re: Credit Card Rewards and Points Discussion

Question for you money folks:

What is everyone using now that Vanilla Reloads have gone to the shitter?

I don't really want to get into the whole buy a One Vanilla at CVS, drive out of my way to Walmart, wait for some idiot to load/deny my Bluebird then go about my merry way.

I've also come into contact with CVS stores that won't even accept CC payment anymore for OV/Prepaid Debits (wtf)

Thanks Obama...

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Question for you money folks:

What is everyone using now that Vanilla Reloads have gone to the shitter?

I don't really want to get into the whole buy a One Vanilla at CVS, drive out of my way to Walmart, wait for some idiot to load/deny my Bluebird then go about my merry way.

I've also come into contact with CVS stores that won't even accept CC payment anymore for OV/Prepaid Debits (wtf)

Thanks Obama...

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I still use the cv to wally route but tired of using the new workarounds. However, I also directly load gcs to evolve to pay certain bills. Of course, amazon payments is nice and easy for up to a $1,000 a month.

Uber and Amex just announced a partnership, 2x MR points for all rides

Looks like United is following Delta on frequent flyer changes in 2015

LINK

Good article...

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5 Credit Card Reward Myths that Need to Die

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It’s unethical. A credit card issuer makes the offer of their own free will, and people like us simply complete the offer per their instructions. The fact that some of us are smart enough to take advantage does not make it unethical; it makes us geniuses.

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It will ruin your credit. This is a big one for most people, and it really does make sense. Most experts suggest avoiding signing up for any new lines of credit if you plan to buy a house or take out a major loan within the next year to 18 months. However, implying that credit card rewards will, without a doubt, ruin your credit is not only misguided but patently incorrect. Many of us who pursue rewards, including myself, maintain excellent credit scores simply by using common sense when signing up for a new rewards card or cancelling an old one.

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My favorite:

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A credit score over 825 means something. No, pursuing credit cards may not completely ruin your credit, but it does impact it. Since I began pursuing rewards, I’ve seen my credit score drop from 820 to around 760 due to the number of hard inquiries, accounts I’ve closed, and various other factors that come into play. Having a score over 800 may seem desirable, but it isn’t always necessary- especially for this hobby. There is also no awards banquet for having the highest score. No cookies. No ribbons. Most rewards experts simply suggest monitoring your credit score on a site like Credit Karma and making sure it stays above 720 to stay on the safe side.

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The rewards aren’t worth it. I just have to laugh when people tell me it isn’t worth the effort. Really? Most people who are serious about this hobby would have to disagree. I mean, if you’re paying to go on vacation anyway, why wouldn’t you try to get at least part of your trip for free? You’re either putting in the effort to earn the money for your trip at work, or you’re putting in the effort to swap out a few rewards cards to get your trip for free. I personally prefer the latter.

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It’s too complicated. Pursuing credit card rewards does take a certain level of discipline and attention to detail. However, it’s really not that complicated. If you’re worried about how you’ll keep track of everything, you can always manage your credit card rewards with a simple spreadsheet or whip up a quick Google doc. Think of all the complex tasks you perform at your job each day and you’ll realize that credit card rewards are not that difficult to manage.

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LINK

I think the most common response I got from talking to family/friends about it is "too much work".

I now actually rarely tell people about it. Even the penny pinchers I know still feel like there is a catch and I'm not telling the whole story. With the dismissal of VRs from CVS, it has become a tougher game, but most spending limits can be hit with an Amazon Payments account, and that's extremely easy.

I think a lot of people are also leery of putting out their financial so often. It makes them uneasy I suppose. I check my statements 2-3 times per week and it takes all of 5 minutes/day to flip through Chase/City/Amex. I sit in front of a computer 5-8 hours a day, so it's not much of a burden. I also check my credit report 2-3 times per month.

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I think the most common response I got from talking to family/friends about it is "too much work".

I now actually rarely tell people about it. Even the penny pinchers I know still feel like there is a catch and I'm not telling the whole story

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Same here. I went through a period where I tried to help out, but a few ended up just making jokes about it. Thinking the same things, I was being a schemer of some sort, or whatever. I get a few now who come to me and ask for a specific purpose, and I'm glad to help, but I no longer "advertise my services."

Whatever, I have a ton of flights and destinations this year I wouldn't have seen for years without doing this.

The way I see it, I worked hard in school to get a well paying job and I have a good credit score, and I'm going to abuse it because I only live once. And that goes for any other contractual arrangement.

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Thinking the same things, I was being a schemer of some sort, or whatever

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To be fair, I think my wife still thinks it's somehow a scheme .

And, I bet Dave Ramsey pays to travel. Idiot.

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And the worst thing that is going to happen(besides thinking available credit is free money), is your credit score rises.

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Learned that lesson a long time ago. I like to think the wife and I are responsible enough with our money these days otherwise I'd have never got this thing. I may look in to some mileage cards or something later down the road for sure.

What has been the best way for you to use your Chase rewards? I just cashed out my reward points to pay off some of my statement balance, and I am now left wondering if I could have made better use of my reward points.