February 2016 Garden Club

For just about anything you want to get off your chest about credit cards.
173 posts
JonE
Centurion Member
Centurion Member
 
Posts: 335
Joined: Sat Jan 24, 2015 9:55 am
Location: Denver

Re: February 2016 Garden Club

Postby JonE » Wed Feb 17, 2016 12:09 pm

kdm31091 wrote: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.


Even 1% would be enough in my case. My Spending on gas and groceries usually goes on one of my two main cards (Discover or Chase) despite them not being in 5% most months (as it happens this quarter is 5% gas on both). My next biggest category, dining out, would be helped by the 2x points on CSP, and the occasional 5% category on Freedom.
Current Cards: Chase Freedom, Discover IT
Future: TBD


4ktvs
Centurion Member
Centurion Member
 
Posts: 146
Joined: Thu Nov 05, 2015 8:00 pm

Re: February 2016 Garden Club

Postby 4ktvs » Wed Feb 17, 2016 3:11 pm

I have a source that was until like a week ago claimed to be a mortgage backed securities under writer. The banks are moving very quickly to replace humans with software in under writing. If you get layed off like he did with many of his co workers at a large bank then you can't get a job in that field again.

I don't doubt it as most of the time software does a yes/no and that is the end of it in many cases today.

Nixon
Centurion Member
Centurion Member
 
Posts: 1071
Joined: Mon Nov 03, 2014 11:12 am
Location: Great Southwest

Re: February 2016 Garden Club

Postby Nixon » Wed Feb 17, 2016 3:33 pm

JonE wrote:
kdm31091 wrote: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.


Even 1% would be enough in my case. My Spending on gas and groceries usually goes on one of my two main cards (Discover or Chase) despite them not being in 5% most months (as it happens this quarter is 5% gas on both). My next biggest category, dining out, would be helped by the 2x points on CSP, and the occasional 5% category on Freedom.


1%?!? Why must you speak such blasphemy?!
Image

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3745
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: February 2016 Garden Club

Postby CarefulBuilder14 » Fri Feb 19, 2016 12:38 am

So kdm, how does it feel to be active on MF again?

I set off some sort of risk alarm at Chase and got my accounts frozen. Not for spending too much, but for making a lot of cash transfers to and from various accounts with Chase checking as the intermediary. I'm juggling brokerage promos and getting better interest rates on savings, and Chase was worried about the spike in activity. I was on hold for 15 minutes, but got full access restored.

It's good that Chase noticed the spike in activity, but all the accounts had been previously linked and it wasn't my first flurry of activity with them.
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

kdm31091
Centurion Member
Centurion Member
 
Posts: 1009
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: February 2016 Garden Club

Postby kdm31091 » Fri Feb 19, 2016 8:13 am

CarefulBuilder14 wrote:So kdm, how does it feel to be active on MF again?

I set off some sort of risk alarm at Chase and got my accounts frozen. Not for spending too much, but for making a lot of cash transfers to and from various accounts with Chase checking as the intermediary. I'm juggling brokerage promos and getting better interest rates on savings, and Chase was worried about the spike in activity. I was on hold for 15 minutes, but got full access restored.

It's good that Chase noticed the spike in activity, but all the accounts had been previously linked and it wasn't my first flurry of activity with them.


Feels ok; treading very lightly! The site is definitely less active than I remember it though. Many of the old "regulars" don't say much anymore.

Glad you sorted things out with Chase!

JonE
Centurion Member
Centurion Member
 
Posts: 335
Joined: Sat Jan 24, 2015 9:55 am
Location: Denver

Re: February 2016 Garden Club

Postby JonE » Fri Feb 19, 2016 12:41 pm

kdm31091 wrote:
CarefulBuilder14 wrote:So kdm, how does it feel to be active on MF again?

I set off some sort of risk alarm at Chase and got my accounts frozen. Not for spending too much, but for making a lot of cash transfers to and from various accounts with Chase checking as the intermediary. I'm juggling brokerage promos and getting better interest rates on savings, and Chase was worried about the spike in activity. I was on hold for 15 minutes, but got full access restored.

It's good that Chase noticed the spike in activity, but all the accounts had been previously linked and it wasn't my first flurry of activity with them.


Feels ok; treading very lightly! The site is definitely less active than I remember it though. Many of the old "regulars" don't say much anymore.

Glad you sorted things out with Chase!


CA only really posts when he gets denied, which is often lately.
Current Cards: Chase Freedom, Discover IT
Future: TBD

JonE
Centurion Member
Centurion Member
 
Posts: 335
Joined: Sat Jan 24, 2015 9:55 am
Location: Denver

Re: February 2016 Garden Club

Postby JonE » Fri Feb 19, 2016 1:04 pm

Walmart - Closed in beginning of February after PIF.
CareCredit - Next on the list. Will start putting money toward PIF and hopefully have it done in next 3 months.
Amazon - Still on the fence about this one since I just got it, but I may wait until a year out (November '16) before giving it a review again, then deciding.

I really want no store cards, and no more cards than I need, but the Amazon has good deals for prime members (me!) and the shipping is stupid fast.

Once I'm done paying off and closing the cards, I'm considering working on some old medical collections accounts that still linger on my report that show a balance. I think the total is +/- $1200 and they aren't due to fall off until 2018. But I do wonder if paying them off would extend that date further. I know making a payment would.

And I'm not even thinking of adding anything for a while. The Chase Sapphire Preferred would be the next logical choice since I have Freedom already, but Amex ED or EDP is moving to the maybe list.
Current Cards: Chase Freedom, Discover IT
Future: TBD

User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1157
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Re: February 2016 Garden Club

Postby Vattené » Fri Feb 19, 2016 2:15 pm

Just 2 years? I'd pay nothing and wait for them to fall off personally, if for no other reason than to avoid stirring up any aging issues.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

kdm31091
Centurion Member
Centurion Member
 
Posts: 1009
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: February 2016 Garden Club

Postby kdm31091 » Fri Feb 19, 2016 9:13 pm

JonE wrote:
kdm31091 wrote:
CarefulBuilder14 wrote:So kdm, how does it feel to be active on MF again?

I set off some sort of risk alarm at Chase and got my accounts frozen. Not for spending too much, but for making a lot of cash transfers to and from various accounts with Chase checking as the intermediary. I'm juggling brokerage promos and getting better interest rates on savings, and Chase was worried about the spike in activity. I was on hold for 15 minutes, but got full access restored.

It's good that Chase noticed the spike in activity, but all the accounts had been previously linked and it wasn't my first flurry of activity with them.


Feels ok; treading very lightly! The site is definitely less active than I remember it though. Many of the old "regulars" don't say much anymore.

Glad you sorted things out with Chase!


CA only really posts when he gets denied, which is often lately.


And everything is a "disaster" to him :rolleyes:

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3745
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: February 2016 Garden Club

Postby CarefulBuilder14 » Sun Feb 21, 2016 11:20 pm

Along with earning a better interest rate on cash savings, I'm holding onto cash for longer. Instead of just extinguishing all my current balances every week as I did a year ago, I'm letting statements cut before I pay, scheduling payments for 2 days before the due date, and I'm carrying small balances at 0%.

I've still not decided which approach is better for me. There is a certain simplicity to extinguishing current balances, but it does mean I miss out on a little interest.
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



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: DavidSpode and 2 guests