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Message
re: Credit Card Question
Posted on 12/13/13 at 9:31 pm to aaronb023
Posted on 12/13/13 at 9:31 pm to aaronb023
Well, the airline miles are set, but the ticket prices are not. So a rountrip ticket could be 65k miles roundtrip, but the price could be $600 or $1600 dollars, so the value of those points could end up being better when the ticket cost spikes. But I generally agree with you, and plan on getting airline credit cards as burners for the sign up bonus you mentioned.
1
Posted on 12/16/13 at 9:20 am to Teddy Ruxpin
quote:
and plan on getting airline credit cards as burners for the sign up bonus you mentioned.
Teddy, are burners going to take a hit on your credit report? I used to have bad credit in my younger days and worked very hard to get it all paid off and my credit back up. Now that I'm there, I would hate to do something that would send me backwards.
Posted on 12/16/13 at 10:30 am to htownjeep
quote:
Teddy, are burners going to take a hit on your credit report? I used to have bad credit in my younger days and worked very hard to get it all paid off and my credit back up. Now that I'm there, I would hate to do something that would send me backwards.
Not really. Let's check out this pie chart:
As you can see, 15% is your credit age and 10% is new credit. You should by now have some old credit cards that you will never cancel, as they weigh your credit age to the oldest it can be.
So while new cards will make your credit average age younger, over time this takes care of itself if you keep that oldest open. Time just has to take care of itself. I have a USAA card I got when I was 18 I barely use, but its 10 years old and I keep it for this purpose.
As for "new credit," the dings are only a few points and fall off at a set time. This is why credit churners do "App o Ramas" where they apply for 5 cards in one day. Not just because it keeps the companies from seeing all the inquiries, but also because the dings from the inquiries will fall off all at the same time. I believe it takes one year, which is how long you'll be holding a burner for any ways.
As you can see, Payment history and utilization are the big things to worry about here. In fact, your credit applications for new credit may be offset but lowering your utilization rate, if that is a trouble area for you due to low limits.
I will say that it is recommended to get your score over to about 730 before getting into this sort of thing. That way you will always have good credit even with the dings from applications.
This post was edited on 12/16/13 at 10:40 am
Posted on 12/16/13 at 10:42 am to aaronb023
quote:
I don't understand why one would choose an airline/hotel card over something like amex blue cash/chase sapphire/capital one venture. seems like most airline cards only give you 1% back whereas I get at least 3-6% with the blue cash rewards. I can use the cash back on airline tickets, hotels, cash towards my bill, or whatever I want.
I say go with the card that gives you the most points per dollar. just my 2 cents
If I used Delta Skymiles for a ticket to St. Lucia 1st class it is going to run me 75,000 miles for a 1st class ticket at the medium level... that same ticket using MR or UR points is going to cost me 180,000 pts.
In the end points are all worth roughly the same but the Delta are worth just a little more because they are less versatile IMO
ETA: Yes you earn 3-6% but I earn double miles with delta on top of the miles I fly
So with delta I get;
2x points spent with Delta
7X points spent with Delta Dining Restaurants
100% Mileage bonus on all flown miles
and 1X points for everything else I put on my credit card with a 15,000 MQM bonus each $30k I spent on my card
For me it's a no brainer
This post was edited on 12/16/13 at 10:46 am
Posted on 12/16/13 at 11:01 am to Teddy Ruxpin
quote:
As you can see, Payment history and utilization are the big things to worry about here. In fact, your credit applications for new credit may be offset but lowering your utilization rate, if that is a trouble area for you due to low limits.
I think most people are somewhat ignorant to how much revolving debt utilization factors into your FICO score. I signed up to MyFico Score Watch while my house was being built to monitor my score. When I started researching I realized I could possibly get some points by paying my revolving debt down. While I monitored my score, it would fluctuate greatly depending on my credit card balances, sometimes 60 points. I now keep a small balance on one card and let the others report a zero balance every month. I use them but make sure to pay them off before the statement date.
Posted on 12/16/13 at 11:04 am to BACONisMEATcandy
quote:
100% Mileage bonus on all flown miles
Probably should have done this when I flew to India. 18,000 miles x 2.
I don't really fly enough to really get the benefits of elite status though. Maybe 2-3 times a year. I just go big or go home, literally.
quote:
JonTheTigerFan
That should work. I see some say between 1 and 4% is optimal, but I imagine they are getting awfully particular with that. But ya, you're doing it right letting one report a balance.
This post was edited on 12/16/13 at 11:06 am
Posted on 12/16/13 at 11:09 am to Teddy Ruxpin
quote:
Probably should have done this when I flew to India. 18,000 miles x 2.
I don't really fly enough to really get the benefits of elite status though. Maybe 2-3 times a year. I just go big or go home, literally.
That is not from having the card FYI... It's just how I earn the miles and since you cannot combine the miles it makes sense to me not stick with skymiles
Posted on 12/16/13 at 11:12 am to BACONisMEATcandy
Bacon, I have the DL Gold Amex and thinking about UG to the Platinum. Worth it?
Posted on 12/16/13 at 11:24 am to Golfer
quote:
Bacon, I have the DL Gold Amex and thinking about UG to the Platinum. Worth it?
Only difference is you get a companion voucher and can earn 10,000 mqm per $25k spent.
I would on the companion voucher alone for just $55 more
Gold no longer gets a companion voucher
Posted on 12/16/13 at 11:32 am to BACONisMEATcandy
quote:
Gold no longer gets a companion voucher
Ya, they sent me a targeted offer for this but no companion voucher kind of sucks.
Posted on 12/16/13 at 11:34 am to BACONisMEATcandy
I don't think you get the companion voucher on an upgrade from Gold...
At least I don't see it as a listed benefit...
At least I don't see it as a listed benefit...
Posted on 12/16/13 at 11:47 am to Golfer
They used to. But it was one you had to pay $99 to use.
It made 0 sense to get the gold when they had a companion voucher with it
It made 0 sense to get the gold when they had a companion voucher with it
Posted on 12/16/13 at 11:56 am to BACONisMEATcandy
Re Amex Platinum-what is so good about it that would be worth the $450 annual fee?
Posted on 12/16/13 at 12:12 pm to htownjeep
quote:
Re Amex Platinum-what is so good about it that would be worth the $450 annual fee?
The $450 fee is offset by benefits.
You get $200 a year in airline incidentals refunded back to you. Your fee is now $250 in practice.
You get global entry reimbursement, which is worth $100 (GE is good for five years I believe). So in year 1, your fee is down to $150.
Airport lounge access which has its own benefits/value, if you fly a lot, this makes up the rest.
If you're a frequent flier, this card has its perks.
Here's an article
LINK
ETA: They are talking about Amex Delta Plat, not Amex Plat though by the way.
This post was edited on 12/16/13 at 12:35 pm
Posted on 12/16/13 at 12:15 pm to BACONisMEATcandy
Just called and they upgraded me to platinum and it includes the free companion cert
Posted on 12/16/13 at 1:00 pm to Teddy Ruxpin
Amex Plat can also give You free international companions on certain 1st class tickets
Nice golfer... Should have gone with the reserve though
Nice golfer... Should have gone with the reserve though
Posted on 12/16/13 at 1:02 pm to BACONisMEATcandy
I don't travel enough anymore to warrant the sky club access...drop to silver in 2 months 
This post was edited on 12/16/13 at 1:03 pm
Posted on 12/16/13 at 1:12 pm to Golfer
Daymn yo
Posted on 12/16/13 at 4:15 pm to BACONisMEATcandy
quote:
and can earn 10,000 mqm per $25k spent.
I spend this easy. Will this be enough to bump me up to a solid level next year?
Here is my current YTD with delta
Silver Medallion
44 Qualification Segments
147,897 skymiles
16 MQS till Gold
22,124 MQM till Gold
I doubt I will fly delta anymore than I already do unless they get a nonstop from Bhm to Houston like southwest does.
ETA: Think I answered my own question. No.
This post was edited on 12/16/13 at 4:16 pm
Posted on 12/16/13 at 4:19 pm to I Love Bama
quote:
Will this be enough to bump me up to a solid level next year?
quote:
22,124 MQM till Gold
Nope. Need 50k for Gold.
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