Mae 2%, Priceline 2%) with no annual fee - 2% on everything 5% Sallie Mae gas/grocery card - 5% on gas/groceries up to $500/month, 5% on bookstores up to 1000/month, 1% everything else AMEX Blue cash perferred - 6% grocery, 3% gas, 1% everything else. $75 annual fee
assume $525 grocery, $0 gas, $500 other (buy all gas gift cards at the grocery store) / month 2% - $246 CashBack/year 5% SM - $363 CashBack/year (remember 5% on first $500/month) AMEX Blue cash - $363 CashBack/year (after $75 annual fee)
$525 in spending at grocery stores a month is the break even point. Blue Cash Preferred starts making more than Sallie Mae 5%
assume $500 grocery, $0 gas, $1500 other (buy all gas gift cards at the grocery store) / month 2% - $480 CashBack/year 5% SM - $480 CashBack/year AMEX Blue cash - $465 CashBack/year
So, If she's going to be spending less than $500 on gas/grocery - go with the Sallie Mae 5% CashBack on gas/grocery card. If it's more than $525/month at grocery, go with AMEX Blue Cash Preferred card. If she's going to be spending a LOT more on non-category spending/bills - go for the Sallie Mae 2% (or another 2% card). I figure a 2% card is a stretch.
Another option - even though she probably has no need for HHonors points, is the HHonors AMEX - gives 6x HHonors pts/dollar on all gas, grocery, and telecom bills, no annual fee.
Incredibly informative, thank you so much for the advice. She currently has two AMEX cards: Membership rewards and Hilton Surpass. I'm not sure if we'll keep both, and she doesn't really have much use for the Hilton points... (I'm Hilton Diamond and use my points when we travel...)
Unless she stays at Hilton hotels. There is no reason to pay the annual fee for the Hilton surpass card. It comes with an annual fee. She should call and ask them to convert it to either the regular hhonors AMEX (no annual fee same points earnings except 3 fewer points at Hilton hotels) or convert it to AMEX blue cash preferred. AMEX will convert cards without a hard pull, and keep the same credit limit. Downside is you miss out on the signup bonus.
The landing pages keep getting moved/removed. The last landing page for the 2% card that I posted (2 weeks ago), is no longer working. I'll see if I can find another.
As followup, my Mother-in-law filled out the online form last night, got a call back this morning, and is approved for the Sallie Mae 5%/1% card that was recommended here. Limit of $5K, which is more than enough. Thanks all for the suggestions, and especially to imbatman and dukerau for the advice.
Wow, new to this. This is like a cult and after reading as much as I can, I'm loving this. My credit sucks because of my student loan being in differment. But My wife as excellent credit. We are looking to open a couple of credit cards for her. What are the best ones out there that offer the most sign on bonus and Cash Back? Someone told me to open them all at once so he credit only get check once. Also so of the best one i've seen have annual fees, eventhough a lot of them are waived the first year, does closing them right before the annual fee is do affect credit score?
NUCCA said: Wow, new to this. This is like a cult and after reading as much as I can, I'm loving this. My credit sucks because of my student loan being in differment. But My wife as excellent credit. We are looking to open a couple of credit cards for her. What are the best ones out there that offer the most sign on bonus and Cash Back? Someone told me to open them all at once so he credit only get check once. Also so of the best one i've seen have annual fees, eventhough a lot of them are waived the first year, does closing them right before the annual fee is do affect credit score?
Closing a card before the annual fee hits doesn't hurt your credit score directly, except for the effect of lowering your available credit. The primary damage to your score is in the inquiry when applying for the card. That said, keeping cards open can help your score in the long run by contributing to your total available credit, average age and oldest tradeline.
There are some juicy no-annual-fee cards that you can just hold on to for the longterm. So you can have the best of three worlds: a nice sign-up bonus for the short term, and good CashBack while you hold on to the card to improve your credit.
BankOfAmerica Cash Rewards Card $250 bonus for spending $500 in the first 90 days Linky -Get a $250 cash rewards bonus after you make at least $500 in purchases within 90 days of account opening -Earn 1% Cash Back on every purchase, 2% on groceries, and 3% on gas (Quarterly maximum applies to bonus rewards on grocery and gas purchases). Plus earn a 10% customer bonus when you redeem into a Bank of America® checking or savings account -Introductory 0% APR for your first 12 billing cycles only for Purchases and for any Balance Transfers* made within 60 days of opening your account.
Chase Sapphire (no a/f) 25,000 bonus points = $250 for spending $3,000 in 3 months 2% on dining purchases, 1% on everything else Linky
Chase Freedom $200 bonus after you spend $500 in the first three months 5% on purchases in categories that change quarterly 1% on everything else If you have a Chase checking account, get an extra .1% + 10¢ per transaction Linky
BankOfAmerica Cash Rewards Card $250 bonus for spending $500 in the first 90 days Linky -Get a $250 cash rewards bonus after you make at least $500 in purchases within 90 days of account opening -Earn 1% Cash Back on every purchase, 2% on groceries, and 3% on gas (Quarterly maximum applies to bonus rewards on grocery and gas purchases). Plus earn a 10% customer bonus when you redeem into a Bank of America® checking or savings account -Introductory 0% APR for your first 12 billing cycles only for Purchases and for any Balance Transfers* made within 60 days of opening your account.
I believe this offer is dead...at least the link in the linked thread is. Anyone have a current link for this offer?
The hottest cash reward opening bonus I have seen is $200 after making one purchase of any amount. The points can be redeemed via statement credit or ACH deposit to a checking or savings account. The card is the Emigrant Direct Visa issued by Elan Card Services. Unfortunately, it is a targeted offer. However, many FWers had an Emigrant Direct Savings Account as it had a great rate a few years ago. My ED savings account has been closed for a few years but that didn't stop them from sending me offers. I ignored the first 5 or 10 mailings as the opening offers were $50, $100, or $150. Finally they sent one for $200. My point in posting this was to suggest waiting for the $200 offer if you are getting smaller offers and to point out how incredibly easy it is to redeem the points since the solicitations provide little information.
cpaynter said: addisonben22 said: Your work is very beneficial for maximum users related to finance. It is a nice way of information for hotels and other works.
imbatman said: Barclays nfl card $200 after first purchase - not targeted in response to previous post. That's a great offer too. However, it requires spending $200 on card purchases since that's the only way you can redeem. The Emigrant Direct Visa is hotter since you can spend as little as a penny and then you can request $200 via ACH transfer. So those who had these savings accounts should watch their mailboxes for the offer.
giantsfan2 said: imbatman said: Barclays nfl card $200 after first purchase - not targeted in response to previous post. That's a great offer too. However, it requires spending $200 on card purchases since that's the only way you can redeem. The Emigrant Direct Visa is hotter since you can spend as little as a penny and then you can request $200 via ACH transfer. So those who had these savings accounts should watch their mailboxes for the offer.
It's pretty easy to goto a store and purchase a gift card for $202.02 (which would give 20202 pts or a 202.02 statement credit)then use the statement credit to pay off the balance. Free $202.02 gift card.
If you're making a big purchase, the statement credit can be applied to that purchase, no need to ACH to a checking account and then pay off the credit card bill from the checking account.
imbatman said: giantsfan2 said: imbatman said: Barclays nfl card $200 after first purchase - not targeted in response to previous post. That's a great offer too. However, it requires spending $200 on card purchases since that's the only way you can redeem. The Emigrant Direct Visa is hotter since you can spend as little as a penny and then you can request $200 via ACH transfer. So those who had these savings accounts should watch their mailboxes for the offer.
It's pretty easy to goto a store and purchase a gift card for $202.02 (which would give 20202 pts or a 202.02 statement credit)then use the statement credit to pay off the balance. Free $202.02 gift card.
If you're making a big purchase, the statement credit can be applied to that purchase, no need to ACH to a checking account and then pay off the credit card bill from the checking account.
Right, but if you have a different credit card that gives you, say 2% on everything, you could otherwise buy the gift card with that card earning $4.04 Cash Back. So the Emigrant deal is at least $4.04 hotter. Even better, if you have a card that gives, say 5% at grocery stores and you can buy that gift card at a grocery store, then it's over $10 better.
Personally, I'd much rather have the money via ACH (or even a check), because I then have use of that money immediately, to put in the bank and make interest, or invest, or whatever. A credit to my CC account doesn't advantage me for 30-60 days.
All that said, I'm not targeted for the Emigrant deal.
Right, but if you have a different credit card that gives you, say 2% on everything, you could otherwise buy the gift card with that card earning $4.04 Cash Back. So the Emigrant deal is at least $4.04 hotter.
Chris.
I'm confused. Is the Emigrant card a 2% card? I didn't see that anywhere. The NFL card is a 1% card, so a 2% card would only be 2.02 better.
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