February 2016 Garden Club

For just about anything you want to get off your chest about credit cards.
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CarefulBuilder14
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Re: February 2016 Garden Club

Postby CarefulBuilder14 » Sun Feb 14, 2016 11:39 pm

Tubpbs wrote:EDP - what changes if they won't PC (I'm sure they will)?

PRG - what would make you keep it open? I would keep it for age of account, but I don't think yours is that old....

CSP - what in the 25% would lead you to close it? What makes you want to keep it open?

EDP: I'll have about 2 months between the first time I try to PC it and the time of the next AF. I'll have time to decide.

PRG: Flying a lot more, or getting some really good offers. It's not that old. I pay separately for AAA.

CSP: Close: The opportunity to transfer substantially all my URs and use them efficiently, draining my reserves for a while and making the ability to transfer points meaningless. I just paid my first AF on it, though.
Keep: I do make a few large dining and travel transactions with the card. That really cuts into the effective AF. I also use Freedom.

The cards I'd replace PRG and AA Platinum with would probably be Citi Hilton Reserve (bonus only) and Barclaycard Wyndham (if there's another promotional guaranteed retention bonus).

*I'm a bonus hunter, but I might be willing to take a small loss (like $10 or $20) on a card in its second or third year to have my AAoA look a little better. CSP, PRG, and EDP have more value after the first year than AA Platinum or Citi Reserve likely will for me.
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


Tubpbs
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Re: February 2016 Garden Club

Postby Tubpbs » Mon Feb 15, 2016 6:04 am

CarefulBuilder14 wrote:
Tubpbs wrote:EDP - what changes if they won't PC (I'm sure they will)?

PRG - what would make you keep it open? I would keep it for age of account, but I don't think yours is that old....

CSP - what in the 25% would lead you to close it? What makes you want to keep it open?

EDP: I'll have about 2 months between the first time I try to PC it and the time of the next AF. I'll have time to decide.

PRG: Flying a lot more, or getting some really good offers. It's not that old. I pay separately for AAA.

CSP: Close: The opportunity to transfer substantially all my URs and use them efficiently, draining my reserves for a while and making the ability to transfer points meaningless. I just paid my first AF on it, though.
Keep: I do make a few large dining and travel transactions with the card. That really cuts into the effective AF. I also use Freedom.

The cards I'd replace PRG and AA Platinum with would probably be Citi Hilton Reserve (bonus only) and Barclaycard Wyndham (if there's another promotional guaranteed retention bonus).

*I'm a bonus hunter, but I might be willing to take a small loss (like $10 or $20) on a card in its second or third year to have my AAoA look a little better. CSP, PRG, and EDP have more value after the first year than AA Platinum or Citi Reserve likely will for me.


Thanks.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

Tubpbs
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Re: February 2016 Garden Club

Postby Tubpbs » Mon Feb 15, 2016 4:55 pm

I intend to keep most / all of my cards forever ultimately.

The BankAmericard I suppose will have to get snuffed at some point. I assume I'll get rid of it after I get a mortgage. I was hoping for them to allow me to PC it but even still, unless they change it to the Better Balance Rewards, it wouldn't do much of anything for me even with that. And I don't like that company.

I think potentially in the longer longer term, I would fold the Freedom into the CSP or another Chase card I have. Plain and simple, I don't use the card much. I don't spend money in several of the categories for various reasons and while it's nice to get 5% back on Amazon when it is in season, 5% on $0-$500 really doesn't mean that much to me and I presume will mean less and less as I age. There is a $75 cap per quarter as of now and I don't use most of the quarters and my next best alternative on most of the categories is not that much less. Any grocery quarter is useless as I have BCP and fall in the sweet spot between BCP being worth it for the AF but not having to worry about going over the yearly $6K. I don't get gas. Restaurants I might appreciate marginally (but have several 2 point or 2% alternatives) and holiday shopping could go either way. I'm not big on presents: giving or receiving.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

kdm31091
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Re: February 2016 Garden Club

Postby kdm31091 » Mon Feb 15, 2016 6:12 pm

Tubpbs wrote:I intend to keep most / all of my cards forever ultimately.

The BankAmericard I suppose will have to get snuffed at some point. I assume I'll get rid of it after I get a mortgage. I was hoping for them to allow me to PC it but even still, unless they change it to the Better Balance Rewards, it wouldn't do much of anything for me even with that. And I don't like that company.

I think potentially in the longer longer term, I would fold the Freedom into the CSP or another Chase card I have. Plain and simple, I don't use the card much. I don't spend money in several of the categories for various reasons and while it's nice to get 5% back on Amazon when it is in season, 5% on $0-$500 really doesn't mean that much to me and I presume will mean less and less as I age. There is a $75 cap per quarter as of now and I don't use most of the quarters and my next best alternative on most of the categories is not that much less. Any grocery quarter is useless as I have BCP and fall in the sweet spot between BCP being worth it for the AF but not having to worry about going over the yearly $6K. I don't get gas. Restaurants I might appreciate marginally (but have several 2 point or 2% alternatives) and holiday shopping could go either way. I'm not big on presents: giving or receiving.


Yeah, the rotating category cards can certainly vary in usefulness. Right now my Discover is barely being used; I don't need gas very often so it's not exciting at the moment. Restaurants will be better, but I still don't spend enough that it's anything earth shattering. Don't get me wrong: I love Discover as a company, great CLIs, APR reductions, customer service. But the rotating thing gets old at some point, having to remember when the card is and isn't useful etc.

Of course, right now it's a baseline 2% for me, so there's never really a bad time to use it, but under the ordinary 1%/5%, it's only useful during certain times for me.

JonE
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Re: February 2016 Garden Club

Postby JonE » Tue Feb 16, 2016 4:05 pm

The synchrony cards will go away at some point, leaving me with 2 cards, Chase Freedom and Discover IT. I like the Amazon card, but I have a ridiculous tendency to overspend for having had it. At least with a bank card I can be a little more mindful of what's going where.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

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CarefulBuilder14
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Re: February 2016 Garden Club

Postby CarefulBuilder14 » Tue Feb 16, 2016 8:06 pm

JonE wrote:The synchrony cards will go away at some point, leaving me with 2 cards, Chase Freedom and Discover IT. I like the Amazon card, but I have a ridiculous tendency to overspend for having had it. At least with a bank card I can be a little more mindful of what's going where.

That sounds strange to me. I can understand overspending when paying with credit instead of cash, or overspending when the rewards are really exceptional, but I can't see why you might overspend on a store card compared to a major network card. Care to elaborate?
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

4ktvs
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Re: February 2016 Garden Club

Postby 4ktvs » Tue Feb 16, 2016 9:00 pm

CarefulBuilder14 wrote:
JonE wrote:The synchrony cards will go away at some point, leaving me with 2 cards, Chase Freedom and Discover IT. I like the Amazon card, but I have a ridiculous tendency to overspend for having had it. At least with a bank card I can be a little more mindful of what's going where.

That sounds strange to me. I can understand overspending when paying with credit instead of cash, or overspending when the rewards are really exceptional, but I can't see why you might overspend on a store card compared to a major network card. Care to elaborate?


%5 cash back at amazon can lead to overspending. I know with the Discover Q4 last year I got some good use out of it alright. :)

Not saying I overspent as in risking default or paying interest but I will say I made some small unwise spend then. Nothing really bad, but the point is even a store card with a good reward system could make someone overspend. Amazon being such a large retailer a person can buy almost everything from I don't why it would be hard to believe someone could overspend on it.

JonE
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Re: February 2016 Garden Club

Postby JonE » Tue Feb 16, 2016 10:34 pm

CarefulBuilder14 wrote:
JonE wrote:The synchrony cards will go away at some point, leaving me with 2 cards, Chase Freedom and Discover IT. I like the Amazon card, but I have a ridiculous tendency to overspend for having had it. At least with a bank card I can be a little more mindful of what's going where.

That sounds strange to me. I can understand overspending when paying with credit instead of cash, or overspending when the rewards are really exceptional, but I can't see why you might overspend on a store card compared to a major network card. Care to elaborate?


Basically what he said. The 5% cash back is a nice perk but you can overdo it. At least with 2 network cards there isn't a whole lot of trouble I can get into.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

Ghoshida
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Re: February 2016 Garden Club

Postby Ghoshida » Wed Feb 17, 2016 12:07 am

kdm31091 wrote:
Yeah, the rotating category cards can certainly vary in usefulness. Right now my Discover is barely being used; I don't need gas very often so it's not exciting at the moment. Restaurants will be better, but I still don't spend enough that it's anything earth shattering. Don't get me wrong: I love Discover as a company, great CLIs, APR reductions, customer service. But the rotating thing gets old at some point, having to remember when the card is and isn't useful etc.

Of course, right now it's a baseline 2% for me, so there's never really a bad time to use it, but under the ordinary 1%/5%, it's only useful during certain times for me.


Whatever the Discover valuation (right now it's 4% effective cashback because 2X rewards and 2X GC redemption), it's been the most responsive with CLIs, 2nd term 0% promos, free FICO etc with even that limited usage. I don't have another card to parallel that so I'll go with it :)
AMEX BCE | PRG || Barclaycard Sallie Mae || Capital One QuickSilver | Venture || Chase Freedom | Sapphire Preferred || Citi Dividend || Discover It || UFCU Great Rate || US Bank Cash+ #1 | Cash+ #2 | Club Carlson Plat | REI || Total CL $144.2k + PRG NPSL, not counting AU

kdm31091
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Re: February 2016 Garden Club

Postby kdm31091 » Wed Feb 17, 2016 7:18 am

I think it's entirely possible that the 5% amazon store card could make someone overspend. Just like 3% on dining or 5% on gas, it makes you think "well I may as well buy this, I get _% off anyway!" even though the percentage is likely to add up to pennies or a few bucks. Rewards cards in general can cause overspending, so it's important to be mindful.

I actually think flat rate cash back is a good way to remove the incentive to overspend (at least on specific categories). You get the same 1.5 or 2% no matter where you spend, so there's no incentive to overspend anywhere. So that's what I lean towards if you know someone who overspends because of their special dining, gas, whatever card.



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