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re: Credit Card Rewards and Points Discussion
Posted on 2/14/16 at 9:22 pm to AmeriKop45
Posted on 2/14/16 at 9:22 pm to AmeriKop45
Wait. What's the need for
Why not just use existing accounts?
quote:
need a couple more checking accounts for MO deposits
Why not just use existing accounts?
1
Posted on 2/14/16 at 9:23 pm to Drew Orleans
Apparently banks don't like too many/frequent MO deposits in a month. Some AML (anti money laundering) BS.
Let me warn you - you are opening pandora's box.
Let me warn you - you are opening pandora's box.
This post was edited on 2/14/16 at 9:26 pm
Posted on 2/14/16 at 9:26 pm to AmeriKop45
Copy.
If I do the ink card next as my permanent gas card, I can no shite just buy a 3k shell gift card from staples and call it good?
If so, why couldn't I just buy a shell gift card from a shell station?
If I do the ink card next as my permanent gas card, I can no shite just buy a 3k shell gift card from staples and call it good?
If so, why couldn't I just buy a shell gift card from a shell station?
Posted on 2/14/16 at 9:28 pm to AmeriKop45
Oh I know. I'm gonna take it slow.
Arrival plus then the ink though.
I know it's best to combine chase, citi and Amex. Where does Barclays arrival plus and the ink card come into this equation?
Arrival plus then the ink though.
I know it's best to combine chase, citi and Amex. Where does Barclays arrival plus and the ink card come into this equation?
Posted on 2/14/16 at 9:30 pm to Drew Orleans
Because Ink gives 5x at office supply stores and 2x at gas stations. Not too many cards with that kinda earning potential.
And yeah, you can absolutely do that. Not just shell. Amazon, Whole Foods, Lowe's - whatever merchant gcs Staples/Office Depot sell.
Btw - By pandora's box I just meant the "CC game" Teddy was talking about. My life was much simpler before I knew about it haha
And yeah, you can absolutely do that. Not just shell. Amazon, Whole Foods, Lowe's - whatever merchant gcs Staples/Office Depot sell.
Btw - By pandora's box I just meant the "CC game" Teddy was talking about. My life was much simpler before I knew about it haha
This post was edited on 2/14/16 at 9:30 pm
Posted on 2/14/16 at 9:32 pm to Drew Orleans
I would start with Arrival+ and Chase Freedom. Freedom has 5x earning on rotating categories upto $1,500 every quarter. This quarter is gas stations. So yes - you could get 5x points at gas stations until end of March. And I DO have a referral for the best offer on that one! Bonus is 15,000 points after spending $500 in 3 months. So if you spent $1,500 on gcs at gas stations, you would net 22,500 points. Pretty good haul.
Once you have some credit card history and start building a relationship with a bank, then I would go for the premium cards in a couple of months or so. And then you can use your Freedom points to transfer to airlines etc.
In fact - I would even not apply for the arrival+ at all right now if you are willing to get the sapphire and ink later on. Only because Chase is making it harder for people who apply for a lot of cards to get their cards. Once you have some of the top Chase cards, you can always apply for cards with other banks since it is much easier at any other bank.
Once you have some credit card history and start building a relationship with a bank, then I would go for the premium cards in a couple of months or so. And then you can use your Freedom points to transfer to airlines etc.
In fact - I would even not apply for the arrival+ at all right now if you are willing to get the sapphire and ink later on. Only because Chase is making it harder for people who apply for a lot of cards to get their cards. Once you have some of the top Chase cards, you can always apply for cards with other banks since it is much easier at any other bank.
This post was edited on 2/14/16 at 9:36 pm
Posted on 2/14/16 at 9:54 pm to AmeriKop45
What do you recommend I start with and when then? Short term and long term plan.
Posted on 2/14/16 at 9:55 pm to Sho Nuff
My bad. That was supposed to be "your" not "our"Posted on 2/14/16 at 10:01 pm to Drew Orleans
It depends if or not you are comfortable with signing up for multiple credit cards. Also - if you think you are able to meet minimum spend requirements on those cards. This is not a very easy answer. Signing up for credit cards results in hard inqurries which affects your credit. If you are planning on buying a house in the next two years - you want to minimize any hard inquiries on your credit report. This will get you the best rates which has a significant effect on your long term financial health.
If after giving that a serious thought - you think it would be suitable for you to apply for multiple credit cards, my strategy would be:
1) Chase Freedom
3 months from now:
2) Chase Sapphire Preferred
3) Chase Ink
At or after the 3 month mark you can add the number of cards you want to apply for across banks as long as you think you can make the min spend requirements.
See what others say too and make up your mind accordingly.
If after giving that a serious thought - you think it would be suitable for you to apply for multiple credit cards, my strategy would be:
1) Chase Freedom
3 months from now:
2) Chase Sapphire Preferred
3) Chase Ink
At or after the 3 month mark you can add the number of cards you want to apply for across banks as long as you think you can make the min spend requirements.
See what others say too and make up your mind accordingly.
Posted on 2/14/16 at 10:03 pm to Teddy Ruxpin
quote:
My bad. That was supposed to be "your" not "our"
Ahh! I thought you meant tiger droppings.
I am cutting out some of the work I had initially planned on doing prior to making the site live. Right now I am just trying to hit 50 pages of content before making it live.
Speaking of - if any of y'all would like to contribute some trip reports or anything like that, please let me know. I do have to say - currently, apart from plugging any refer a friend links that you may have, I have nothing to offer in return.
This post was edited on 2/14/16 at 10:05 pm
Posted on 2/14/16 at 10:06 pm to AmeriKop45
I will almost definitely be buying a house in about a year.
Last time I was buying, fricking quicken loans system ran my credit several time and actually fricked it over a little bit. It was still in the excellent range but noticeably lower than the first time I checked it.
Last time I was buying, fricking quicken loans system ran my credit several time and actually fricked it over a little bit. It was still in the excellent range but noticeably lower than the first time I checked it.
Posted on 2/14/16 at 10:15 pm to Drew Orleans
No matter how good your score is - lenders do not like to see too many recent inquiries on your report. Especially for revolving lines of credit. This could mean the difference in you getting the best possible rate and a rate 0.1-1% higher, which will likely hurt you more than any credit card will help.
Keeping that in mind - if I were to go for 1 credit card for at least a whole year, I would go with the Arrival+. Quick and easy $422. And it is a realistic option.
After you have closed on your home loan, you can get into it a little more.
Don't worry about the Quicken thing too much. When you are shopping for a fixed principal/interest loan - lenders can see the difference. These inquiries are not treated the same way as inquiries for revolving LOC as FICO models at banks can tell the difference.
Keeping that in mind - if I were to go for 1 credit card for at least a whole year, I would go with the Arrival+. Quick and easy $422. And it is a realistic option.
After you have closed on your home loan, you can get into it a little more.
Don't worry about the Quicken thing too much. When you are shopping for a fixed principal/interest loan - lenders can see the difference. These inquiries are not treated the same way as inquiries for revolving LOC as FICO models at banks can tell the difference.
This post was edited on 2/14/16 at 10:19 pm
Posted on 2/14/16 at 10:19 pm to AmeriKop45
So don't do the second no matter what? Even if my score will stay in the excellent range?
Or should i even do the first card for that matter? If I'm buying soon I mean.
Or should i even do the first card for that matter? If I'm buying soon I mean.
Posted on 2/14/16 at 10:21 pm to AmeriKop45
My score was checked 12 damn times and came up as one of the negative things affecting my score.
Posted on 2/14/16 at 10:21 pm to Drew Orleans
You should also know that there are pitfalls with manufactured spending. Bank accounts get closed for money order deposits and accounts get blacklisted. It's not all roses. There are plenty of people with excellent credit scores and credit profiles that can't get a credit card with certain banks because of MS.
Flyertalk.com forums has a lot of information on the subject including the horror stories.
Flyertalk.com forums has a lot of information on the subject including the horror stories.
This post was edited on 2/14/16 at 10:35 pm
Posted on 2/14/16 at 10:24 pm to VABuckeye
quote:
You should also know that there are pitfalls with manufactured spending. Bank accounts get closed for money order deposits and accounts get blacklisted. It's not all roses. There are plenty of people with excellent credit scores and credit profiles that can't get a credit card with certain banks because of MS.
Flyertalk.com forums have a lot of information on the subject including the horror stories.
I know, I know. I do no where close to what those guys do. Besides, I just use MO as a stop-gap. I do MS but I keep in mind Pigs get fat..
This post was edited on 2/14/16 at 10:30 pm
Posted on 2/14/16 at 10:25 pm to Drew Orleans
quote:
Credit Card Rewards and Points Discussion
So don't do the second no matter what? Even if my score will stay in the excellent range?
Or should i even do the first card for that matter? If I'm buying soon I mean.
Do 1. 1 should be fine. Even helpful I would say because you don't have any. Having different types of "borrowing" helps your credit. Idk if Barclays does referrals, but see if you can get someone to send you a referral link (i dont have any). You get the same offer as you would otherwise and the referrer gets a small kick back.
This post was edited on 2/14/16 at 10:29 pm
Posted on 2/14/16 at 10:32 pm to AmeriKop45
Cool. And spending 3k should be easy. Even if I don't hit thank mark I'll just buy gas gift cards last minute.
Posted on 2/14/16 at 10:53 pm to Teddy Ruxpin
quote:
My bad. That was supposed to be "your" not "our"
I was like WTF, why wasn;t I invited?
Posted on 2/14/16 at 11:08 pm to AmeriKop45
Send me the referral for the freedom bud I may do that one
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