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Credit Cards (1 Viewer)
- Thread starter RC94
- Start date
Redwes25
Footballguy
As I said, my relationship with my partners (including contractual) doesn't make that an option or risk I want to take. I love traveling in luxury and will pay for it and also like it for free so a slow churn on top of business travel (where I can use my own cards and get reimbursed from business (e.g. CIti Prestige card is best card out there for me) works pretty well for me.
culdeus
Footballguy
Redwes25
Footballguy
I am not going to discuss this on a forum but I have my reasons that are different then the standard ones and can we just leave it at that. Also, why do you even care that much? Think this is a useful thread but no real reason to argue with someone on how they want to collect points. Going in for business cards is something some folks will want to do and others don't want to. I freely admit I could be doing it better but not something I am going to do.
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culdeus
Footballguy
Well because I think for casuals, biz cards are much better. It stays off your front page of your credit report, doesn't hurt utilization so your score stays more level, and allows you to keep flexibility for getting only the most high value personal cards that make sense to hit your credit report.
Having a mix of personal/biz cards allows you to keep velocity a little more under control with all the issuers. With personal cards, you will get velocity limited really quickly, and not just by chase either.
If you are limited to personal cards for some legal reason then fine, but I would for sure be a bit careful just plowing thru a zillion personal cards in a year. Most flow charts and systems are advocating and designed for a blend of roughly 25/75 P/B at first.
ex-ghost
Footballguy
Great news, brand new benefits for the Amex Premier Rewards Gold card being rolled out, looks like a strong competitor to the Chase Reserve (from reddit, https://www.reddit.com/r/churning/comme ... d_grocery/):
$120 Dining Credit: You get $10 monthly dining credit available at Grubhub, Seamless, The Cheesecake Factory, Ruth's Chris Steak House, Shake & Shack. Must enroll first and pay using Premier Rewards Gold card.
4x points at US restaurant
4x points at US supermarket, up to $25k purchase per calendar year.
2x points at US gas station is removed.
$120 Dining Credit: You get $10 monthly dining credit available at Grubhub, Seamless, The Cheesecake Factory, Ruth's Chris Steak House, Shake & Shack. Must enroll first and pay using Premier Rewards Gold card.
4x points at US restaurant
4x points at US supermarket, up to $25k purchase per calendar year.
2x points at US gas station is removed.
culdeus
Footballguy
They are going to be revamping the Biz GR card as well, with details to come out soon.
But this is big. Really takes dead aim at CSR and makes you wonder why the Plat version doesn't have the same perk.
-OZ-
Footballguy
ex-ghost
Footballguy
Currently, it is $0 the first year and $195 after. Not sure if that is going to change.
The public offer is 25,000 points, but people have been able to pull up 50,000. I believe the historical high is 75,000.
ex-ghost
Footballguy
ex-ghost
Footballguy
I've been waiting to get this card, just used this link in incognito and found it: https://www.americanexpress.com/us/credit-cards/card/premier-rewards-gold/?eep=25330
Doctor of Credit says there have been 75k offers, but doesn't say how long ago.
Judge Smails
Footballguy
So they asked for more proof with the business card. Not worth the hassle. Done
Ron Swanson
Footballguy
culdeus
Footballguy
massraider
Footballguy
Power move. With the restrictions on the Sapphire line, people that used the Chase Trifecta could easily keep the CIP, and downgrade the Reserve/Preferred to another Freedom card, and go to a Platinum/Premier Rewards Gold combo for their travel/dining, and just use the Freedom for the 5Xbonus categories. With that $120 dining bonus (which is effortless to redeem) that puts the Amex PRG annual fee at $75, 20 bucks less than the Preferred, which I don't think is a coincidence.ex-ghost said:
Chase could easily lose some annual fees, big time, with this move. I think people under 5/24 will look to maximize the UR bonus points, but then downgrade their Sapphire line, and focus on the Amex combo for every day spend, keeping those premium cards, and paying the annual fees. 5X on travel, and 4X on pretty much ALL food is really strong. Down the line, Chase may need to dangle something enticing.
The respected blogs should have some good takes on this over the next few weeks.
Chadstroma
Footballguy
I am not sure if it has been discussed in here but the rumors among the credit card point hawks is that Chase has been going around and closing accounts for basically using their cards without letting Chase soak them for every cent they can get.
Essentially, Chase offered their card and people looked at the deal and said- sounds good. Chase rejoiced. The exec at Chase who was in charge of Sapphire got promoted. Other companies stepped up to compete with similar products. Then Chase looked at the numbers. Wait.... people are taking advantage of the deal? Uh no, can't have that. Let's find the people that are using the card as we offered to their advantage and stop that immediately. If they won't be good customers and ignore the benefits and pay high interest rates then we will just have to close their accounts out.
Some of those impacted have reported that they were able to get their accounts reopened. Some not so much. No explanation. Just a middle finger from Chase and be on your way.
Essentially, Chase offered their card and people looked at the deal and said- sounds good. Chase rejoiced. The exec at Chase who was in charge of Sapphire got promoted. Other companies stepped up to compete with similar products. Then Chase looked at the numbers. Wait.... people are taking advantage of the deal? Uh no, can't have that. Let's find the people that are using the card as we offered to their advantage and stop that immediately. If they won't be good customers and ignore the benefits and pay high interest rates then we will just have to close their accounts out.
Some of those impacted have reported that they were able to get their accounts reopened. Some not so much. No explanation. Just a middle finger from Chase and be on your way.
Leeroy Jenkins
Footballguy
What
Chadstroma
Footballguy
Assuming this was directed at me...
https://www.businessinsider.com/chase-credit-cards-suddenly-shut-down-2018-7
massraider
Footballguy
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culdeus
Footballguy
There is a lot misleading in this.I am not sure if it has been discussed in here but the rumors among the credit card point hawks is that Chase has been going around and closing accounts for basically using their cards without letting Chase soak them for every cent they can get.
Essentially, Chase offered their card and people looked at the deal and said- sounds good. Chase rejoiced. The exec at Chase who was in charge of Sapphire got promoted. Other companies stepped up to compete with similar products. Then Chase looked at the numbers. Wait.... people are taking advantage of the deal? Uh no, can't have that. Let's find the people that are using the card as we offered to their advantage and stop that immediately. If they won't be good customers and ignore the benefits and pay high interest rates then we will just have to close their accounts out.
Some of those impacted have reported that they were able to get their accounts reopened. Some not so much. No explanation. Just a middle finger from Chase and be on your way.
Chase has been shutting down people that exceed their bust-out metrics. As it turns out this happens to be churners.
The overwhelming majority, if not 100%, of churners have been reinstated after calling in and shifting/changing credit lines to be under their bust-out targets. Of the probably 250-350 known cases of SD there are maybe 1-2 DP of people not getting reinstated, it's so rare that I probably find those DP non-compelling.
Redwes25
Footballguy
ex-ghost
Footballguy
I’ve applied for three and I am waaaay over 5/24. I think the key is making sure your credit with them is under 50% of your income and spread out the apps. My recent three are over a year period.
Judge Smails
Footballguy
I’m a rookie at this. Have business cards and name of company (golf instruction) but that’s it. Used name of company and me as sole proprietor. Didn’t do DBA. Used SSN.
ex-ghost
Footballguy
It's much easier, for most business credit cards, to go sole prop with your own name as the business. I do sell things on ebay, but man, not very much at all, and use that as my business. Amex seems to be the least concerned about it, Citi next, Bank of America and then Chase is much tougher. Bank of America can be a #####, too.
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Franknbeans
Footballguy
Total noob here. Just got the Chase Sapphire Preferred and blew through the 4k spending in 90 days to get the points. What should I do next?
massraider
Footballguy
Check this out:
https://i.imgur.com/JwqwfaC.png
What's your 5/24 status? 5/24 refers to the number of cards you have received in past 24 months. What other cards have you signed up for in past 24 months? Chase will only let you sign up for 5 within 24 months, and will reject every Chase card app after that, until you are back below the 5 in 24 month threshold. Some cards, like business cards, do not affect your status, they will NOT count as one of your 5/24 ''slots". The Preferred definitely counts as one.
Let's say you that's the only eligible card you have gotten in last 24 months. You would be 1/24 right now.
If so, it's a Choose Your Own Adventure. Your next cards depend on your goals, and what is most helpful to you. You need to decide if you would get use out of the Southwest Companion Pass, first, most would say. Now is the time to decide this as well. Read this: Companion Pass Tutorial
In short, if you do want it, you will want to apply for a SW personal and SW business card, and meet the minimum spend for both after January 1, and if you do, you'll get the pass for all of 2018 and 2019. Don't hit the spend too soon, if you reach the minimums in DEC, you'll waste a year of the pass. You get the pass, for two year, any SW ticket you buy you get a companion free, so you get 50% two tickets for 2 years. Pretty huge benefit.
If the SW pass isn't for you (SW not a helpful airline, based on where you live) you have options. Here's a good comparison: https://10xtravel.com/best-credit-cards-september-2018/
If the Companion Pass is enticing, I would focus on that, and then I fully echo @culdeus, the Chase business cards are the priority. They are going to be the next logical place Chase makes it harder, so get a few of those cards, and pile up the Chase points.
If you have a specific airline or hotel you would like status/points with, that may change things. Assuming there isn't, then strategically using your 5/24 slots to maximize Chase points is the priority.
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Judge Smails
Footballguy
I have business cards printed up but haven’t filed to get a business license yet. I get no invoices/bills. That’s what they asked for
culdeus
Footballguy
Again. The issue is unless you actually need a card for a real business then apply first name last name 2x and sole prop with a sole prop ein. 10 yr biz 5k revenue.
0 ####s given by the card company.
-OZ-
Footballguy
Got an unexpected heavy package in the mail. Not really sure why but the Savor card sent me a cookbook. I haven't used the card yet.
ex-ghost
Footballguy
Hah! I just read about that: https://www.doctorofcredit.com/capital-one-sending-out-free-cookbooks-to-some-savor-credit-cardholders/
massraider
Footballguy
The new old AMEX gold card gets rolled out today.
25k bonus and $250 annual fee isn't real impressive.
However, if you get referred from a friend, it's 50k for 2k spend. Think I'm in.
Referral link on Reddit I assume.
25k bonus and $250 annual fee isn't real impressive.
However, if you get referred from a friend, it's 50k for 2k spend. Think I'm in.
Referral link on Reddit I assume.
culdeus
Footballguy
Yeah, 50k for 2k spend is worth it. Fee comes with some fee credits, maybe useful to some. I've not used grubhub before. I don't even know what seamless is.
- $120 dining credit. This is a $10 monthly credit that can be used at Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House, Shake Shack
- $100 airline fee credit
massraider
Footballguy
Grubhub and Seamless are same thing.
Anyone currently has AMEX, shoot me a referral code. I THINK any AMEX referral will do.
Also, my phone really wants to call autocorrect 'referral' to 'rectal.'
culdeus
Footballguy
Do you have a amex card? Doc says you can self refer. I'm happy to get some sweet sweet mr if you don't have one.
massraider
Footballguy
Will doculdeus said:
ex-ghost
Footballguy
If anyone else is looking to get the card, here is my referral: http://refer.amex.us/JEFFRGobtt?XLINK=MYCP
culdeus
Footballguy
Redwes25
Footballguy
yeah that was my thought. ETA - I would self refer to gt the 50k offer and plus referral bonus.
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culdeus
Footballguy
Cards IMO worth 5/24 slot:
No Brainer - Amex Personal Plat if can get 100kMR bonus only
Maybe
City National Bank Crystal Infinite - If you can even get an application for it. It's so hard to get this card that getting it after 5/24 may not be possible.
US Bank Altitude - There are lots of DP out there that you absolutely can't get this post 5/24. Also tricky to get.
There is the rare one-off card out there, but it is so important to max out on Chase Biz cards while at or under 5/24 that you shouldn't be getting too stretched out. Now that you can't double dip sapphire cards this opens up a personal slot for one of the above three, or perhaps the City Premier (stretch)
No Brainer - Amex Personal Plat if can get 100kMR bonus only
Maybe
City National Bank Crystal Infinite - If you can even get an application for it. It's so hard to get this card that getting it after 5/24 may not be possible.
US Bank Altitude - There are lots of DP out there that you absolutely can't get this post 5/24. Also tricky to get.
There is the rare one-off card out there, but it is so important to max out on Chase Biz cards while at or under 5/24 that you shouldn't be getting too stretched out. Now that you can't double dip sapphire cards this opens up a personal slot for one of the above three, or perhaps the City Premier (stretch)
Sand
Footballguy
This is what I ended up with, and think it's worth it. The Avianca and Air France transfers make it pretty lucrative. I think I was down to 2/24, anyway.
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culdeus
Footballguy
massraider
Footballguy
Whoa, I was under impression the Chase biz cards didn't count toward 5/24. Do I have that totally wrong?
massraider
Footballguy
https://millionmilesecrets.com/guides/does-the-5-24-rule-apply-to-chase-business-cards/
Hmm, so it seems you want to apply for them before you are 5/24, but they won't count towards your status.
