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re: Credit Card Rewards and Points Discussion
Posted on 8/3/16 at 2:39 pm to RedHawk
Posted on 8/3/16 at 2:39 pm to RedHawk
That makes sense. But in that case you should go for a straight cashback card like AmEx Everyday/Everyday Preferred, or Chase Freedoms.
Why go for a travel card when you are not interested in travelling?
Why go for a travel card when you are not interested in travelling?
This post was edited on 8/3/16 at 2:42 pm
1
Posted on 8/3/16 at 3:00 pm to AmeriKop45
quote:
Why go for a travel card when you are not interested in travelling?
I do travel some, just not enough to have a card that has an annual fee. I already have the Chase Freedom. So figured my next card would be the Sapphire and then ditch it after a year.
Posted on 8/3/16 at 3:10 pm to RedHawk
Ok - let me rephrase. If you cannot justify paying $450 for over ~$3K in "travel dollars," then you can probably be better off with a cb card.
Travel cards are mainly for people who travel frequently and are looking to subsidize the cost of travel. The perks and advantages of having these cards are therefore geared towards such people. For ex: CSP will earn you 2x on travel and dining and $500 in bonus. AmEx everyday preferred will earn 6% on groceries, 3% on gas and will also come with a $500 sign up bonus (need to look a little but you can find it).
Travel cards are mainly for people who travel frequently and are looking to subsidize the cost of travel. The perks and advantages of having these cards are therefore geared towards such people. For ex: CSP will earn you 2x on travel and dining and $500 in bonus. AmEx everyday preferred will earn 6% on groceries, 3% on gas and will also come with a $500 sign up bonus (need to look a little but you can find it).
This post was edited on 8/3/16 at 3:14 pm
Posted on 8/3/16 at 3:21 pm to AmeriKop45
quote:
AmEx everyday preferred will earn 6% on groceries, 3% on gas and will also come with a $500 sign up bonus (need to look a little but you can find it).
Good to know. I just looked and it comes with a $300 sign up bonus unless you are targeted for the $500. If I'm ever targeted for that AMEX I will jump on it. In the meantime I will get the Chase Sapphire to avoid the 5/24 rule with Chase and then hopefully be able to add the AMEX next.
My idea with the Sapphire is just to get the signup bonus and then ditch it when the year is up. I probably wouldn't ever use it outside of the initial minimum spend as my Discover IT and Chase Freedom offer better CB in the 5% categories.
This post was edited on 8/3/16 at 3:31 pm
Posted on 8/3/16 at 3:39 pm to RedHawk
Didn't realize that we weren't allowed to give direct CC referral links on here. Woops.
Thanks for not given me a heads up in that other CC thread guys
Thanks for not given me a heads up in that other CC thread guys
Posted on 8/3/16 at 7:25 pm to GenesChin
Got invitations for Sapphire Preferred and Freedom Unlimited.
Applied for both today and was approved.
Decided to go ahead and apply for Citi AAdvantage, have a big expense coming up and want to get max bonuses possible.
Was denied for Citi.
Haven't applied for anymore, don't want to cause any further damage. Should I call to move credit around? Have some credit lines reduced?
No idea how much available credit I have. 820 credit score, don't care a balance on cards.
Applied for both today and was approved.
Decided to go ahead and apply for Citi AAdvantage, have a big expense coming up and want to get max bonuses possible.
Was denied for Citi.
Haven't applied for anymore, don't want to cause any further damage. Should I call to move credit around? Have some credit lines reduced?
No idea how much available credit I have. 820 credit score, don't care a balance on cards.
Posted on 8/3/16 at 7:46 pm to cfa626
Yes call them and offer to move existing credit with Citi around.
Posted on 8/3/16 at 7:55 pm to AmeriKop45
Called Citi, they said I was denied due to "credit bureau" information. I told them I have over a 800, I have nothing negative on my report.
They said they can't discuss it with me, "due to federal regulations" until I receive the denial letter next week and then I can call back and "we can talk about anything you'd like to talk about."
Never heard of this before, but I've also never applied for 3 credit cards in one day. That may have not been the best idea.
They said they can't discuss it with me, "due to federal regulations" until I receive the denial letter next week and then I can call back and "we can talk about anything you'd like to talk about."
Never heard of this before, but I've also never applied for 3 credit cards in one day. That may have not been the best idea.
Posted on 8/3/16 at 9:31 pm to cfa626
Most places keep applications open 30 days. You can call and reconsider when your report comes in
This post was edited on 8/3/16 at 9:32 pm
Posted on 8/4/16 at 12:41 pm to GenesChin
Anyone have advice, besides don't do it, for the most strategic way to spend ~$4,000 on an engagement ring? Right now I have the SPG Amex, Citi AAdvantage, Discover It, and my CU CC with 1.5% cash back. I'm not opposed to adding another card, just would like to avoid another annual fee as we are cutting back on expenses.
Posted on 8/4/16 at 1:09 pm to AmeriKop45
Been looking forward to your blog for awhile now. Definitely let us know when you get that up and running. I haven't been traveling as much, but would be happy to contribute when I do.
On another note, curious to get you all's opinion on a tech company I'm about to take full-time. I am in the process of raising seed funding right now before beta testing our MVP with select users. Hope to be live by Jan 1, 2017.
Essentially what we are creating is a safety-account that sits between your credit card account and primary checking account. When a buyer swipes their CC, we recognize that pending amount in real time and automatically deduct (you can set max limits) that from your checking. Users now settle CC debt on an individual transaction basis, not a once-a-month basis. Essentially we act as a hedge against irresponsible spending and paying interest so that those who are primarily debit card users can still reap the benefits of using a CC and begin to build credit history.
I know most on here settle debts once when your balance is due and some millennials do that as well, but most want the familiarity they have be come accustomed to with a debit card. Would be curious to hear thoughts, objections, or opinions.
On another note, curious to get you all's opinion on a tech company I'm about to take full-time. I am in the process of raising seed funding right now before beta testing our MVP with select users. Hope to be live by Jan 1, 2017.
Essentially what we are creating is a safety-account that sits between your credit card account and primary checking account. When a buyer swipes their CC, we recognize that pending amount in real time and automatically deduct (you can set max limits) that from your checking. Users now settle CC debt on an individual transaction basis, not a once-a-month basis. Essentially we act as a hedge against irresponsible spending and paying interest so that those who are primarily debit card users can still reap the benefits of using a CC and begin to build credit history.
I know most on here settle debts once when your balance is due and some millennials do that as well, but most want the familiarity they have be come accustomed to with a debit card. Would be curious to hear thoughts, objections, or opinions.
Posted on 8/4/16 at 1:33 pm to LSUShock
What happens when a person swipes their CC and they don't have enough funds in the bank to cover it? The CC company will process the charge, but you won't get paid.
Posted on 8/4/16 at 2:11 pm to AmeriKop45
Good question and very realistic scenario. We are essentially a safety savings account sitting in the middle. The individual is always responsible for their transactions/expenses, not us. We simply collect and hold your money now to pay later. When your balance is due, we use whatever is in your account to cover that amount. If it's 100%, great. If it's 75%, that OK to. We will then send a month-end report with balances due, spend data/tracking/analysis, and rewards summary.
Also, to prevent that scenario, we are going to give people 2 options that prevent automatic deductions in cases where funds may not be adequate. 1) Max Transaction Limit: say you set yours at $75. Any expense over $75 will not be auto-deducted. Instead, we will send a push notification letting you determine if you do want to auto-deduct or not. 2) Minimum Account Balance Limit: If you never want to have your primary checking account be below $100, you can set that and once you are there, we will no longer auto-deduct. You can continue swipping your CC, we just will no longer pull from your primary spend account. As a general rule, we are evaluating a number (~$30) to set as the standard so funds quit being auto-deducted when your checking account hits this balance.
Lastly, our target market is millennials/young professionals who are financially responsible. Individuals who right now are using their debit card for everyday expenses: gas, groceries, booze after work, restaurants, clothes, etc. If you are using your debit card as a primary payment method and don't own a CC, you can only spend what you have available. While that's who we are targeting and who we think we will see success with, we certainly understand scenarios like the one you mentioned are very real.
Also, to prevent that scenario, we are going to give people 2 options that prevent automatic deductions in cases where funds may not be adequate. 1) Max Transaction Limit: say you set yours at $75. Any expense over $75 will not be auto-deducted. Instead, we will send a push notification letting you determine if you do want to auto-deduct or not. 2) Minimum Account Balance Limit: If you never want to have your primary checking account be below $100, you can set that and once you are there, we will no longer auto-deduct. You can continue swipping your CC, we just will no longer pull from your primary spend account. As a general rule, we are evaluating a number (~$30) to set as the standard so funds quit being auto-deducted when your checking account hits this balance.
Lastly, our target market is millennials/young professionals who are financially responsible. Individuals who right now are using their debit card for everyday expenses: gas, groceries, booze after work, restaurants, clothes, etc. If you are using your debit card as a primary payment method and don't own a CC, you can only spend what you have available. While that's who we are targeting and who we think we will see success with, we certainly understand scenarios like the one you mentioned are very real.
This post was edited on 8/4/16 at 2:37 pm
Posted on 8/4/16 at 2:13 pm to LSUShock
How much are your services? A percentage of the amount that you intercept?
I can see your service being useful, but if I'm earning $20 rewards a month by using a Discover card (just using round numbers and example) instead of a debit card, then I wouldn't be able to pay you much for your service.
I can see your service being useful, but if I'm earning $20 rewards a month by using a Discover card (just using round numbers and example) instead of a debit card, then I wouldn't be able to pay you much for your service.
Posted on 8/4/16 at 2:24 pm to cfa626
It will work if it is scalable. If you took $5 a month on average, and had 10,000 users, that would be 50,000 of revenue a month.
Posted on 8/4/16 at 2:47 pm to cfa626
quote:Really appreciate your questions guys. This is exactly what I was looking for. I understand my why so deeply, that my vision of what I think it is or why it's relevant is often skewed.
How much are your services? A percentage of the amount that you intercept?
I can see your service being useful, but if I'm earning $20 rewards a month by using a Discover card (just using round numbers and example) instead of a debit card, then I wouldn't be able to pay you much for your service.
The app will be free to use. We capitalize monetarily on the float time between when we collect your money and when we actually use it to pay. Any interest earned on users balances is revenue for us. That's a very small # in individual scenarios, but that # gets exponentially larger if we can penetrate even a small percentage of the total market. This is how similar financial tech companies like Digit, PayPal, and Venmo operate.
We have also kicked around the idea of $.05 roundups for additional revenue. For example, if you spend $9.72, we will always round up to the nearest $.05 making it $9.75. We keep the $.03 as a type of convenience fee. That adds a recurring revenue stream while having a very small financial impact on users. If you had 50 transactions a month, which is on the absolute high end, and we took the max roundup possible at $.04, you are only paying $2/month in those fees.
quote:
cfa626
If I remember right from previous posts, you are around my age. Would be curious to know you and your friends payment habits are? This was created due to my frustration with the credit card payment process. Obviously they don't want you paying off immediately, but as millennials, that's all we have ever known with a debit card. Card gets swiped, funds get deducted. Not the same with a credit card. I got sick and tired of being able to see my pending balance and not being able to pay it. Also hated seeing the number at the end of the month when I went to pay my statement. If you are someone who uses a debit card primarily right now, would you be more inclined to use a credit card if it essentially functioned the same way as a debit card?
Also, don't want to hijack this thread as it's extremely valuable to a lot of people, so someone let me know if this is a distraction.
This post was edited on 8/4/16 at 3:03 pm
Posted on 8/4/16 at 2:51 pm to LSUtoOmaha
Question for all you hotel gurus...
I am about to start traveling weekly from DFW to Los Angeles (Century City/Beverly Hills) for work. I get to pick the hotel and would like to start building up hotel points.
Any suggestions on which hotel is best to accumulate points?
Also, should I get a hotel rewards credit card? I've only dabbled in airline and major bank credit cards (Chase/Citi)
TIA
I am about to start traveling weekly from DFW to Los Angeles (Century City/Beverly Hills) for work. I get to pick the hotel and would like to start building up hotel points.
Any suggestions on which hotel is best to accumulate points?
Also, should I get a hotel rewards credit card? I've only dabbled in airline and major bank credit cards (Chase/Citi)
TIA
Posted on 8/4/16 at 2:58 pm to Bearded_Chow25
Hyatt
Posted on 8/4/16 at 4:48 pm to Bearded_Chow25
quote:
Bearded_Chow25
It depends on where you would want to travel for leisure and use the points/status you earn. Top tier Hyatt status is the best among all programs. Their points are valuable as well. But there are very few Hyatt's abroad so it is hard to use Hyatt points when travelling out of the country.
Hilton and Marriott are on the other end of the spectrum. Hilton top tier status is kind of whatever but points earning is easy and there are plenty of Hiltons all around the world.
SPG is kind of in the middle. Points are the most valuable and most flexible in the industry, top tier status is second best to Hyatt and there are a good number of properties around the world which makes it easy to stay loyal and redeem points. Also, SPG points can be transferred to airlines on a 1:1.25 basis.
If you are going to be gone for 4 days at a time, there is absolutely no other card better than the Citi Prestige. You get back the cost of the 4th night as a statement credit on your account. You get to keep the full amount of points and your employer reimburses you for all 4 nights (as thats whats on the hotel folio). Huge moneymaker.
$450 AF, AA lounge access until September 2017, the best priority pass access, $250 Airline credit and 3x points on travel, 2x on dining. 50K bonus on signing up (and meeting spend requirement).
Idk what your budget is but if that wasnt a problem, I would stay at the W, Los Angeles. Either way, I would probably go SPG. It is the most consistent chain of hotels imo.
This post was edited on 8/4/16 at 4:51 pm
Posted on 8/4/16 at 4:55 pm to AmeriKop45
Sweet thanks for the info. Sounds like Hyatt is the way to go for points...
My boss stays at the Four Seasons Beverly Wilshire which looks really nice but he said he doesn't get points from there.
The other options I have seem to be Mariott hotels but I haven't had a chance to look on our company's travel site yet to see if there are any Hyatts available.
Unfortunately I have to book with a corporate card, so I can't use my Citi Prestige. Plus I have to book through our travel agent versus the Citi Concierge group. But that would be awesome if I could get that fourth night free credit weekly.
My boss stays at the Four Seasons Beverly Wilshire which looks really nice but he said he doesn't get points from there.
The other options I have seem to be Mariott hotels but I haven't had a chance to look on our company's travel site yet to see if there are any Hyatts available.
Unfortunately I have to book with a corporate card, so I can't use my Citi Prestige. Plus I have to book through our travel agent versus the Citi Concierge group. But that would be awesome if I could get that fourth night free credit weekly.
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