Slate/Freedom conversion

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Calipso
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Postby Calipso » Tue Feb 12, 2013 3:47 pm

Rory wrote:why is the balance transfer promotion a plus for you? im surprised someone with 90k limits would need to carry a balance at all


I am stashing cash right now and paying off $3,000 I owe on the Chase Slate card. I have money tied up in stocks, CD's and being put into my Roth IRA.

The final month of the promotion I will pay in full. I'd rather be putting money aside now for savings and investments instead of PIF.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500


CC Deville
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Postby CC Deville » Tue Feb 12, 2013 4:00 pm

Sevenfeet wrote:Slate is hardly worthless if you need a basic card or need a 0% balance transfer card.


Oh forgive me.....it is worthless to ME. My APR on Slate is 14.9% yet on my rewards Freedom it is 11.9%. I use my Capital One for balance transfers as the fee is 2% as opposed to Chase's 3%.

Sevenfeet
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Postby Sevenfeet » Tue Feb 12, 2013 4:21 pm

CC Deville wrote:Oh forgive me.....it is worthless to ME. My APR on Slate is 14.9% yet on my rewards Freedom it is 11.9%. I use my Capital One for balance transfers as the fee is 2% as opposed to Chase's 3%.


OK, maybe you. :)
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

Gamma
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Location: Los Angeles, CA

Postby Gamma » Tue Feb 12, 2013 5:29 pm

Calipso wrote:I am stashing cash right now and paying off $3,000 I owe on the Chase Slate card. I have money tied up in stocks, CD's and being put into my Roth IRA.

The final month of the promotion I will pay in full. I'd rather be putting money aside now for savings and investments instead of PIF.

My gosh why do you have so many cards? If it's for utilization, that seems to be far too many cards for that purpose. I notice you also have a Simplicity and a Diamond Preferred so why do you have 3 balance balance transfer cards?

FutureBillionaire
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Postby FutureBillionaire » Tue Feb 12, 2013 5:30 pm

Gamma wrote:My gosh why do you have so many cards? If it's for utilization, that seems to be far too many cards for that purpose. I notice you also have a Simplicity and a Diamond Preferred so why do you have 3 balance balance transfer cards?


Nothing wrong with having alot of cards. I have about 15 now. I find that it helps with cash flow and utilization. Also, it helps maximize rewards. I pay half of my cards around the 15th of the month and half around the end of the month.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Gamma
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Postby Gamma » Tue Feb 12, 2013 5:37 pm

FutureBillionaire wrote:Nothing wrong with having alot of cards. I have about 15 now. I find that it helps with cash flow and utilization. Also, it helps maximize rewards. I pay half of my cards around the 15th of the month and half around the end of the month.

If I may ask, what is your total available credit and your annual salary? Also, having alot of credit cards with small credit lines seems bad. Also, I see alot of cards he holds which can be used for others he has like the Chase Amazon, which he can use Forward. I'm guessing some of his cards don't even offer reward.

FutureBillionaire
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Location: Down South

Postby FutureBillionaire » Tue Feb 12, 2013 6:15 pm

Gamma wrote:If I may ask, what is your total available credit and your annual salary? Also, having alot of credit cards with small credit lines seems bad. Also, I see alot of cards he holds which can be used for others he has like the Chase Amazon, which he can use Forward. I'm guessing some of his cards don't even offer reward.


I have over 100k avaialble credit. It is quite a bit more than what I make in a year. I keep my utilization low and time my app sprees pretty well.

I agree regarding the Chase Amazon. I wouldn't get that card. I would use the Forward OR use other cards to buy amazon gift cards and load them on there. I would get better rewards than what Chase offers.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Sevenfeet
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Postby Sevenfeet » Tue Feb 12, 2013 9:55 pm

I vote for a contest of the most CL with the fewest cards. :)
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

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Calipso
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Postby Calipso » Wed Feb 13, 2013 3:49 pm

Gamma wrote:My gosh why do you have so many cards? If it's for utilization, that seems to be far too many cards for that purpose. I notice you also have a Simplicity and a Diamond Preferred so why do you have 3 balance balance transfer cards?


I'm a bonus churner. Some of the weak cards (Citi cards and credit union cards) I've had for such a long time there is no point in cancelling them. They are used once every six months for some minor purchase and put right back in my lockbox.

Diamond Preferred is not a balance transfer card.

My only real balance transfer cards:
-Chase Slate (Once the promo ends, I'll PIF and then product change it)
-Citi Simplicity (See above)
-CCCU Platinum (They have balance transfer offers every month for me, but I don't use em).

My only cards with a balance are the Chase Slate and Simplicity. Like I said above, once the promotion ends both will be paid in full.

Most of the other cards are for bonus churns only.

Also, to answer in advance......my yearly income is $30,000. So my available credit is three times my income. One of my goals in 2013 is to get up to $100,000 available credit by the end of the year.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500

Gamma
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Postby Gamma » Wed Feb 13, 2013 7:39 pm

Calipso wrote:Also, to answer in advance......my yearly income is $30,000. So my available credit is three times my income. One of my goals in 2013 is to get up to $100,000 available credit by the end of the year.

Oh man you're lucky to have all that available credit with that income. I make close to 28k a year and got about 32k available credit and I'm a bit afraid that if I apply for credit, I might get rejected because my credit exceeds my income. Good job on obtaining all that and good luck with your goal!



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