Question for you guys that jump on these Credit Card Promotions | TigerDroppings.com

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lesmiles13
LSU Fan
Member since Aug 2008
706 posts

Question for you guys that jump on these Credit Card Promotions


This thought was spawned off of the chase sapphire thread.

So after you spend 3K and get the 55,000 points....then what? What do you do with the card?

How many promotions do you try to do a year?

having all these cards opened just for the promotions...does that hurt your credit score?







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LSUTOM07
LSU Fan
Baton Rouge
Member since Dec 2011
469 posts

re: Question for you guys that jump on these Credit Card Promotions


I have opened 3 cards this year and a checking account totaling $700 in rewards. Credit score is still in the 700's after opening the 3 cards within about 7 months. That's all I got





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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
40968 posts

re: Question for you guys that jump on these Credit Card Promotions


If there is no fee I just leave the card open. and use it 1-2 times a year. If there is a fee I would cancel it before the fee kicks in.

Opening the card and paying it off every month will make minimal impact to your credit






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Croacka
UNLV Fan
Denham Springs
Member since Dec 2008
49527 posts
 Online 

re: Question for you guys that jump on these Credit Card Promotions


quote:

will make minimal impact to your credit



as will cancelling a card that you haven't really had for a very long time






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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18134 posts

re: Question for you guys that jump on these Credit Card Promotions


quote:

So after you spend 3K and get the 55,000 points....then what? What do you do with the card?



Well, for me, there are a few cards that are "keepers" to put spend on all the time. I've had the CSP since April and plan to keep it even when the fee hits.

Some people get the bonus, book flights, cancel the card, and then wait two years (the time issuers usually require) to apply for the same card again, rinse repeat.

quote:

How many promotions do you try to do a year?



I got 4 cards this year, but 3 were for keepers (Chase Sapphire Preferred, Chase Freedom, Amex SPG)

Next year I will probably get some burner type cards like the Barclay's Arrival, United, and Southwest. I really want one more keeper card being the Chase Ink business card.

quote:

having all these cards opened just for the promotions...does that hurt your credit score?



The credit applications deduct a few points but they come off after a few months. Churners usually do an "App O Rama" every 6 months on the same day so that the credit issuers can't see that they are applying for say, 5 cards at once. This will ding the score for a while but it will recover in time for the next App O Rama. However, at the same time, their credit limits are rising and utilization rates are lowering, so that is HELPING their credit scores.

Lastly, the real drawback is some issuers (Barclays) don't like seeing churners use their cards, and my reading says they deny people routinely who they think are just churning their cards. If you play the game correctly, you are fine.



This post was edited on 11/21 at 1:26 pm


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lesmiles13
LSU Fan
Member since Aug 2008
706 posts

re: Question for you guys that jump on these Credit Card Promotions


What is so special about the Barclays card?





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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18134 posts

re: Question for you guys that jump on these Credit Card Promotions


quote:

What is so special about the Barclays card?



Nothing is particularly "special" about them, they are just more stringent with who they do business with.

They have some cards with good bonuses just like other issuers.

The Barlcays Arrival card is useful for its 40,000 sign up bonus which is $400 in cash.



This post was edited on 11/21 at 1:44 pm


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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
40968 posts

re: Question for you guys that jump on these Credit Card Promotions


Nothing, They gave me $400 to sign-up for their saints card and havent really used it since I hit the threshold. I'd go with CSP any day over any Barclays.

I think I will keep my CSP but still have another 5 months to decide. My only "keeper" is my Delta Amex Reserve






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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18134 posts

re: Question for you guys that jump on these Credit Card Promotions


quote:

Nothing, They gave me $400 to sign-up for their saints card and havent really used it since I hit the threshold. I'd go with CSP any day over any Barclays.



Right. I'd just burn whatever they gave me and cancel. I don't have any use of keeping any of their cards.

quote:

My only "keeper" is my Delta Amex Reserve


I assume you fly Delta A LOT. I don't travel enough to churn as much as some of those blokes do, or to be particularly loyal, so I just pick and choose cards here and there when I need them.

That's why I picked up the Amex SPG last week for the 30 airline partners.



This post was edited on 11/21 at 1:48 pm


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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
40968 posts

re: Question for you guys that jump on these Credit Card Promotions


72 segments with Delta this year (assuming nothing else is added this year)





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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18134 posts

re: Question for you guys that jump on these Credit Card Promotions


quote:

72 segments with Delta this year (assuming nothing else is added this year)


Whoa.

At least you get some perks out of it!

Do you even care to fly on vacation after all that?






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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
40968 posts

re: Question for you guys that jump on these Credit Card Promotions


I would guess 2/3 of that is work. The other 1/3 was personal Weddings, bachelor parties, holidays, etc...





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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18134 posts

re: Question for you guys that jump on these Credit Card Promotions


quote:

I would guess 2/3 of that is work. The other 1/3 was personal Weddings, bachelor parties, holidays, etc...



I've lucked out on this so far at 28. Never having more than one, maybe two a year. It is either because I have no friends or no one wants to marry my friends.

Next year is my first true test. Two weddings, one my fiancee's friend, one mine, back to back weekends, in Boston of all places in May.






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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
40968 posts

re: Question for you guys that jump on these Credit Card Promotions


5 this year and 4 next year plus my own. I will not be spending any miles from next year til I book the honeymoon





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lesmiles13
LSU Fan
Member since Aug 2008
706 posts

re: Question for you guys that jump on these Credit Card Promotions


So speaking of airline cards....what does this delta amex get you?

I fly exclusively delta..currently gold status...what will I gain with that card?

Also I believe there is another AMEX not specifically delta, that gives you access to any airline sky club in any airport.






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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18134 posts

re: Question for you guys that jump on these Credit Card Promotions


quote:

5 this year and 4 next year plus my own. I will not be spending any miles from next year til I book the honeymoon



That's the idea here too (getting married in March 2015). I got myself and my fiance both the CSP and the Freedom this year, giving us 160,000 points already. I am not happy about the United devaluation though. If you weren't aware of it, book by Feb. 1.



This post was edited on 11/21 at 2:55 pm


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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18134 posts

re: Question for you guys that jump on these Credit Card Promotions


quote:

Also I believe there is another AMEX not specifically delta, that gives you access to any airline sky club in any airport.



Probably thinking Platinum: LINK

Reserve: LINK






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Chaplain
Vanderbilt Fan
8,000,000 posts
Member since Nov 2009
747 posts

re: Question for you guys that jump on these Credit Card Promotions


I have 102,000 United Miles...what about the United devaluation? Where should I go with 102,000 miles built up?





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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18134 posts

re: Question for you guys that jump on these Credit Card Promotions


quote:

I have 102,000 United Miles...what about the United devaluation? Where should I go with 102,000 miles built up?


The award chart is getting pillaged coming February 1st.

Compare old and new charts here

If you book economy the difference isn't all that bad. But partner awards and first class/business tickets are going through the moon. Awards to Africa are going up about 80% for example, which pisses me off because that is where we wanted to go for our honeymoon. Now I'll just do it in economy class.



This post was edited on 11/21 at 2:58 pm


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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
40968 posts

re: Question for you guys that jump on these Credit Card Promotions


quote:

I fly exclusively delta..currently gold status...what will I gain with that card?


-You can earn up to 30,000 mqm's per year for hitting spending thresholds. (15,000 mqm's for every $30k spent).

-Skyclub Access for you and up to 2 guests

-1st or Economy Companion Voucher in the 48 States

-Upgrade Tie Breaker (If you and another GM are competing for the last upgrade spot and all things are equal, this card gives you the tie breaker.)

-Personal Concierge Services

-1 more free bag on delta flights

quote:

Also I believe there is another AMEX not specifically delta, that gives you access to any airline sky club in any airport.


Platinum Amex

Gives you the ability to get into most airport clubs, $200 in airline credits towards a single airline, and with some international 1st class flight tickets you can buy one get a companion to come free.






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