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Started By
Message
Any credit card churners on here?
Posted on 5/6/21 at 9:01 am
Posted on 5/6/21 at 9:01 am
Just recently got into it and so far it has paid off nicely. I'd highly recommend it for those who travel frequently and charge most everything on a CC.
Chase and AMEX have been especially fruitful.
Chase and AMEX have been especially fruitful.
7
Posted on 5/6/21 at 9:17 am to PNW_TigerSaint
I've done it in the past, need to do it again. I got in on all the good ones like the initial chase sapphire reserve bonus.
We flew to New Zealand and Australia first class for free a couple of years ago thanks to this.
We flew to New Zealand and Australia first class for free a couple of years ago thanks to this.
Posted on 5/6/21 at 9:23 am to barry
Somewhat.
I don't focus on points so much as securing the highest limits.
I requests bumps as much as I can.
I don't focus on points so much as securing the highest limits.
I requests bumps as much as I can.
This post was edited on 5/6/21 at 9:24 am
Posted on 5/6/21 at 9:26 am to X123F45
Yea I do the same. I am eyeing a Sams card because the points system is one of the best I have seen.
Posted on 5/6/21 at 9:37 am to X123F45
quote:Why?
I don't focus on points so much as securing the highest limits.
Posted on 5/6/21 at 9:56 am to PNW_TigerSaint
What do you mean by churners?
Posted on 5/6/21 at 9:59 am to WDE24
quote:
Why
Because if I ever need to disappear step one is maxing out all of them
In all honesty, I originally did it to get to 50k available to pump my score.
Now it's just a game.
I noe have two separate cards with higher limits than I make in a year.
Posted on 5/6/21 at 10:00 am to PNW_TigerSaint
We used to churn through cards. But have basically settled in that the Chase UR system is the best if you do at least some travel. SO we have stuck to their ecosystem for a few years now. Have not really seen a better deal since
Posted on 5/6/21 at 10:09 am to GREENHEAD22
Sams card pays out very well,
but remember you only cash out at the end of the program year.
but remember you only cash out at the end of the program year.
Posted on 5/6/21 at 10:16 am to PNW_TigerSaint
Dont churn here but wife/I been using this system for a few years now:
Costco Citi VISA (no fee) - 4% cash back for gas (anywhere), 3% for restaurants and travel (booked through costco), 2% at Costco
Chase Freedom (called FLEX now, no fee) - 5% rotating categories, they will do wholesale clubs, gas, dept stores, cable, internet, phone, streaming, home improvement stores, walmart, amazon
Amazon Prime (no fee) - 5% at Amazon
AMEX Blue Cash (no fee) - 3% groceries
Capital One Venture ($95/yr) - For all purchases not included in the above go on here...it's 2x miles on every purchase, pays for our pre-check/global entry as well...you can get 100k miles on it for signup right now if you spend $20k over first year which is a pretty sweet deal
Thought about going to AMEX Blue cash preferred as it's 6% on groceries and streaming services which we would easily beat the $95 fee on. But we're all cash back except the venture for miles.
Costco Citi VISA (no fee) - 4% cash back for gas (anywhere), 3% for restaurants and travel (booked through costco), 2% at Costco
Chase Freedom (called FLEX now, no fee) - 5% rotating categories, they will do wholesale clubs, gas, dept stores, cable, internet, phone, streaming, home improvement stores, walmart, amazon
Amazon Prime (no fee) - 5% at Amazon
AMEX Blue Cash (no fee) - 3% groceries
Capital One Venture ($95/yr) - For all purchases not included in the above go on here...it's 2x miles on every purchase, pays for our pre-check/global entry as well...you can get 100k miles on it for signup right now if you spend $20k over first year which is a pretty sweet deal
Thought about going to AMEX Blue cash preferred as it's 6% on groceries and streaming services which we would easily beat the $95 fee on. But we're all cash back except the venture for miles.
This post was edited on 5/6/21 at 10:19 am
Posted on 5/6/21 at 10:18 am to UltimaParadox
We settled on the Chase and Amex points systems. All of my company purchases are run through Amex so we generate a lot of MR points. Personal stuff goes on Chase for UR points. We have a boatload of MR points. Once travel opens up again there are a lot of free flights on my horizon.
Posted on 5/6/21 at 10:18 am to footballdude
They rollover correct, so if I wait I can cash out multiple years worth? I don't cash out that often so I am fine with that if so.
Posted on 5/6/21 at 10:46 am to PNW_TigerSaint
How does this not kill credit scores?
Posted on 5/6/21 at 10:53 am to WITNESS23
You don't close the accounts.
You don't open too many at once.
I do no more than 2 credit pulls per year.
You don't open too many at once.
I do no more than 2 credit pulls per year.
Posted on 5/6/21 at 10:54 am to WITNESS23
And a negative and a positive happens. You get a credit pull but your credit limits go up and usage goes down. Plus you just do the minimum spend to get the bonus and then keep a zero balance.
Posted on 5/6/21 at 10:59 am to WITNESS23
quote:
How does this not kill credit scores?
10% of your score is new credit and 15% of your score is length of history...that's only 25% of your score. You could mostly topredo those 2 aspects by credit card churning but 75% of your score is still your payment history, mix of credit and what you owe vs. credit limits. So the majority of what your score is actually gets positively affected when churning as you're increasing your total limit at a rapid rate vs. what you owe on them and as long as you make on time payments your history remains in tact.
30% of your score is what you owe vs. limit.
So if before churning you have $25k total credit and have an average balance of $5k/mo, that's 20% utilization. If you churn a bunch and get your total credit up to say $100k, but still only spend $5k/mo, that's 5% utilization...on what 30% of your score is made up of.
Now most people who churn at a rapid rate, do see their score go down, but it's not like if it was 800 before it goes down to like 680 really. I've seen people's scores drop maybe 20-40 points or so who churn a good bit. In the end while you positively affect utilization, if your utilization was already pretty low, you're not going to improve it that much by opening a bunch of new credit but hurt yourself on the other end so inevitably the score goes down some.
This post was edited on 5/6/21 at 11:07 am
Posted on 5/6/21 at 11:07 am to PNW_TigerSaint
Been doing it since 2017. Last year made $6000 by converting points I wouldn’t use on travel to cash via Charles Schwab Platinum.
Posted on 5/6/21 at 11:30 am to PNW_TigerSaint
Yep. Me and wife. Have 400 so far in cash so far. Wish I could put my house note on it too. :)
Posted on 5/6/21 at 11:36 am to WITNESS23
quote:
How does this not kill credit scores?
If you open too many accounts or have too many inquiries in a short period then you can get temporarily dinged, however this usually recovers quickly and the benefit of more lines and higher overall credit line outweigh the hit to your score.
Posted on 5/6/21 at 11:57 am to thunderbird1100
Interesting. I'm going to look into this for sure.
Thanks for the info
Thanks for the info
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