Approved: CSP

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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czannah
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Approved: CSP

Postby czannah » Mon Mar 02, 2015 12:12 pm

Was approved today for the CSP. Wasn't planning on applying, however I want to get rid of one of my cards which doesn't have a local branch and requires the person to go in person to the branch to request CLI's (filling out a new application, ect). I'll be looking into doing a balance transfer to the CSP. I applied online and was approved for a 12K credit limit!

My CK credit scores range from 700-750.

Now I need to figure out how to spend 4k in 3 months... I wonder... If I spend it on travel, I get the 2x points right? Might be a good time to take a vacation...
CSP 12K
Credit Union card 10K
Marriott Rewards Platinum 5K
Bank Platinum Visa 15K
Credit Union card 5K
Capital One MC 3.5K
Discover IT 1.9K


ingramjuan
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Postby ingramjuan » Mon Mar 02, 2015 4:24 pm

Sounds like a good time to take a vacation. Should also reconsider in closing a card. Just leave it open.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Mar 02, 2015 6:03 pm

czannah wrote:I'll be looking into doing a balance transfer to the CSP.


It's an awful card for a balance transfer. It has 15.99% interest, no 0% period and charges a 3% BT fee.

The Chase UR program is good for PIF-ers, but you might be paying more in fees and interest than you make in rewards.
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

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Mar 02, 2015 7:49 pm

And seriously...you're already carrying a balance...but now talking about splurging on a vacation? And spending money at a rate you wouldn't even otherwise want to? How long will it take you to pay that spending off?

Now I know you might focus on the 40k UR bonus, and how you won't be able to earn it later, now that the account is open. But do you really think you'll come out ahead and earn rewards exceeding what you'll be paying in interest and fees?

Let me know if I'm misunderstanding the facts here, but everything about this sounds like a bad idea.
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

czannah
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Postby czannah » Tue Mar 03, 2015 8:34 am

I'm not currently carrying a balance on the card I intend to transfer. My understanding is I can transfer it at 0 balance So the BT fee would be moot IIUC. As for the long term benefit, I think the benefits are the points transfer, no FT fees and lower reward point deductions. I suspect the card would be used for big purchases where I have the money to cover it, I just want to get the points.

At this point I'm not seeing the wisdom of keeping the other card open, with a low limit and an ever increasing account age that will become more costly to close in the future. Thoughts?
CSP 12K

Credit Union card 10K

Marriott Rewards Platinum 5K

Bank Platinum Visa 15K

Credit Union card 5K

Capital One MC 3.5K

Discover IT 1.9K

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Mar 03, 2015 12:26 pm

Okay. I really don't understand what you're trying to say.

Do you want to move the credit limit from Chase Marriott to CSP? That's not a balance transfer, but it's possible.

Or you expect Chase will necessarily raise your CL by $X just because a totally unconnected bank once gave you a CL of $X on a soon-to-be-closed account? Dream on.

I have no idea what you mean about 'reward point deductions'.
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



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