Search found 11 matches

by Mr Chill
Mon Jan 29, 2018 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: $100k+ Credit Card Spend Per Year: What card offers the best return?
Replies: 44
Views: 6863

Re: $100k+ Credit Card Spend Per Year: What card offers the best return?

Thanks for everyone contributing. I called Commerce Bank again today and spoke with a different rep. A few more datapoints: 1. If you have an existing credit card with them, you can't convert it to the World Elite MasterCard. You can, however, transfer some or all of your existing credit line on any other Commerce Bank card to the World Elite if you're approved for it. You can only make this credit line transfer if your other Commerce card is showing a zero balance. I currently have a $15k Visa line with them that is going completely unused. I'd imagine they factor total credit extended across all lines in their factoring. 2. The rep I spoke with on the phone worked in credit card services. She said the rewards rate is 1.5% on all purchases...
by Mr Chill
Mon Jan 29, 2018 1:40 am
Forum: Personal Finance (Not Investing)
Topic: $100k+ Credit Card Spend Per Year: What card offers the best return?
Replies: 44
Views: 6863

Re: $100k+ Credit Card Spend Per Year: What card offers the best return?

That is a sound point. I called and spoke to a bank rep and they said it was 6.5% total. Now, just to be sure, I'll certainly want to read the fine print and also confirm in writing that it is actually the 6.5%, not 1.575% as you were pointing out.

I also found Alliant's Visa to give 3% cash back in the first year, with an annual fee of $59, designed for those who spend over $50k per year on their card: http://www.alliantcreditunion.org/bank/ ... ature-card

Any other suggestions as an alternative for big spenders?
by Mr Chill
Mon Jan 29, 2018 1:19 am
Forum: Personal Finance (Not Investing)
Topic: $100k+ Credit Card Spend Per Year: What card offers the best return?
Replies: 44
Views: 6863

$100k+ Credit Card Spend Per Year: What card offers the best return?

Our family has a $125k home improvement project we'll be taking on in a few months. Our contractor accepts credit cards. Commerce Bank currently has a card that is 1.5% cash back for all purchases, but with a bonus of 5% extra in points if you spend over $50k per year. Effectively, that would make our return 6.5%, and even with contractor's credit card processing fee of 2.5%, we're still up 4% on the total project cost, not to mention using the card for everyday purchases throughout the calendar year. The only downside is the annual fee of $95, but should easily be offset by our rewards earnings. Here's a short write-up on the card I found by googling: https://lendedu.com/blog/commerce-bank-world-elite-mastercard/ Is there any other card th...
by Mr Chill
Mon Jan 29, 2018 1:05 am
Forum: Personal Finance (Not Investing)
Topic: Does anyone here with net worths north of $1 mil use financial advisors?
Replies: 454
Views: 86819

Re: Does anyone here with net worths north of $1 mil use financial advisors?

One of the "financial advisors" at Wells Fargo stuck over $100k of my folks assets into a variable annuity, inside of an IRA. Because my mom was too close to retirement age, it forced an RMD BEFORE the annuity reached maturity. This, of course, triggered what would have been a surrender charge to take the RMD. I threw a royal fit and they managed to offset the cost of the surrender charge penalties, but I'll be damned if you don't do your own research to backup what any "advisor" says. I'm sure there are good ones out there, and the more complex your situation, the more specialized advice probably can help you. But for simple investing, there's probably nobody more vested in you than YOU.
by Mr Chill
Tue Jan 16, 2018 3:23 am
Forum: Personal Finance (Not Investing)
Topic: Best High Interest Banking Accounts (With Bill Pay): (Checking/Savings/MMA?)
Replies: 8
Views: 1546

Best High Interest Banking Accounts (With Bill Pay): (Checking/Savings/MMA?)

I help my parents manage their finances and the bulk of their wealth is tied up in annuities. Nonetheless, I try to keep between $10-20k in reserve in their checking/savings accounts at Bank of America. They've done business there forever, but the interest rates are absolutely pathetic, not to mention they want to charge $3 per outbound ACH, and other onerous fees. I had them open up a Synchrony Saving account, now getting 1.45% APY. Not the best, but better than with BOFA. Still, there's no bill pay option, so it requires more transfers to save the money, then send it to an external checking account, then wait for the funds to clear, then pay the bills. In the $20k and under bracket, is there a great interest rate that could be found solel...
by Mr Chill
Tue Jan 16, 2018 2:27 am
Forum: Personal Finance (Not Investing)
Topic: Reason for Power of Attorney?
Replies: 12
Views: 1380

Re: Reason for Power of Attorney?

Regarding the banks, it might be overkill in the case of joint account holders. That being said, I rather have more proof on file instead of less proof in case the bank ever questioned my motives for say, moving tons of funds around, without the other person is available to ever make transactions (in the case of incapacitation or death). I'm not a lawyer, but maybe if we have one reading this thread, they might be able to explain in further depth.
by Mr Chill
Mon Jan 15, 2018 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Reason for Power of Attorney?
Replies: 12
Views: 1380

Re: Reason for Power of Attorney?

When you go to amend your POA documents, make sure: 1. Your POA powers are effective immediately, not triggered by some contingency. You don't want it turning into a legal battle to determine if an event was triggered or not, based upon what the banks or any healthcare institution might argue. Make it effective NOW. 2. Make sure there is no expiration on the length of your POA service (except death, of course). 3. Get both you and the wife's copy notarized, keep the original in a safe deposit box. Scan the signed and notarized copy to PDF. 4. With the PDF, you can email it to your financial firms that accept it via email, otherwise, fax it in. Getting it on file is much easier than when someone has passed away already. Check with the financ...
by Mr Chill
Mon Jan 15, 2018 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance: Who do you use? (Auto/Home)
Replies: 32
Views: 4465

Re: Insurance: Who do you use? (Auto/Home)

AAA for the cars, used to have them for the fire insurance for the house, but they dropped us from that policy due to the water pressure in our area being low. Once AAA dropped our fire insurance, I moved it over to Capital Insurance Group or CIG for short. The rates have risen significantly in recent years, but I assume that is due to the massive amount all insurance companies have had to pay out here in fire-happy California. I dropped the premium almost 40% by increasing the deductible to $5,000 on the fire insurance. I've cleared out all the dry brush, cut back the weeds and done a lot of other things to mitigate fire hazards and risk. Just like buying a safe car with good braking distance, the best insurance is the one you never have t...
by Mr Chill
Wed Sep 30, 2015 6:07 pm
Forum: Personal Investments
Topic: Nationwide Variable Annuity Navigator 2.0; Which funds to invest in?
Replies: 16
Views: 2520

Re: Nationwide Variable Annuity Navigator 2.0; Which funds to invest in?

Just a point of clarification (without getting into the OP's questions)... ALL annuities are with insurance companies because an annuity is an insurance product. In the case of VG, TransAmerica Life Insurance Co. is the insurance company with whom one buys the (variable) annuity. VG simply manages the sub accounts that comprise the annuity. (I'm sure the arrangement between VG and the insurance company is such that VG won't lend its name to any VA that has high fees, surrender charges, etc.) But the annuity contract is between the buyer and the insurance company, not with the manager of the investments in the VA. Friar, Thank you for the clarification. Given that this variable annuity was purchased with Nationwide and seeing it isn't outsi...
by Mr Chill
Wed Sep 30, 2015 6:04 pm
Forum: Personal Investments
Topic: Nationwide Variable Annuity Navigator 2.0; Which funds to invest in?
Replies: 16
Views: 2520

Re: Nationwide Variable Annuity Navigator 2.0; Which funds to invest in?

The link is not yielding a picture for me. Can you list the ticker symbols/ ers of the funds? You might consider transferring it to vanguard. I don't know much about annuities, but I am sure an annuity at an insurance co is going to be very expensive. https://investor.vanguard.com/annuity/1035-exchange Mike Mike, I've re-uploaded the images here: http://imgur.com/gallery/melgv I agree that it seems that annuities are an expensive product, especially variable ones purchased through a pushy 3rd party broker aiming for a commission from what I can tell, that's what happened when my mom purchased this. Given that this annuity has a surrender charge if you take the money prior to coming to the maturity date, is there still a way you can transfe...
by Mr Chill
Tue Sep 29, 2015 11:09 pm
Forum: Personal Investments
Topic: Nationwide Variable Annuity Navigator 2.0; Which funds to invest in?
Replies: 16
Views: 2520

Nationwide Variable Annuity Navigator 2.0; Which funds to invest in?

Hello folks! Newbie here to investing. I've been lurking here for a while, but there seems to be too much great information not to register and join the fray, so here goes... :D I'm helping out my elderly parents (dad is 79 and mom is 68) by reviewing their investments. One of their investments is a Nationwide Variable Annuity called Navigator 2.0. This was sold to my mom by a financial advisor at Wells Fargo Advisors back in 12/2/2013. The contract details are: Initial purchase payment of $105,260.69 Current contract value is $103,042.04 Standard Death Benefit with Spousal Protection (Return of Contract Value or Total Purchase Payments less adjustments for amounts Surrendered) Standard 7 Year Surrender Schedule Base Contract Variable accou...