Here is something that really hacks me off

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CarefulBuilder14
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Re: Here is something that really hacks me off

Postby CarefulBuilder14 » Sun May 03, 2015 10:52 pm

otter wrote:Barclay is one of those issuers which is hard to figure out. Until recently, I had never been declined for a new card or CLI from them even though the word on the street is that they don't like too many inquries/new accounts and I've always had both whenever I apply for one of their cards. My most recent inquiry was a decline for the Ring, but there was no HP which I found interesting. Apparently, I have reached my internal limit with them so they didn't even bother to pull (plus it seems they soft pull the hell out of me not including the ones they do for my fico score).


Any particular reason you wanted the Ring? You just wanted a long-term low-APR card with no BT fee - even if you'd probably never use it?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when


Nixon
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Re: Here is something that really hacks me off

Postby Nixon » Mon May 04, 2015 4:25 am

CarefulBuilder14 wrote:
otter wrote:Barclay is one of those issuers which is hard to figure out. Until recently, I had never been declined for a new card or CLI from them even though the word on the street is that they don't like too many inquries/new accounts and I've always had both whenever I apply for one of their cards. My most recent inquiry was a decline for the Ring, but there was no HP which I found interesting. Apparently, I have reached my internal limit with them so they didn't even bother to pull (plus it seems they soft pull the hell out of me not including the ones they do for my fico score).


Any particular reason you wanted the Ring? You just wanted a long-term low-APR card with no BT fee - even if you'd probably never use it?


Stuff happens. It is truly a great card and I personally have ran about 8k in BT, 1k in cash advances through mine already.
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Re: Here is something that really hacks me off

Postby CarefulBuilder14 » Mon May 04, 2015 9:32 am

Nixon wrote:Stuff happens. It is truly a great card and I personally have ran about 8k in BT, 1k in cash advances through mine already.

(Background for my reply: Nixon got Ritz-Carlton in 12/14, Ring in 3/15, and Prestige in 4/15, according to his MF signature.)

The Ring has no intro 0% for purchases or BTs. And from the card terms, it doesn't sound like there's a grace period on cash advances (I wouldn't expect one on any card). You're paying fees and interest that would be avoidable with a normal checking account, and a credit card's limit is not the same as a real emergency fund.

If you ever have to use this card, you've overspent. It seems totally bizarre to me that you're getting luxury travel cards like the Prestige or R-C (which have $450 and $395 AFs, not waived the first year) while you're still fighting to pay off your balances, paying interest and fees.

I don't think you're in any position to make fun of the MF crowd.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Nixon
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Re: Here is something that really hacks me off

Postby Nixon » Mon May 04, 2015 11:11 am

CarefulBuilder14 wrote:
Nixon wrote:Stuff happens. It is truly a great card and I personally have ran about 8k in BT, 1k in cash advances through mine already.

(Background for my reply: Nixon got Ritz-Carlton in 12/14, Ring in 3/15, and Prestige in 4/15, according to his MF signature.)

The Ring has no intro 0% for purchases or BTs. And from the card terms, it doesn't sound like there's a grace period on cash advances (I wouldn't expect one on any card). You're paying fees and interest that would be avoidable with a normal checking account, and a credit card's limit is not the same as a real emergency fund.

If you ever have to use this card, you've overspent. It seems totally bizarre to me that you're getting luxury travel cards like the Prestige or R-C (which have $450 and $395 AFs, not waived the first year) while you're still fighting to pay off your balances, paying interest and fees.

I don't think you're in any position to make fun of the MF crowd.


Lol. I knew that was coming.

There is a method to the madness. The Ring offers a 1% statement credit when you transfer a balance to the Ring for the first 60 days. I took advantage of this as a form of signup bonus. Yes you pay a small amount of interest but it would only cancel out the signup BT statement credit if it took me more than 3mos to pay off the balance. I paid off the first one 26 days after the transfer and plan on paying the current one within the same amount of time. :)
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Re: Here is something that really hacks me off

Postby CarefulBuilder14 » Mon May 04, 2015 11:57 am

Nixon wrote:The Ring offers a 1% statement credit when you transfer a balance to the Ring for the first 60 days. I took advantage of this as a form of signup bonus. Yes you pay a small amount of interest but it would only cancel out the signup BT statement credit if it took me more than 3mos to pay off the balance. I paid off the first one 26 days after the transfer and plan on paying the current one within the same amount of time. :)

Well, that does make more sense. It's a rather small signup bonus, but at least you're not paying interest.

I'd value an inquiry and new account more highly.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Nixon
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Re: Here is something that really hacks me off

Postby Nixon » Mon May 04, 2015 1:58 pm

CarefulBuilder14 wrote:
Nixon wrote:The Ring offers a 1% statement credit when you transfer a balance to the Ring for the first 60 days. I took advantage of this as a form of signup bonus. Yes you pay a small amount of interest but it would only cancel out the signup BT statement credit if it took me more than 3mos to pay off the balance. I paid off the first one 26 days after the transfer and plan on paying the current one within the same amount of time. :)

Well, that does make more sense. It's a rather small signup bonus, but at least you're not paying interest.

I'd value an inquiry and new account more highly.


All it cost me is a TU inquiry....







....Which is gone now. ;)
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Re: Here is something that really hacks me off

Postby CarefulBuilder14 » Mon May 04, 2015 5:38 pm

Nixon wrote:All it cost me is a TU inquiry........Which is gone now. ;)

It's still new credit - and unless you have a lot of income or assets, it may make it harder to get some rewards cards. It seems like "credit deadweight" like my BCE is.

I plan to move over all except maybe $2k from BCE to EDP soon. I'll keep it open for history and offers (SBS).

Edit after lobbythis' post: A cash advance makes little sense, even if the BT 1% "bonus" was a way to pick up a few dollars.
Last edited by CarefulBuilder14 on Mon May 04, 2015 5:44 pm, edited 1 time in total.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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lobbythis
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Re: Here is something that really hacks me off

Postby lobbythis » Mon May 04, 2015 5:41 pm

I still don't see it.

A Ritz and Prestige, but you have $9K out on a lowly Ring. And $1K cash advance? Because, we all know the best way to get cash is from a CC.

If you are pulling cash from CC's, you definitely don't need to be getting 2 cards with with AF's totaling $845 and not 0% intro. I have the RC and was immediately billed the AF in the first month. You're worried about 1% statement credits on $8K, but drilled yourself another $845 into debt plus that sweet $1K cash advance.

What kind of logic is this if not obsession/addiction?

Nixon
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Re: Here is something that really hacks me off

Postby Nixon » Mon May 04, 2015 6:26 pm

lobbythis wrote:I still don't see it.

A Ritz and Prestige, but you have $9K out on a lowly Ring. And $1K cash advance? Because, we all know the best way to get cash is from a CC.

If you are pulling cash from CC's, you definitely don't need to be getting 2 cards with with AF's totaling $845 and not 0% intro. I have the RC and was immediately billed the AF in the first month. You're worried about 1% statement credits on $8K, but drilled yourself another $845 into debt plus that sweet $1K cash advance.

What kind of logic is this if not obsession/addiction?


Cash advance was in Vegas. I never carry a debit card.
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Re: Here is something that really hacks me off

Postby CarefulBuilder14 » Mon May 04, 2015 7:10 pm

While I have two R-C people active on the thread...some questions about that...

1. How many hotels participate in that $100 hotel credit offer...only R-C properties or also Marriott-brand ones? Are there blackout dates or properties for it? Can you use the credit multiple times per year, or do you just get one credit per year?

2. Does the Gold/Platinum status from $10k/$75k spending give a big boost to lifetime status with Marriott? Or that doesn't affect lifetime status?

3. Are there any factors that would make the R-C less useful at Marriott-branded properties than at R-C ones?

The Marriott card doesn't do much for me, but R-C might since the Marriott properties I stay at have tended to be higher-category ones. I can't use the Marriott card's free night easily, but Gold status could be good. I haven't done a detailed analysis yet of the value of $10k spending on R-C vs. other cards. It probably would say that using other cards is better, since the 5.5/2.2/1.1 Marriott reward points wouldn't be worth too much for me.

Any other general thoughts on the card?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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