December 2015 Garden Club

For just about anything you want to get off your chest about credit cards.
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Vattené
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Re: December 2015 Garden Club

Postby Vattené » Sat Dec 05, 2015 12:47 am

Yes welcome, CardAttack! So what CB cards did you recently get? If you don't mind my asking.

I've been debating whether I should start doing the same with my Discover CB. I'm "saving up" to use it on something big, and I have several hundred dollars built up. It would be easy to transfer and I could even start a Discover savings account to have a bank account solely dedicated to CB. It would actually be in an insured account that way, not just a number on a credit card statement. The only thing holding me back is their discounted gift cards. I've been good about resisting them so far, but it is a really good value for redeeming CB and part of me wants to keep the option open just in case I decide I want one at some point.
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)


JonE
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Re: December 2015 Garden Club

Postby JonE » Sat Dec 05, 2015 4:25 am

Vattené wrote:Yes welcome, CardAttack! So what CB cards did you recently get? If you don't mind my asking.

I've been debating whether I should start doing the same with my Discover CB. I'm "saving up" to use it on something big, and I have several hundred dollars built up. It would be easy to transfer and I could even start a Discover savings account to have a bank account solely dedicated to CB. It would actually be in an insured account that way, not just a number on a credit card statement. The only thing holding me back is their discounted gift cards. I've been good about resisting them so far, but it is a really good value for redeeming CB and part of me wants to keep the option open just in case I decide I want one at some point.


That would make it easier since I already have been doing the same with my Chase Freedom and bank accounts. Although Discover gets MUCH better in the way of interest on their savings account.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

JonE
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Re: December 2015 Garden Club

Postby JonE » Sat Dec 05, 2015 4:40 am

Showing my spending almost exclusively on Discover card shows me it might be a good idea to get the Amex EDP when the time comes since I can put 30+ transactions on it with relative ease. After the Double Cash back period is up for me, which is December of 2016.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

Nixon
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Re: December 2015 Garden Club

Postby Nixon » Sat Dec 05, 2015 4:43 am

I am currently saving mine to make sure it doubles.
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CardAttack
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Re: December 2015 Garden Club

Postby CardAttack » Sat Dec 05, 2015 9:07 am

Vattené wrote:Yes welcome, CardAttack! So what CB cards did you recently get? If you don't mind my asking.

I've been debating whether I should start doing the same with my Discover CB. I'm "saving up" to use it on something big, and I have several hundred dollars built up. It would be easy to transfer and I could even start a Discover savings account to have a bank account solely dedicated to CB. It would actually be in an insured account that way, not just a number on a credit card statement. The only thing holding me back is their discounted gift cards. I've been good about resisting them so far, but it is a really good value for redeeming CB and part of me wants to keep the option open just in case I decide I want one at some point.


Thanks for the warm welcome, everyone.

My CB cards are
Citi DC
Discover IT
Chase Freedom
Amex BCP
US Bank Cash+
AARP Chase
BofA Cash Rewards
BofA Travel Rewards

So what I do is total up all my CB accrued or paid out for the month. This includes statement credits (like the e Amex Offers), rebates from rebate portals, discounts on any gift cards I buy, and even my Kroger gas points. I then take that amount, and add it my savings account. Last month, I added $450 to my savings, which included amounts for sign up bonuses.

Yes, I am accruing my Discover points for gift cards, because they're worth more that way. So even if I don't get paid out in cash, I still include the accrual in my monthly calculation.

Adding my CB to my savings each month keeps me motivated and helps me see my progress.

kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Sat Dec 05, 2015 9:19 am

I haven't been saving mine because of the promo. I usually save it for awhile and then cash it out. Discover is good to their customers overall; I am sure they will not gyp anyone who signed up for the double thing. I usually redeem for GCs because of the extra value offered which boosts the rewards rate on the card even further technically, if you can make use of the gift cards.

CardAttack
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Re: December 2015 Garden Club

Postby CardAttack » Sat Dec 05, 2015 2:08 pm

I add my monthly CB amounts to my mysavingsdirect account. It has the best rate I've seen for a no hassle savings account 1.1%). If there are other options to beat it, please let me know!

I don't like to hold a lot of cash, but I use it for my emergency fund.

kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Sun Dec 06, 2015 12:36 pm

I dont get why myfico users harp about BOAs platinum honors, as if throwing 100k in an account with them is nothing, or commonplace for many people. They always list it as a great option as if its easily attainable for anyone (BOA travel rewards with plat honors). And even if it is attainable, I dont get the obsession with forcing yourself into travel redemptions 100 percent of the time when there are many flexible options on the market.

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CarefulBuilder14
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Re: December 2015 Garden Club

Postby CarefulBuilder14 » Sun Dec 06, 2015 2:37 pm

kdm31091 wrote:I dont get why myfico users harp about BOAs platinum honors, as if throwing 100k in an account with them is nothing, or commonplace for many people. They always list it as a great option as if its easily attainable for anyone (BOA travel rewards with plat honors). And even if it is attainable, I dont get the obsession with forcing yourself into travel redemptions 100 percent of the time when there are many flexible options on the market.

The problem I see with the card is:

If you want to have $100k at BofA for PH, where do you put it?

For most people, that means checking, savings, CDs, discount brokerage, or full service brokerage.

Checking? You'd have to be spending a lot to need $100k in checking. If not, you're missing out on interest.
Savings? 0.06% for PH. Discover pays me 0.95%.
CDs? $100k for 24 months yields 0.10%. I don't know what the best CD rates are, but I'll take 0.95% on savings instead.
Discount brokerage? Merrill Edge still gets poor ratings due to IT problems.
Full service? You're paying high fees.

There's simply not any reason for me to want to sacrifice hundreds of dollars in interest income just to make a slightly higher rate of cash back on spending.

That's before I consider greater inconvenience from dealing with BofA, which I'd otherwise have no need to do. For Visa spending, I'll take my chances earning URs.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

CardAttack
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Re: December 2015 Garden Club

Postby CardAttack » Sun Dec 06, 2015 2:59 pm

kdm31091 wrote:I dont get why myfico users harp about BOAs platinum honors, as if throwing 100k in an account with them is nothing, or commonplace for many people. They always list it as a great option as if its easily attainable for anyone (BOA travel rewards with plat honors). And even if it is attainable, I dont get the obsession with forcing yourself into travel redemptions 100 percent of the time when there are many flexible options on the market.


True. It doesn't make sense unless you already have a Merrill Lynch IRA or something like that. Even then, there are better options.

As lot of people don't look at their overall financial position or portfolio. They tend to look at things in isolation, which is probably what BofA is expecting.
Amex BCP|Amex Hilton HHonors|AARP Visa|Chase Freedom |BofA BBR|BofA Cash Rewards | BofA Travel Rewards |Citi DC|Discover IT|US Bank Cash +|REI Visa



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