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Do you hoard credit card points? (3 Viewers)
- Thread starter fantasycurse42
- Start date
culdeus
Footballguy
That's a good card to get a bonus on if you are over 5/24 because SPG transfer to Mariott points 3x and there are 2 80k marriot point cards on chase right now with 20k referrals. So you should be able to get 300k Mariott points for 9000 in spend on one cardholder if you can score a referral in there somewhere.
culdeus
Footballguy
CUR are 1 to 1 AA miles, if that helps. There are tons of FAQ out there on this.
matuski
Footballguy
It depends on from where to where and when.
You can use the points wherever you want, but booking through chase you get 50% bonus.
Looking at the flight I book to Seattle a couple times a year it looks like Chase is adding a $15 booking fee.
In this case I can book a round trip for 23400 points. Booking through alaska the flight is $336, through chase $352. 23400 points ($352 x 100 / 1.5). plus access to the lounge at airport, reimbursed global entry fee/TSA fee, $300 annual travel credit (more than covers chase up charges for me)... etc etc.
matuski
Footballguy
It becomes 1 to 1.5 through chase. If you are using them somewhere other than through Chase's portal you are making poor choices.
It becomes a 1% reward card.
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culdeus
Footballguy
Yes, I would suggest when considering how to convert points I always just go to the reddit guides to find the max way to convert or use them. There are people that basically consider this #### their job.
Big Blue Wrecking Crew
downsized
Always been a cash back card person, but have been thinking that all these bonus offers for points, miles, etc...may now be the way to go, so here to learn the in's and out's.
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matuski
Footballguy
Cash back is the least amount of work.
Always been a cash back card person, but have been thinking that all these bonus offers for points, miles, etc...may now be the way to go, so here to learn the in's and out's.
If you don't mind spending a few minutes figuring out how to play the game on points, you come out well ahead of straight cash back options. It isn't rocket science, but there are tricks and tips on best practices. Simply peruse the reddit thread or any number of other blogs out there.
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Michael Brown
Footballguy
I put around $6k/month on my Visa Wells Fargo, then just automatically redeem $25 every time I hit 25k points. So I pretty regularly just get some money knocked off my cc bill (which is paid in full each month). I also have a United Mileage Plus card that I use to book all of my flights. Sounds like I'm doing it wrong. What would be a good card to start off with for someone who never did their research before this thread, the Sapphire preferred?
If it helps...wife and I both make a good income, mortgage on two properties, guessing both of our credit scores are between 800-850.
If it helps...wife and I both make a good income, mortgage on two properties, guessing both of our credit scores are between 800-850.
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Redwes25
Footballguy
I think if starting from scratch Sapphire preferred or Amex Gold is probably way to go but would lean toward chase as I think they have better signup bonus right now. Top of the line card between Amex and Chase depends on how you want to use it and ok with high fees. Amex is better for additional perks (free gold status at hotels, airline credit, uber credit, better lounge access at airports) but Chase is probably better for pure rewards. One thing is to check is transfer partners that is where you get the best value from these cards and make sure the one you pick ties to what airlines/hotels you use and where you might already have miles/reward points.Michael Brown said:
ETA - this link might be helpful to you as well - https://thepointsguy.com/guide/top-travel-rewards-credit-cards/
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massraider
Footballguy
A point equals a penny, and when you use chase travel, you get 1.5 redeem. So $500 worth of points gets you$750 actual valuecomfortably numb said:
pollardsvision
Footballguy
I'm clueless about travel rewards, but for anybody going to a Sapphire Reserve, remember you can combine the Chase points if you also get the Freedom (and/or Freedom Unlimited). The 5% rotating categories can add points pretty quick. This quarter is Walmart and Department stores. I personally haven't used the Freedom much this year, except for the 2nd quarter Grocery Stores, but most quarters have had what would be useful categories for most people. Hoping like hell for some Wholesale Club quarters next year.
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CR69
Footballguy
I learned about travel hacking from the ChooseFI podcast this summer. I started with the Chase business ink card with the 80k sign-up bonus (you don't really need to own a business lol) and am working on the Chase sapphire preferred bonus right now. I'm going to continue with Chase cards until I hit 5/24.
We're taking a trip to Belize in March and the points from just those two cards will more than cover the flight.
We're taking a trip to Belize in March and the points from just those two cards will more than cover the flight.
culdeus
Footballguy
We probably need a churning thread for those that want to work together on this.
Here is what I would say.
[*]Option 2 - Just keep them open, pump them for retention offers every so often, or use them for referral bonuses.
Ok I've done my 5/24, now what?
Here is what I would say.
- Understand the Chase 5/24 Rule before doing anything. Understand this as if your life depends on it. Read several sources. Some sources disagree with others, understand why this might be. I can't stress this enough.
- If you are under 5/24 find 5 chase cards that most meet your needs, whether that be flights, hotels, points, cash back, whatever.
- Space the apps out a bit if you can with non chase biz cards with other issuers.
- One you hit 5/24 you can still hit biz cards to not extend this, then go again in 24 months. These don't report to your personal credit.
- Option 1 - Cancel all the cards. When you cancel, make sure to evaluate the retention offers if they bother to offer them. Sometimes they are good.
2 years later just sign up again. I'm on my 2nd 5/24 go round right now, for example.
- There are no annual fee options to change to which make sense, this saves you inquiries on your report and lowers cost.
[*]Option 2 - Just keep them open, pump them for retention offers every so often, or use them for referral bonuses.
The most compelling reason to keep cards open IMO is for referrals, I haven't been lucky on those and just cancel. If we do get an active group on here then it would be in all our best interests to keep cards open and do a revolving referral base. I mean on reddit people will give you cash for a referral. That's how powerful they are.
Ok I've done my 5/24, now what?
- If married start your wife up, repeat
- If not married, start looking at the minor players, Amex, Citibank, Barclays, etc.
- Evaluate bank bonuses as a next step
- If you got declined on Biz cards at Chase there are loopholes such as applying in a branch, and other things.
- Some cards are great repeaters, Citibank right now gives AAdvantage cards out like candy. This will not last forever. If AA miles are of use to you then there is a compelling case you can make to absolutely obliterate this system until it goes away.
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ex-ghost
Footballguy
Charlie Harper
Footballguy
How does churning affect your credit score?
ex-ghost
Footballguy
pollardsvision
Footballguy
I don't churn (I milk basic cash back cards, but I don't travel enough to fool with "rewards cards' and my credit is young), but if you have good, well-established credit, churning won't hurt you. Churning can rack up inquiries, but that's not a big deal if you have a long credit history. My credit is built up pretty good now, so I might start to consider it.
ex-ghost
Footballguy
Exactly right. Good credit definitely helps. Depending on how hard you go at it, your credit score will fluctuate. I used to worry about the inquiries, but once you hit a certain number it really does not matter. I just checked my credit karma and I have 40 total accounts (18 open and 22 closed) and 15 hard inquiries. My credit score is 784.
ex-ghost
Footballguy
If anyone wants to get into the bank bonus game there is an easy $100 from Incredible Bank. Check out this link from Doctor of Credit: https://www.doctorofcredit.com/ymmv-incredible-bank-100-checking-bonus-100-per-referral/
Shameless plug: you can add a referral code and that person gets $100, too. So a good bank to later have your significant other sign up for. My code is GAA5135.
Shameless plug: you can add a referral code and that person gets $100, too. So a good bank to later have your significant other sign up for. My code is GAA5135.
Charlie Harper
Footballguy
UBER Visa does 4% on restaurant, up to $600 credit for lost or damaged? cell phone purchased on the card, and $50 credit annually for monthly services if you spend over $500 I believe.
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MAC_32
Footballguy
Improved, I'm sure there's a line but as long as they keep giving me better offers I'm going to keep taking them until that changes.
GoBirds
Footballguy
For Small Business anything better than the Chase Ink Business Cash Card?
$500 bonus cash back
after you spend $3,000 on purchases in the first 3 months after account opening.*Same page link to Offer Details
5% cash back
Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year.*Same page link to Offer Details
2% cash back
Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.*Same page link to Offer Details
Earn 1% cash back on all other purchases–with no limit to the amount you can earn.*
$500 bonus cash back
after you spend $3,000 on purchases in the first 3 months after account opening.*Same page link to Offer Details
5% cash back
Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year.*Same page link to Offer Details
2% cash back
Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.*Same page link to Offer Details
Earn 1% cash back on all other purchases–with no limit to the amount you can earn.*
ex-ghost
Footballguy
No, that is really the gold standard, if you can get it. If you have been approved for 5 or more personal cards in the last 24 months you are ineligible (may be some business card anomalies). If not, that is one of the first cards you should get!
culdeus
Footballguy
ex-ghost
Footballguy
-OZ-
Footballguy
That's like gold for us. (7, 2 of which are teenage boys, 5 of us eat like we are). Might wait until March though as discover is giving 5% back on grocery, which gets doubled at the end of the year.
culdeus
Footballguy
CR69
Footballguy
I've only been travel hacking for about two years but with the devaluations I've seen already I'm hesitant to really hoard them. They're easy enough to aquire (especially with a spouse and a business) so we pretty much use them for every vacation. Stuck mostly to Chase and CapitalOne so far but will probably branch out to Amex later this year.
culdeus
Footballguy
The devals have been fairly light the last 2 years. Availability has been an issue though.
I might argue the Marriot changes were a re?Val?
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Shula-holic
Footballguy
I have quite a few cards I use for large business purchases. Here are my best performers:
Fidelity Visa (2% on all purchases)
Capital One Spark Business (2% on all purchases)
Citi Double Cash (2% on all purchases)
I make a lot of purchases on these and all 3 of these have been willing to give me large credit lines to run it up. My typical class of purchases don't get the special 3% and 5% offers some cards give. Because I have a lot of mailbox store addresses as well I have quite a few other accounts. I also use the following which are pretty good:
Chase Freedom (1.5% on all purchases)
Southwest Visa (I use these to get 110,000 miles per year to get the companion pass then switch off to other cards)
Fidelity Visa (2% on all purchases)
Capital One Spark Business (2% on all purchases)
Citi Double Cash (2% on all purchases)
I make a lot of purchases on these and all 3 of these have been willing to give me large credit lines to run it up. My typical class of purchases don't get the special 3% and 5% offers some cards give. Because I have a lot of mailbox store addresses as well I have quite a few other accounts. I also use the following which are pretty good:
Chase Freedom (1.5% on all purchases)
Southwest Visa (I use these to get 110,000 miles per year to get the companion pass then switch off to other cards)
CR69
Footballguy
Yeah the Marriott merger and availability changes have been for the worse. Also companies getting stricter with the number of new accounts allowed in the last two years. We travel frequently so there's no real point in saving and since we have a little one we're at least 5 years away from a long trip to Europe or Asia.
Tecumseh
Footballguy
I realize you don't need a real business, but do you get an EIN or use your social for approval? I'm asking if your personal score still matters for a business card?ex-ghost said:
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culdeus
Footballguy
fantasycurse42
Footballguy Jr.
Here is my dilemma, and I know it isn't the most beneficial use, but I'm still considering it.
Wife wants to do a heathy amount of work to the house. Parts cost from Home Depot is approaching $17k, I can clear my points out and pick up $10k worth of HD gift carts - basically a 1-1 use of points.
Would chop $10k off my total costs without technically coming out of pocket - worth it?
One thing to be cognizant of is a possible Disney trip next year, which I assume would provide more value on these points?
Wife wants to do a heathy amount of work to the house. Parts cost from Home Depot is approaching $17k, I can clear my points out and pick up $10k worth of HD gift carts - basically a 1-1 use of points.
Would chop $10k off my total costs without technically coming out of pocket - worth it?
One thing to be cognizant of is a possible Disney trip next year, which I assume would provide more value on these points?
matuski
Footballguy
I typically would not use points at a 1-1 for gift cards... but if it makes the project less stressful.
If you can come out of pocket I would actually look at it the other way around. Go find a big point CC offer and put the 17k on the new card. Get another 50-80k amex points, 90-100k marriott/spg points, 50k southwest points + companion pass.
Pay off the card and then you have a chunk of your disney travel paid for.
ex-ghost
Footballguy
Yes to this, both points. I used to think I needed to get the best best redemption for my points, but now I am happy to use them to get, say a $200 hotel. I've been hoarding and it is time to spend. It saves me money and I am not going to the Maldives anytime soon, or ever.I typically would not use points at a 1-1 for gift cards... but if it makes the project less stressful.
If you can come out of pocket I would actually look at it the other way around. Go find a big point CC offer and put the 17k on the new card. Get another 50-80k amex points, 90-100k marriott/spg points, 50k southwest points + companion pass.
Pay off the card and then you have a chunk of your disney travel paid for.
The Big Guy
Fear the Blitz
If you are not using points for straight cash back, then making purchases to get more cash back, then you are using either the wrong card, or are doing things wrong.
Ron Swanson
Footballguy
If you are going to do this, and these are AMEX points then keep checking the Membershiprewards site for the next few weeks. They usually run a special on HD cards in the spring and fall that nets about a 25% bonus.
fantasycurse42
Footballguy Jr.
There is no APR, it’s paid off monthly.
That would be awesome! You’ve used that before?
Earlier today, I searched for Marx Home Depot promotions and didn’t find anything.
matuski
Footballguy
Cash back is brainless and for that reason a good option, but if you put a small amount of effort in to play the game most point systems should come out well ahead.
If you are talking about using points at a 1-1 for cash back even worse... better off just getting a 2% card.
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fantasycurse42
Footballguy Jr.
matuski
Footballguy
So many different cards.. you can find 1.5% or 2% unlimited.
Then you will find offers that are capped for $ and or a period of time... like 5% on groceries for 3 months or up to $3k or whatever.
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