What's Your Credit Card Rewards Strategy?

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THY4373
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Re: What's Your Credit Card Rewards Strategy?

Post by THY4373 »

anon_investor wrote: Wed Apr 19, 2023 4:13 pm
I am just trying to determine whether it makes sense to freeze Lexis Nexis/SageStream, because I am leary of uploading personal documentation.
I guess the question is what are you trying to accomplish? I froze it because it was my understanding at the time that it would increase my chances of getting approved for a specific CC I wanted. I certainly would not go out of my way today to freeze it because I have no specific need to do so (I am not interested in any CCs from US Bank at this point and I am not even sure it matters today even if I did).
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anon_investor
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Re: What's Your Credit Card Rewards Strategy?

Post by anon_investor »

THY4373 wrote: Wed Apr 19, 2023 5:44 pm
anon_investor wrote: Wed Apr 19, 2023 4:13 pm
I am just trying to determine whether it makes sense to freeze Lexis Nexis/SageStream, because I am leary of uploading personal documentation.
I guess the question is what are you trying to accomplish? I froze it because it was my understanding at the time that it would increase my chances of getting approved for a specific CC I wanted. I certainly would not go out of my way today to freeze it because I have no specific need to do so (I am not interested in any CCs from US Bank at this point and I am not even sure it matters today even if I did).
Well I freeze other credit bureaus to avoid fraudulent applications, but it looks like most CCs don't use Lexis Nexis/SageStream. I do open new CCs for bonuses every so often.
tj
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Re: What's Your Credit Card Rewards Strategy?

Post by tj »

THY4373 wrote: Wed Apr 19, 2023 11:05 am
tj wrote: Tue Apr 18, 2023 6:10 pm
kojima wrote: Tue Apr 18, 2023 4:14 pm Does anyone here have any experience with having a LexisNexis Security Freeze on their account and applying for a new credit card? Or perhaps having issues when calling into a bank with history and they all you the basic questions to verify your identity?

The LexisNexis Freeze is the only one where the process is quite manual so I'm wondering if it's worth it - seems like a lot of room for error.
I'm not aware of credit card issuers utilizing LexisNexis.
There are a number of secondary credit agencies that are used by some banks. SageStream is one of these and is owned by Lexis Nexis. US Bank does or did use them as an example. As a credit card churner it was advised to freeze SageStream before applying for US Bank credit cards. So I actually have had a freeze with them for the last seven years. Never lifted it and it has never caused me any issues that I know of.

https://www.sagestreamllc.com/
I think I froze sagestream before it was owned by Lexis, or I didn't know that it was owned by Lexis.
BashDash
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Re: What's Your Credit Card Rewards Strategy?

Post by BashDash »

Testing out my shop your way card to see what would code as ONLINE to take advantage of an offer....purchased a small target gift card on raise.com and it is coding as "merchandise MISC General Merchandise-not classified". I'm assuming this didn't work as online? I guess I can keep testing things buy buying a gift card from target from their website to see if that works....does anyone have any first hand experience? Thanks!!
Wannaretireearly
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Re: What's Your Credit Card Rewards Strategy?

Post by Wannaretireearly »

arsenal_fan wrote: Wed Apr 19, 2023 10:14 am I’ve received an offer from the Best Buy Visa card of no interest 6 month financing for purchases outside Best Buy that are $499 or more. (Already have the card)

What are people’s thoughts on using offers like these versus the return on your credit card. I basically ignored this offer until I realized I have an international flight to book and some auto repairs coming up. I guess the financing doesn’t even earn the base 1% rewards rate but it does leave money in your bank account for any emergencies etc for an additional 6 months.
I used 9 months plus 0% off for last years tax bill on Wells Fargo 2% card.

This year my wife opened the same card & we’re loading it up. I may not pay it off at all this time until the 0% offer expires in July 2024. Buy now, pay much later 💪

Just got to pay the min each month. Credit score will take a hit, but the pros outweigh the cons for us. We are not looking to get another loan!
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
JBTX
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Re: What's Your Credit Card Rewards Strategy?

Post by JBTX »

anon_investor wrote: Wed Apr 19, 2023 4:13 pm
THY4373 wrote: Wed Apr 19, 2023 4:08 pm
kojima wrote: Wed Apr 19, 2023 12:43 pm Why were you advised to freeze them before applying? Wouldn't that have caused issues with the verification?
At the time (2014) it was believed this particular agency and another one were being used by USB to weed out CC churners. I am not sure why this wouldn't be obvious via one or more of the big three credit agencies but it was the advice given at the time and whether it helped or not I cannot say but both me and my then wife were approved for what became the Radisson CC back when it had a last night free option. Which was amazingly lucrative until it was nerfed. So no it didn't cause me any issues and it is not uncommon in CC circles for example to freeze one of the big three credit agencies so the bank may pull a less used one. Would I go out of my way to freeze SageStream today probably not.
I am just trying to determine whether it makes sense to freeze Lexis Nexis/SageStream, because I am leary of uploading personal documentation.
I froze this a while back. Then I found out it was keeping me from being approved for US bank bank accounts. I tried to unfreeze online but it is a slow and manual process, practically impossible to time. You can call them during business hours and they can unfreeze over the phone. I just leave that one unfrozen. FWIW I still wasn’t able to get approved for US bank bank account so I quit trying. I have had several USB Credit cards.
kojima
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Re: What's Your Credit Card Rewards Strategy?

Post by kojima »

For those who have been churning credit cards for a while now and have over 15 different cards, do you ever close any of your credit cards?

If someone has 15 credit cards and majority of them are no annual fee cards with low credit limit, is there really a point in closing them? Or would certain banks such as Chase use it against you when trying to open new cards with them and put you at risk of a shutdown?

My understanding is that closing cards should be a last resort when the specific card requires you to not have that card when trying to receive the sign up bonus.
beezlebub
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Re: What's Your Credit Card Rewards Strategy?

Post by beezlebub »

kojima wrote: Sat Apr 22, 2023 3:14 am For those who have been churning credit cards for a while now and have over 15 different cards, do you ever close any of your credit cards?

If someone has 15 credit cards and majority of them are no annual fee cards with low credit limit, is there really a point in closing them? Or would certain banks such as Chase use it against you when trying to open new cards with them and put you at risk of a shutdown?

My understanding is that closing cards should be a last resort when the specific card requires you to not have that card when trying to receive the sign up bonus.
I never close them. If it's a card not worth using, just let it close on it's own. That has been my strategy for about 15 years and has worked out well. I've probably had around 16 cards, and 4-5 of them eventually closed due to non-use; no bank cares, and often after closure I still get pre-approval offers for cards I previously churned and never used after. My FICO score is around 820 and has always been high 700s/ to low/mid 800s over the years.
Jags4186
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Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 »

BashDash wrote: Fri Apr 21, 2023 9:32 am Testing out my shop your way card to see what would code as ONLINE to take advantage of an offer....purchased a small target gift card on raise.com and it is coding as "merchandise MISC General Merchandise-not classified". I'm assuming this didn't work as online? I guess I can keep testing things buy buying a gift card from target from their website to see if that works....does anyone have any first hand experience? Thanks!!
There’s no way to know what is an online purchase. Most actual online purchases will count. I suspect it’s places that manually enter information that is submitted online that are not counting as online purchases.

Here is some info from FlyerTalk. As you can see Fluz (similar to raise) is on both lists…
What counted as online purchase with Sears card (alphabetical order)
Amazon purchase or re-load
Carters.com (Merchandise-CHILDRENS / INFANTS WEAR STORE)
Costco.com
Ebay seller fees (direct entry) (MCC: N/A)
Fluz (MCC varies, YMMV)
Gift Card Mall
Homedepot.com (Merchandise-HOME SUPPLY WAREHOUSE STORES)
Iherb.com (Merchandise-MISC FOOD STORE,SPECIALTY,CONVENIENCE)
Kygunco.com (Merchandise-DURABLE GOODS, NOT ELSEWHERE CLASSIFIED)
Lockedloaded.com (Merchandise-SPORTING GOODS STORES)
MileagePlusX (MCC varies)
Pirateship.com (Services-COURIER SERVICE, FREIGHT FORWARDERS)
Plastiq (Restaurants-UTILITIES-ELECTRIC,GAS,SANITARY,WATER)
Scholastic.com (Organizations-MISC SCHOOLS / EDUCATIONAL SERVICES)
Usmint.gov (Services-MISC GOVERNMENT SERVICES)
united.com (Air Travel-UNITED AIRLINES)

What didn't count as online purchase (alphabetical order):

Fluz (MCC varies, YMMV)
Geico.com (Services-INSURANCE-SALES / UNDERWRITING)
Paypal (MCC varies)
theplayer11
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Re: What's Your Credit Card Rewards Strategy?

Post by theplayer11 »

kojima wrote: Sat Apr 22, 2023 3:14 am For those who have been churning credit cards for a while now and have over 15 different cards, do you ever close any of your credit cards?

If someone has 15 credit cards and majority of them are no annual fee cards with low credit limit, is there really a point in closing them? Or would certain banks such as Chase use it against you when trying to open new cards with them and put you at risk of a shutdown?

My understanding is that closing cards should be a last resort when the specific card requires you to not have that card when trying to receive the sign up bonus.
I churn and close cards to be able to apply for same card again in 2 years. I've had the British Airways card 4 times in last 8 years, Iberia, Aer Lingus 3 times. My wife does the same. Chase keeps approving us and we keep on accumulating avios points to fly Business class to Europe for vacations. Love my avios points :D
MrJedi
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Re: What's Your Credit Card Rewards Strategy?

Post by MrJedi »

I pre emptively close Chase cards since I sign up for their cards repeatedly. If you keep all of them you eventually run into limitations with total credit limit at Chase. You can still get it to work if you call and move around credit limits but I prefer to keep things automated without human intervention.

I have 15+ cards and several that are 10+ years old so I don't really need the extra accounts/history, etc. With a relatively young profile I would keep them, but once you've got a big stable they do start becoming a bit of a nuisance.
czaj
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Re: What's Your Credit Card Rewards Strategy?

Post by czaj »

MrJedi wrote: Sat Apr 22, 2023 6:49 am I pre emptively close Chase cards since I sign up for their cards repeatedly. If you keep all of them you eventually run into limitations with total credit limit at Chase. You can still get it to work if you call and move around credit limits but I prefer to keep things automated without human intervention.
Chase will now rearrange credit automatically when applying for cards. You won’t be instantly approved, but approved the next day. Human intervention with the application might still be involved, but you don’t need to call.
exarkun
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Re: What's Your Credit Card Rewards Strategy?

Post by exarkun »

THY4373 wrote: Wed Apr 19, 2023 4:08 pm
kojima wrote: Wed Apr 19, 2023 12:43 pm Why were you advised to freeze them before applying? Wouldn't that have caused issues with the verification?
At the time (2014) it was believed this particular agency and another one were being used by USB to weed out CC churners. I am not sure why this wouldn't be obvious via one or more of the big three credit agencies but it was the advice given at the time and whether it helped or not I cannot say but both me and my then wife were approved for what became the Radisson CC back when it had a last night free option. Which was amazingly lucrative until it was nerfed. So no it didn't cause me any issues and it is not uncommon in CC circles for example to freeze one of the big three credit agencies so the bank may pull a less used one. Would I go out of my way to freeze SageStream today probably not.
I recall this card and strategy. I think ARS (advanced resolution services) was the other agency to freeze your credit with. I only remember because it caused me issues several years later opening a bank account for a bonus.
SlowMovingInvestor
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Re: What's Your Credit Card Rewards Strategy?

Post by SlowMovingInvestor »

I just applied for a Chase card, and I got a "pending, review we'll get back to you" response.

I just had a 5th card drop off my approvals in past 24 months, but it's possible there's a little lag in their recognizing it. I would have waited another 1-2 months, but I have some pending spend in the next 2 weeks I wanted to use to meet bonus spending for this card.

Question: Does one get an immediate denial for 5/24 (i.e. no 'pending review')?

The only other reason that might be applicable is that Chase has already extended a lot of credit to me (current balance of 0, but large potential balances as seen by their algorithms), so might be reluctant to issue a new card. In that case, I think calling them and asking them to move credit from current cards to the new card would work.
Lyrrad
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Re: What's Your Credit Card Rewards Strategy?

Post by Lyrrad »

SlowMovingInvestor wrote: Sat Apr 22, 2023 3:24 pm I just applied for a Chase card, and I got a "pending, review we'll get back to you" response.

I just had a 5th card drop off my approvals in past 24 months, but it's possible there's a little lag in their recognizing it. I would have waited another 1-2 months, but I have some pending spend in the next 2 weeks I wanted to use to meet bonus spending for this card.

Question: Does one get an immediate denial for 5/24 (i.e. no 'pending review')?

The only other reason that might be applicable is that Chase has already extended a lot of credit to me (current balance of 0, but large potential balances as seen by their algorithms), so might be reluctant to issue a new card. In that case, I think calling them and asking them to move credit from current cards to the new card would work.
Since I've hit my total credit limit with Chase, for my past few applications I've proactively called reconsideration to reallocate credit limits in order to get approved sooner. I've read that they might proactively do this for you when a person takes a look at the application, so that could be easier.
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Ketawa
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Re: What's Your Credit Card Rewards Strategy?

Post by Ketawa »

kojima wrote: Sat Apr 22, 2023 3:14 am For those who have been churning credit cards for a while now and have over 15 different cards, do you ever close any of your credit cards?

If someone has 15 credit cards and majority of them are no annual fee cards with low credit limit, is there really a point in closing them? Or would certain banks such as Chase use it against you when trying to open new cards with them and put you at risk of a shutdown?

My understanding is that closing cards should be a last resort when the specific card requires you to not have that card when trying to receive the sign up bonus.
I regularly close cards. Occasionally, I've been denied for cards with one of the cited reasons being too many revolving accounts or too much revolving available credit.

I'm in the military and don't pay annual fees for Amex, Chase, and U.S. Bank cards, so I try to sign up for cards that will offer long-term value every year either through benefits or being in my regular rotation for spending. I also try to fit in signup bonuses, when I can. I have 22 open now and only 3 of those don't offer much, so they're candidates for closing. Over the years, I've closed 34.
kojima
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Re: What's Your Credit Card Rewards Strategy?

Post by kojima »

Ketawa wrote: Sat Apr 22, 2023 3:45 pm
kojima wrote: Sat Apr 22, 2023 3:14 am For those who have been churning credit cards for a while now and have over 15 different cards, do you ever close any of your credit cards?

If someone has 15 credit cards and majority of them are no annual fee cards with low credit limit, is there really a point in closing them? Or would certain banks such as Chase use it against you when trying to open new cards with them and put you at risk of a shutdown?

My understanding is that closing cards should be a last resort when the specific card requires you to not have that card when trying to receive the sign up bonus.
I regularly close cards. Occasionally, I've been denied for cards with one of the cited reasons being too many revolving accounts or too much revolving available credit.

I'm in the military and don't pay annual fees for Amex, Chase, and U.S. Bank cards, so I try to sign up for cards that will offer long-term value every year either through benefits or being in my regular rotation for spending. I also try to fit in signup bonuses, when I can. I have 22 open now and only 3 of those don't offer much, so they're candidates for closing. Over the years, I've closed 34.
Do you have a strategy in closing cards? I have around 15 open Chase CC's with only around 4 having annual fees. I technically do not need to close it since I'm still below the 50% of my income for my credit limit.
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ResearchMed
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Re: What's Your Credit Card Rewards Strategy?

Post by ResearchMed »

SlowMovingInvestor wrote: Sat Apr 22, 2023 3:24 pm I just applied for a Chase card, and I got a "pending, review we'll get back to you" response.

I just had a 5th card drop off my approvals in past 24 months, but it's possible there's a little lag in their recognizing it. I would have waited another 1-2 months, but I have some pending spend in the next 2 weeks I wanted to use to meet bonus spending for this card.

Question: Does one get an immediate denial for 5/24 (i.e. no 'pending review')?

The only other reason that might be applicable is that Chase has already extended a lot of credit to me (current balance of 0, but large potential balances as seen by their algorithms), so might be reluctant to issue a new card. In that case, I think calling them and asking them to move credit from current cards to the new card would work.

And do you have credit freezes?

We each get this response, and *then* (later; it would be more clear if we'd get both bits of information together) we get information about which credit agency to "unfreeze" so they can do the credit check.

So we usually unfreeze the relevant credit and then call the card issuer (phone number usually with the info about "which credit agency to unfreeze") and ask them to do it again please, etc.
They usually do it while we are on hold, and then it's all done.

We wait for something more official than "some person told us 'yes' last week", etc. :wink: such as an email or snail mail, and then we refreeze the credit.

RM
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SlowMovingInvestor
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Re: What's Your Credit Card Rewards Strategy?

Post by SlowMovingInvestor »

ResearchMed wrote: Sat Apr 22, 2023 4:33 pm
SlowMovingInvestor wrote: Sat Apr 22, 2023 3:24 pm I just applied for a Chase card, and I got a "pending, review we'll get back to you" response.

I just had a 5th card drop off my approvals in past 24 months, but it's possible there's a little lag in their recognizing it. I would have waited another 1-2 months, but I have some pending spend in the next 2 weeks I wanted to use to meet bonus spending for this card.

Question: Does one get an immediate denial for 5/24 (i.e. no 'pending review')?

The only other reason that might be applicable is that Chase has already extended a lot of credit to me (current balance of 0, but large potential balances as seen by their algorithms), so might be reluctant to issue a new card. In that case, I think calling them and asking them to move credit from current cards to the new card would work.

And do you have credit freezes?

We each get this response, and *then* (later; it would be more clear if we'd get both bits of information together) we get information about which credit agency to "unfreeze" so they can do the credit check.
Thanks for the suggestion, but my credit is unfrozen. I do have credit monitoring, and it showed the queries.

I think the most likely reasons are too much credit already given out to me by Chase or 5/24 (but I don't know if 5/24 leads to immediate rejection, with no 'pending').

It's possible that Chase is going to the Citi route, i.e. denying people who have a lot of unused credit. But I hope not!
theplayer11
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Re: What's Your Credit Card Rewards Strategy?

Post by theplayer11 »

SlowMovingInvestor wrote: Sat Apr 22, 2023 7:20 pm
ResearchMed wrote: Sat Apr 22, 2023 4:33 pm
SlowMovingInvestor wrote: Sat Apr 22, 2023 3:24 pm I just applied for a Chase card, and I got a "pending, review we'll get back to you" response.

I just had a 5th card drop off my approvals in past 24 months, but it's possible there's a little lag in their recognizing it. I would have waited another 1-2 months, but I have some pending spend in the next 2 weeks I wanted to use to meet bonus spending for this card.

Question: Does one get an immediate denial for 5/24 (i.e. no 'pending review')?

The only other reason that might be applicable is that Chase has already extended a lot of credit to me (current balance of 0, but large potential balances as seen by their algorithms), so might be reluctant to issue a new card. In that case, I think calling them and asking them to move credit from current cards to the new card would work.

And do you have credit freezes?

We each get this response, and *then* (later; it would be more clear if we'd get both bits of information together) we get information about which credit agency to "unfreeze" so they can do the credit check.
Thanks for the suggestion, but my credit is unfrozen. I do have credit monitoring, and it showed the queries.

I think the most likely reasons are too much credit already given out to me by Chase or 5/24 (but I don't know if 5/24 leads to immediate rejection, with no 'pending').

It's possible that Chase is going to the Citi route, i.e. denying people who have a lot of unused credit. But I hope not!
Is total credit with Chase more than half reported income? Not sure if true, but rule of thumb is to keep it under, seems to work for me.
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Ketawa
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Re: What's Your Credit Card Rewards Strategy?

Post by Ketawa »

kojima wrote: Sat Apr 22, 2023 3:50 pm Do you have a strategy in closing cards? I have around 15 open Chase CC's with only around 4 having annual fees. I technically do not need to close it since I'm still below the 50% of my income for my credit limit.
Generally, whatever offers the least long-term value.
prozario01
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Re: What's Your Credit Card Rewards Strategy?

Post by prozario01 »

beezlebub wrote: Sat Mar 25, 2023 10:03 am I wish I had read the fine print on the Bank of America Travel Rewards card. I assumed the cash back points would be 1:1 like the Cash Rewards card — nope. The Travel card’s points are only 1:1 when redeemed for travel and dining and in $25 increments; if you want to redeem for cash you only get $0.006 per point, and cash redemptions is via a check in the mail.

The plan is to just get the 25,000 promotional points after spending $1k and then locking and throwing this card away, it’s by far the worst “cash back” card I’ve personally come across.
Get the other BofA card - almost exactly the same, except the reward is cashback as opposed to Travel regard. I've switched over to that one and kept the travel reard as backup - in case i need it.
kojima
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Re: What's Your Credit Card Rewards Strategy?

Post by kojima »

I wanted to ask here for anyone who has recently opened Chase CC's with high velocity.

My partner has the following CC opening history:

December 2022 - Chase Business Card
January 2023 - Chase Personal Card
March 2023 - Chase Personal Card

They also have another personal Chase card that they opened back in 2017 but in total, they only have 4 CC's with Chase.

We have some upcoming spending next month and would like to open a Chase Business Card. Are they at high risk of getting their Chase account shutdown if they go through with this? The recommended velocity is one card every 90 days.

They also have a Chase Checking and Savings with quite long history.
SlowMovingInvestor
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Re: What's Your Credit Card Rewards Strategy?

Post by SlowMovingInvestor »

theplayer11 wrote: Sat Apr 22, 2023 7:36 pm
SlowMovingInvestor wrote: Sat Apr 22, 2023 7:20 pm
I think the most likely reasons are too much credit already given out to me by Chase or 5/24 (but I don't know if 5/24 leads to immediate rejection, with no 'pending').

It's possible that Chase is going to the Citi route, i.e. denying people who have a lot of unused credit. But I hope not!
Is total credit with Chase more than half reported income? Not sure if true, but rule of thumb is to keep it under, seems to work for me.
Yes, it's higher. My last 2 approvals gave me ridiculous amounts of credit for some reason. But per earlier posts, calling in and asking for reallocation of credit should work. However, it wouldn't work for 5/24
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SconnieBro
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Re: What's Your Credit Card Rewards Strategy?

Post by SconnieBro »

kojima wrote: Sun Apr 23, 2023 1:24 am I wanted to ask here for anyone who has recently opened Chase CC's with high velocity.

My partner has the following CC opening history:

December 2022 - Chase Business Card
January 2023 - Chase Personal Card
March 2023 - Chase Personal Card

They also have another personal Chase card that they opened back in 2017 but in total, they only have 4 CC's with Chase.

We have some upcoming spending next month and would like to open a Chase Business Card. Are they at high risk of getting their Chase account shutdown if they go through with this? The recommended velocity is one card every 90 days.

They also have a Chase Checking and Savings with quite long history.
Confirming what you already know: yes that is asking to be flagged. Nobody knows your actual level of shutdown risk at Chase but data points over the years show people who get blacklisted at Chase do things like open four CCs with lucrative SUBs within 5 months.
kojima
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Re: What's Your Credit Card Rewards Strategy?

Post by kojima »

SconnieBro wrote: Sun Apr 23, 2023 6:31 am
kojima wrote: Sun Apr 23, 2023 1:24 am I wanted to ask here for anyone who has recently opened Chase CC's with high velocity.

My partner has the following CC opening history:

December 2022 - Chase Business Card
January 2023 - Chase Personal Card
March 2023 - Chase Personal Card

They also have another personal Chase card that they opened back in 2017 but in total, they only have 4 CC's with Chase.

We have some upcoming spending next month and would like to open a Chase Business Card. Are they at high risk of getting their Chase account shutdown if they go through with this? The recommended velocity is one card every 90 days.

They also have a Chase Checking and Savings with quite long history.
Confirming what you already know: yes that is asking to be flagged. Nobody knows your actual level of shutdown risk at Chase but data points over the years show people who get blacklisted at Chase do things like open four CCs with lucrative SUBs within 5 months.
Makes sense, thanks for talking some sense into me. Definitely would not be worth the shut down.
JBTX
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Re: What's Your Credit Card Rewards Strategy?

Post by JBTX »

BashDash wrote: Tue Apr 18, 2023 10:41 am Been getting a lot of Shop Your Way Offers lately.....just got a 275,000 shop your way points offer for spending 1k in a month......I believe that converts to 250$ but not sure.....would there be an easy way to take advantage of that if I don't have 1k natural spending this month? Giftcard from target or amazon purchased online? Not sure how things will code? Thanks!!!
I had noticed a 10% cash back on gas and restaurants and groceries through June so I started using the card, but just went back and looked at it seems to say you must spend $800 in those categories in the month to get the reward, and your reward is limited to $90 per month. I got the email mid April so half of April was already gone by and I won’t spend $800 on those two by end of month - I typically shop Walmart for groceries so I assume that won’t qualify . I probably can in a normal full month.

This seems gimmicky. Is this how a lot of the offers are?
CletusCaddy
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Re: What's Your Credit Card Rewards Strategy?

Post by CletusCaddy »

JBTX wrote: Sun Apr 23, 2023 5:14 pm
BashDash wrote: Tue Apr 18, 2023 10:41 am Been getting a lot of Shop Your Way Offers lately.....just got a 275,000 shop your way points offer for spending 1k in a month......I believe that converts to 250$ but not sure.....would there be an easy way to take advantage of that if I don't have 1k natural spending this month? Giftcard from target or amazon purchased online? Not sure how things will code? Thanks!!!
I had noticed a 10% cash back on gas and restaurants and groceries through June so I started using the card, but just went back and looked at it seems to say you must spend $800 in those categories in the month to get the reward, and your reward is limited to $90 per month. I got the email mid April so half of April was already gone by and I won’t spend $800 on those two by end of month - I typically shop Walmart for groceries so I assume that won’t qualify . I probably can in a normal full month.

This seems gimmicky. Is this how a lot of the offers are?
Yes it is. I’m willing to jump through the hoops.

Whole Foods sells Amazon gift cards
JBTX
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Re: What's Your Credit Card Rewards Strategy?

Post by JBTX »

CletusCaddy wrote: Sun Apr 23, 2023 5:27 pm
JBTX wrote: Sun Apr 23, 2023 5:14 pm
BashDash wrote: Tue Apr 18, 2023 10:41 am Been getting a lot of Shop Your Way Offers lately.....just got a 275,000 shop your way points offer for spending 1k in a month......I believe that converts to 250$ but not sure.....would there be an easy way to take advantage of that if I don't have 1k natural spending this month? Giftcard from target or amazon purchased online? Not sure how things will code? Thanks!!!
I had noticed a 10% cash back on gas and restaurants and groceries through June so I started using the card, but just went back and looked at it seems to say you must spend $800 in those categories in the month to get the reward, and your reward is limited to $90 per month. I got the email mid April so half of April was already gone by and I won’t spend $800 on those two by end of month - I typically shop Walmart for groceries so I assume that won’t qualify . I probably can in a normal full month.

This seems gimmicky. Is this how a lot of the offers are?
Yes it is. I’m willing to jump through the hoops.

Whole Foods sells Amazon gift cards
To each his own, I guess. With groceries I already get 5%. I could buy an Amazon gift card at a grocery store, to get to 10%, or an extra 5%, but then I lose 5% on Amazon card purchases.
exarkun
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Re: What's Your Credit Card Rewards Strategy?

Post by exarkun »

kojima wrote: Sat Apr 22, 2023 3:14 am For those who have been churning credit cards for a while now and have over 15 different cards, do you ever close any of your credit cards?

If someone has 15 credit cards and majority of them are no annual fee cards with low credit limit, is there really a point in closing them? Or would certain banks such as Chase use it against you when trying to open new cards with them and put you at risk of a shutdown?

My understanding is that closing cards should be a last resort when the specific card requires you to not have that card when trying to receive the sign up bonus.
I typically only close ones with a fee that have no good retention offer
theplayer11
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Re: What's Your Credit Card Rewards Strategy?

Post by theplayer11 »

SlowMovingInvestor wrote: Sun Apr 23, 2023 5:30 am
theplayer11 wrote: Sat Apr 22, 2023 7:36 pm
SlowMovingInvestor wrote: Sat Apr 22, 2023 7:20 pm
I think the most likely reasons are too much credit already given out to me by Chase or 5/24 (but I don't know if 5/24 leads to immediate rejection, with no 'pending').

It's possible that Chase is going to the Citi route, i.e. denying people who have a lot of unused credit. But I hope not!
Is total credit with Chase more than half reported income? Not sure if true, but rule of thumb is to keep it under, seems to work for me.
Yes, it's higher. My last 2 approvals gave me ridiculous amounts of credit for some reason. But per earlier posts, calling in and asking for reallocation of credit should work. However, it wouldn't work for 5/24
I always lower credit limit on my Chase cards online via secure message(usually completed the next day) before applying for a new card, especially on recent high credits limits given. I like to be under 50% on total credit/income.
EnjoyIt
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Re: What's Your Credit Card Rewards Strategy?

Post by EnjoyIt »

Amex credit card question.

I just tried to apply for the Schwab Amex Platinum and they mentioned I was rejected from the welcome bonus but can't understand why. Here is what it said:
based on your history with credit card balance transfers, American Express welcome offers, introductory APR offers, or the number of Cards you have opened and closed, you are not eligible to receive the welcome offer.
To give a bit of history.
I have not done any balance transfers.
I opened an amex business gold delta card 3/18/23.
My other non amex cards opened are 11/12/22, 7/9/22, 3/8/22, 4/4/21, 11/18/20, etc. Basically I get 2-3 cards a year and stay under the chase 5/24 rule.
I have a total of 3 amex cards, and had a business platinum back in 2016 but never a schwab platinum.


From what I have read, I should be good with regards to card open. But maybe I am missing something.

How long do I need to wait or is there something I need to do to get approved for the bonus?

Any thoughts or advice is appreciated.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
tj
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Re: What's Your Credit Card Rewards Strategy?

Post by tj »

EnjoyIt wrote: Tue Apr 25, 2023 12:21 pm Amex credit card question.

I just tried to apply for the Schwab Amex Platinum and they mentioned I was rejected from the welcome bonus but can't understand why. Here is what it said:
based on your history with credit card balance transfers, American Express welcome offers, introductory APR offers, or the number of Cards you have opened and closed, you are not eligible to receive the welcome offer.
To give a bit of history.
I have not done any balance transfers.
I opened an amex business gold delta card 3/18/23.
My other non amex cards opened are 11/12/22, 7/9/22, 3/8/22, 4/4/21, 11/18/20, etc. Basically I get 2-3 cards a year and stay under the chase 5/24 rule.
I have a total of 3 amex cards, and had a business platinum back in 2016 but never a schwab platinum.


From what I have read, I should be good with regards to card open. But maybe I am missing something.

How long do I need to wait or is there something I need to do to get approved for the bonus?

Any thoughts or advice is appreciated.
Have you used the other amex cards for anything other than gaming bonuses? Sounds like they've noticed a pattern and don't want to give you more free $$$
index245
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Re: What's Your Credit Card Rewards Strategy?

Post by index245 »

EnjoyIt wrote: Tue Apr 25, 2023 12:21 pm Amex credit card question.

I just tried to apply for the Schwab Amex Platinum and they mentioned I was rejected from the welcome bonus but can't understand why. Here is what it said:
based on your history with credit card balance transfers, American Express welcome offers, introductory APR offers, or the number of Cards you have opened and closed, you are not eligible to receive the welcome offer.
To give a bit of history.
I have not done any balance transfers.
I opened an amex business gold delta card 3/18/23.
My other non amex cards opened are 11/12/22, 7/9/22, 3/8/22, 4/4/21, 11/18/20, etc. Basically I get 2-3 cards a year and stay under the chase 5/24 rule.
I have a total of 3 amex cards, and had a business platinum back in 2016 but never a schwab platinum.


From what I have read, I should be good with regards to card open. But maybe I am missing something.

How long do I need to wait or is there something I need to do to get approved for the bonus?

Any thoughts or advice is appreciated.
You are in the famous Amex "pop up jail". So am I. You need to put more regular spend on your Amex cards and eventually you'll be released and be able to get sign up bonuses again
EnjoyIt
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Re: What's Your Credit Card Rewards Strategy?

Post by EnjoyIt »

tj wrote: Tue Apr 25, 2023 9:09 pm
EnjoyIt wrote: Tue Apr 25, 2023 12:21 pm Amex credit card question.

I just tried to apply for the Schwab Amex Platinum and they mentioned I was rejected from the welcome bonus but can't understand why. Here is what it said:
based on your history with credit card balance transfers, American Express welcome offers, introductory APR offers, or the number of Cards you have opened and closed, you are not eligible to receive the welcome offer.
To give a bit of history.
I have not done any balance transfers.
I opened an amex business gold delta card 3/18/23.
My other non amex cards opened are 11/12/22, 7/9/22, 3/8/22, 4/4/21, 11/18/20, etc. Basically I get 2-3 cards a year and stay under the chase 5/24 rule.
I have a total of 3 amex cards, and had a business platinum back in 2016 but never a schwab platinum.


From what I have read, I should be good with regards to card open. But maybe I am missing something.

How long do I need to wait or is there something I need to do to get approved for the bonus?

Any thoughts or advice is appreciated.
Have you used the other amex cards for anything other than gaming bonuses? Sounds like they've noticed a pattern and don't want to give you more free $$$
index245 wrote: Tue Apr 25, 2023 10:01 pm You are in the famous Amex "pop up jail". So am I. You need to put more regular spend on your Amex cards and eventually you'll be released and be able to get sign up bonuses again
I have not had an Amex card prior to this recent Delta card in 7 years. I'm using the Delta Card and just bought plane tickets. How long do I need to play this game to be removed from Amex Jail. I plan on keeping the platinum for the time being since I am flying Delta quite a bit now.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
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SconnieBro
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Re: What's Your Credit Card Rewards Strategy?

Post by SconnieBro »

EnjoyIt wrote: Wed Apr 26, 2023 8:58 am
How long do I need to play this game to be removed from Amex Jail.
Nobody knows. There are theories that increasing your usage on your existing cards may help, but nobody knows how their algorithm works.

It's also important to note that you may get the pop up for Amex Card A with sign-up bonus of X but not get it for Amex Card A with sign-up bonus of Y (X usually > Y)
EnjoyIt
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Re: What's Your Credit Card Rewards Strategy?

Post by EnjoyIt »

SconnieBro wrote: Wed Apr 26, 2023 9:24 am
EnjoyIt wrote: Wed Apr 26, 2023 8:58 am
How long do I need to play this game to be removed from Amex Jail.
Nobody knows. There are theories that increasing your usage on your existing cards may help, but nobody knows how their algorithm works.

It's also important to note that you may get the pop up for Amex Card A with sign-up bonus of X but not get it for Amex Card A with sign-up bonus of Y (X usually > Y)
interesting....thanks. Maybe its time to check out a different amex platinum. I would have preferred the schwab one for now.

The other question is. How often should I try again and is there any harm applying daily for example?
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Ketawa
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Re: What's Your Credit Card Rewards Strategy?

Post by Ketawa »

EnjoyIt wrote: Wed Apr 26, 2023 9:25 am The other question is. How often should I try again and is there any harm applying daily for example?
Nobody knows. I tried applying for the Amex Delta Reserve card 8 times in 2021-2022, and I was stuck in popup jail the entire time. At the time, I used a couple of my cards extensively, but otherwise only charged a small amount to some Platinum cards for the Digital Entertainment Credit, and almost never used a couple other cards. Since then, I've been charging at least a small amount to all 9 of my Amex cards every statement cycle to see if I can get out of jail. I haven't had an opportunity yet to test whether it worked.
EnjoyIt
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Re: What's Your Credit Card Rewards Strategy?

Post by EnjoyIt »

Ketawa wrote: Wed Apr 26, 2023 11:15 am
EnjoyIt wrote: Wed Apr 26, 2023 9:25 am The other question is. How often should I try again and is there any harm applying daily for example?
Nobody knows. I tried applying for the Amex Delta Reserve card 8 times in 2021-2022, and I was stuck in popup jail the entire time. At the time, I used a couple of my cards extensively, but otherwise only charged a small amount to some Platinum cards for the Digital Entertainment Credit, and almost never used a couple other cards. Since then, I've been charging at least a small amount to all 9 of my Amex cards every statement cycle to see if I can get out of jail. I haven't had an opportunity yet to test whether it worked.
Basically what you have told me is that I may never get out.
My plan is to retry again after the next monthly cycle. If I fail, I will try the regular platinum. If that fails I will give up for a while and live without it.

Thanks for everyone's input on the subject.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
Bibliothikarios
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Re: What's Your Credit Card Rewards Strategy?

Post by Bibliothikarios »

Ependytis wrote: Thu Oct 06, 2022 1:50 pm The four best cash back cards that I’ve been able to find with no gimmicks are Pen Fed Cash Rewards, American Express Preferred, Uber, and Citibank Double Cash. When I say no gimmicks, I mean no rotating categories or limited time offers. With these cards and just my spending, I can get about $750 a year back above and beyond the annual fee for the American Express card.

*Pen Fed- 6% back on gas, no foreign transaction fee, no annual fee
*American Express- 5% on groceries and 2% on everything else, $90 annual fee
*Uber- 4% on restaurants and 3% on travel, no annual fee
*Citibank- 2% on everything once you pay the bill, no annual fee
I like all of these. Since I use Amazon Prime and I do Wal-Mart grocery orders online and pickup at the store, I get unlimited 5% cash back on these with the Amazon Prime Chase card and Capital One Wal-Mart cards. Neither has an annual fee.
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Ketawa
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Re: What's Your Credit Card Rewards Strategy?

Post by Ketawa »

Bibliothikarios wrote: Thu Apr 27, 2023 10:09 pm
Ependytis wrote: Thu Oct 06, 2022 1:50 pm The four best cash back cards that I’ve been able to find with no gimmicks are Pen Fed Cash Rewards, American Express Preferred, Uber, and Citibank Double Cash. When I say no gimmicks, I mean no rotating categories or limited time offers. With these cards and just my spending, I can get about $750 a year back above and beyond the annual fee for the American Express card.

*Pen Fed- 6% back on gas, no foreign transaction fee, no annual fee
*American Express- 5% on groceries and 2% on everything else, $90 annual fee
*Uber- 4% on restaurants and 3% on travel, no annual fee
*Citibank- 2% on everything once you pay the bill, no annual fee
I like all of these. Since I use Amazon Prime and I do Wal-Mart grocery orders online and pickup at the store, I get unlimited 5% cash back on these with the Amazon Prime Chase card and Capital One Wal-Mart cards. Neither has an annual fee.
For others reading:

PenFed Platinum Cash Rewards has not been available to new applicants for years, and is 5% cash back on gas, not 6%.

I don't know what the American Express Preferred card is, maybe a discontinued version? The Amex Blue Cash Preferred is good, but most people with high grocery spending will probably be better off with the Citi Custom Cash card earning 5% without an annual fee, unless for some reason their grocery spending isn't consistent and has strange peaks and valleys throughout the year. For very high spending, the Amex Gold card might make sense and is also a good card for restaurant spending.

The Barclays Uber card was discontinued and converted to the Barclays View card offering 3x points for restaurants. I don't know what points are worth.
atdharris
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Re: What's Your Credit Card Rewards Strategy?

Post by atdharris »

Ketawa wrote: Fri Apr 28, 2023 8:13 am
Bibliothikarios wrote: Thu Apr 27, 2023 10:09 pm
Ependytis wrote: Thu Oct 06, 2022 1:50 pm The four best cash back cards that I’ve been able to find with no gimmicks are Pen Fed Cash Rewards, American Express Preferred, Uber, and Citibank Double Cash. When I say no gimmicks, I mean no rotating categories or limited time offers. With these cards and just my spending, I can get about $750 a year back above and beyond the annual fee for the American Express card.

*Pen Fed- 6% back on gas, no foreign transaction fee, no annual fee
*American Express- 5% on groceries and 2% on everything else, $90 annual fee
*Uber- 4% on restaurants and 3% on travel, no annual fee
*Citibank- 2% on everything once you pay the bill, no annual fee
I like all of these. Since I use Amazon Prime and I do Wal-Mart grocery orders online and pickup at the store, I get unlimited 5% cash back on these with the Amazon Prime Chase card and Capital One Wal-Mart cards. Neither has an annual fee.
For others reading:

PenFed Platinum Cash Rewards has not been available to new applicants for years, and is 5% cash back on gas, not 6%.

I don't know what the American Express Preferred card is, maybe a discontinued version? The Amex Blue Cash Preferred is good, but most people with high grocery spending will probably be better off with the Citi Custom Cash card earning 5% without an annual fee, unless for some reason their grocery spending isn't consistent and has strange peaks and valleys throughout the year. For very high spending, the Amex Gold card might make sense and is also a good card for restaurant spending.

The Barclays Uber card was discontinued and converted to the Barclays View card offering 3x points for restaurants. I don't know what points are worth.
He may mean the Amex Blue Cash Preferred? But that card gets you 6% on groceries and 1% on everything else.

The Uber card was so good when it was first released that Barklay's had to get rid of it.
lakpr
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Re: What's Your Credit Card Rewards Strategy?

Post by lakpr »

There has been an old American Express Blue Cash card that offered 5% back on gas, groceries and drugstores -- with no annual fee. However, it has only 1% cash back on those purchases for the first $6,000 in purchases annually, and 0.5% on everything else.

I still have that card. When manufactured spending was a thing, I used to buy gift cards at grocery stores to meet that $6,000 limit -- meaning gift cards at those specific grocery merchants (Wegman's, Trader Joe's, ShopRite).

However, that card has not been available to the public in ages. My card is is cold storage right now, as I feel the straight 2% cash back cards are better suited for my style of spending. I also fill my gas at Costco, which discontinued Amex. I also bought a hybrid car which practically cut my gas spending in half.
MikeG62
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Re: What's Your Credit Card Rewards Strategy?

Post by MikeG62 »

Lyrrad wrote: Sun Apr 02, 2023 11:08 am
For me, the main downsides of this is that you have to maintain $1000 in their checking account at a seemingly low interest rate, and the cash back is limited to $10,000 of purchases a month.

I also see reports that tax payments and gift cards (e.g. from giftcards.com) are excluded.

Since tax payments and rent are my biggest largest expenses by far, and BoA Premium Rewards gives me 3.5% back on rent with Platinum Honors, the Alliant card doesn't make much sense for me.
Question on paying rent using a BofA card. Are you saying that BofA classifies your rent under the Travel category which earns 2.0% CB (increased to 3.5% with Platinum honors status)? I assume this is the case since I note that BofA lists "Real Estate Agents and Managers (Rentals)" as a qualifying category under Travel for their customized cash back card.

Reason I ask is that we will be renting a furnished apartment (in an apartment complex) for temporary living to bridge the gap between moving out of our current home and moving into our new home (a period of about 4 months). I was thinking about getting the BofA Customized Cash Rewards Card and using this card to pay for the rent (IF in fact it will be classified as Travel). With Platinum Honors status, this would increase the cash back rate to 5.25% (more than offsetting the 3.0% fee the landlord will assess by my using a CC to pay the rent). I could use my Premium Rewards card and get 3.5% CB (IF it is classified as Travel), but obviously 5.25% is better than 3.5% (especially given the exorbitant rent being charged for this apartment).
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THY4373
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Re: What's Your Credit Card Rewards Strategy?

Post by THY4373 »

lakpr wrote: Fri Apr 28, 2023 1:43 pm There has been an old American Express Blue Cash card that offered 5% back on gas, groceries and drugstores -- with no annual fee. However, it has only 1% cash back on those purchases for the first $6,000 in purchases annually, and 0.5% on everything else.

I still have that card. When manufactured spending was a thing, I used to buy gift cards at grocery stores to meet that $6,000 limit -- meaning gift cards at those specific grocery merchants (Wegman's, Trader Joe's, ShopRite).
Ah the OBC I had some really good times on that card back in the day. I would note that the 5% CB is capped at $50k in spend a year now if I recall correctly. I was uncapped back in the day. Probably plenty for anybody who isn't MSing.
LaurenRose
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Re: What's Your Credit Card Rewards Strategy?

Post by LaurenRose »

RE: The Bilt credit card from Wells Fargo. I will soon be renting a nice apartment, substantial rent, so I would like to apply for this card.

I've looked to see if it has any limiting criteria, similar to the Chase cards like 5/24 - , but it appears the only major approval factor is a strong credit rating, which I have.

I was wondering since I taken out a few other new cards so far in 2023 and was curious about Wells might view that activity.

Any thoughts? Thanks
N10sive
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Re: What's Your Credit Card Rewards Strategy?

Post by N10sive »

I just got a chase sapphire card for the bonus. Should I close it and so that I can reapply in 2 years? I don't see a need to keep it. Most of my spending is on a fidelity cash rewards card. I've been debating cancelling that to to reapply later.

I keep a bofa card because its my longest card. Plus a bofa alaska airlines as I travel with them primarily(dont do much international).
protagonist
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Re: What's Your Credit Card Rewards Strategy?

Post by protagonist »

N10sive wrote: Tue May 09, 2023 1:58 pm I just got a chase sapphire card for the bonus. Should I close it and so that I can reapply in 2 years? I don't see a need to keep it. Most of my spending is on a fidelity cash rewards card. I've been debating cancelling that to to reapply later.

I keep a bofa card because its my longest card. Plus a bofa alaska airlines as I travel with them primarily(dont do much international).
If you travel and use UR points you might want to keep it. 33% bonus on travel with preferred, 50% with reserve. It makes your freedom unlimited points worth 2.25% (4.5% if you earned them 3 pts/$) and your other freedom bonus category points worth 7.5%.
nedjames
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Re: What's Your Credit Card Rewards Strategy?

Post by nedjames »

arsenalfan wrote: Wed May 25, 2016 12:07 pm Anyone using Amazon regularly should consider the Amazon Store Card - basically a line of credit you can only use at Amazon, and get 5% back.

viewtopic.php?t=181150

Don't know why Amazon doesn't advertise more. Like OP, I was using the Amazon Visa for 3% back until I found this card.

Pretty great, given how much one can buy from Amazon.
Do you designate the Amazon Store card as your primary card on Amazon?

The reason I ask is because I automatically get the Amazon Whole Foods discount when I check out if I use the Chase card that is my Amazon primary card. It is convienent in that I don't have to fiddle with pulling up q codes at checkout. I don't think I would be able to use the Amazon Store Card at a bricked mortar joint.
atdharris
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Re: What's Your Credit Card Rewards Strategy?

Post by atdharris »

nedjames wrote: Tue May 09, 2023 2:25 pm
arsenalfan wrote: Wed May 25, 2016 12:07 pm Anyone using Amazon regularly should consider the Amazon Store Card - basically a line of credit you can only use at Amazon, and get 5% back.

viewtopic.php?t=181150

Don't know why Amazon doesn't advertise more. Like OP, I was using the Amazon Visa for 3% back until I found this card.

Pretty great, given how much one can buy from Amazon.
Do you designate the Amazon Store card as your primary card on Amazon?

The reason I ask is because I automatically get the Amazon Whole Foods discount when I check out if I use the Chase card that is my Amazon primary card. It is convienent in that I don't have to fiddle with pulling up q codes at checkout. I don't think I would be able to use the Amazon Store Card at a bricked mortar joint.
I've heard the bank that issues the Store card is a nightmare to deal with. If you have a Prime membership, there is no better card than the Chase Amazon card. It sounds like you still need a Prime membership for the Store card and it doesn't say Whole Foods receives 5% back. I am not sure why anyone would go for that over the Chase card unless you can't qualify for the Chase card
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