Done with myfico, apparently!

A place to discuss anything... except credit cards!
485 posts
mountaindewvoltage
Centurion Member
Centurion Member
 
Posts: 396
Joined: Mon Oct 10, 2016 8:40 pm

Re: Done with myfico, apparently!

Postby mountaindewvoltage » Sun Oct 23, 2016 2:04 pm

kdm31091 wrote:
mountaindewvoltage wrote:


Trying to figure out why one needs a DiscoverIt, BankAmericard Cash rewards, a Delta Gold AMEX, a DCU Platinum, an Amazon Prime Card, a Capital One Quicksilver, an AMEX Premier Rewards Gold, a JCrew Card, a Capital One Platinum, a Marvel, a Paypal Smart Connect account, a Ritz-Carlton, and an AMEX SPG card like the OP of that thread has.

The OP also stated they opened up 12 accounts in 12 months... So all of those cards in 12 months, and then applied for a Ritz Carlton.

Who needs that many credit/charge cards? Some people on that board are friggin morons. They should have the Discover, Amex Gold, and BankAmericard at the most.

But according to the mods over there we have to go, "Yeah :) It's not your fault you're an idiot and opened 12 new accounts in a year. It's Chase's fault."


Because people are encouraged on there to "diversify" which becomes a crutch to justify applying for so many different accounts. Somehow nobody seems to think one can get through life without accounts from a dozen different banks and credit unions.

I totally get not putting all of your eggs in one basket and I agree but these are not investment vehicles, just credit cards. It's not a situation where being diverse is of dire importance, and I don't think someone needs more than 3 separate lenders realistically (unless they want more, by choice).


I've trimmed some fat this year. Got rid of my Capital One, Chase, and BoA Secured card. I think the next card to be gone will be Citi... I'm just waiting for them to screw up one last time before pulling the plug. After that I'll be left with Amazon Store Card, DiscoverIt, EmpowerFCU, Walmart, and NavyFed. Walmart will be another card I may trim before the end of the year leaving me with four cards---two with a point system, one with cash back, and one for special financing.


User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 4495
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Sun Oct 23, 2016 9:33 pm

At least the OP on MF had the sense to go for some decent travel cards. His cards may remain shut down, but he got the CSP bonus (and possibly the Hyatt one) as well as Hyatt and R-C/Marriott/SPG status and PP.

I mean, if you're going to endure AA, that's doing it in style. He went too quickly, but he was going in the right direction. That shows more sense than getting hit with AA for going for a lot of low/no-bonus garbage.
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

mountaindewvoltage
Centurion Member
Centurion Member
 
Posts: 396
Joined: Mon Oct 10, 2016 8:40 pm

Re: Done with myfico, apparently!

Postby mountaindewvoltage » Mon Oct 24, 2016 6:21 am

CarefulBuilder14 wrote:At least the OP on MF had the sense to go for some decent travel cards. His cards may remain shut down, but he got the CSP bonus (and possibly the Hyatt one) as well as Hyatt and R-C/Marriott/SPG status and PP.

I mean, if you're going to endure AA, that's doing it in style. He went too quickly, but he was going in the right direction. That shows more sense than getting hit with AA for going for a lot of low/no-bonus garbage.


While it's nice to get the bonuses, the shock and action of what those lenders did to me wouldn't be worth the bonuses. I'd like to keep my credit limits, and the loss of opportunity outweighs any bonus I might have received.

Chase is the top lender of credit cards in America, and to be put on a hit-list like that is awful. I'm sure Chase will be very hesitant to lend a card to the OP again, even with great credit.

mountaindewvoltage
Centurion Member
Centurion Member
 
Posts: 396
Joined: Mon Oct 10, 2016 8:40 pm

Re: Done with myfico, apparently!

Postby mountaindewvoltage » Wed Oct 26, 2016 3:39 am

Well folks, according to UncleB, an internet payment isn't considered PIN-less, and won't earn 1% cash back on the Paypal MasterCard.

Not really sure how internet payments aren't considered PIN-less or not going through the MasterCard network, but hey, that's one reason why I don't visit that board anymore. Why would PIN transactions generate rewards for the customer and not pin-less? Pin-less earns more revenue.

To quote: "I do wonder, though... didn't Paypal tweak their TOS a little while back so that PIN-less debit transactions no longer earn the 1% cash back? I think I recall reading something (somewhere) to that effect... they were (supposedly) changing it so that only transactions that go over the MasterCard credit card network (i.e. "signature transactions") earned cash back."

Does the clown even know what they're talking about?

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 4495
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Wed Oct 26, 2016 6:34 pm

I'm starting to see a lot of the MF craziness as coming from two problems:

1. Some people like to go for the cards they hear others talk about, regardless of suitability.
2. Some people assume others are in the same situation they are, and have the same priorities.

OPs don't know what specifics to mention, or feel uncomfortable about saying some things, so following posters make assumptions and preach their own priorities.

#1 makes #2 worse, since a lot of people (myself included) tend to make assumptions based on a person's signature.
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
Centurion Member
Centurion Member
 
Posts: 1074
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: Done with myfico, apparently!

Postby kdm31091 » Thu Oct 27, 2016 9:31 am

CarefulBuilder14 wrote:I'm starting to see a lot of the MF craziness as coming from two problems:

1. Some people like to go for the cards they hear others talk about, regardless of suitability.
2. Some people assume others are in the same situation they are, and have the same priorities.
.

This, to a T. People recommend whatever suits THEIR needs instead of thinking about what the OP needs. Others just go for cards that sound "popular" instead of doing their due diligence.

mountaindewvoltage
Centurion Member
Centurion Member
 
Posts: 396
Joined: Mon Oct 10, 2016 8:40 pm

Re: Done with myfico, apparently!

Postby mountaindewvoltage » Thu Oct 27, 2016 1:08 pm

kdm31091 wrote:
CarefulBuilder14 wrote:I'm starting to see a lot of the MF craziness as coming from two problems:

1. Some people like to go for the cards they hear others talk about, regardless of suitability.
2. Some people assume others are in the same situation they are, and have the same priorities.
.

This, to a T. People recommend whatever suits THEIR needs instead of thinking about what the OP needs. Others just go for cards that sound "popular" instead of doing their due diligence.


I agree. I thought about applying for the AMEX PRG once, but I think I've decided it doesn't suit my lifestyle even though it's a pretty good card.

With 2x at supermarkets (a place I spend $40 a week if I'm lucky), 3x on flight purchases (something I do once a year if I'm lucky, but likely not even once a year), 2x at gas stations (I spend like $25 to $35 a week at Speedway), and 2x on dining (this would be the only one I'd get a great value from), I just don't see how it would justify the $195 annual fee for me. The $100 yearly airline credit would be useless to me unless I go on vacation every year (which I don't). The no-cost roadside assistance would be a great benefit, but it'd be cheaper to get AAA since the other benefits don't help my justify the AF.

Plus AMEX's customer service has never been thrilling to me, with as much as I've tried to talk them into reconsidering an application or chatting online to help me with something, I must say I've never been impressed with them.

I really to wish American Express would add some benefits to the Green card, perhaps premium no-cost roadside assistance and a few categories with 2x points. I don't see why the charge a $95 annual fee and don't make the card worth it for their card members.

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 4495
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Thu Oct 27, 2016 2:43 pm

Re: I really to wish American Express would add some benefits to the Green card, perhaps premium no-cost roadside assistance and a few categories with 2x points. I don't see why the charge a $95 annual fee and don't make the card worth it for their card members.

Green had mid-tier roadside assistance but they nerfed it. They nerfed it on Gold, too. PRG and Platinum survived. I doubt they will bring it back on Green

AAA has other good benefits like hotel and tourism discounts.
Last edited by CarefulBuilder14 on Fri Oct 28, 2016 12:38 am, edited 1 time in total.
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

mountaindewvoltage
Centurion Member
Centurion Member
 
Posts: 396
Joined: Mon Oct 10, 2016 8:40 pm

Re: Done with myfico, apparently!

Postby mountaindewvoltage » Thu Oct 27, 2016 11:58 pm

CarefulBuilder14 wrote:Re: I really to wish American Express would add some benefits to the Green card, perhaps premium no-cost roadside assistance and a few categories with 2x points. I don't see why the charge a $95 annual fee and don't make the card worth it for their card members.

Green had mid-tier roadside assistance but they nerfed it. They nerfed it on Good, too. PRG and Platinum survived. I doubt they will bring it back on Gree.

AAA has other good benefits like hotel and tourism discounts.


Not really sure why they nerfed a card with a $95 annual fee of it's only useful feature and basically no other benefits outside of the same ones a card like Credit One would provide for a customer. The only good thing the Green card has going for it is it's classic look.

But then again I think the current American Express execs are clowns anyways. The Gold needs to be eliminated, and the Green needs to have features added on to it. If you're going to charge most merchants 3.5%-4% of the purchase price and not have to split that revenue with an issuing bank, then there's no excuse to not have more benefits than other cards with the same or less AF.

JonE
Centurion Member
Centurion Member
 
Posts: 336
Joined: Sat Jan 24, 2015 9:55 am
Location: Denver

Re: Done with myfico, apparently!

Postby JonE » Fri Oct 28, 2016 10:00 am

CarefulBuilder14 wrote:Re: I really to wish American Express would add some benefits to the Green card, perhaps premium no-cost roadside assistance and a few categories with 2x points. I don't see why the charge a $95 annual fee and don't make the card worth it for their card members.

Green had mid-tier roadside assistance but they nerfed it. They nerfed it on Gold, too. PRG and Platinum survived. I doubt they will bring it back on Green

AAA has other good benefits like hotel and tourism discounts.


They could probably make green their version of a straight 2x points card on every purchase. Gas and Groceries is covered by EDP, PRG is good for restaurants and travel, and Platinum covers the premium travel benefits. They should just eliminate green and make the regular gold their low-tier card. Even regular gold isn't that good (and definitely not worth the $160 AF), if I had to pay the AF, I'd rather have the EDP.
Everyday use: Capital One QuicksilverOne
Sock drawer: US Bank Secured (may cancel)
Various store cards
Building Net Worth while building credit.



Return to “The Lounge”

Who is online

Users browsing this forum: No registered users and 3 guests