February 2016 Garden Club

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

Postby JonE » Fri Feb 05, 2016 9:09 pm

Vattené wrote:
kdm31091 wrote:Gardening does pay off, and I find I think about apps less and less as time goes on. I've really hit a point where I realize that outside of sign up bonuses, there's just such a diminishing return with adding more and more cards that for my spending, it's not worthwhile. So I won't be adding anything unless I get rid of something. I'm happy with most of my cards so don't see that happening at the moment.

That's been my attitude for a while, too. I've got good cards now and my credit profile/current financial situation is such that I would be open to bonus hunting and churning, but I'm also not traveling much so it's just not worth it to me now. I'd be willing to get something for a great bonus, but the more workhorse cards simply aren't worth it when you already have decent products. I don't plan on actually doing it, but I'd be more willing to get a Quicksilver than a Double Cash because it would take $20,000 of spending before the Double Cash becomes more lucrative. The Double Cash is a great value and would be good for me if I was starting out, but in my position it just doesn't do much for me.

I joke about wanting a 100,000 Platinum offer. I don't think I'll get it, but if I did I would take it. That's a serious bonus I would be willing to take a risk on (even a 50,000 PRG since the first AF is waived). I'd like to be a serious churner and travel rewards enthusiast, I'm just not high enough a roller :ppp


I'm more likely to cut what I have then I am to add more. I sing the praises of the Amazon store card often, but the 5% is very limiting considering it's only for one store. And I'm almost certain to find an Amazon deal in one of the rewards malls. I'd be a bad bonus chaser since I'm actually considering cutting what spending I do put on my cards. Leaving it for non-Bill spending and whatever the categories are offered.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD


kdm31091
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Re: February 2016 Garden Club

Postby kdm31091 » Sat Feb 06, 2016 8:48 am

JonE wrote:
Vattené wrote:
kdm31091 wrote:Gardening does pay off, and I find I think about apps less and less as time goes on. I've really hit a point where I realize that outside of sign up bonuses, there's just such a diminishing return with adding more and more cards that for my spending, it's not worthwhile. So I won't be adding anything unless I get rid of something. I'm happy with most of my cards so don't see that happening at the moment.

That's been my attitude for a while, too. I've got good cards now and my credit profile/current financial situation is such that I would be open to bonus hunting and churning, but I'm also not traveling much so it's just not worth it to me now. I'd be willing to get something for a great bonus, but the more workhorse cards simply aren't worth it when you already have decent products. I don't plan on actually doing it, but I'd be more willing to get a Quicksilver than a Double Cash because it would take $20,000 of spending before the Double Cash becomes more lucrative. The Double Cash is a great value and would be good for me if I was starting out, but in my position it just doesn't do much for me.

I joke about wanting a 100,000 Platinum offer. I don't think I'll get it, but if I did I would take it. That's a serious bonus I would be willing to take a risk on (even a 50,000 PRG since the first AF is waived). I'd like to be a serious churner and travel rewards enthusiast, I'm just not high enough a roller :ppp


I'm more likely to cut what I have then I am to add more. I sing the praises of the Amazon store card often, but the 5% is very limiting considering it's only for one store. And I'm almost certain to find an Amazon deal in one of the rewards malls. I'd be a bad bonus chaser since I'm actually considering cutting what spending I do put on my cards. Leaving it for non-Bill spending and whatever the categories are offered.



There also the fact that psychologically, the 5% probably prompts you to shop at amazon more often when sometimes you can get a better price elsewhere even with the discounts.

I'm not a big fan of store cards, because they force you to spend within a company and neglect other options in the process. I actually just cancelled my BJ's mastercard. It's a great card if you shop there often, but I found myself going there just because of the 5%. More importantly I really don't care for Comenity, who backs the card. I kept it for about a year and some change to see if it was worth it and concluded it wasn't. I'll keep a membership for occasional use but for a household of 2 I don't need much in bulk and was buying/wasting more by spending a lot of money there.

So the point is not to let a store card and its discount cloud your judgement on saving money elsewhere (and not saying this happens to you but just pointing it out).

JonE
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Re: February 2016 Garden Club

Postby JonE » Sat Feb 06, 2016 12:23 pm

kdm31091 wrote:





There also the fact that psychologically, the 5% probably prompts you to shop at amazon more often when sometimes you can get a better price elsewhere even with the discounts.

I'm not a big fan of store cards, because they force you to spend within a company and neglect other options in the process. I actually just cancelled my BJ's mastercard. It's a great card if you shop there often, but I found myself going there just because of the 5%. More importantly I really don't care for Comenity, who backs the card. I kept it for about a year and some change to see if it was worth it and concluded it wasn't. I'll keep a membership for occasional use but for a household of 2 I don't need much in bulk and was buying/wasting more by spending a lot of money there.

So the point is not to let a store card and its discount cloud your judgement on saving money elsewhere (and not saying this happens to you but just pointing it out).


I'm still a loyal amazon shopper (once bought an item I was looking at in Best Buy on Amazon, while standing right next to it. It was cheaper on Amazon) but that doesn't mean I necessarily need the store card. Even with the 5% for Prime Members there are better deals, I believe it's Discover Deals that gets you 5%, and with Double Cash Back that goes up to 10%.

Store cards are nice for rebuilding or just starting out. My Walmart, Amazon and even Care Credit accounts are all rebuilders. Walmart and Care Credit may be gone after the 2-year mark, and Amazon probably after 1 year (September and November, respectively).

For the time being I think I could easily live with two cards, as much as that line of thinking would probably get me banned from places like MYFICO. ;)
Wallet: Chase Freedom, Discover IT
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Future: TBD

kdm31091
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Re: February 2016 Garden Club

Postby kdm31091 » Sat Feb 06, 2016 12:33 pm

JonE wrote:
kdm31091 wrote:





There also the fact that psychologically, the 5% probably prompts you to shop at amazon more often when sometimes you can get a better price elsewhere even with the discounts.

I'm not a big fan of store cards, because they force you to spend within a company and neglect other options in the process. I actually just cancelled my BJ's mastercard. It's a great card if you shop there often, but I found myself going there just because of the 5%. More importantly I really don't care for Comenity, who backs the card. I kept it for about a year and some change to see if it was worth it and concluded it wasn't. I'll keep a membership for occasional use but for a household of 2 I don't need much in bulk and was buying/wasting more by spending a lot of money there.

So the point is not to let a store card and its discount cloud your judgement on saving money elsewhere (and not saying this happens to you but just pointing it out).


I'm still a loyal amazon shopper (once bought an item I was looking at in Best Buy on Amazon, while standing right next to it. It was cheaper on Amazon) but that doesn't mean I necessarily need the store card. Even with the 5% for Prime Members there are better deals, I believe it's Discover Deals that gets you 5%, and with Double Cash Back that goes up to 10%.

Store cards are nice for rebuilding or just starting out. My Walmart, Amazon and even Care Credit accounts are all rebuilders. Walmart and Care Credit may be gone after the 2-year mark, and Amazon probably after 1 year (September and November, respectively).

For the time being I think I could easily live with two cards, as much as that line of thinking would probably get me banned from places like MYFICO. ;)


Yeah, very very few on myfico subscribe to the "simplicity" mantra but honestly, if one is an "average" income/spender, the rewards from spreading spend on many cards just won't be significant, aside from initial bonuses.

A lot of people on there seem to go through a cycle though. They start posting on there, sign up for a bunch of different cards to cover every possible thing they might spend money on, then at some point realize that's an awful lot of headache and tracking for minimal gain, and then the sensible ones come down to earth and end up simplifying their lineup (and often slow down or stop posting on MF in the process). Not every poster follows that trend, but if you read MF enough you'll notice what I'm saying.

JonE
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Re: February 2016 Garden Club

Postby JonE » Sun Feb 07, 2016 11:38 am

kdm31091 wrote:
JonE wrote:
kdm31091 wrote:





There also the fact that psychologically, the 5% probably prompts you to shop at amazon more often when sometimes you can get a better price elsewhere even with the discounts.

I'm not a big fan of store cards, because they force you to spend within a company and neglect other options in the process. I actually just cancelled my BJ's mastercard. It's a great card if you shop there often, but I found myself going there just because of the 5%. More importantly I really don't care for Comenity, who backs the card. I kept it for about a year and some change to see if it was worth it and concluded it wasn't. I'll keep a membership for occasional use but for a household of 2 I don't need much in bulk and was buying/wasting more by spending a lot of money there.

So the point is not to let a store card and its discount cloud your judgement on saving money elsewhere (and not saying this happens to you but just pointing it out).


I'm still a loyal amazon shopper (once bought an item I was looking at in Best Buy on Amazon, while standing right next to it. It was cheaper on Amazon) but that doesn't mean I necessarily need the store card. Even with the 5% for Prime Members there are better deals, I believe it's Discover Deals that gets you 5%, and with Double Cash Back that goes up to 10%.

Store cards are nice for rebuilding or just starting out. My Walmart, Amazon and even Care Credit accounts are all rebuilders. Walmart and Care Credit may be gone after the 2-year mark, and Amazon probably after 1 year (September and November, respectively).

For the time being I think I could easily live with two cards, as much as that line of thinking would probably get me banned from places like MYFICO. ;)


Yeah, very very few on myfico subscribe to the "simplicity" mantra but honestly, if one is an "average" income/spender, the rewards from spreading spend on many cards just won't be significant, aside from initial bonuses.

A lot of people on there seem to go through a cycle though. They start posting on there, sign up for a bunch of different cards to cover every possible thing they might spend money on, then at some point realize that's an awful lot of headache and tracking for minimal gain, and then the sensible ones come down to earth and end up simplifying their lineup (and often slow down or stop posting on MF in the process). Not every poster follows that trend, but if you read MF enough you'll notice what I'm saying.


I have been seeing some posters like that, but they're mainly outliers among the hoarders.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

JonE
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Re: February 2016 Garden Club

Postby JonE » Sun Feb 07, 2016 1:15 pm

As I kind of implied previously, I'm about to do something that would probably get me burned at the stake at MyFico. That is to remove all my bills (non-debt bills like Cell Phone, Insurance, stuff like that) from my cards and use auto-pay through my checking account. That's an easier way for me to manage bills plus pay down cards that I would use for general spending and any debt/pending collection/emergency spending I would need to do on the Visa and Discover. The store cards will be sockdrawered until it's time for review.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

kdm31091
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Re: February 2016 Garden Club

Postby kdm31091 » Sun Feb 07, 2016 2:35 pm

JonE wrote:As I kind of implied previously, I'm about to do something that would probably get me burned at the stake at MyFico. That is to remove all my bills (non-debt bills like Cell Phone, Insurance, stuff like that) from my cards and use auto-pay through my checking account. That's an easier way for me to manage bills plus pay down cards that I would use for general spending and any debt/pending collection/emergency spending I would need to do on the Visa and Discover. The store cards will be sockdrawered until it's time for review.


You're doing what makes sense to you and I think that's great. Are you losing out on a likely small amount of rewards? Yes but myfico acts like there's no other consideration besides rewards.

Nixon
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Re: February 2016 Garden Club

Postby Nixon » Sun Feb 07, 2016 3:31 pm

JonE wrote:As I kind of implied previously, I'm about to do something that would probably get me burned at the stake at MyFico. That is to remove all my bills (non-debt bills like Cell Phone, Insurance, stuff like that) from my cards and use auto-pay through my checking account. That's an easier way for me to manage bills plus pay down cards that I would use for general spending and any debt/pending collection/emergency spending I would need to do on the Visa and Discover. The store cards will be sockdrawered until it's time for review.


Sorry but that is stupid. Think of the $5 in monthly rewards you will miss. :D
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CarefulBuilder14
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Re: February 2016 Garden Club

Postby CarefulBuilder14 » Sun Feb 07, 2016 3:41 pm

I'm likely to soon receive a fractional interest in a house. The other recipients are hoping to sell the house ASAP to a flipper.

I'm toying with the idea of buying it. It needs major repairs and the neighborhood is safe but not very appealing.

That being the case, I could get it cheaply.

I'm also a bit closer to closing my PRG in a few months. It would be a good card if I had fewer cards, but it's just mediocre at everything and I've not been getting many good offers lately. I'd still be keeping 11 of my 12 accounts open.
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

kdm31091
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Re: February 2016 Garden Club

Postby kdm31091 » Sun Feb 07, 2016 10:08 pm

The lunacy continues on the other site. People being congratulated for opening a bunch of cards they don't need. People applying for cards and posting that they regret it 2 minutes later. I don't get it. We've all apped for things before that we didn't need, sure, but at the end of the day, is it really that hard to calculate the incremental rewards earned from a new card? Especially with cash back, it's very easy. Now if you're going for the bonus that's one thing, but calculating the reward difference otherwise is easy, so not sure why there's any need to app and regret it instead of just figuring out it if it's worth it ahead of time.

But I guess some people really just are plain addicted to it.

@carefulbuilder: I agree about the PRG. Don't have one but it seems like a card that's more beneficial as primary use. If you have a ton of cards it probably isn't worth it



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