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Do you hoard credit card points? (2 Viewers)
- Thread starter fantasycurse42
- Start date
NutterButter
Footballguy
It does seem like it would be smart to at least open up as many cards as you can to take advantage of the sign up bonus even if you're just going to cash in the points. For the cards like chase sapphire that have a yearly fee, I guess you have to cancel those if you're no longer using them so that you don't get billed.
comfortably numb
Footballguy
What do flights cost for the cards you guys have?
I have chase united mileageplus
Domestic off peak 1 way will cost 12,500 pts peak 25k I believe.
International are 30k or 65k
I have chase united mileageplus
Domestic off peak 1 way will cost 12,500 pts peak 25k I believe.
International are 30k or 65k
skycriesmary
Climbing up the Walls
Yeah, no reason not to. You'll see a very modest decrease in your credit after opening a few accounts within a few months, i.e. a few points, which will go back up within a couple of months. 
-OZ-
Footballguy
Only reason I wouldn't is I don't like keeping track of more than a couple cards. I have them on auto pay so it's not that big an issue, just a personal preference.
skycriesmary
Climbing up the Walls
Yeah, I do auto pay as well. I typically sign up for one, get the bonus, then move onto another, but that has amounted to three or four cards a year for the last few years.
culdeus
Footballguy
2.4 Mil miles is a #### ton. Considering a night at the top end place is what? 60k? You could do 2 weeks at the JW Marriott island resort in Venice.
ex-ghost
Footballguy
My wife and I started the credit card game January 2016. In that time we have opened 46 cards for over 2M miles. It is a lot of fun playing the game as well as indulging in the spoils of travel. I do spend a lot of time managing, but I also spend a lot of time researching really cool places to take my family. If you have a good spreadsheet and are organized it works out well. I have messed up a couple of times, getting hit with a late fee, but that was when I was just starting. I usually have 4-8 cards that I am putting spend on at one time. i just recently opened the USAA limitless 2.5% cashback card and let my wife use that as her solo card. I manage everything, she doesn't open any of her own cards, but is aware of the activity. If anything feels like it may take effort, I do not apply for her. She does get on the phone every once in awhile to close a card, but that is it.
NutterButter
Footballguy
If only it was easy to close the cards out. Every time I've done it in the past, it was such a headache.
culdeus
Footballguy
Pro tip. Get in the email thing. Type in the message that you are due to be deployed overseas and you are cancelling all cards.
Works 80% of the time for me.
ex-ghost
Footballguy
matuski
Footballguy
You should have blown the Marriott points on vacation packages before they went away. I put 1.2 mill into those last second.
If you didn't take advantage of that you hoarded too long.
eta - seeing you don't have many airline miles it appears you didn't. Ouch.
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Charlie Harper
Footballguy
Use the cashback every year as credit towards my account in January. Pretty much pays for Christmas shopping.
Redwes25
Footballguy
Wow, I have heard that some cards are cracking down on this churn for example I know with Amex you can only get the bonus reward once for a card (e.g. you can only get the Platinum business once in your life). Any other cards doing that?ex-ghost said:
To be honest, I don't think I have the time/effort to go all in on something like this.
ex-ghost
Footballguy
Yeah, the landscape is changing, but there are so many cards and bonuses out there, you just need to make sure that you will use the points that you earn. I churned through Chase cards to get United miles to go to Italy. Recently going through Alaska miles to get to Hawaii. Now going through American Airlines points for our next trip.
For me it is totally worth it. I've saved over $14,000 the last two summers with points on those trips to Italy and Hawaii.
Redwes25
Footballguy
massraider
Footballguy
It's like anything else. If free travel is appealing (it's appealing to everyone, I know, but I mean appealing) then it's not work, it's a lucrative hobby.
You also don't have to go hog wild like some to see great results. Just playing the Chase trio of cards is well worth it, and any knucklehead can figure that out.
ex-ghost
Footballguy
I would not be able to go on these trips without playing the credit card game. Trying to travel with a wife and two kids is expensive.
ex-ghost
Footballguy
Totally true. I started that way and then went deep into the rabbit hole, but the process of credit card churning is perfect for my personality.
massraider
Footballguy
Also, once you have these point cards, if you are looking around for chances to use the cards when it's not your money, you'd be surprised.
My parent have a general contracting business. They order materials every week from lumber yards, tens of thousands of dollars, that they pay from their own accounts, with someone else's money. My stepfather was using his debit card.
I staged an intervention, that's the only thing you can call it. I sat him down and showed him the basics, and explained that he would never have to buy another airline ticket again. He's got the Chase Ink now, but he still doesn't get it. He hit the bonus right away, and should have already gotten the Preferred/Reserve. I'll reinforce at Thanksgiving, get him back on track.
My parent have a general contracting business. They order materials every week from lumber yards, tens of thousands of dollars, that they pay from their own accounts, with someone else's money. My stepfather was using his debit card.
I staged an intervention, that's the only thing you can call it. I sat him down and showed him the basics, and explained that he would never have to buy another airline ticket again. He's got the Chase Ink now, but he still doesn't get it. He hit the bonus right away, and should have already gotten the Preferred/Reserve. I'll reinforce at Thanksgiving, get him back on track.
massraider
Footballguy
You use any web resources? I am a well-informed newbie, but The Points Guy is my favorite. Any other you prefer, or are you pretty much a solo master at this point?
ex-ghost
Footballguy
ex-ghost
Footballguy
I use Doctor of Credit a ton - doesn't use any affiliate links at all and the comments section is great, lots of seasoned churners there.
I also look at View From The Wing and Million Mile Secrets. With The Points Guy those are my 4 that I cycle through, but most of my time at Doctor of Credit. Occasionally will wade through Reddit, too.
Over the last year I entered into the Bank Bonus game - have made over $4000 so far.
massraider
Footballguy
Right? I have one for you:
Why wouldn't a clever bartender keep their Sapphire card riding shotgun at the bar, and pay a few hundred to a thousand a night in cash transactions with their card? Pocket the cash, pay off the card in full, and collect the points?
massraider
Footballguy
ex-ghost
Footballguy
Drool.
I recently opened a checking and savings account at BBVA Compass that allows $5k credit card funding on each. The checking account gets $200 bonus for direct depositing $300. The $10k credit card spending went on my USAA 2.5% cash back card. So those transactions netted me $450 for basically doing nothing. I spend a lot of time on this, but it is quite lucrative.
ex-ghost
Footballguy
You open bank accounts that offer money for you to open. Usually needs some sort of direct deposit within 60 days to trigger bonus. Best and easiest way to direct deposit is through your employer, if it is easy. I work in HR, so it is really easy for me.
Check this out: https://www.doctorofcredit.com/best-bank-account-bonuses/
Redwes25
Footballguy
I posted earlier and do a bit of this as I travel for work and use my own card to book that travel through the airlines (5x on travel (amex Plat) plus actual miles for what is flown) and then have work reimburse me for that costs so it ends up being a decent chunk of free miles. I am flying my family (wife and 3 kids) to Miami for free this December probably worth a little over 2k in ticket costs. Not sure I have it in me to play the credit card churn game though even though it clearly can be lucrative.
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ex-ghost
Footballguy
But that is already awesome that you can do that for work. We have stupid work credit cards.
ex-ghost
Footballguy
culdeus
Footballguy
Bank bonuses is probably my next thing. I've been pretty casual and need to step my game up.
You can easily clear 10k a year in bonuses doing this stuff with virtually no work.
The most fun is coming up with fake business getting on the phone and trying to get them to buy it without giggling.
You can easily clear 10k a year in bonuses doing this stuff with virtually no work.
The most fun is coming up with fake business getting on the phone and trying to get them to buy it without giggling.
culdeus
Footballguy
culdeus
Footballguy
ex-ghost
Footballguy
massraider
Footballguy
NutterButter
Footballguy
Just the whole runaround they give you trying to convince you to keep the card which has always involved talking to a few different people. I saw on the webs that the suggested way is to call and then write them and then check your credit report to make sure that it actually happened and repeat if necessary. That's a headache to me.ex-ghost said:
ex-ghost
Footballguy
Interesting. I have closed more than a dozen cards and have never been given the runaround. Of course the best way to do it is via secure message or chat, but when I have talked on the phone it took less than 5 minutes and I never talked to more than one person.
What companies have given you the runaround?
NutterButter
Footballguy
it was awhile ago so i don't recall. i've kept a handful of cards that i don't use open b/c i just didn't want to go through the process again. i must say that i agree that support via chat has been awesome. i didn't realize that you could cancel via chat. I'm going to give that a shot with one of my cards and if it goes smooth, I'm going to look into some of these intro offers.
For the cards that have an annual fee, if you cancel right after the intro period (say its 3 months), do you have to pay the annual fee?
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ex-ghost
Footballguy
Yes, chat and secure messaging (SM) is the best. Bank of America is the one banks off the top of my head that I have had to call. Some banks will still make you call even if you SM, but it is always worth a try.it was awhile ago so i don't recall. i've kept a handful of cards that i don't use open b/c i just didn't want to go through the process again. i must say that i agree that support via chat has been awesome. i didn't realize that you could cancel via chat. I'm going to give that a shot with one of my cards and if it goes smooth, I'm going to look into some of these intro offers.
For the cars that have an annual fee, if you cancel right after the intro period (say its 3 months), do you have to pay the annual fee?
It is highly, highly recommended that you do not cancel a card that early. Stories out there about credit card companies "clawing back" your points and then potentially black listing you from getting cards from them ever again. If I am getting a card that has an annual fee, I have decided to eat that fee for the year, but will cancel once the year is up to make sure to not pay the fee again. You also may be able to downgrade (PC or product change) a card if there is a no-fee card that falls in the same family. This allows you to keep your credit card "age" going.
culdeus
Footballguy
This
If under 5/24 dont cancel anything
If you dont know what 5/24 is then you need to do a lot more research on this topic.
Leroy Hoard
Footballguy
Hard to believe, but no.
ex-ghost
Footballguy
Of all the cards we (wife and I) have, only 9 are fee free that I will keep for a long, long time. I just need to remember to spend something on them every 12-18 months so that the bank does not shut them down on me.
culdeus
Footballguy
I think its worth attacking UR cards with idea you will re pop at some point. I realize this isnt always the way reddit would have you do it.
Bob Loblaw
Footballguy
We've got 3 kids. Whenever I book accommodations, I always have to filter for 2 adults + 2 kids, just so that I'll see rates for single rooms only. We don't need no second room. And then play dumb when checking in.
We're effed when we go to the Aulani because you have to have a wristband to get in the pools, so each family member needs to be accounted for when checking in, which means we have to get a suite. #firstworldproblems
Redwes25
Footballguy
pollardsvision
Footballguy
I'm sure some do try to limit it a little (like Chase's 5/24 rule), but ultimately, it's just a very small percentage of cardholders that are going to really maximize rewards. In the end, these bonuses do a great job of driving applications, and the tiny percentage of maximizers are outweighed by the profitable customers.
Most people still use credit cards to spend money they don't have and end up paying interest (basically paying for ex-ghosts' vacations). Of those that pay in full, very few are maximizing rewards (i.e. they're only getting 1% on purchases, thus still profitable for CC companies).
matuski
Footballguy
For years this was the best card to have. If you are spending a lot on the card, there are better options now. Several better options.
Check out Sapphire Reserve. You will come out way ahead.
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