What's Your Credit Card Rewards Strategy?
Re: What's Your Credit Card Rewards Strategy?
For the points game, if you are focusing on redemption value instead of acquisition cost, you will never be successful.
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Re: What's Your Credit Card Rewards Strategy?
atdharris wrote: ↑Sat May 20, 2023 9:15 am Outside of Hyatt, hotels in general have terrible redemption rates, and I am not much of a Hyatt guy outside of the Park Hyatts, but those are not widespread. I wish Amex had Hyatt as a travel partner, but I know that will never happen or it will pretty much render UR points worthless. At this point, I am debating whether it is even worth it to keep my CSP just for Hyatt transfers when I rarely use it.
We finally stayed at a Park Hyatt (Italy, in the before days), and it was the best location and also a wonderful hotel.
So now (n = 1...) we suspect the general reputation is warranted (?).
We've never used points for hotels, always for premium international air. However, we've got so many points now (yes, we realize it will take a gazillion to go anywhere these days, if awards tickets are available at all, etc.), that perhaps we should focus a bit more on hotels.
What is the best way to get points that can be used at Park Hyatts?
And in practical terms, it is actually possible to get awards reservations at Park Hyatts, or is it almost impossible?
And is the value much more than any generous "cash back" card (which we've also not done yet)?
We'd be happy to change charge cards, etc., but unless it's a card with bonuses for signing up, our spend these days is unlikely to generate a big pile of points.
Thanks.
RM
This signature is a placebo. You are in the control group.
Re: What's Your Credit Card Rewards Strategy?
I use CSR and transfer to Hyatt. I’ve been happy with both grand Hyatt and park Hyatt properties- very nice.
Sometimes they run promotions on using points for Apple products which is also a good deal imo.
Sometimes they run promotions on using points for Apple products which is also a good deal imo.
Re: What's Your Credit Card Rewards Strategy?
I think the reason for the low limit is that I am retired, and outside my IRA and brokerage withdrawals, my only source of income is Social Security.
Re: What's Your Credit Card Rewards Strategy?
Here is what I always suggest, sign up for cards that are tied to the airlines you fly the most. Figure out what airline has a main hub in your local airport, and then sign up for that card, because that airline will have the most direct flights out of your home airport. For example, if your home airport is IAH, ORD, or DEN then it makes sense to sign up for a United card since United has a large hub in those airports. If you live in Dallas then its American Airlines, Atlanta is Delta etc.FireToBiz wrote: ↑Wed May 10, 2023 10:31 pm I have a wedding followed by travel for honeymoon and travel for parents coming up in the next couple of months. Are there good credit cards to sign up right now? I already own:
- Bofa Travel Card
- Bofa Customized Cash Rewards card
What I don't own, and what I get mails from, are:
- American Express Platinum (150K rewards points = $1.5K rewards)
- Chase Sapphire (Preferred or Sapphire) (Preferred makes sense, given I don't travel often).
Any other credit card suggestions, given some big purchases like wedding, traveling around coming up soon?
The Chase Sapphire Preferred is always a good card to get since it has multiple transfer partners (United, Southwest) and it currently has a 80k sign up bonus. if you dont travel often, then the AMEX Platinum is probably not for you since it has a $695 annual fee compared to the Sapphire Preferred which has a $95 annual fee.
Re: What's Your Credit Card Rewards Strategy?
My experience with the Wells Fargo Active Cash has been very positive. I've held that card for almost 2 years. I was initially given a $20K credit line, which was more than sufficient. As I recall, the first ACH payment from my Ally account was held up by Wells Fargo and didn't get credited right away. I called the Customer Service to ask about it, and was told that this only happens with the first payment from a new account, and that if I wanted to expedite the credit, I had to provide the proof that funds were debited from the payment account. I just took a screeshot from my Ally account, showing the withdrawal, and sent it to Wells Fargo. The credit showed up on my account the next day. Going forward all my payments have been promptly credited to my account and I never had any issues.
Re: What's Your Credit Card Rewards Strategy?
Please explain.
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Re: What's Your Credit Card Rewards Strategy?
Every point you earn is really being bought. For example pretend you have a 2% cashback card and Freedom Unlimited which earns 1.5 UR per $1 spent. If you choose to earn 1.5 UR instead of 2% cashback it’s like buying UR for $0.0133 each. So you should focus on driving your cost of acquiring points down because otherwise you’re doing a lot of work for marginal or no gain.
Re: What's Your Credit Card Rewards Strategy?
A simple example:
You earn 100,000 hotel pts after spending $4,000 on a new card as a sign up bonus. At minimum those points cost you $80 based on the standard 2% everywhere card.
Say that card earns points at 4 points per dollar spent. Without the sign up bonus, 100,000 points would take $25,000 of spend which has a cost of $500.
Take advantage of all of the opportunities where it costs you $80 for those 100,000 points and then you don’t have to worry about redemption rate.
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Re: What's Your Credit Card Rewards Strategy?
I agree, having a bunch of 5.25% cash back cards and a 2.625% cash back card is probably the best value per time spent outside of sign up bonuses. Then I start thinking “well it doesn’t take any effort to use the freedom card for category spend like groceries and then max them out with gift cards to use for a few months after the quarter is over. And then getting Amazon cards at Office Depot for Amazon spend. Then etc etc etc and before you know it, you have a lot of cards and gift cards.Jags4186 wrote: ↑Sat May 20, 2023 1:16 pmEvery point you earn is really being bought. For example pretend you have a 2% cashback card and Freedom Unlimited which earns 1.5 UR per $1 spent. If you choose to earn 1.5 UR instead of 2% cashback it’s like buying UR for $0.0133 each. So you should focus on driving your cost of acquiring points down because otherwise you’re doing a lot of work for marginal or no gain.
I go in phases where I do all the gift card stuff for a few months and then I go back to only cash back cards.
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Re: What's Your Credit Card Rewards Strategy?
Is anyone aware of a card that offers 5x or 5% back on generic travel purchases without limit or with a very high limit and without having to book through a captive portal?
I’m not considering the Customized Cash Rewards because it is a $2k/quarter limit and I don’t want to move $100k to BOA.
I’m not considering the Customized Cash Rewards because it is a $2k/quarter limit and I don’t want to move $100k to BOA.
Re: What's Your Credit Card Rewards Strategy?
Doesn’t exist for generic travel.Jags4186 wrote: ↑Sun May 21, 2023 6:37 am Is anyone aware of a card that offers 5x or 5% back on generic travel purchases without limit or with a very high limit and without having to book through a captive portal?
I’m not considering the Customized Cash Rewards because it is a $2k/quarter limit and I don’t want to move $100k to BOA.
Amex Platinum is 5x on flights booked directly with airlines.
All other 5x travel doesn’t meet your requirements.
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Re: What's Your Credit Card Rewards Strategy?
There is the BOA Business Advantage card that would earn 5.25% on travel up to $50k annually but you need to be business platinum honors and that seems much more complicated for an individual to obtain vs. regular platinum honors.pizzy wrote: ↑Sun May 21, 2023 6:41 amDoesn’t exist for generic travel.Jags4186 wrote: ↑Sun May 21, 2023 6:37 am Is anyone aware of a card that offers 5x or 5% back on generic travel purchases without limit or with a very high limit and without having to book through a captive portal?
I’m not considering the Customized Cash Rewards because it is a $2k/quarter limit and I don’t want to move $100k to BOA.
Amex Platinum is 5x on flights booked directly with airlines.
All other 5x travel doesn’t meet your requirements.
Re: What's Your Credit Card Rewards Strategy?
If you do enough travel where 5% back moves the needle then you should be churning sign up bonuses.Jags4186 wrote: ↑Sun May 21, 2023 6:53 amThere is the BOA Business Advantage card that would earn 5.25% on travel up to $50k annually but you need to be business platinum honors and that seems much more complicated for an individual to obtain vs. regular platinum honors.pizzy wrote: ↑Sun May 21, 2023 6:41 amDoesn’t exist for generic travel.Jags4186 wrote: ↑Sun May 21, 2023 6:37 am Is anyone aware of a card that offers 5x or 5% back on generic travel purchases without limit or with a very high limit and without having to book through a captive portal?
I’m not considering the Customized Cash Rewards because it is a $2k/quarter limit and I don’t want to move $100k to BOA.
Amex Platinum is 5x on flights booked directly with airlines.
All other 5x travel doesn’t meet your requirements.
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Re: What's Your Credit Card Rewards Strategy?
I’ve exhausted sign up bonuses and am not interested in airline or hotel specific cards because I have more brand captive points then I can use.pizzy wrote: ↑Sun May 21, 2023 7:03 amIf you do enough travel where 5% back moves the needle then you should be churning sign up bonuses.Jags4186 wrote: ↑Sun May 21, 2023 6:53 amThere is the BOA Business Advantage card that would earn 5.25% on travel up to $50k annually but you need to be business platinum honors and that seems much more complicated for an individual to obtain vs. regular platinum honors.pizzy wrote: ↑Sun May 21, 2023 6:41 amDoesn’t exist for generic travel.Jags4186 wrote: ↑Sun May 21, 2023 6:37 am Is anyone aware of a card that offers 5x or 5% back on generic travel purchases without limit or with a very high limit and without having to book through a captive portal?
I’m not considering the Customized Cash Rewards because it is a $2k/quarter limit and I don’t want to move $100k to BOA.
Amex Platinum is 5x on flights booked directly with airlines.
All other 5x travel doesn’t meet your requirements.
Re: What's Your Credit Card Rewards Strategy?
How many business platinum cards have you gotten in the last 24 months?Jags4186 wrote: ↑Sun May 21, 2023 7:11 amI’ve exhausted sign up bonuses and am not interested in airline or hotel specific cards because I have more brand captive points then I can use.pizzy wrote: ↑Sun May 21, 2023 7:03 amIf you do enough travel where 5% back moves the needle then you should be churning sign up bonuses.Jags4186 wrote: ↑Sun May 21, 2023 6:53 amThere is the BOA Business Advantage card that would earn 5.25% on travel up to $50k annually but you need to be business platinum honors and that seems much more complicated for an individual to obtain vs. regular platinum honors.pizzy wrote: ↑Sun May 21, 2023 6:41 amDoesn’t exist for generic travel.Jags4186 wrote: ↑Sun May 21, 2023 6:37 am Is anyone aware of a card that offers 5x or 5% back on generic travel purchases without limit or with a very high limit and without having to book through a captive portal?
I’m not considering the Customized Cash Rewards because it is a $2k/quarter limit and I don’t want to move $100k to BOA.
Amex Platinum is 5x on flights booked directly with airlines.
All other 5x travel doesn’t meet your requirements.
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Re: What's Your Credit Card Rewards Strategy?
I get pop ups from AMEXpizzy wrote: ↑Sun May 21, 2023 7:34 amHow many business platinum cards have you gotten in the last 24 months?Jags4186 wrote: ↑Sun May 21, 2023 7:11 amI’ve exhausted sign up bonuses and am not interested in airline or hotel specific cards because I have more brand captive points then I can use.pizzy wrote: ↑Sun May 21, 2023 7:03 amIf you do enough travel where 5% back moves the needle then you should be churning sign up bonuses.
Re: What's Your Credit Card Rewards Strategy?
The Citi Prestige (no longer available for new customers) comes a little closer than Amex. It also gives you 5x on travel agencies in addition to airlines. The travel agency category is fairly broad and isn't limited to captative portals. I don't know if there is any backdoor upgrade path via another Citi card. Also gives 3x at hotels (5x if booked through travel agency).pizzy wrote: ↑Sun May 21, 2023 6:41 amDoesn’t exist for generic travel.Jags4186 wrote: ↑Sun May 21, 2023 6:37 am Is anyone aware of a card that offers 5x or 5% back on generic travel purchases without limit or with a very high limit and without having to book through a captive portal?
I’m not considering the Customized Cash Rewards because it is a $2k/quarter limit and I don’t want to move $100k to BOA.
Amex Platinum is 5x on flights booked directly with airlines.
All other 5x travel doesn’t meet your requirements.
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Re: What's Your Credit Card Rewards Strategy?
1. I use the Amazon Store card on autopay for all Amazon Prime purchases. 5% works for me. Synchrony autopay is setup - haven't had to interact wiht them at all.atdharris wrote: ↑Wed May 10, 2023 8:35 amYes but you don't need a Chase Amazon card for the discounts. Just a prime membership. However, the Chase card has no annual fee so if you shop at Amazon and WF, no reason not to have it.nedjames wrote: ↑Wed May 10, 2023 5:26 amWhole Foods gives random discounts at checkout for Prime Members.atdharris wrote: ↑Tue May 09, 2023 2:40 pmI'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 cardnedjames wrote: ↑Tue May 09, 2023 2:25 pmDo you designate the Amazon Store card as your primary card on Amazon?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.
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.
Chase Amazon card it is. Thank you.
2. At WF, I use the app, and use whatever card I want. If you want the Chase Amazon card, go for it!
Re: What's Your Credit Card Rewards Strategy?
Closest I can think of: US Bank Altitude Reserve gives 3X on travel (worth 1.5 through “real time rewards” travel purchases), which is essentially 4.5%. That’s the best I can think of. Travel definition is more limited (travel agencies not included), but it also gives 3X on Apple Pay and digital wallets, which can make up for it.Jags4186 wrote: ↑Sun May 21, 2023 6:37 am Is anyone aware of a card that offers 5x or 5% back on generic travel purchases without limit or with a very high limit and without having to book through a captive portal?
I’m not considering the Customized Cash Rewards because it is a $2k/quarter limit and I don’t want to move $100k to BOA.
There are rumors they are going to nerf the “real time rewards” multiplier via flyertalk. There doesn’t seem much basis for it at this time; the card is worthless without it.
Re: What's Your Credit Card Rewards Strategy?
Find the NLL offers, they bypass the popups. The new hilton surpass (130k + FNC for $2k spend) links do also.Jags4186 wrote: ↑Sun May 21, 2023 7:44 amI get pop ups from AMEXpizzy wrote: ↑Sun May 21, 2023 7:34 amHow many business platinum cards have you gotten in the last 24 months?Jags4186 wrote: ↑Sun May 21, 2023 7:11 amI’ve exhausted sign up bonuses and am not interested in airline or hotel specific cards because I have more brand captive points then I can use.
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Re: What's Your Credit Card Rewards Strategy?
That makes sense. Thanks.spammagnet wrote: ↑Thu May 18, 2023 10:23 pm ...I don't want to test Chase's shutdown algoritms by closing accounts around the same time. It's too lucrative to mess up.
Re: What's Your Credit Card Rewards Strategy?
Perhaps the Greenstate Credit Union World Mastercard? Unlimited 5% back on airlines and hotels and no redemption portal required. Not an all-inclusive travel card but might help.Jags4186 wrote: ↑Sun May 21, 2023 6:37 am Is anyone aware of a card that offers 5x or 5% back on generic travel purchases without limit or with a very high limit and without having to book through a captive portal?
I’m not considering the Customized Cash Rewards because it is a $2k/quarter limit and I don’t want to move $100k to BOA.
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot
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Re: What's Your Credit Card Rewards Strategy?
Anyone else get the email from Amazon for the Amazon Prime card the other day? Instant $150 gift card upon approval and 5% back for 3 months.
I signed up, got the $150 instant gift card (which was just enough to get the large drum fan for my basement gym that I've had my eye on) and will cancel the account as soon as the card shows up. Thanks, Amazon!
FWIW, they gave a generous $25,000 limit as well, if that's appealing to anyone.
I signed up, got the $150 instant gift card (which was just enough to get the large drum fan for my basement gym that I've had my eye on) and will cancel the account as soon as the card shows up. Thanks, Amazon!
FWIW, they gave a generous $25,000 limit as well, if that's appealing to anyone.
Re: What's Your Credit Card Rewards Strategy?
Is that 5% on all purchases and not just at Amazon.com or Whole Foods? If so that would be an amazing card for 1 year.JimmyD wrote: ↑Mon May 22, 2023 6:13 am Anyone else get the email from Amazon for the Amazon Prime card the other day? Instant $150 gift card upon approval and 5% back for 3 months.
I signed up, got the $150 instant gift card (which was just enough to get the large drum fan for my basement gym that I've had my eye on) and will cancel the account as soon as the card shows up. Thanks, Amazon!
FWIW, they gave a generous $25,000 limit as well, if that's appealing to anyone.
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Re: What's Your Credit Card Rewards Strategy?
Yeah, it was only on the first $2,500 spent, so not super compelling. I just did it for the quick and easy $150.spammagnet wrote: ↑Mon May 22, 2023 12:57 pmThe 5% on everything is only good for the 1st 3 months and there may be an absolute $ limit.
Re: What's Your Credit Card Rewards Strategy?
Kojima- Actually "any issues that happens with the airline is then passed on to Chase" was a huge blessing for us. We cancelled several seats on an international flight and the airline insisted to only offer credit for another flight in the future and refused to offer a refund. Since it's unlikely that we will use that airline again and our flight was booked w/ the Chase Reserve card, we called Chase and they worked w/ the airline and helped us get our cash back.kojima wrote: ↑Fri May 19, 2023 4:31 amThere are many partners that you can transfer your Chase UR points to besides Hyatt - https://thepointsguy.com/guide/redeemin ... mum-value/EnjoyIt wrote: ↑Fri May 19, 2023 3:29 amNever is a strong word. I understand some of the pitfalls, but can you please elaborate on why? Also, if I have chase points, and I don’t have any Hyatt hotels I am planning on staying at, how else do you recommend we use up those points and still get 1.5 cents per point offered via Chase Sapphire Reserve.
I say never because when you use your Chase UR points to book an airline ticket, any issues that happens with the airline is then passed on to Chase. Whether your flight is cancelled, you need to rebook or cancel etc. all these issues will ultimately lead the airline to tell you to contact Chase. If you book directly with the airline, they are responsible for any cancellations or you missing your connecting flight (if on the same ticket) due to their delay for example.
I used Chase UR to book an airline ticket a few years ago that got cancelled due to COVID. And I can tell you that the headache of what happened is not worth it.
We also found that the Chase Reserve travel insurance coverage is the best we have seen so far. We don't have the Amex Centurion or Platinum cards so don't know what they offer in terms of travel coverage. Does anyone know and can comment?
Re: What's Your Credit Card Rewards Strategy?
Jags4186 wrote: ↑Sun May 21, 2023 6:37 am Is anyone aware of a card that offers 5x or 5% back on generic travel purchases without limit or with a very high limit and without having to book through a captive portal?
I’m not considering the Customized Cash Rewards because it is a $2k/quarter limit and I don’t want to move $100k to BOA.
I tend to agree w/ EnjoyIt. With the Chase Reserve card you earn 10X total points on hotels & car rentals purchased through Chase, 3X points
on travel & dining worldwide, and 5X points on flights booked through Chase portal. Each point is worth 1.5 cents when you use the portal to book travel. (I recently noticed booking flights through the Chase portal is just a tad higher now than before when their prices were exactly the same as other popular travel sites). You don't have to use the portal if you don't want to redeem at 1.5 cents per point, so for your 10X on hotels & car you can redeem them at 1 cent cash back or gift cards and use those elsewhere.
Also not sure if this would work for you- My husband and I each got a Customized Cash Rewards card so we have $5k/quarter limit total at 5.25X. The $100K applies to both since we have joint accounts.
With the Chase/Marriott Bonvoy card you can earn up to 17X total points for every $1 spent at hotels participating in Marriott Bonvoy program (e.g. Marriott/Courtyard/Fairfield, Spring Hill, Sheraton, Ritz-Carlton, Westin, etc).
Not sure what you mean by "high" or "very high" limit (A quick Google search shows "high limit is between $5,000 to 10,000"). Both the Reserve and Customized Cash Rewards offer higher limits. We've seen $50K - 100K.
Re: What's Your Credit Card Rewards Strategy?
When I say “high limit” I don’t mean credit line, I mean high limit on the travel category.
I don’t like customized cash because it’s capped at $2k spend spend a quarter. Compare that to the BOA business advantage card which is 5.25% on up to $50k spend annually.
I also don’t want to book through a portal because you give up earning hotel points and you don’t get status nights.
For example, I’d rather get 15x Marriott points per $1 spent as a platinum + 5% or 5x back than 10x via a portal.
I don’t like customized cash because it’s capped at $2k spend spend a quarter. Compare that to the BOA business advantage card which is 5.25% on up to $50k spend annually.
I also don’t want to book through a portal because you give up earning hotel points and you don’t get status nights.
For example, I’d rather get 15x Marriott points per $1 spent as a platinum + 5% or 5x back than 10x via a portal.
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Re: What's Your Credit Card Rewards Strategy?
I always use the Sapphire Preferred and Freedom Unlimited to build up UR points for Hyatt, although I have stopped using those cards mostly these days, mainly because I was not traveling during the pandemic and have not stayed in a Park Hyatt since 2019.ResearchMed wrote: ↑Sat May 20, 2023 11:01 amatdharris wrote: ↑Sat May 20, 2023 9:15 am Outside of Hyatt, hotels in general have terrible redemption rates, and I am not much of a Hyatt guy outside of the Park Hyatts, but those are not widespread. I wish Amex had Hyatt as a travel partner, but I know that will never happen or it will pretty much render UR points worthless. At this point, I am debating whether it is even worth it to keep my CSP just for Hyatt transfers when I rarely use it.
We finally stayed at a Park Hyatt (Italy, in the before days), and it was the best location and also a wonderful hotel.
So now (n = 1...) we suspect the general reputation is warranted (?).
We've never used points for hotels, always for premium international air. However, we've got so many points now (yes, we realize it will take a gazillion to go anywhere these days, if awards tickets are available at all, etc.), that perhaps we should focus a bit more on hotels.
What is the best way to get points that can be used at Park Hyatts?
And in practical terms, it is actually possible to get awards reservations at Park Hyatts, or is it almost impossible?
And is the value much more than any generous "cash back" card (which we've also not done yet)?
We'd be happy to change charge cards, etc., but unless it's a card with bonuses for signing up, our spend these days is unlikely to generate a big pile of points.
Thanks.
RM
Chase also offers a Hyatt Visa, but the earnings rate is worse than the Sapphire Preferred unless you stay/pay cash at Hyatts often, which I don't.
I am also sitting on ~700k Amex points, but as you said, the redemption rates are so bad these days I feel like those are a waste too. I was trying to buy a business class ticket to France last fall and the cheapest I could find was a 600k ticket, and that was for one person.
Re: What's Your Credit Card Rewards Strategy?
If you can’t find a good redemption for those points, maybe it is worth getting the Schwab platinum and then convert all those points at a 1.1 cents per point into cash at Schwab.atdharris wrote: ↑Tue May 23, 2023 8:48 amI always use the Sapphire Preferred and Freedom Unlimited to build up UR points for Hyatt, although I have stopped using those cards mostly these days, mainly because I was not traveling during the pandemic and have not stayed in a Park Hyatt since 2019.ResearchMed wrote: ↑Sat May 20, 2023 11:01 amatdharris wrote: ↑Sat May 20, 2023 9:15 am Outside of Hyatt, hotels in general have terrible redemption rates, and I am not much of a Hyatt guy outside of the Park Hyatts, but those are not widespread. I wish Amex had Hyatt as a travel partner, but I know that will never happen or it will pretty much render UR points worthless. At this point, I am debating whether it is even worth it to keep my CSP just for Hyatt transfers when I rarely use it.
We finally stayed at a Park Hyatt (Italy, in the before days), and it was the best location and also a wonderful hotel.
So now (n = 1...) we suspect the general reputation is warranted (?).
We've never used points for hotels, always for premium international air. However, we've got so many points now (yes, we realize it will take a gazillion to go anywhere these days, if awards tickets are available at all, etc.), that perhaps we should focus a bit more on hotels.
What is the best way to get points that can be used at Park Hyatts?
And in practical terms, it is actually possible to get awards reservations at Park Hyatts, or is it almost impossible?
And is the value much more than any generous "cash back" card (which we've also not done yet)?
We'd be happy to change charge cards, etc., but unless it's a card with bonuses for signing up, our spend these days is unlikely to generate a big pile of points.
Thanks.
RM
Chase also offers a Hyatt Visa, but the earnings rate is worse than the Sapphire Preferred unless you stay/pay cash at Hyatts often, which I don't.
I am also sitting on ~700k Amex points, but as you said, the redemption rates are so bad these days I feel like those are a waste too. I was trying to buy a business class ticket to France last fall and the cheapest I could find was a 600k ticket, and that was for one person.
Currently they are offering 80k points for $6k in spend which will more than cover the cost of the card and then you can have over $8k in cash at Schwab. Not a horrible deal if you ask me. Definitely better than just letting sit there.
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Re: What's Your Credit Card Rewards Strategy?
Have you been dedifed before for having too many cards?Jags4186 wrote: ↑Fri May 24, 2019 8:38 amYes, pretty much the same. Once my refinance goes through I am going to close about 3 dozen cards and let everything reset. Focus entirely on checking and savings bonuses. May even venture into brokerage bonuses. I’ve gotten over $50k in rewards in the last 5 or 6 years or so and while I don’t “depend” on it, an 8-10k hole a year is noticed. I know the gravy train won’t last forever, but CC rewards have sent me and my wife on fabulous vacations, put a new roof on our house, and bought us a house fulls worth of new furniture.Bfwolf wrote: ↑Thu May 23, 2019 11:31 pmI got denied by this card and now figure I'm basically a persona non grata at all the major issuers except Amex and Citi. I've had 48 cards in the last 5 years so easy to figure why. I think I'm gonna apply for an Amex biz platinum in August and then basically go off the schneid for a year or 2 and let things reset. Maybe even get under 5/24 and grab some Chase cards!IngognitoUSA wrote: ↑Thu May 23, 2019 2:55 pmhttps://www.bankofamerica.com/credit-ca ... edit-card/
Do you not close any cards?
How long does it take to get back in good standing?
Re: What's Your Credit Card Rewards Strategy?
We have our joint checking account at BoA, however the $100K is held in my Merrill Edge IRA. It was a partial transfer from a VG IRA (and now holds pretty much all the same ETFs at Merrill) so it practically costs us nothing to make this move other than some fairly straightforward paperwork.spammagnet wrote: ↑Tue May 23, 2023 8:26 amCan you elaborate on this? Is the $100K held in a joint account, either the required checking account, or a taxable brokerage?
Although each of us applied separately and got our own BoA Cash Rewards card, our names are on both (we added each other's name as user of both cards), w/ Platinum Honors we got $5k/quarter at 5.25X cash back.
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Re: What's Your Credit Card Rewards Strategy?
I use mariott bonvoy amex with the annual 95 dollar fee. I get one free night each year and the points for hotel nights.
I think it's a good deal but if anyone knows of something better let me know.
I think it's a good deal but if anyone knows of something better let me know.
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Re: What's Your Credit Card Rewards Strategy?
I use mariott bonvoy amex with the annual 95 dollar fee. I get one free night each year and the points for hotel nights.
I think it's a good deal but if anyone knows of something better let me know.
I think it's a good deal but if anyone knows of something better let me know.
Re: What's Your Credit Card Rewards Strategy?
Yes you can be and I have been denied for having too many cards. This is a frequent reason for denial “too many revolving accounts”.Hector wrote: ↑Tue May 23, 2023 12:00 pmHave you been dedifed before for having too many cards?Jags4186 wrote: ↑Fri May 24, 2019 8:38 amYes, pretty much the same. Once my refinance goes through I am going to close about 3 dozen cards and let everything reset. Focus entirely on checking and savings bonuses. May even venture into brokerage bonuses. I’ve gotten over $50k in rewards in the last 5 or 6 years or so and while I don’t “depend” on it, an 8-10k hole a year is noticed. I know the gravy train won’t last forever, but CC rewards have sent me and my wife on fabulous vacations, put a new roof on our house, and bought us a house fulls worth of new furniture.Bfwolf wrote: ↑Thu May 23, 2019 11:31 pmI got denied by this card and now figure I'm basically a persona non grata at all the major issuers except Amex and Citi. I've had 48 cards in the last 5 years so easy to figure why. I think I'm gonna apply for an Amex biz platinum in August and then basically go off the schneid for a year or 2 and let things reset. Maybe even get under 5/24 and grab some Chase cards!IngognitoUSA wrote: ↑Thu May 23, 2019 2:55 pmhttps://www.bankofamerica.com/credit-ca ... edit-card/
Do you not close any cards?
How long does it take to get back in good standing?
I close cards with annual fees unless there is a no fee conversion option I want. I don’t typically open no fee cards as the bonuses are lower, but occasionally I will for a card I want. I currently have 3 fee cards that I am keeping:
1) US Bank Altitude Reserve. I’ve had this since launch.
2) Chase Sapphire Preferred. Waiting for an opportunity to book a Hyatt property, but I don’t want to cancel until I transfer and I don’t want to transfer until I know what I want
3) IHG Premier - I use the free night every year
Different issuers have different rules. Chase is 5/24. When I drop under 5/24 they approve me. Above they deny me. Capital One has never approved me for anything despite years of trying. Sometimes AMEX puts me in pop up jail. Other times they approve me with bonus.
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Re: What's Your Credit Card Rewards Strategy?
Hmm... I'll have to explore that. We have a joint checking account with a minimum balance to satisfy the requirement of having one. We both have IRAs and individual credit cards but the PH status is tied to our individual IRAs. I'm planning to abandon my IRA because I need the assets elsewhere for new account bonuses. If I can keep PH status on my credit card based on her IRA, that would be nice.swedek wrote: ↑Tue May 23, 2023 1:09 pmWe have our joint checking account at BoA, however the $100K is held in my Merrill Edge IRA. It was a partial transfer from a VG IRA (and now holds pretty much all the same ETFs at Merrill) so it practically costs us nothing to make this move other than some fairly straightforward paperwork.spammagnet wrote: ↑Tue May 23, 2023 8:26 amCan you elaborate on this? Is the $100K held in a joint account, either the required checking account, or a taxable brokerage?
Although each of us applied separately and got our own BoA Cash Rewards card, our names are on both (we added each other's name as user of both cards), w/ Platinum Honors we got $5k/quarter at 5.25X cash back.
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Re: What's Your Credit Card Rewards Strategy?
Hyatt gives you one free night for the same annual fee.workspace10 wrote: ↑Tue May 23, 2023 1:16 pm I use mariott bonvoy amex with the annual 95 dollar fee. I get one free night each year and the points for hotel nights.
I think it's a good deal but if anyone knows of something better let me know.
Re: What's Your Credit Card Rewards Strategy?
Apologies, I've spent more than an hour looking here and on BOA and on doctor of credit for a simple summary of the BOA Cash Rewards with platinum honors. Will someone point me to the right place?
Thanks
Thanks
Re: What's Your Credit Card Rewards Strategy?
Unless you have loyalty to Marriott and value the perks, I would argue a 2% cash back card is better for everyday spend. Points guy values Marriott points at 0.84 cents, so by that measurement you are earning equivalent of 1.68% and only valid for travel vs. cash. Keep the Marriott card for the free night if you can take advantage, but don’t put any spend on it besides at a Marriott.workspace10 wrote: ↑Tue May 23, 2023 1:16 pm I use mariott bonvoy amex with the annual 95 dollar fee. I get one free night each year and the points for hotel nights.
I think it's a good deal but if anyone knows of something better let me know.
I have both the Amex personal and biz versions $95ish ones, haven’t spent much on them since the SPG days, but get the free nights for the annual fees. Not typical but this year I was able to use the free night cert at a hotel which would have been over $500 cash rate. Not a nice hotel but close to a concert venue we will be attending so the rates get jacked up when big concerts come through.
Re: What's Your Credit Card Rewards Strategy?
That’s because there is no simple explanation .
https://promotions.bankofamerica.com/pr ... rewards/en
Try to make it simple, move $100k of etf’s from another brokerage to Merrill and hold there instead. Make sure to check for any Merrill bonus offers for transferring the assets. Wait 3 months to qualify. Open BoA checking account right before qualifying. Earn 5.25% cash back on customized cash rewards card on category spend and 2.625% on premium rewards on all other spend. Plus other perks like no atm fees and no monthly fee on the checking account
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Re: What's Your Credit Card Rewards Strategy?
Are you looking for this? https://www.bankofamerica.com/preferred ... dit-cards/
Re: What's Your Credit Card Rewards Strategy?
Thanks to both of you!
We already have the BOA Preferred card. I wasn't clear how the Platinum Honors portion worked; you've confirmed it's still one category for the 5.25% cash back and 2.625% rewards on all other spend.
I'll mull it over after I compare MM rates at ML v. Vanguard.
Thanks.
We already have the BOA Preferred card. I wasn't clear how the Platinum Honors portion worked; you've confirmed it's still one category for the 5.25% cash back and 2.625% rewards on all other spend.
I'll mull it over after I compare MM rates at ML v. Vanguard.
Thanks.
- ResearchMed
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Re: What's Your Credit Card Rewards Strategy?
spammagnet wrote: ↑Tue May 23, 2023 1:39 pmHyatt gives you one free night for the same annual fee.workspace10 wrote: ↑Tue May 23, 2023 1:16 pm I use mariott bonvoy amex with the annual 95 dollar fee. I get one free night each year and the points for hotel nights.
I think it's a good deal but if anyone knows of something better let me know.
What card does this with Hyatt?
And what restrictions are there for that one free night?
Thanks!
RM
This signature is a placebo. You are in the control group.
Re: What's Your Credit Card Rewards Strategy?
There is only one personal Hyatt credit card. AF $95. One FNC up to Cat 4 each year.ResearchMed wrote: ↑Tue May 23, 2023 2:15 pmspammagnet wrote: ↑Tue May 23, 2023 1:39 pmHyatt gives you one free night for the same annual fee.workspace10 wrote: ↑Tue May 23, 2023 1:16 pm I use mariott bonvoy amex with the annual 95 dollar fee. I get one free night each year and the points for hotel nights.
I think it's a good deal but if anyone knows of something better let me know.
What card does this with Hyatt?
And what restrictions are there for that one free night?
Thanks!
RM
Here: https://secure07ea.chase.com/web/oao/ap ... 08bbc3398c
Last edited by pizzy on Tue May 23, 2023 2:23 pm, edited 1 time in total.
Vanguard/Fidelity | 76% US Stock | 16% Int'l Stock | 8% Cash
Re: What's Your Credit Card Rewards Strategy?
On this page https://promo.bankofamerica.com/ccsearc ... lsrc=aw.ds , you will see "Customized Cash Rewards" card benefits info under "Compare Features & Benefits"
Below that, you will see how the Preferred Rewards apply to the Customized Cash Rewards card under "Get a 25%-75% rewards bonus with the Bank of America Preferred Rewards program"
More info on the Preferred Rewards program & tiers here: https://promotions.bankofamerica.com/pr ... rewards/en