How have your CC habits and views changed?

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CarefulBuilder14
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Re: How have your CC habits and views changed?

Postby CarefulBuilder14 » Fri Jul 17, 2015 12:26 pm

kdm31091 wrote:I agree the hotel cards can benefit someone who really really likes a certain brand and stays there a lot but it can also be very "penny wise, pound foolish". You're spending more to stay at a Marriott, period. The rewards do not negate it. Do you think issuers don't know this? The goal of ANY reward program is simple: to get you to spend more money. And it works, judging by the people who salivate over the "status" cards like Marriott and Ritz, even though you can find far cheaper, functional hotel rooms.

Some people like plush accommodations when on vacation and I respect that, but I get tired of hearing about how "valuable" Marriott/Ritz/whatever cards are. If you really do the math, you will come out ahead going for a less expensive hotel and using a cash back card almost every time. You are simply falling for the marketing of the cards if you ignore this. Again, everyone has different preferences and if you are traveling on the road every week staying at a Ritz, it could make sense, I suppose, but for a couple trips a year like an average person it seems like overkill to have a dedicated Ritz card. Most people do not have the time/money/inclination to stay at a Ritz very often. (And if you are on the road that much, staying at such a nice place is overkill IMO).

I echo the above point too about traveling too much. I mean yes it's nice and important to have a change of scenery every so often and no one should exist in a bubble. But traveling so often that you miss out on your "real life" at home is not good either!

Obviously to each their own, but always keep in mind that rewards are designed for you to spend more, and that's all they exist for. If getting a Marriott card makes you opt to stay there every time, and thus spend more than you otherwise would have on lodging, then the marketing has done its job. If you are staying there BECAUSE you have the card, and therefore spending more to justify said card, it's the wrong path IMO.

Any thoughts on Chase IHG?
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when


JonE
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Re: How have your CC habits and views changed?

Postby JonE » Fri Jul 17, 2015 1:27 pm

Er, I said Freedom for travel, but I meant Sapphire Preferred. But yeah!
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

kdm31091
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Re: How have your CC habits and views changed?

Postby kdm31091 » Fri Jul 17, 2015 2:16 pm

At least the IHG hotels are more moderately priced and broad vs Ritz or whatever. IHG is a nice hotel card.

Nixon
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Re: How have your CC habits and views changed?

Postby Nixon » Sat Jul 18, 2015 7:31 am

Love the card. Not crazy about the earn rates.
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kdm31091
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Re: How have your CC habits and views changed?

Postby kdm31091 » Sat Jul 18, 2015 9:34 am

Nixon wrote:Love the card. Not crazy about the earn rates.


Well there is a substantially lower fee for the IHG card vs most of the other, higher end hotel cards, and the IHG hotels themselves trend cheaper so I guess they gotta make it up somewhere

Vermonster
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Re: How have your CC habits and views changed?

Postby Vermonster » Sat Jul 18, 2015 4:20 pm

I think the best part about the IHG is the option to buy points at a ridiculous discount. Yeah you have to plan a bit for it but you can get some awesome deals.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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CarefulBuilder14
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Re: How have your CC habits and views changed?

Postby CarefulBuilder14 » Sat Jul 18, 2015 6:27 pm

Vermonster wrote:I think the best part about the IHG is the option to buy points at a ridiculous discount. Yeah you have to plan a bit for it but you can get some awesome deals.

And the 100% point bonus is the best offer for buying points?

I didn't buy any during the June promo period, but I may buy some the next time they run it. I was a bit worried about a surprise devaluation. I see there was one in April, though, so we may be okay through the end of 2015?
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

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CarefulBuilder14
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Re: How have your CC habits and views changed?

Postby CarefulBuilder14 » Wed Jul 22, 2015 12:35 pm

As far as my views changing, I'm asking myself two CC questions today:

1. Why on earth was I ever interested in a higher CL on Sallie Mae? The caps are so low, and my long-time focus on rewards meant I'd never really need more than $3k on it. (I got it 8/14 and it's always had a $4.5k CL.)

I think it's a great card for someone who wants to avoid an AF and doesn't mind the caps, but I've always had better options than the 1% cash I'd be earning once I passed the caps. I already had CSP by the time I was focused on a Sallie Mae CLI, and CSP is a much better card to have a high CL on. The allure of a possible SP/auto CLI can be great - so great that I wasn't clearly seeing that I didn't need one on Sallie Mae.

2. Citi acquired the Brooks Bros accounts from Synchrony over a month ago, and they still haven't sent me a new card with the new account number. I can see from their website that the last 4 digits of the account have changed. And yes, I have checked that no one has been using it fraudulently.

I had last used the card in April, so it's not like they can say I'm an inactive customer. What gives?
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

KreditKing
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Re: How have your CC habits and views changed?

Postby KreditKing » Mon Jul 27, 2015 7:12 am

For me, my habits are simple......no AF, PIF every month......never carry a balance, or a very, very small one.

In the 90's when I was young and stupid, my story is like others. Over spent and got in too deep. Eventually had some CC(s) charged off. All my fault, lessons learned.

By the late 90's, early 2000's my credit was improving.

I currently have 2 cards. One visa and one mastercard. I get offers in the mail all the time. Most go straight to the paper shredder. Although I'm starting to pay close attention to some of the offers I receive.

I travel a lot for business. Road warrior, not airlines, but driving. Use one card mainly for business expenses. As soon as I get my expense checks, I apply them towards the balance. In most cases, the balance is $0 by the time the monthly statement shows up. I don't like paying interest. Lol.

My employer provides me a company car, gas card, and fleet maintenance card. Hotels, food, etc I pay for, then get reimbursed.

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CarefulBuilder14
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Re: How have your CC habits and views changed?

Postby CarefulBuilder14 » Mon Jul 27, 2015 5:25 pm

KreditKing wrote:For me, my habits are simple......no AF, PIF every month......never carry a balance, or a very, very small one.

In the 90's when I was young and stupid, my story is like others. Over spent and got in too deep. Eventually had some CC(s) charged off. All my fault, lessons learned.

By the late 90's, early 2000's my credit was improving.

I currently have 2 cards. One visa and one mastercard. I get offers in the mail all the time. Most go straight to the paper shredder. Although I'm starting to pay close attention to some of the offers I receive.

I travel a lot for business. Road warrior, not airlines, but driving. Use one card mainly for business expenses. As soon as I get my expense checks, I apply them towards the balance. In most cases, the balance is $0 by the time the monthly statement shows up. I don't like paying interest. Lol.

My employer provides me a company car, gas card, and fleet maintenance card. Hotels, food, etc I pay for, then get reimbursed.

What are your two cards? Is either (or are both) of your cards co-branded hotel cards? Examples would be Carlson from US Bank or Marriott, Hyatt, or IHG from Chase.

It would be fairly unusual for a card to charge you interest in your situation. Most cards have a grace period of about 20-25 days. There is no interest if you pay in full within the grace period. Card terms do vary, but it might not hurt you to wait until a statement arrives to pay it off. Look at the terms of the card.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when



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