Another credit card thread

[afm199]

I know people use credit to buy stocks. I was just wondering whether or not you guys here with $0 fee balance transfer offers buy stocks with it. Just curious.

That's a very risky proposition, as is buying on margin. I might do it for a very short term flyer, but basically buying stock with borrowed money is something even the professionals fuck up constantly.

 

[Lights_Guy3]

My Sapphire Preferred is 2x points on travel. Are you sure about that 3x?

3x on the Reserve.

Preferred is 1.25x on travel portal redemption, Reserve is 1.5x

 

[TheRobSJ]

It definitely is. I use the Sapphire card for all dining and travel related expenses (3x points accumulation + 1.5x redemption for 4.5% total reward), and the Freedom Unlimited for everything else (save for the 5% rotating categories from Discover). I get 1.5 points per dollar with the Freedom Unlimited and then transfer those points to the Sapphire. Then I get a 1.5x multiplier for travel rewards. That means that I am effectively getting, at minimum, 2.25% back on every dollar I spend on anything, and usually more.

It’s kinda fun ain’t it? Working the system like that. Kinda like “extreme couponing” which ironically I can’t stand. Mostly because I don’t want to be the clown who wastes everyone’s time behind me at the check stand while I hand out and redeem a zillion coupons.

 

[mercurial]

It’s kinda fun ain’t it? Working the system like that.

I know what you mean, but I cringe a bit when I hear it. We aren't working the system, we're just getting less hosed than people who use cash. The banks are the ones who work all of us.

 

[Removed 3]

Seems if you travel for work and the company reimburses you for travel and entertainment, these rewards cards really work in your favor


We have the Chase Amazon Rewards Visa Signature card: 3% back at Amazon.com, 2% back at restaurants/gas stations/drugstores, 1% back on other purchases

 

[MrIncredible]

It’s kinda fun ain’t it? Working the system like that. Kinda like “extreme couponing” which ironically I can’t stand. Mostly because I don’t want to be the clown who wastes everyone’s time behind me at the check stand while I hand out and redeem a zillion coupons.

I've cut my shopping bill in half!

If the wait is too long it's because the market is understaffed-not your problem.

 

[FXCLM5]

TBH cashbacks sites give like 10-15x more on avg then my cards.

Y'all need to use them, one sponsors the dubs too

Just got 15% back off my $600 dell.com monitor purchase, and then I still get my CC cash back on top of that.

There are loopholes too that I've seen, buy it online say Levi's.com get cash back, return cuZ size was off at levi store, get full return cost on receipt ( they don't know about the cash back) - I actually did a size change and they had another promo at the time so that's why she refunded the entire purchase and made me rebuy with their new promo. But I already got my $15 from cash back site. Sometimes the sites don't linkup correctly and you hafta email support and show receipts to get your cash back as well

 

[ejv]

I have 2 ancient cards. Both no fees. The Amex has a very low limit because I have maybe put $200 on it total since the Global Financial Crisis. Since I wasn't using it at the time and it was paid off, they cut my limit from around $18K to $1K. It's purely an emergency card. I try to use it once or twice a year just to make sure it's still working. The other is a USAA card. Lowest APR I've ever seen. Some points but since I pay it off every month I suppose I could find a better card. I didn't always used to pay it off. And when I didn't and I still had a student loan my credit score was about 60 points higher. So I may have to occasionally leave a balance just to show I can pay on revolving debt. Most of my spending is just done by debit card.

So as I found out in February or so, Amex closed my account back in September because of inactivity. This is the reason my credit took such a large dip. I am down to only the single USAA Visa account. So I am in the market for another card.

My use case is that I will use it once in a while (need to be better about this or it will likely get closed too) on mostly small stuff. So I don't want a yearly fee, I would like good online interface, don't care about balance transfer's, cash advance, or anything like that. Just a basic card that maybe has some cash back or points thing. Not interested in Amex.

Any ideas where to start looking?

 

[rodr]

...
My use case is that I will use it once in a while (need to be better about this or it will likely get closed too) on mostly small stuff. So I don't want a yearly fee, I would like good online interface, don't care about balance transfer's, cash advance, or anything like that. Just a basic card that maybe has some cash back or points thing. Not interested in Amex.

Any ideas where to start looking?

If you buy stuff on Amazon, or travel to other countries, then one of the Chase Amazon cards would be a no-brainer.

 

[ejv]

If you buy stuff on Amazon, or travel to other countries, then one of the Chase Amazon cards would be a no-brainer.

I do use Amazon on occasion. I'll check it out, thanks.

 

[TheRobSJ]

My latest one is the Wells Fargo Propel Amex. You get a 20k (which is pretty much $200) sign up point bonus for spending $1000 in the first 90 days. Easy enough. No annual fee. And it’s 3x points on a whole lot of useful categories. A lot of categories. Short of going to Macy’s or Home Depot.

The catch? It’s “Go Far Rewards” points. Really no chance of transferring them to a partner airline or something like that like what you can do with Amex MR or Chase UR points and get close to a 1.5cent per point value. These are pretty much 1 cent per point. So long story short, this is a 3% rewards card that’s got a decent sign up bonus for a no fee card that can get you that 3% on a lot of day to day stuff.

Wells Fargo Propel Amex

 

[TheRobSJ]

If you buy stuff on Amazon, or travel to other countries, then one of the Chase Amazon cards would be a no-brainer.

That Amazon one is absolutely a no brainer for all Costco purchases.

If you are a frequent Costco shopper then the Citi Costco Visa great no fee card also.

 

[Xenophonii]

If you buy stuff on Amazon, or travel to other countries, then one of the Chase Amazon cards would be a no-brainer.

I'll agree. Maintain good credit and they will regularly increase your limit too.

 

[Removed 3]

The length of your credit history matters to the calculation of your credit score. Try to keep your oldest card (even if it offers no benefits) by using it to reduce the chance that the bank will close the account. Even then, it doesn't prevent them from reducing the credit limit either due to low use.

Citi Double Cash card sounds interesting ...

 

[Blankpage]

Someone somewhere is paying for all these points CC's are dishing out.
I assume the card companies pass costs onto the retailer who pass it onto the consumer.

 

[Melissa]

I have an Amazon Prime CC and earn points, then take the rewards in cash to pay back the same card. Works out.

 

[TheRobSJ]

Someone somewhere is paying for all these points CC's are dishing out.
I assume the card companies pass costs onto the retailer who pass it onto the consumer.

This is why paying only with a debit card for everything just leaves so much money on the table. Cash back/points programs are basically like a profit sharing program the CC is offering. Might as well take advantage of it.

 

[ejv]

The length of your credit history matters to the calculation of your credit score. Try to keep your oldest card (even if it offers no benefits) by using it to reduce the chance that the bank will close the account. Even then, it doesn't prevent them from reducing the credit limit either due to low use.

Citi Double Cash card sounds interesting ...

The only card I have now I got in about 2004/2005. My Amex which was closed due to not using it I had since around then too. Paid off student loan 17 months ago. Paid on that since 2003. Paid off my car in 2011. Paid off wife's car last year but it was in my name. I just don't spend a lot of money and don't have use for a lot of cards. But I figure I should have a backup to my current one. I'm thinking the Amazon card will be the best fit.

Someone somewhere is paying for all these points CC's are dishing out.
I assume the card companies pass costs onto the retailer who pass it onto the consumer.

Yes, all paid for by the retailer. When I worked in a flexible retail environment, I would offer a lower price on big purchases if someone paid cash or debit. Back then a debit charge was about 40 cents. If they ran their debit card as a credit card it would charge back as a CC. That cost the company 3% on average so that is what I would discount it by. But some people wouldn't want to run their debit cards as such and would insist on swiping like a CC. They didn't think saving $15+ was worth it because of their impression of the speed and safety of a debit vs CC payment. This was in the early 2000s. I know some legislation/regulation has changed and I think debit charges are a fair bit higher now.

 

[Abacinator]

Someone somewhere is paying for all these points CC's are dishing out.
I assume the card companies pass costs onto the retailer who pass it onto the consumer.

Yeah, retailers cover that. It's all included in merchant fees.

 

[Blankpage]

I use CC for everything possible because of a belief in it being safer than exposing my debit card to retailer data breaches.
I get why people chase the points but the more we all chase the point the more we all pay for everything. They got us by the balls.