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Started By
Message
re: Credit Card Rewards and Points Discussion
Posted on 4/30/16 at 9:43 am to LSUAfro
Posted on 4/30/16 at 9:43 am to LSUAfro
LSUAfro
SM Chase about matching ink. They will match. If you got denied already, try again. As of 4/27 they changed their policy. Now they'll match all offers within 90 days. I, ofcourse, am at 91 days as of that day. Got denied twice. Already asked a third time
SM Chase about matching ink. They will match. If you got denied already, try again. As of 4/27 they changed their policy. Now they'll match all offers within 90 days. I, ofcourse, am at 91 days as of that day. Got denied twice. Already asked a third time
3
Posted on 4/30/16 at 12:13 pm to AmeriKop45
Awesome. I will inquire. Wonder if I should SM them before it posts? Statement closes next week I believe and I met minimum spend last week.
This post was edited on 4/30/16 at 12:14 pm
Posted on 4/30/16 at 12:18 pm to AmeriKop45
Should I transfer the balance from a Marriot rewards card to a chase Saphire card? Does it offer better rewards? The Marriot card has been a pain to add enough points to use for extended travel.
Posted on 4/30/16 at 12:22 pm to tduecen
You don't get points for balance transfers.
The Sapphire preferred is a far superior card though.
Marriott card should really only be used for Marriott spending.
The Sapphire preferred is a far superior card though.
Marriott card should really only be used for Marriott spending.
Posted on 4/30/16 at 12:24 pm to LSUAfro
quote:Figured that but I would still get the additional points for spending X amount over 3 months correct?
You don't get points for balance transfers.
quote:Marriot has been a pain because we only earn points it seems for spending at Marriot. So we take a New Orleans trip on the card once a month. However, the points on other things such as food suck.
Marriott card should really only be used for Marriott spending.
Posted on 4/30/16 at 12:25 pm to tduecen
Most Chase cards that I've seen don't offer balance transfers in. Slate being the exception.
Posted on 4/30/16 at 12:27 pm to VABuckeye
quote:Ah..... not a large balance transfer but something that would be convenient
Most Chase cards that I've seen don't offer balance transfers in. Slate being the exception.
Posted on 4/30/16 at 1:00 pm to tduecen
quote:
tdcuen
I see your found your way here. In context of your post in the Travel Board - please be advised that this strategy is not without its pitfalls. Be very very careful. Not trying to be dramatic, but the drawbacks are very real and the effects are long term.
Other than that, after you've done your due diligence, ask any questions here and you will get enough help and advice Im sure. Good luck.
quote:
Awesome. I will inquire. Wonder if I should SM them before it posts? Statement closes next week I believe and I met minimum spend last week.
100%. SM sooner rather than later so you are as close to your app date as possible. I like to be safe myself. If you have met the spend they will manually post the 10K. If you haven't they will tell you that they will match the offer and to SM back after meeting the spend for the incremental points.
This post was edited on 4/30/16 at 1:02 pm
Posted on 4/30/16 at 1:03 pm to AmeriKop45
Nah, I've learned from my mistakes. I currently have 1 card that I've had 16 years and I maintain only a 100 dollar balance on. I cut up my previous cards that I took out when I was younger and working on paying them off one at a time. So it is taking a bit more time than I wanted.
The GF has the Marriot Card that I pay on, we currently owe 1k (used it in Europe) and it gets paid down monthly, even though not to a 0 balance. I pay 250 a month on it currently but we use it in order to keep/obtain points, never spend more than 100 on it a month so I'm paying it off slowly.
The GF has the Marriot Card that I pay on, we currently owe 1k (used it in Europe) and it gets paid down monthly, even though not to a 0 balance. I pay 250 a month on it currently but we use it in order to keep/obtain points, never spend more than 100 on it a month so I'm paying it off slowly.
Posted on 4/30/16 at 1:06 pm to tduecen
Not trying to be your financial advisor - but you should pay off your credit card debt to $0 if you have to live on Ramen for the next 6 months. Interest rate is too much Consider applying for a personal loan from a local CU/bank as well.
This post was edited on 4/30/16 at 1:08 pm
Posted on 4/30/16 at 1:12 pm to AmeriKop45
No need for a personal loan, card could be paid off soon if we choose. Just different advice told us to keep a balance on the card over paying it off each month.
Posted on 4/30/16 at 1:16 pm to tduecen
quote:
different advice told us to keep a balance on the card over paying it off each month.
Unless the card is 0% APR. Literally the worst financial advice anyone has ever given anybody else apart from payday loan.
This post was edited on 4/30/16 at 1:18 pm
Posted on 4/30/16 at 1:22 pm to AmeriKop45
Low APR, but they said maintaining a small balance is better than paying off every month.
Posted on 4/30/16 at 1:26 pm to tduecen
Yes. It is better for the issuing bank! In no circumstance should you be paying credit card interest by choice!
Ok - I don't want to get all up in your business. Please listen to my advice. Other than that, we are off topic here.
Ok - I don't want to get all up in your business. Please listen to my advice. Other than that, we are off topic here.
Posted on 4/30/16 at 1:26 pm to AmeriKop45
yeah when I asked my dad about getting a cc he told me to make sure I keep a balance on it. This was after reading through this for a while and I was really confused by that. Don't know why people have that idea but a lot do
Also Kop in one thread you mentioned Chase Freddom Unlimited having a 50k offer. and I asked if that was true or not. all I see is $150 cash back( is that the same value?)
Shite another edit, after I applied fo rthe crd they said they would notify me on the app via mail and not email. I put my parents address on the app because I don't trust the temporary address I am at now. Any way to check my status online or do I have to just wait for my parents to get it in the mail
Also Kop in one thread you mentioned Chase Freddom Unlimited having a 50k offer. and I asked if that was true or not. all I see is $150 cash back( is that the same value?)
Shite another edit, after I applied fo rthe crd they said they would notify me on the app via mail and not email. I put my parents address on the app because I don't trust the temporary address I am at now. Any way to check my status online or do I have to just wait for my parents to get it in the mail
This post was edited on 4/30/16 at 1:30 pm
Posted on 4/30/16 at 1:26 pm to AmeriKop45
quote:
SM sooner rather than later so you are as close to your app date as possible.
This is what I'm thinking as well. That would be pretty great. 70k points plus the min spend and bonuses will net me close to 80k UR points for one card. Can't beat that.
Posted on 4/30/16 at 1:34 pm to MLSter
quote:
Don't know why people have that idea but a lot do
Because people don't familiarize themselves with the different terminologies and dates. I remember you saying your dad is a successful businessman, so I am going to give hm the benefit of the doubt here and assume you misunderstood him
Keep in mind:
Statement End Date: This is the date your statement closes for the month. More often than not, banks report balance owed (to credit bureaus) as of the end of this day.
Grace Period: This is the time between your statement end date and your due date (See below).
Due Date: Typically 23-27 days after your statement end date. This is the time the bank gives you to pay off your outstanding balance owed on the account, w/o interest.
If you only have 1 card, it is advisable that you carry a balance (under 3% of total CL on that card), as of the end of business on the statement end date. But pay this balance off before your due date, if not on the day after statement closing date.
I think this is what confuses most people about "maintaining a balance" . It is good to show a little bit of a balance on 1-2 accounts every month and pay it off right after so that you show yourself as a dependable borrower. Helps your credit score. But in no way should you "maintain" that balance past your due date.
If you make minimum payments before your due date, your credit score isn't hurt. But you will still pay an interest on the balance owed. If you don't even make the minimum payment, that counts as a missed payment for which you will not only owe a late fee to the bank but also hurt your credit score.
quote:
LSUAfro
Absolutely. No beating that.
This post was edited on 4/30/16 at 1:42 pm
Posted on 4/30/16 at 1:36 pm to tduecen
quote:
Low APR, but they said maintaining a small balance is better than paying off every month.
They're wrong. Well, more specifically, they are conflating two separate issues.
The advice is based on the correct idea that your credit score is improved by responsible use of credit. Therefore, simply having cards you never use does nothing for you. As such, showing a balance is good.
HOWEVER...
As long as you don't pay off your cards early each month, they are going to show a balance. The only way they show no balance is if you pay them to zero before your billing cycle ends. As long as you wait until your billing cycle has ended (i.e. just pay your bill when it's due), you will show a balance for the purposes of credit without actually carrying a balance and paying interest.
Please, stop throwing away money.
ETA: *points up*
This post was edited on 4/30/16 at 1:37 pm
Posted on 4/30/16 at 1:38 pm to Joshjrn
Roger that
Posted on 4/30/16 at 1:39 pm to MLSter
quote:
Also Kop in one thread you mentioned Chase Freddom Unlimited having a 50k offer. and I asked if that was true or not. all I see is $150 cash back( is that the same value?)
That does not sound right. I don't believe I would've said that. May be a misunderstanding. Can you show me?
Call: 888-338-2586. Will be answered by a robot. Enter whatever info it asks for and it will tell you your app status. If denied - then call the chase reconsideration line at 888-245-0625 and tell them why you want to card and how you have a great credit score (if you do), and you are trying to build more credit etc etc.
ETA: Dont mention the signup bonus on your recon call!
This post was edited on 4/30/16 at 1:43 pm
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