I understand that CC companies are not as generous with credit, but still, why can't one try to apply for 10-15 cards and see what they get? Is it better to wait for Feb 2010?
scrapycoco said: I understand that CC companies are not as generous with credit, but still, why can't one try to apply for 10-15 cards and see what they get? Is it better to wait for Feb 2010?
The credit card companies are getting much more cautious but waiting only means more time for them to pull away or change current offers for the worse.
Pick 5-8 cards that you think will give you the best terms / highest limits.
Apply for them the same day.
Don't bother with any further applications.
If you do it right you can still make some money but it is far easier to screw it up than it used to be.
Uh... maybe because prime rate is .25%? The only decent rate is in rewards checking... Which would be a major pain in the ass requiring a lot of hoops like 50 debit card transactions a month.
Crazytree
Senior Member - 8K
posted: Nov. 17, 2009 @ 10:29p
I'm having people tell me that they're having their limits cut just for calling up and asking simple questions.
Crazytree said: I'm having people tell me that they're having their limits cut just for calling up and asking simple questions. Is the simple question "Will you cut my credit limit?"
polaris
Senior Member
posted: Nov. 18, 2009 @ 8:03a
Even if you are able to score some AOR cash, there is the problem of what to do with it. It was a slam dunk when you could put it in a 5% savings account a couple of years ago, but there aren't too many risk free places to profitably put AOR cash to work at these days.
polaris said: Even if you are able to score some AOR cash, there is the problem of what to do with it. It was a slam dunk when you could put it in a 5% savings account a couple of years ago, but there aren't too many risk free places to profitably put AOR cash to work at these days. You can always go to the casinos and put it all on red.
If it works out easy 100% return.
If it doesn't work out declare bankruptcy or go back to Poland. Either way you are a true American Hero.
polaris said: Even if you are able to score some AOR cash, there is the problem of what to do with it. It was a slam dunk when you could put it in a 5% savings account a couple of years ago, but there aren't too many risk free places to profitably put AOR cash to work at these days.
That the exact reason why I don't think it a good idea now. Getting the money from an AOR doesn't appear to be that hard now, the problem is what will you do with it without risk. right now a 1 year CD(you really need something like 10-11 months, but I'll use 1 year for an example) is around 1.7% if you get one of the promo rates. After fees you could barely break even. Maybe one of the higher ones is 2.3% it would be worth it but barely.
When I first started my AOR rates were around 2.5% but there were alot more fee free AOR Money. now most of them have fee that cap at 75 dollars or something along those lines.
I think there are still deals out there (but maybe harder to find). I started my first AOR last month. Got it all in three 5% checking accounts with 12 debits each. For a first time experiment, I'm happy with the change I'm making.
captainwho
Senior Member
posted: Nov. 18, 2009 @ 10:33a
Crazytree said: I'm having people tell me that they're having their limits cut just for calling up and asking simple questions. Ahh, then it would seem the solution would be to ask more complex questions?
denbo32 said: polaris said: Even if you are able to score some AOR cash, there is the problem of what to do with it. It was a slam dunk when you could put it in a 5% savings account a couple of years ago, but there aren't too many risk free places to profitably put AOR cash to work at these days.
That the exact reason why I don't think it a good idea now. Getting the money from an AOR doesn't appear to be that hard now, the problem is what will you do with it without risk. right now a 1 year CD(you really need something like 10-11 months, but I'll use 1 year for an example) is around 1.7% if you get one of the promo rates. After fees you could barely break even. Maybe one of the higher ones is 2.3% it would be worth it but barely.
When I first started my AOR rates were around 2.5% but there were alot more fee free AOR Money. now most of them have fee that cap at 75 dollars or something along those lines.
Of course the higher the value of your time the less return you will get from an AOR but for most I think it is still a worthwhile endevour.
First of all the 0% deals with capped fees are still out there if you look for them so getting a 1%+ return on your money will be enough to earn a profit on the BT fees.
The liquidity boost alone may be enough for some people. Buying that car now or taking that vacation now instead of waiting is always nice.
The returns can also be had even in this envoronment. Way2save pays 10% and you can automate the whole thing without too much effort. Some money market accounts still pay more then 2%.
While I would not take any risks with the principal that I have to pay back, there are all kinds of risk assets that can add a nice boost to the expected profits (stocks, bond funds, gold, take your pick).
jameshasty said: denbo32 said: polaris said: Even if you are able to score some AOR cash, there is the problem of what to do with it. It was a slam dunk when you could put it in a 5% savings account a couple of years ago, but there aren't too many risk free places to profitably put AOR cash to work at these days.
That the exact reason why I don't think it a good idea now. Getting the money from an AOR doesn't appear to be that hard now, the problem is what will you do with it without risk. right now a 1 year CD(you really need something like 10-11 months, but I'll use 1 year for an example) is around 1.7% if you get one of the promo rates. After fees you could barely break even. Maybe one of the higher ones is 2.3% it would be worth it but barely.
When I first started my AOR rates were around 2.5% but there were alot more fee free AOR Money. now most of them have fee that cap at 75 dollars or something along those lines.
Of course the higher the value of your time the less return you will get from an AOR but for most I think it is still a worthwhile endevour.
First of all the 0% deals with capped fees are still out there if you look for them so getting a 1%+ return on your money will be enough to earn a profit on the BT fees.
The liquidity boost alone may be enough for some people. Buying that car now or taking that vacation now instead of waiting is always nice.
The returns can also be had even in this envoronment. Way2save pays 10% and you can automate the whole thing without too much effort. Some money market accounts still pay more then 2%.
While I would not take any risks with the principal that I have to pay back, there are all kinds of risk assets that can add a nice boost to the expected profits (stocks, bond funds, gold, take your pick).
Is it as good as it used to be? NO
Should you do it now? I would
If you need an AOR to get a car or a vacation, then most likely you shouldn't be getting that car or vacation.
Which money markets really pay more then 2%
I personally have no problem waiting for rates to go up before I do my next AOR. I feel pretty sure that rates will be rising in the next year. I rather not do one now, maybe AOR won't exist in a year who knows. But right now the reward is pretty small, and while the risk is small, it not worth it to me.
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