Membership Rewards points transfer

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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TheSwarm
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Postby TheSwarm » Wed Sep 10, 2014 5:31 pm

CarefulBuilder14 wrote:Sallie Mae is great. Just be sure you have a use for each card you apply for. It helps with the 'mental accounting'.


Haha. I'm quickly learning that.

I definitely have to slim down the wallet first. I was just excited last year to get started so I applied for what I could get. Now I need to only keep the cards I'll use.


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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Sep 10, 2014 5:40 pm

TheSwarm wrote:Haha. I'm quickly learning that.

I definitely have to slim down the wallet first. I was just excited last year to get started so I applied for what I could get. Now I need to only keep the cards I'll use.


As you may also have learned, it is good to keep an eye on the total number of card issuers you are dealing with. You don't want to be dependent on one. Two should be pretty easy. I'm pretty comfortable with four. Any additional cards I get will probably be from Amex, Chase, or Barclaycard (Discover's only other card being the Chrome). Maybe, maybe US Bank, but it would be a stretch.

I've seen people with open cards with 10+ issuers, and that would be hard to monitor. Cards should make life easier, not harder.

Having a lot of cards from one issuer could be fairly simple, though. I could enable alerts to get an email whenever a card is used without being physically present, and then once every other week, take two minutes to cycle through half a dozen lightly used Amex cards to make payments and verify there are no unusual charges.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

TheSwarm
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Postby TheSwarm » Wed Sep 10, 2014 6:04 pm

I agree. For people who want rewards points it definitely is good to diversify the points.

I just don't like dealing with that many cards or carrying them.

MB131174
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Postby MB131174 » Wed Sep 10, 2014 6:48 pm

TheSwarm wrote:I agree. For people who want rewards points it definitely is good to diversify the points.

I just don't like dealing with that many cards or carrying them.


On the flip side to that - too many rewards programs drags out how long it takes to earn said reward. Example: if you're running only $3,000 a year through a CSP, that's only 3000 points a year. Not even enough to break even on the annual fee (which technically puts you in the hole and voids all points for what it's worth). Or it may only be 3,000 miles, which isn't enough to get you pushed back from the gate even. It MIGHT let you get to sit at the gate while people wait to board!! It would take YEARS to build up anything meaningful while paying $95 (or more) a year for the card.
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TheSwarm
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Postby TheSwarm » Wed Sep 10, 2014 7:19 pm

MB131174 wrote:On the flip side to that - too many rewards programs drags out how long it takes to earn said reward. Example: if you're running only $3,000 a year through a CSP, that's only 3000 points a year. Not even enough to break even on the annual fee (which technically puts you in the hole and voids all points for what it's worth). Or it may only be 3,000 miles, which isn't enough to get you pushed back from the gate even. It MIGHT let you get to sit at the gate while people wait to board!! It would take YEARS to build up anything meaningful while paying $95 (or more) a year for the card.


That is a good point.

I don't know what level of spending justifies keeping a CSP. I added an AU to the Freedom and CSP and combined we will probably put roughly 15k through the freedom per year with the 5% categories maxed out. And around 10k on the CSP with 6-7k travel and the rest dining.

That is why I want to reduce my wallet to a CSP, Freedom, and Everyday(for everything in between and swipe it 20 times per cycle) to see if I can get good benefits from them. Then if my spending habits change re evaluate.

Let me know what you think.

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Sep 10, 2014 7:20 pm

MB131174 wrote:On the flip side to that - too many rewards programs drags out how long it takes to earn said reward. Example: if you're running only $3,000 a year through a CSP, that's only 3000 points a year. Not even enough to break even on the annual fee (which technically puts you in the hole and voids all points for what it's worth). Or it may only be 3,000 miles, which isn't enough to get you pushed back from the gate even. It MIGHT let you get to sit at the gate while people wait to board!! It would take YEARS to build up anything meaningful while paying $95 (or more) a year for the card.


My Discover is somewhat in that situation. There was no signup bonus, and it has gotten a few big charges but nothing regular / repeating. The 5% use has been limited, but it still differs enough from Freedom to favor the It over the Chrome.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red



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