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Started By
Message
Credit Card Advice Needed
Posted on 3/29/10 at 10:06 am
Posted on 3/29/10 at 10:06 am
I am about to begin a 300K remodel on a house. I would like to put as many purchases on a card as I can to earn points (travel, concerts, furniture, etc). Any advice on which card is best for this? BTW I have the money in cash and would be paying it off monthly. I've never had Amex before and I hear it might be the best for this. Thoughts? TIA
This post was edited on 3/29/10 at 10:19 am
2
Posted on 3/29/10 at 10:07 am to flippyfloppy
quote:You must have one helluva credit line on your card! Congrats!
I am about to begin a 300K remodel on a house. I would like to put all my purchases on a card
Posted on 3/29/10 at 10:11 am to LSURussian
It's going to take a while (9 months-1 yr), so I won't be putting that much on it every month. I don't expect to get a line of more than 10K.
Posted on 3/29/10 at 10:34 am to flippyfloppy
Still, $300,000 just to remodel a house is impressive. How much did the house cost to start with???
Posted on 3/29/10 at 10:35 am to flippyfloppy
quote:
I don't expect to get a line of more than 10K.
Then how are you doing a 300K remodeling job? Seriously for a job that size you might want to look into a fixed rate home equity loan instead.
Posted on 3/29/10 at 10:44 am to foshizzle
quote:
Then how are you doing a 300K remodeling job? Seriously for a job that size you might want to look into a fixed rate home equity loan instead.
From his OP, it sounds like he has the money to do it already. Not that he's going to finance it with a CC.
For this, I would suggest an AMEX charge card. No spending limit, but it must be paid off every month. You can normally get the fee waived on the gold card for the first year, but if you are ballin' enough to afford a 300k remodel, you should probably already have an AMEX platinum card.
Posted on 3/29/10 at 11:01 am to TheHiddenFlask
I'm really not a baller. The house costs about 250K (which I did get a loan for). Horrible shape, but will be a beauty that I will hopefully never have to move out of. I was unfortunate enough to have a parent pass away but fortunate enough that they left me with some change. I didn't know Amex didn't have a limit. Thanks for the advice!
Posted on 3/29/10 at 11:09 am to flippyfloppy
I have a Citi Preferred MasterCard that returns 1-2% depending on what you purchase on every purchase. All you do after it reaches $50 is go online and order the check. Thats the simplest. You can get better with one from people like Carnival but it will only apply to their vacations.
Posted on 3/29/10 at 12:25 pm to flippyfloppy
quote:
I didn't know Amex didn't have a limit. Thanks for the advice!
That's only for their charge cards (Gold/Platinum/Black). I got a gold car with very little credit history at 20 years old, so they aren't hard to get.
Posted on 3/29/10 at 1:19 pm to flippyfloppy
Posted on 3/29/10 at 2:28 pm to flippyfloppy
quote:
I am about to begin a 300K remodel on a house
why?
Posted on 3/29/10 at 2:36 pm to TheHiddenFlask
quote:
From his OP, it sounds like he has the money to do it already.
Perhaps, but I'd still do the fixed rate loan. Unless the house doesn't appraise for enough to begin with, which is likely if he has to plow more than the purchase price into renovation.
Posted on 3/29/10 at 6:00 pm to foshizzle
Delta Skymiles AMEX just sent me to St John for a month.And is sending me to Lake Tahoe for 4th of july.Get one and put everything on it.You get dbl for gas and groceries.Most trips are 30-50k points per ticket,you get 50k for signing up.
Posted on 3/29/10 at 10:22 pm to redfish99
wow...thanks for the input. I've got some homework to do!
Posted on 3/29/10 at 10:38 pm to flippyfloppy
quote:
Delta Skymiles AMEX just sent me to St John for a month
Did you make it to Maho Bay?
Posted on 3/29/10 at 11:53 pm to flippyfloppy
Fyi... Regions Bank is piloting a debit card reward program in Texas. Only catch you have to use the card as credit and not debit. Looks like it matches dollar for dollar.
This post was edited on 3/29/10 at 11:54 pm
Posted on 3/30/10 at 6:32 am to flippyfloppy
quote:
wow...thanks for the input. I've got some homework to do!
It sounds like you would be better off renting and tearing up your CCs. Dont buy the house.
Posted on 3/30/10 at 11:28 am to horndog
quote:
It sounds like you would be better off renting and tearing up your CCs. Dont buy the house.
It sounds like you should read the thread.
Posted on 3/30/10 at 11:35 am to TheHiddenFlask
quote:
It sounds like you should read the thread.
Posted on 3/30/10 at 10:58 pm to LSURussian
I went with the Amex Premier Gold. I'm pumped to get a trip once I'm done with the house! Thanks again for the advice.
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