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Thread: Reward Credit Card

  1. #31
    old school Robin's Avatar
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    Default Re: Reward Credit Card

    Quote Originally Posted by insbordnat View Post
    I'm surprised you're going with Barclaycard, I find their rates and terms are generally less favorable than other CC companies.

    You need to look at your overall credit scenario. Are you carrying balances on your credit cards? If so you'll want to not go over 50% of your total credit line available under all cards, so it behooves you to have some credit headroom with the other cards. What about annual fees? I've gone to MyFico before to see how my FICO score will change based on my closing accounts, it may cost a couple of bucks but probably would be worth the investment.
    I'm mostly just worried about my credit score if I close an account. I pay off my card every month, so there's no carry-over balance. Hence why I was looking at Barclay. It has the highest rewards, and if I continue to pay it off every month, I won't have to pay any interest.

    Annuals fees are:
    Barclay: $89 (first year waived)
    Capital One: $59
    Marriott: $85

  2. #32
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: Reward Credit Card

    Quote Originally Posted by Robin View Post
    I'm mostly just worried about my credit score if I close an account. I pay off my card every month, so there's no carry-over balance. Hence why I was looking at Barclay. It has the highest rewards, and if I continue to pay it off every month, I won't have to pay any interest.

    Annuals fees are:
    Barclay: $89 (first year waived)
    Capital One: $59
    Marriott: $85
    Totally supportive of the Barclaycard. Burn the Marriott one.
    Quote Originally Posted by dj12inches View Post
    What makes me qualified? I've watched EVERY fucking episode of American Idol, and every single episode of The Voice...Forget that I won departmental music awards when I was in the 8th grade choir.

  3. #33
    old school westcoastpirate's Avatar
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    Default Re: Reward Credit Card

    Quote Originally Posted by Robin View Post
    I'm mostly just worried about my credit score if I close an account. I pay off my card every month, so there's no carry-over balance. Hence why I was looking at Barclay. It has the highest rewards, and if I continue to pay it off every month, I won't have to pay any interest.

    Annuals fees are:
    Barclay: $89 (first year waived)
    Capital One: $59
    Marriott: $85
    Don't close them. When the annual fees hit for CO and Marriott, call Customer Service and ask to product change to a no annual fee card.

  4. #34
    Member ManImCool's Avatar
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    Default Re: Reward Credit Card

    Are you applying for the:

    Barclaycard Arrival World MasterCard
    http://www.barclaycardarrival.com/ar...&cellNumber=45
    or the...

    Barclaycard Arrival Plus World Elite MasterCard?
    http://www.barclaycardarrival.com/ar...&cellNumber=24

    Similar names, but different. I have the Elite. The latter one is comparable to the Venture (if not better). 2X points on EVERYTHING, and when you redeem your points for travel, they give you 10% of those miles back, which averages out to an effective 2.2% on ALL purchases. Which gives it a slight edge over the Venture. Venture still a great card though. Can't go wrong with either.
    Why ______________________ ?

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    Because.
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  5. #35

    Default Re: Reward Credit Card

    Amex fo Airline and/or Hotel points. Been using them up too quickly though. Ah well.
    The pilgrimage is not perfected save by copulation with the camel.

  6. #36
    old school ThatGirl's Avatar
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    Default Re: Reward Credit Card

    Quote Originally Posted by Robin View Post
    I'm mostly just worried about my credit score if I close an account. I pay off my card every month, so there's no carry-over balance. Hence why I was looking at Barclay. It has the highest rewards, and if I continue to pay it off every month, I won't have to pay any interest.

    Annuals fees are:
    Barclay: $89 (first year waived)
    Capital One: $59
    Marriott: $85
    Why would it hurt your credit score to close an account? Does this apply if you close it even with no balance ?
    Quote Originally Posted by M Sparks View Post
    It's all riding on this. You've got big dreams to ride to the top of the Flash Mob world. Well internet fame costs. And right now is when you start paying for it...in sweat.
    Quote Originally Posted by TomAz View Post
    hey. get your own colonoscopy thread, bitch.

  7. #37

    Default Re: Reward Credit Card

    Quote Originally Posted by ThatGirl View Post
    Why would it hurt your credit score to close an account? Does this apply if you close it even with no balance ?
    If you've had the card for a long time and have a good payment record, you'll want that evidence of credit-worthiness to stay in your record.

  8. #38
    old school ThatGirl's Avatar
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    Default Re: Reward Credit Card

    Interesting. I had been advised that by lowering your potential debt load, (only having one card vs. 3 or 4) and reducing the available credit you have, it can increase your score because it reduces the risk you pose. When I renewed my mortgage to take it over on my own vs sharing with my ex, I had to cancel a few accounts in order to lower my debt ratio and increase my rating/reduce my credit risk level.
    Quote Originally Posted by M Sparks View Post
    It's all riding on this. You've got big dreams to ride to the top of the Flash Mob world. Well internet fame costs. And right now is when you start paying for it...in sweat.
    Quote Originally Posted by TomAz View Post
    hey. get your own colonoscopy thread, bitch.

  9. #39
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: Reward Credit Card

    Quote Originally Posted by ThatGirl View Post
    Interesting. I had been advised that by lowering your potential debt load, (only having one card vs. 3 or 4) and reducing the available credit you have, it can increase your score because it reduces the risk you pose. When I renewed my mortgage to take it over on my own vs sharing with my ex, I had to cancel a few accounts in order to lower my debt ratio and increase my rating/reduce my credit risk level.
    Number of accounts matter, but also the ratio of your current balance relative to your total credit limit. Having lots of small accounts open is not so favorable. Having a couple with larger limits open that you don't use is advantageous. Even if you pay your card off each month, you still have a balance. So, if you have a card with a $5K limit and each month you spend $3K and pay it off; your ratio is 60%. If you had a second with a $5K limit that you keep open, but rarely use, your ratio would be 30%. Having a bunch of retail cards with <$1K limits will not help that ratio as much.
    Quote Originally Posted by dj12inches View Post
    What makes me qualified? I've watched EVERY fucking episode of American Idol, and every single episode of The Voice...Forget that I won departmental music awards when I was in the 8th grade choir.

  10. #40
    old school ThatGirl's Avatar
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    Default Re: Reward Credit Card

    That makes sense. I have just one rewards/travel credit card now with a high limit, it's all I need. I use it for every purchase possible and then pay it every other day or so with online banking so I can get the points. Just never carry a balance. But I have a home equity credit line with a high limit and low balance too.
    Last edited by ThatGirl; 12-12-2014 at 08:30 AM.
    Quote Originally Posted by M Sparks View Post
    It's all riding on this. You've got big dreams to ride to the top of the Flash Mob world. Well internet fame costs. And right now is when you start paying for it...in sweat.
    Quote Originally Posted by TomAz View Post
    hey. get your own colonoscopy thread, bitch.

  11. #41
    old school Robin's Avatar
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    Default Re: Reward Credit Card

    Quote Originally Posted by PlayaDelWes View Post
    Totally supportive of the Barclaycard. Burn the Marriott one.
    Quote Originally Posted by PlayaDelWes View Post
    Number of accounts matter, but also the ratio of your current balance relative to your total credit limit. Having lots of small accounts open is not so favorable. Having a couple with larger limits open that you don't use is advantageous. Even if you pay your card off each month, you still have a balance. So, if you have a card with a $5K limit and each month you spend $3K and pay it off; your ratio is 60%. If you had a second with a $5K limit that you keep open, but rarely use, your ratio would be 30%. Having a bunch of retail cards with <$1K limits will not help that ratio as much.
    As stated before, my Marriott card has the higher limit of the 2. I'm just wondering how this would play out, since I know that the Barclay wouldn't give me a limit anywhere close to my Marriott. I obviously haven't opened a new card, and may end up just keeping the ones that I have. Getting an extra 2% back on rewards may not be worth losing my credit limit over.

  12. #42
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: Reward Credit Card

    Shouldn't make too much of a difference to close the Marriott one and save $85 / year. You can always try to ask Barclay to increase your limit. Or pay the Barclay one off twice / month.
    Quote Originally Posted by dj12inches View Post
    What makes me qualified? I've watched EVERY fucking episode of American Idol, and every single episode of The Voice...Forget that I won departmental music awards when I was in the 8th grade choir.

  13. #43
    old school unit300021's Avatar
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    Default Re: Reward Credit Card

    So shockingly a couple months ago I just got my first ever credit card at age 26. I know I probably should have gotten one earlier but I never liked the idea of spending money I don't have which I would have done if I was 18 in college and rack up a lot of debt. So basically I have one of those 500 limit with super high APR cards with no rewards or anything like that. What is the standard amount of time to wait until I can apply for a better card or at least ask for a higher limit?
    Quote Originally Posted by Drinkey McDrinkerstein View Post
    Why aren't there more good role models for fat people who fall down a lot?

  14. #44
    old school ThatGirl's Avatar
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    Default Re: Reward Credit Card

    I think once you build some credit history and a good track record of repayment you can ask for a better/higher limit card, depending on your income and employment factors. I'd say 6 months to a year probably.
    Quote Originally Posted by M Sparks View Post
    It's all riding on this. You've got big dreams to ride to the top of the Flash Mob world. Well internet fame costs. And right now is when you start paying for it...in sweat.
    Quote Originally Posted by TomAz View Post
    hey. get your own colonoscopy thread, bitch.

  15. #45
    Member Archie Bunker's Avatar
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    Default Re: Reward Credit Card

    If you are opening these cards for the bonuses, don't ever let them hit you with the annual fee in the 2nd year. Call up and request them to waive it, and if they refuse, close it. In fact, closing it is the preferable option because often you can reapply for the same card again in a year or two and get the bonus again. (Check the terms for each card.)

    Yes, closing cards dings your credit score a bit, but not as bad as you might think. Opening a bunch of cards also hurts your score, so if you are score-obsessed, don't do the bonus whoring thing.

    The best cards are of the "business" variety, so if you own a small business (or know someone well who does), get some of those cards. They will be against your SSN and name, so the business owner just generally has to trust you and let you have his TIN. You will receive all of the bills, and it won't affect his credit line otherwise.

    Also it's important to be able to spend enough money to earn the bonuses (ranges between $750 in 3 months to $5000 in 3 months). If you don't spend much, don't bother doing this.

    Oh, and make sure to get the "rotating rewards" cards from Chase and Discover. Every 3 months, they change categories where you will earn 5% cash back. The two cards that do this are "Discover It" and "Chase Freedom".

    https://creditcards.chase.com/freedom/calendarreminder

    https://www.discover.com/credit-card...-calendar.html

    Sometimes the rewards overlap (right now both are online shopping), but January through March, Chase Freedom will be grocery stores and Discover It will be gas stations.

    Discover It also has a nice feature where you can trade points for gift cards at ABOVE parity. So you can buy $50 gift cards for $40, or sometimes as low as $25.

    I'm an expert at credit card bonus whoring, and have about 30 active credit cards in my name right now.
    This space for rent.

  16. #46
    Coachella Junkie shakermaker113's Avatar
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    Default Re: Reward Credit Card

    Is there any credit card that is worth paying an annual fee?

  17. #47
    old school westcoastpirate's Avatar
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    Default Re: Reward Credit Card

    Quote Originally Posted by shakermaker113 View Post
    Is there any credit card that is worth paying an annual fee?
    We use AMEX Blue Cash Preferred which has an annual fee of $75 but you get 6% cash back in grocery purchased up to $6K/year. We spend just about $6K in groceries for our family each year so we get $285 back (after the annual fee) just on this. The BCP also gives you 3% back at gas stations too. So the annual fee is justified for us in this situation.

    I do see Citi has a new card called Double Cash which is 1% cash back on every purchase, then another 1% back when you pay it off. If you pay your bills in full, this is a great card because it is 2% back on everything. With no annual fee. I want to get this card but I am waiting until they have a sign up bonus.
    Last edited by westcoastpirate; 12-14-2014 at 01:11 PM.

  18. #48
    Coachella Junkie shakermaker113's Avatar
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    Default Re: Reward Credit Card

    hm. I didn't know that existed. I have an amex blue cash everyday that has 3% on groceries up to $6k/year and 2% on gas with no annual fee. even if I spent just half of the max on groceries per year I'd actually be better off with the cash pereferred card. I rarely buy gas so that really doesn't affect me. I guess it is time to take a closer look at my grocery expenses.

  19. #49
    old school westcoastpirate's Avatar
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    Default Re: Reward Credit Card

    Quote Originally Posted by shakermaker113 View Post
    hm. I didn't know that existed. I have an amex blue cash everyday that has 3% on groceries up to $6k/year and 2% on gas with no annual fee. even if I spent just half of the max on groceries per year I'd actually be better off with the cash pereferred card. I rarely buy gas so that really doesn't affect me. I guess it is time to take a closer look at my grocery expenses.
    I had the BCE but called and upgraded/product changed to the BCP.

  20. #50
    Member Archie Bunker's Avatar
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    Default Re: Reward Credit Card

    I hate the login process for this site now.

    Anyway, if you want 3% on gas, no need to cough up annual fees.

    Bank of America Major League Baseball credit card: https://www.bankofamerica.com/credit...redit-cards.go

    You get 3% on gas and 2% at grocery stores (1% everywhere else).

    No annual fee.

    $100 bonus if you make $500 in purchaes in first 90 days.
    This space for rent.

  21. #51
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: Reward Credit Card

    That "1% on everything else" is what you really need to be 2%...and that's where an annual fee starts to make sense.
    Quote Originally Posted by dj12inches View Post
    What makes me qualified? I've watched EVERY fucking episode of American Idol, and every single episode of The Voice...Forget that I won departmental music awards when I was in the 8th grade choir.

  22. #52
    old school ods..'s Avatar
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    Default Re: Reward Credit Card

    I just applied for and got approved for three cards that are in the mail. Really excited to start actively collecting points from sign up bonuses.

    I got:

    1. Chase Sapphire Visa (up to 45,000 bonus points with minimum spending in first couple months)
    2. Starwood Preferred Group Amex (25,000 Starwood points)
    3. Citi Aadvantage MasterCard (50,000 American Airlines points).

    In a few months I will probably have my gf and I both sign up for the Southwrst Chase Visa that gets you 50,000 bonus points. Then I will transfer the 50,000 to one acct and get the companion pass for southwest for a whole year. Big time savings.

  23. #53

    Default Re: Reward Credit Card

    I've done the Southwest companion pass a couple of times. I'm not sure you have your methodology correct, because I don't think transferred points count toward 110,000 you need.

    The generally accepted method is to apply for one card as an individual, and a second card as a business, align BOTH cards with the same Southwest account. Put your $2k (or whatever) on one card (to get the 50,000 points) then close it. Use the other card for $2k to get 50,000 more. With the points for spending, you've now got 104,000 points. Spend $6k more on your own timetable and you've got the companion pass. The key is to make sure you don't spend $2k on either card until January. You want the 50,000/100,000 points to be earned early in the calendar year because the companion pass is good for the rest of the current year and all of the next year. If you do it in December...you've given away a full year of free travel.

    If you have a partner AND you fly Southwest a lot...I don't think there is a better credit card deal to be found. I've done it twice (four years of completely free travel for two anywhere SW flies, and it's only getting better since they now go to the Carribbean).

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