What do you value in your cards?

For just about anything you want to get off your chest about credit cards.
21 posts
User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3941
Joined: Thu May 08, 2014 7:42 pm
Location: United States

What do you value in your cards?

Postby CarefulBuilder14 » Mon Nov 10, 2014 9:42 pm

I've noticed different people on here seem to value different things in credit cards. My 'weighted priorities' in cards are (as best as I can estimate them):

30% Rewards — What I can earn with the card, less fees.

28% Good customer service — They answer my questions, have a good website, will replace a card quickly, and handle fraud smoothly. In this survey, this excludes a lender's flexibility about CLs, APRs, forgiving a late payment, etc. They have their own categories.

20% Simplicity and convenience — I don't want to have too many cards or issuers to monitor.

13% Credit limit (and the ability to get CLIs over time)

5% Special treatment — An issuer takes a chance on you when others won’t, waives a fee to which it is legally entitled, etc. I thought this would be higher, but the fact I use my Discover (despite an initial rejection) about as much as my Freedom (my first approval) suggests otherwise.

2% Amex backdating — I got most of the cards I expect I’ll want within a 10-month window, so it probably won’t affect my future credit terms much. I’m making this a separate category since it seems different from other 'special treatment'. It's unique to Amex but not really unique to individuals.

2% APR — I PIF so I don't really care, but a lower APR would be a pleasant, if financially irrelevant, gesture from an issuer.

What do you value? Can anyone think of categories I’ve missed?
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May


User avatar
Xorand
Platinum Member
Platinum Member
 
Posts: 94
Joined: Thu Feb 06, 2014 11:01 am
Location: TX

Postby Xorand » Mon Nov 10, 2014 9:54 pm

Never like to be a "Me too", but I think you've pretty much laid out about what I would value at approximately the same percentages. For me, the "simplicity and convenience" percentage would be lower and maybe the CLI a bit higher. I don't mind several cards and have a method to keep up with due dates, etc.
AmEx - Platinum (NPSL) , Blue Cash Preferred ($19,000), Gold Delta Skymiles ($8,500)
Chase - Sapphire Preferred ($14,000), Disney ($11,500), Amazon.com ($9,000), Freedom ($8,000)
CapOne - QuickSilver ($7,250) / Platinum Rewards ($7,250)

whit
Centurion Member
Centurion Member
 
Posts: 508
Joined: Tue Aug 13, 2013 10:04 pm
Location: ca

Postby whit » Mon Nov 10, 2014 10:40 pm

50%reward
40%no annual fee
10%customer service

I'm willing to forgo a bit of rewards if I can get away with no annual fee, and viola, have no cards with annual fee that gives me cash back, no FTF, and since I pay in full..

I don't have any problems *knock on wood* that I'd need to call customer service or deal with them in any capacity..I think once, two years ago, the night before my trip to hk my wallet got stolen and citi offered to overnight it free so it would arrive Monday (it was a Saturday) but it wouldn't have mattered; my friend did get it at his work place and held it for me.

That's about it, I try my best never to have to call or go bother them. Never bounced a check, never overdraft, etc etc..again *knockonwood*

popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Mon Nov 10, 2014 11:34 pm

1. Good customer service like what I've gotten from Amex, Chase, and Discover
2. Rewards, sign up offers and other incentives to get me to use the cards
3. Credit lines that grow as my credit profile improves and also so I can stay under 10% utilization each month overall. That's why I was getting so mad about Discover earlier but have just realized that it's silly for me to expect a lender to bend over backwards like that if they don't think I'm profitable enough for them. If I find that a certain card isn't growing or performing the way I had anticipated, I either just SD or close it altogether and don't bother with it anymore.
4. Relatively low APRs like what I have with my Chase, BoA and Amex ED cards.

Backdating I don't know where I'd put on this list really. It would be pretty nice to have though. Also I personally like being able to do business with multiple issuers and having good relationships with them and having alternatives ready, especially considering that not everyone takes Discover or Amex at all.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

User avatar
lobbythis
Centurion Member
Centurion Member
 
Posts: 624
Joined: Sun Sep 07, 2014 8:53 pm
Location: usa

Postby lobbythis » Tue Nov 11, 2014 1:19 am

popamode72 wrote:3. Credit lines that grow as my credit profile improves and also so I can stay under 10% utilization each month overall.


This is basically it and all for me. But, I'm more unique than most here I think. Coming from bad credit history to creating a business and paying all the cards off then trying to grow my credit again. I can spend far more than my cards will allow, and I do, just have been forced to put most things on debit so I've lost huge opportunities to collect rewards, miles, cash back, etc. Luckily, I have made some great progress with USAA and CapOne by having my accounts manually reviewed. So, customer service would go along with that I suppose.

Brad Bishop
Centurion Member
Centurion Member
 
Posts: 145
Joined: Sat Jul 12, 2014 7:38 am
Location: Atlanta, GA

Postby Brad Bishop » Tue Nov 11, 2014 8:42 am

I don't really have a percentage to assign to each one but I basically look for:

1) No annual fee. I just don't want to be bothered with it. I'll let it slide if the AF is made up for by something I'd otherwise purchase (like free bags on flights or a free night or two in a hotel). My Delta Gold Amex has a $95/year fee. It irks me.
2) low interest rate - I want less than 11%. My Delta Gold Amex is the only one that violates this at 15%
3) a 10K limit. I don't want more than 10K. I'll call them and ask them to reduce it. I don't want much less than 10K because then it just becomes a bother to me. I don't want to be at a store, go for a card, and think, "Oh, can't use that one because of it's ridiculously low limit". I know 10K isn't for everyone and some on here would prefer much more. It fits my needs quite nicely, though.
4) cash back - All of my cards give me at least 1% back. I don't really chase the cash-back deals. Discover is the only one that makes it easy enough to remember what to do. All I need to do is remember, "Oh, for this quarter buy gas on Discover," or, "Oh, for this quarter buy Christmas presents on Discover." I can do that. I don't really have an interest of chasing it down and splitting it up to using one card for meals because of some deal or another card for gas because of some other deal.

I normally pay for things in cash or, if there's a balance on my card(s), normally pay those in full. Once in a while I'll carry a balance but it isn't for very long (maybe a few months).

Re: Delta Gold Amex: I'm very likely going to dump this one when renewal comes around. $95/year + 15% isn't so great to me. In my mind this card is:
1) too expensive with the Annual Fee
2) too expensive with the higher interest rate
3) something else I have to keep up with (I don't want to juggle multiple cards or try to get as much credit as possible - my needs are fairly simple)
So I think, "Delta Gold Amex: You need to bring more to the table than some credit. I already have another Amex with a much better interest rate. In order for you to make yourself worthy you need to bring something like 4 round trips / year (each being worth $50 in baggage fees and thus doubling the $95 annual fee). Just matching the annual fee isn't enough. I can do that by just charging things to my regular Amex and paying the normal baggage fees..."

So, it'll likely be axed.

Regarding cash back: It always has bugged me that it's such a ridiculous game. You're not really getting 1-2% out of the deep pockets of the credit card companies. It's all coming out of our own collective pockets in terms of increased costs on items from increased fees being tacked onto credit card usage to cover the cash back stuff. It amounts to: What if I paid $110 for this $100 bill and the credit card gave me $5 back? (I know it's not the right percentages, I'm trying to make a point).

I don't know how you get out of it as if you pay cash you're still paying the premium of the credit card transaction as the bill, in most cases, isn't reduced.

Just one of those things that has bugged me.

thom02099
Centurion Member
Centurion Member
 
Posts: 472
Joined: Sat Apr 13, 2013 7:49 pm
Location: Colorado, USA

Postby thom02099 » Tue Nov 11, 2014 9:17 am

Pretty colours....and how they all look when I line them all up in my signature!

(wink/wink....)
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

Nixon
Centurion Member
Centurion Member
 
Posts: 1090
Joined: Mon Nov 03, 2014 11:12 am
Location: Great Southwest

Postby Nixon » Tue Nov 11, 2014 9:17 am

Brad Bishop wrote:
Regarding cash back: It always has bugged me that it's such a ridiculous game. You're not really getting 1-2% out of the deep pockets of the credit card companies. It's all coming out of our own collective pockets in terms of increased costs on items from increased fees being tacked onto credit card usage to cover the cash back stuff. It amounts to: [color="Red"]What if I paid $110 for this $100 bill and the credit card gave me $5 back? (I know it's not the right percentages, I'm trying to make a point).
[/color]

I don't know how you get out of it as if you pay cash you're still paying the premium of the credit card transaction as the bill, in most cases, isn't reduced.

Just one of those things that has bugged me.


[color="DarkGreen"]So you see it as a backdoor way of getting your interest rate lowered?[/color]
Image

Brad Bishop
Centurion Member
Centurion Member
 
Posts: 145
Joined: Sat Jul 12, 2014 7:38 am
Location: Atlanta, GA

Postby Brad Bishop » Tue Nov 11, 2014 9:20 am

Nixon wrote:[color="DarkGreen"]So you see it as a backdoor way of getting your interest rate lowered?[/color]


No. I'm not considering interest rates at all in my example. I'm saying that the % back you get is already figured into the price. If no one got any % back then the prices, via competition, would go down. It just seems like a dumb game that is played.

If I buy something for $100 (total bill) and get back 2% of that ($2) then, in reality, a silly exchange has just taken place in that the bill could very well have been $98 without all of the cash back games. Essentially, the money is coming out of my pocket, anyway, no matter what.

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3941
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Tue Nov 11, 2014 10:09 am

Brad Bishop wrote:If I buy something for $100 (total bill) and get back 2% of that ($2) then, in reality, a silly exchange has just taken place in that the bill could very well have been $98 without all of the cash back games. Essentially, the money is coming out of my pocket, anyway, no matter what.


Merchants are legally allowed to charge extra to accept credit cards, but many are reluctant to do so out of the fear it will drive away customers. As long as cash, debit, and credit customers pay the same prices, why not try to get some rewards? I've heard merchants complain about the high fees Amex charges them, but most of those same merchants are totally unwilling to offer even a 1% discount if I pay with cash, debit, or a CC with lower swipe fees.

The single-price standard is essentially a tax on people with bad credit, but most merchants give no incentive for people with good credit to not use credit cards.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests