What's Your Credit Card Rewards Strategy?

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

Post by BeneIRA » Fri Jan 10, 2020 10:30 pm

Jags4186 wrote:
Fri Jan 10, 2020 9:47 am
FYI, BJs Wholesale is selling Delta gift cards today for 15% off and Southwest gift cards for 12.5% off. Discounted cash travel is available if you're willing to look for it. Another reason why you should not be so quick to declare your airline points are worth some preordained XYZ amount.

I do collect transferrable currencies, but I think for folks who aren't min-maxing that a solid cashback strategy will yield very good redemptions and minimal frustration.
Uber gift cards are on sale there as well along with on Samsung Pay. Cashback is the best for ongoing spend at this point outside of a minimum spend. With cash flights at record lows and pretty much every carrier going dynamic where the cash price is tethered to the ticket price, the days of getting 10 zillion cents per point are just about over. And it looks like Chase finally couldn't play the long game anymore and decided they couldn't lose money on the card forever.

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

Post by lkar » Fri Jan 10, 2020 10:31 pm

ImmigrantSaver wrote:
Fri Jan 10, 2020 6:01 pm
Due to the fee increase, I am considering cancelling my CSR in September (the end of the cycle for me). Then waiting a month or so and getting CSP and try to earn the bonus. It would be 4 years since I got CSR bonus. Is that enough time for me not to have any issues getting CSP bonus?
The 48 month thing was implemented fairly recently and the CSR is not old enough for there to be reliable data points yet. Conventional wisdom would say wait until the month after you actually received the bonus to apply.

So, if you received the bonus on 9/15/16, you would wait until October 2020, at least. Another month would be safer.

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

Post by cowbman » Sat Jan 11, 2020 2:26 pm

michaeljc70 wrote:
Fri Jan 10, 2020 3:25 pm
lkar wrote:
Fri Jan 10, 2020 3:12 pm
michaeljc70 wrote:
Fri Jan 10, 2020 11:50 am
Any opinions on the Southwest cards? They increased the bonus as of yesterday:

Earn up to 75,000 points. Earn 40,000 points after you spend $1,000 on purchases in the first 3 months your account is open. Plus, earn 35,000 points after you spend $5,000 on purchases in the first 6 months your account is open.

I am pretty much banned from most of the bonuses I like so I might do this one.

One question- for the $5k spending in the 1st 6 months for the additional bonus - if I spend the additional $5k quick do I have to wait 6 months to get the bonus?
You're banned from bonuses but you are under 5/24? If so, this is a pretty good card. 75,000 points is worth $975.

The thing about getting a Southwest card is that if you think you might have use for a companion pass you might want to time it right. Credit card points count toward the companion pass. Once you complete the $5k in spend, you're already at 80,000 points and would only need 45,000 more to earn the pass. The pass is good for the year in which you make the 125k points and for the following year, so many try to time the credit bonus so that it hits very early in the year so maximize the companion pass.

As for when the points post, I believe that traditionally Chase posts bonus points a few days after the close of the statement in which the spend is met, except I guess sometimes if the spend was met very close to statement close there may be an issue.
I am under 5/24 but my preferred cards (UAL/AA) have used fine print to exclude me. On top of that they seem to be playing with the mileage amounts with a trend to give a lower starting amount and more if you spend a lot during the 1st 6-12 months. I've done the Chase Preferred and Reserve too. Also the Venture card recently.

I did sign up and get approved for this one today. If I need 45k more points for the companion pass that is $22.5k in spending which I could do this year (probably cutting it close), but I don't know if it would be worth it. Given the limitations on SW destinations that I go to and who I travel with (often people preferring the airline they have status with) I don't know that it would be worth it. I will admit I have never used points on SW and don't know how hard it is to get seats or how hard it is to use companion passes. I would likely use the points for Mexico or Florida. Of course I know I could get the extra points through other means (buying them on sale or booking things like hotels through SW).
It's super easy. If there is a seat, it's bookable. Number of points is dependent on the cash price of the flight. Generally, points are worth 1.4-1.6 cents/point. Easy to add companion too, once flight is booked, there's an option to add companion. Love SW for free bags, cancellations, changes, and companion pass. All useless though, if they don't fly where you are or need to go.

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

Post by Seasonal » Sat Jan 11, 2020 3:40 pm

Has anyone had any problems using Chase's or other issuer's travel portal? In particular, I'm concerned that Chase uses Expedia, which reportedly has a horrible reputation for customer service. For example, if a flight is cancelled, you'd have to go through Expedia to rebook and their inefficiency might mean an extended time on the phone (during which desirable alternatives could sell out) or their agents otherwise having trouble handling the re-booking. Airlines will automatically rebook if they cancel, but usually to less desirable flights. I'm not sure if this is a valid concern or just an exaggerated view as a result of reading isolated horror stories. Plus flights are not often canceled.

Transferring points to a travel partner can provide more value, but that's a separate issue.

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

Post by DrGoguma » Sat Jan 11, 2020 5:09 pm

Seasonal wrote:
Sat Jan 11, 2020 3:40 pm
Has anyone had any problems using Chase's or other issuer's travel portal? In particular, I'm concerned that Chase uses Expedia, which reportedly has a horrible reputation for customer service. For example, if a flight is cancelled, you'd have to go through Expedia to rebook and their inefficiency might mean an extended time on the phone (during which desirable alternatives could sell out) or their agents otherwise having trouble handling the re-booking.
Our Chase-booked International flight used both partner and non-partner domestic airlines to get to/from LAX and featured multiple cancellations and changes (they changed the international route, domestic flight to LAX was 4 hours late taking off, return from LAX was also late, but didn't require any changes). The domestic airlines are of course terrible, but they did put me on the flight of my choice when their delay caused me to miss my international flight (they did a bad job of it, and inadvertently hung up on me 3 times, but they did book us seats). I travel a fair amount, and this was a pretty complicated set of changes and Delta fixed the problems they caused, not Chase or Expedia. Korean Air of course had everything fixed before I even got on the phone with them (realized we wanted to sit together despite Delta booking seats not beside one another).

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

Post by CrazyCatLady » Sat Jan 11, 2020 5:46 pm

I have the problem of collecting points and not using them (seriously - I have over 4 million points across about 10 rewards programs). I've decided to focus on Ultimate Rewards first. I have about 450,000 UR points. At one point I thought I would use them for a grand international first class trip, but have realized that I've become a homebody and am unlikely to travel internationally in the next few years (if at all). It doesn't make sense to transfer them for hotel points, since I already have plenty. I fly only Southwest and have plenty of points banked. I have enough rental car points as well. I never use the Chase portal (and am not likely to start unless someone can convince me there is a good reason to start). Based on the above, I've come to the conclusion that the best thing for me to do would be to cash in about half of my points for cash (which I would then invest in my taxable account). I know that only gets a penny per point return, but I figure better than just letting them sit in my account. Does anyone have a better option I should consider before I pull the trigger? Thanks!

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

Post by TravelGeek » Sat Jan 11, 2020 6:42 pm

Personally, I would focus on reducing my “inventory” of miles/points locked into a particular travel program, since URs (or MRs) are a more flexible currency that is less likely affected by devaluations.

Of course, if you don’t actually have any plans to travel, that would then mean looking at non-travel redemptions (gift cards or Amazon or similar) that some of this programs offer. None of that gets you great values compared to travel bookings, but it beats seeing them just sit around and eventually perhaps expire.

And I would switch all my spend to a 2% cashback card with no annual fee.

michaeljc70
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Re: What's Your Credit Card Rewards Strategy?

Post by michaeljc70 » Sat Jan 11, 2020 7:06 pm

I wouldn't keep too many points sitting around for a long time. It is like holding on to third world currencies. Even if they offer a cash conversion inflation cuts into it. Trips I took many times on UAL for 60k miles now are typically 105k miles 2 years later.

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

Post by CrazyCatLady » Sat Jan 11, 2020 7:15 pm

TravelGeek wrote:
Sat Jan 11, 2020 6:42 pm
Personally, I would focus on reducing my “inventory” of miles/points locked into a particular travel program, since URs (or MRs) are a more flexible currency that is less likely affected by devaluations.

Of course, if you don’t actually have any plans to travel, that would then mean looking at non-travel redemptions (gift cards or Amazon or similar) that some of this programs offer. None of that gets you great values compared to travel bookings, but it beats seeing them just sit around and eventually perhaps expire.

And I would switch all my spend to a 2% cashback card with no annual fee.
Thanks! I didn't realize that you could trade travel program points for gift cards, but I just checked out skymiles and I can trade in my points for a new iPad and 2-3 gift cards. I'd call that a win for points that have been sitting there for 10 years! :). The hotel points don't have good transfer ratios (500 Hilton honors for one dollar at Amazon!), so I think I may burn some of those doing one night staycations.

I'll check out the 2% cards. I've been cancelling my high fee cards as they become due and have been using mostly the freedom unlimited and sapphire reserve (I eat out way too much! :)), but with the increase in the reserve's annual fee I will dump that at my next renewal and will likely go for the 2% card.

Now I need to convince myself to cancel my hotel cards. I get 2 marriott nights (Chase and amex), a Hilton night, a Hyatt might and an IHG night every year, and I'm not really travelling enough to use them. The Marriott and IHG cards are my oldest though, so I'm reluctant to cancel and take the hit to my credit score.

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

Post by VictoriaF » Sat Jan 11, 2020 7:23 pm

djpeteski wrote:
Thu Jan 09, 2020 12:01 pm
You may want to consider the Fidelity Reward card. Cash back is 2% when deposited into your Fidelity account and they do so automatically. No need to click buttons to convert your rewards to cash, then to move to investment accounts. For me, it is automatically deposited monthly.

No fee, no hassle.
I was ignoring Fidelity's 2% cash back card, because I did not want to have an additional (non-IRA) account with Fidelity. But a few days ago, I created an HSA account at Fidelity, and so getting the Cash-back card would not create much additional work. The things that currently hold me back are:
1) I'd like to get a Chase Sapphire Reserve before I reach 5/24
2) Fidelity's card has Foreign Exchange fees.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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

Post by CrazyCatLady » Sat Jan 11, 2020 7:24 pm

michaeljc70 wrote:
Sat Jan 11, 2020 7:06 pm
I wouldn't keep too many points sitting around for a long time. It is like holding on to third world currencies. Even if they offer a cash conversion inflation cuts into it. Trips I took many times on UAL for 60k miles now are typically 105k miles 2 years later.
Yep, I experienced that too. I saved enough skymiles (10 years ago) for a first class trip to Paris, and now they would probably only get me one way :)

I didn't intentionally save that many points, but I tend to travel in the off season when paying cash was the better deal and I had free night certificates when cash was too expensive. I recently started tracking my points in a spreadsheet and had a heart attack when I realized how many I had. I cashed my thank you points in for about $500 (since I was cancelling the prestige card), but that barely made a dent. I know if something happened to me they would go to waste (my family wouldn't know how to cash them in), so I figure it's time to start cashing in the ones I can.

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

Post by VictoriaF » Sat Jan 11, 2020 7:31 pm

lkar wrote:
Thu Jan 09, 2020 11:58 am
VictoriaF wrote:
Thu Jan 09, 2020 11:04 am
My 48-month wait will end in late February 2020. After that, I'll wait for a couple more months hoping that Chase would increase the sign-up bonus.

Victoria
Seems like a pretty sensible plan. Make sure you're counting the 48 months from when you received the bonus not card approval. (I'm sure you know this, just kind of putting it out there for others who may be paying more attention to the rule now that they are thinking of getting rid of the card.)
Yes, I am counting 48 months from the point when I received the bonus. But it's a good reminder for the others reading this thread.
lkar wrote:
Thu Jan 09, 2020 11:58 am
I'm guessing that if there is an increased bonus on the card it might not be for several months -- once chase gets a picture of renewals after the new fee goes into effect. Hard to know for sure, but it's going to take a year for them to get data on how the fee is affecting renewals. We may also see aggressive retention offers in the first year, which would take up some of Chase's budget that might otherwise go to renewed sign up offers.
My guess is as good as yours. The problem is that I want to get the CSR sooner rather than later, so that I could start applying for other cards without worrying about 5/24. I anticipate a scenario in which in April, I'd get the CSR at the current 50k UR, and in May, Chase would increase it to 70k.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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

Post by SurfCityBill » Sat Jan 11, 2020 7:32 pm

Had a Barclays Mastercard thru American Airlines back in 2017, cancelled in Sept 2018. Now applying for a Barclays Mastercard thru Hawaiian Airlines mostly for the companion ticket feature. Is the "less than 2 year" window from cancellation apt to cause a denial from Barclays or being a diff airline program make it not matter? Excellent credit btw.

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

Post by sylph » Sat Jan 11, 2020 7:33 pm

guitarguy wrote:
Wed May 25, 2016 2:20 pm
rai wrote:had the Amex blue reward but didn't want the $75 fee. I thought it ate up a lot of the great rewards. So I dropped that, they have a different (free) reward card that gives 3% at grocery stores.

I don't pay a single fee to use a card.
To each their own. We hover right around $6k per year on groceries (and other stuff we buy from the grocery stores).

$6000 x 0.03 = $180 back
$6000 x 0.06 = $360 back - $75 fee = $285 back

Just sayin. It depends on how much you spend as to which is the better choice.
I read in the fine print that they do not give 6% for Target/Walmart/Costco/Sams. These are places where I do most of my shopping. On which grocery store do they honor 6%? Any idea if Sprouts/HEB qualify? I couldn't find these names in their website.

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

Post by VictoriaF » Sat Jan 11, 2020 7:45 pm

madbrain wrote:
Thu Jan 09, 2020 9:29 pm
One other thing, the CSR also has 4 incidents of roadside assistance up to $50 per year, which I have used in the past, since I am not a member of AAA. The CSP doesn't have it.
My AAA subscription just came up for renewal. Being able to cancel it and rely solely on the CSR would be a deciding factor in favor of the CSR. Please clarify CSR's limits:
- 4 incidents, up to $50 each, up to $200/year?
or
- up to 4 incidents, up to $50 total per year?

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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

Post by TravelGeek » Sat Jan 11, 2020 7:54 pm

VictoriaF wrote:
Sat Jan 11, 2020 7:45 pm
madbrain wrote:
Thu Jan 09, 2020 9:29 pm
One other thing, the CSR also has 4 incidents of roadside assistance up to $50 per year, which I have used in the past, since I am not a member of AAA. The CSP doesn't have it.
My AAA subscription just came up for renewal. Being able to cancel it and rely solely on the CSR would be a deciding factor in favor of the CSR. Please clarify CSR's limits:
- 4 incidents, up to $50 each, up to $200/year?
or
- up to 4 incidents, up to $50 total per year?

Victoria
Apparently $50 per event.

“Up to $50 per service event, maximum four service events per year”

https://www.chase.com/content/chasecom/ ... ce-mc.html

I didn’t recall that the CSR has this, but $50 probably doesn’t get me very far if a I need a tow on some of our road trips through the Wild West. So we have AAA Plus. Still, next time I kill the battery I might give them a try.

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

Post by Seasonal » Sun Jan 12, 2020 2:37 am

DrGoguma wrote:
Sat Jan 11, 2020 5:09 pm
Seasonal wrote:
Sat Jan 11, 2020 3:40 pm
Has anyone had any problems using Chase's or other issuer's travel portal? In particular, I'm concerned that Chase uses Expedia, which reportedly has a horrible reputation for customer service. For example, if a flight is cancelled, you'd have to go through Expedia to rebook and their inefficiency might mean an extended time on the phone (during which desirable alternatives could sell out) or their agents otherwise having trouble handling the re-booking.
Our Chase-booked International flight used both partner and non-partner domestic airlines to get to/from LAX and featured multiple cancellations and changes (they changed the international route, domestic flight to LAX was 4 hours late taking off, return from LAX was also late, but didn't require any changes). The domestic airlines are of course terrible, but they did put me on the flight of my choice when their delay caused me to miss my international flight (they did a bad job of it, and inadvertently hung up on me 3 times, but they did book us seats). I travel a fair amount, and this was a pretty complicated set of changes and Delta fixed the problems they caused, not Chase or Expedia. Korean Air of course had everything fixed before I even got on the phone with them (realized we wanted to sit together despite Delta booking seats not beside one another).
In my experience, if a trip is booked through a travel agent, then generally only that travel agent can make changes, at least until the flight goes to airport control. For example, last year Air France said it couldn't deal with a cancelled flight issue because the flight was booked through Delta vacations. AF had auto-rebooked to a rather inconvenient flight. It's good to hear Delta would deal directly with you.

Were your flights booked through Expedia rather than Chase's prior portal provider?

Blue456
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Re: What's Your Credit Card Rewards Strategy?

Post by Blue456 » Sun Jan 12, 2020 5:10 pm

TravelGeek wrote:
Sat Jan 11, 2020 7:54 pm
VictoriaF wrote:
Sat Jan 11, 2020 7:45 pm
madbrain wrote:
Thu Jan 09, 2020 9:29 pm
One other thing, the CSR also has 4 incidents of roadside assistance up to $50 per year, which I have used in the past, since I am not a member of AAA. The CSP doesn't have it.
My AAA subscription just came up for renewal. Being able to cancel it and rely solely on the CSR would be a deciding factor in favor of the CSR. Please clarify CSR's limits:
- 4 incidents, up to $50 each, up to $200/year?
or
- up to 4 incidents, up to $50 total per year?

Victoria
Apparently $50 per event.

“Up to $50 per service event, maximum four service events per year”

https://www.chase.com/content/chasecom/ ... ce-mc.html

I didn’t recall that the CSR has this, but $50 probably doesn’t get me very far if a I need a tow on some of our road trips through the Wild West. So we have AAA Plus. Still, next time I kill the battery I might give them a try.
$50 per incident is a gimmick. It will not cover a tow.

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

Post by chw » Sun Jan 12, 2020 9:12 pm

Jack FFR1846 wrote:
Fri Jan 10, 2020 3:34 pm
chw wrote:
Fri Jan 10, 2020 10:52 am
Jack FFR1846 wrote:
Thu Jan 09, 2020 2:02 pm
Open a cash management account at Fidelity. Get the 2%, ACH it to an account of your choice. My CMA has exactly 1 cent in it.
I’ve been doing just this for years as well, but have recently set up a ME brokerage account to get platinum status with BOA. Expecting to get 3%-5.25% cash back in 90 days when the rewards program is confirmed (and the $900 bonus paid for the balance transfer to ME). The ME opening process was relatively smooth, and had a broker contact who I was able to correspond by email and phone as needed with questions.
I have looked at ME so many times. Last time, I passed up the $900 to get $600 going to TDA. The problem is that I know that ME=BoA=Lord Sith. I can't get past the BoA part, knowing my wife's aunt with an account from one of the banks they gobbled up goes into the branch every month to transfer money from her savings to her checking. She'll move $20. Fee for that....$5. I just don't trust them.
I was a little leery about the move as well, but- the CC rewards were compelling to try out, I'm retired, and have some time to unwind the experiment with ME if things don't work out/too much of a hassle. To get Platinum bonus for the CC rewards, need 100K with ME ($600 bonus). Was offered an additional $300 if deposited 200K, so pulled the trigger (in kind transfer of a few etfs went very easily to ME from CS). The ME rep was outstanding to work with, and very responsive. She has been in touch with BOA about waiving the fees on the checking account until the full Platinum rewards kick in after 90 days. For now just plan to hold the ME account for 90 days, apply for the CC Rewards program at that time (and get the bonus rewards bump), and see how things work out. Looks like could also reap another $500 when opening a few new credit cards, and charging as I usually do over a 90 day period.

I don't plan to use the checking as my everyday account, so no really worried about fees I may get hit with along the way.
Last edited by chw on Sun Jan 12, 2020 10:06 pm, edited 1 time in total.

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

Post by SlowMovingInvestor » Sun Jan 12, 2020 9:50 pm

Can BoA Premium rewards card be downgraded to the BoA cash rewards card ?

If so, what happens to the annual fee ? Is it pro-rated, redeemed if change is within 30 days of fee hitting the card ?

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

Post by Hat » Mon Jan 13, 2020 12:17 am

sylph wrote:
Sat Jan 11, 2020 7:33 pm
Any idea if Sprouts/HEB qualify? I couldn't find these names in their website.
HEB purchases are coded as groceries by AMEX and earn the higher grocery cash back rate.

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

Post by djpeteski » Mon Jan 13, 2020 8:57 am

VictoriaF wrote:
Sat Jan 11, 2020 7:23 pm
2) Fidelity's card has Foreign Exchange fees.

Victoria
I agree that is a bit troubling. However, during a recent trip to Aruba I ended up paying less than $5 in those fees. We mostly spent cash. Also cruise lines do not count as foreign exchange fees so my two most recent vacations amounted to very little in fees.

The convenience of automatic transfer is important to me.

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

Post by SlowMovingInvestor » Mon Jan 13, 2020 10:22 am

Anyone have any idea how much Chase might value URs at ?

NOT credit card URs, those are considered rebates. I mean URs like Sapphire banking UR bonuses, which they said they'd 1099.

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

Post by TravelGeek » Mon Jan 13, 2020 11:23 am

SlowMovingInvestor wrote:
Mon Jan 13, 2020 10:22 am
Anyone have any idea how much Chase might value URs at ?

NOT credit card URs, those are considered rebates. I mean URs like Sapphire banking UR bonuses, which they said they'd 1099.
1 cent per UR point based on reports from last year.

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

Post by MichCPA » Mon Jan 13, 2020 11:30 am

michaeljc70 wrote:
Sat Jan 11, 2020 7:06 pm
I wouldn't keep too many points sitting around for a long time. It is like holding on to third world currencies. Even if they offer a cash conversion inflation cuts into it. Trips I took many times on UAL for 60k miles now are typically 105k miles 2 years later.
This^^, you should really have a timeframe for using any points and that probably shouldn't be more than 12-18 months. On the Chase side, we just had the United devaluation and a Hyatt one has been announced for March. Honestly, the Hyatt one will turn out to be a large blow to the overall value of UR as a whole, if peak/off peak turns out to be really unfavorable (basically a 30% peak price increase).

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

Post by SlowMovingInvestor » Mon Jan 13, 2020 11:57 am

TravelGeek wrote:
Mon Jan 13, 2020 11:23 am
SlowMovingInvestor wrote:
Mon Jan 13, 2020 10:22 am
Anyone have any idea how much Chase might value URs at ?

NOT credit card URs, those are considered rebates. I mean URs like Sapphire banking UR bonuses, which they said they'd 1099.
1 cent per UR point based on reports from last year.
Oh, I didn't know that there were people who had received checking bonuses early enough to be 1099ed for 2018.

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

Post by TravelGeek » Mon Jan 13, 2020 12:39 pm

SlowMovingInvestor wrote:
Mon Jan 13, 2020 11:57 am
TravelGeek wrote:
Mon Jan 13, 2020 11:23 am
SlowMovingInvestor wrote:
Mon Jan 13, 2020 10:22 am
Anyone have any idea how much Chase might value URs at ?

NOT credit card URs, those are considered rebates. I mean URs like Sapphire banking UR bonuses, which they said they'd 1099.
1 cent per UR point based on reports from last year.
Oh, I didn't know that there were people who had received checking bonuses early enough to be 1099ed for 2018.
My source: https://milestomemories.boardingarea.co ... k-bonuses/

(disclaimer: random blog I found via Google, no endorsement etc etc. :happy )

Referral bonuses apparently got the same 1099s.

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

Post by czaj » Mon Jan 13, 2020 1:33 pm

lkar wrote:
Fri Jan 10, 2020 10:31 pm
ImmigrantSaver wrote:
Fri Jan 10, 2020 6:01 pm
Due to the fee increase, I am considering cancelling my CSR in September (the end of the cycle for me). Then waiting a month or so and getting CSP and try to earn the bonus. It would be 4 years since I got CSR bonus. Is that enough time for me not to have any issues getting CSP bonus?
The 48 month thing was implemented fairly recently and the CSR is not old enough for there to be reliable data points yet. Conventional wisdom would say wait until the month after you actually received the bonus to apply.

So, if you received the bonus on 9/15/16, you would wait until October 2020, at least. Another month would be safer.
FWIW, my wife received the CSP bonus in December 2015 and was approved for the CSR over the weekend (January 2020). I believe I read that Chase will not approve you if you aren’t eligible for a bonus.

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

Post by lkar » Mon Jan 13, 2020 1:56 pm

czaj wrote:
Mon Jan 13, 2020 1:33 pm
lkar wrote:
Fri Jan 10, 2020 10:31 pm
ImmigrantSaver wrote:
Fri Jan 10, 2020 6:01 pm
Due to the fee increase, I am considering cancelling my CSR in September (the end of the cycle for me). Then waiting a month or so and getting CSP and try to earn the bonus. It would be 4 years since I got CSR bonus. Is that enough time for me not to have any issues getting CSP bonus?
The 48 month thing was implemented fairly recently and the CSR is not old enough for there to be reliable data points yet. Conventional wisdom would say wait until the month after you actually received the bonus to apply.

So, if you received the bonus on 9/15/16, you would wait until October 2020, at least. Another month would be safer.
FWIW, my wife received the CSP bonus in December 2015 and was approved for the CSR over the weekend (January 2020). I believe I read that Chase will not approve you if you aren’t eligible for a bonus.
Excellent datapoint. Come back when the bonus posts to confirm!

investor997
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Re: What's Your Credit Card Rewards Strategy?

Post by investor997 » Mon Jan 13, 2020 4:31 pm

Does anyone know if it's possible to convert an Amex Platinum to the Schwab Amex Platinum? Or is it necessary to cancel one and then re-apply for the other?

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

Post by SlowMovingInvestor » Mon Jan 13, 2020 8:41 pm

investor997 wrote:
Mon Jan 13, 2020 4:31 pm
Does anyone know if it's possible to convert an Amex Platinum to the Schwab Amex Platinum? Or is it necessary to cancel one and then re-apply for the other?
Why would you want to convert if you can get the Schwab Amex Plat bonus by signing up (I"m not even sure you actually need to cancel the other card, although it makes sense to do that if you get approved for Schwab) ?

Royal Blue
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Re: What's Your Credit Card Rewards Strategy?

Post by Royal Blue » Mon Jan 13, 2020 8:53 pm

SlowMovingInvestor wrote:
Mon Jan 13, 2020 8:41 pm
investor997 wrote:
Mon Jan 13, 2020 4:31 pm
Does anyone know if it's possible to convert an Amex Platinum to the Schwab Amex Platinum? Or is it necessary to cancel one and then re-apply for the other?
Why would you want to convert if you can get the Schwab Amex Plat bonus by signing up (I"m not even sure you actually need to cancel the other card, although it makes sense to do that if you get approved for Schwab) ?
Unless you wanted to pay the annual fee of $550 on the Amex Platinum (not sure the fees associated with the Schwab one) you'd want to cancel one of the cards.

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

Post by TravelGeek » Mon Jan 13, 2020 8:57 pm

BocaEli wrote:
Mon Jan 13, 2020 8:53 pm
SlowMovingInvestor wrote:
Mon Jan 13, 2020 8:41 pm
investor997 wrote:
Mon Jan 13, 2020 4:31 pm
Does anyone know if it's possible to convert an Amex Platinum to the Schwab Amex Platinum? Or is it necessary to cancel one and then re-apply for the other?
Why would you want to convert if you can get the Schwab Amex Plat bonus by signing up (I"m not even sure you actually need to cancel the other card, although it makes sense to do that if you get approved for Schwab) ?
Unless you wanted to pay the annual fee of $550 on the Amex Platinum (not sure the fees associated with the Schwab one) you'd want to cancel one of the cards.
Sure, but if a product change is possible (I don’t know; often switches from/to partner-branded products aren’t possible), it would not result in a new signup bonus. If instead the OP first applies for the Schwab Plat and then cancels the regular Plat, the AF cost would be the same, and a significant new signup bonus would be earned.

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

Post by SlowMovingInvestor » Mon Jan 13, 2020 9:06 pm

BocaEli wrote:
Mon Jan 13, 2020 8:53 pm
SlowMovingInvestor wrote:
Mon Jan 13, 2020 8:41 pm
investor997 wrote:
Mon Jan 13, 2020 4:31 pm
Does anyone know if it's possible to convert an Amex Platinum to the Schwab Amex Platinum? Or is it necessary to cancel one and then re-apply for the other?
Why would you want to convert if you can get the Schwab Amex Plat bonus by signing up (I"m not even sure you actually need to cancel the other card, although it makes sense to do that if you get approved for Schwab) ?
Unless you wanted to pay the annual fee of $550 on the Amex Platinum (not sure the fees associated with the Schwab one) you'd want to cancel one of the cards.
That's why I said you'd want to cancel the regular Plat card if Schwab signup goes through, although as a hypothetical, I was saying I think even that's not strictly necessary.

With Schwab, you can get up to $200 off the Plat (if you have $1M with them).

Jags4186
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Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 » Mon Jan 13, 2020 9:07 pm

VictoriaF wrote:
Sat Jan 11, 2020 7:23 pm
2) Fidelity's card has Foreign Exchange fees.

Yes, but it is 1% as opposed to the 3% most cards that have a FTF charge. So you're still get cashback abroad, just at 1% instead of 2% domestically.

investor997
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Re: What's Your Credit Card Rewards Strategy?

Post by investor997 » Mon Jan 13, 2020 10:42 pm

SlowMovingInvestor wrote:
Mon Jan 13, 2020 8:41 pm
investor997 wrote:
Mon Jan 13, 2020 4:31 pm
Does anyone know if it's possible to convert an Amex Platinum to the Schwab Amex Platinum? Or is it necessary to cancel one and then re-apply for the other?
Why would you want to convert if you can get the Schwab Amex Plat bonus by signing up (I"m not even sure you actually need to cancel the other card, although it makes sense to do that if you get approved for Schwab) ?
I'm eligible for a 100K sign-up bonus on the regular Amex Platinum but only 60K for the Schwab version. So the idea would be to sign up for the regular one, take the 100K and then transition to the Schwab version after the first year. I'm aware that there'd be no sign-up bonus the second time around.

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Re: What's Your Credit Card Rewards Strategy?

Post by Jags4186 » Mon Jan 13, 2020 10:53 pm

investor997 wrote:
Mon Jan 13, 2020 10:42 pm
SlowMovingInvestor wrote:
Mon Jan 13, 2020 8:41 pm
investor997 wrote:
Mon Jan 13, 2020 4:31 pm
Does anyone know if it's possible to convert an Amex Platinum to the Schwab Amex Platinum? Or is it necessary to cancel one and then re-apply for the other?
Why would you want to convert if you can get the Schwab Amex Plat bonus by signing up (I"m not even sure you actually need to cancel the other card, although it makes sense to do that if you get approved for Schwab) ?
I'm eligible for a 100K sign-up bonus on the regular Amex Platinum but only 60K for the Schwab version. So the idea would be to sign up for the regular one, take the 100K and then transition to the Schwab version after the first year. I'm aware that there'd be no sign-up bonus the second time around.
No you can’t convert anything to a Schwab Platinum. You also cannot convert the Schwab Platinum to any other card.

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

Post by EnjoyIt » Tue Jan 14, 2020 11:08 am

investor997 wrote:
Mon Jan 13, 2020 10:42 pm
SlowMovingInvestor wrote:
Mon Jan 13, 2020 8:41 pm
investor997 wrote:
Mon Jan 13, 2020 4:31 pm
Does anyone know if it's possible to convert an Amex Platinum to the Schwab Amex Platinum? Or is it necessary to cancel one and then re-apply for the other?
Why would you want to convert if you can get the Schwab Amex Plat bonus by signing up (I"m not even sure you actually need to cancel the other card, although it makes sense to do that if you get approved for Schwab) ?
I'm eligible for a 100K sign-up bonus on the regular Amex Platinum but only 60K for the Schwab version. So the idea would be to sign up for the regular one, take the 100K and then transition to the Schwab version after the first year. I'm aware that there'd be no sign-up bonus the second time around.
No, You get the 100k sign up bonus for the Amex platinum, Wait about 11 months and then you go for the Schwab card so that you can get the 60k bonus there, cancel the Amex platinum before the annual fee is assessed.

investor997
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Re: What's Your Credit Card Rewards Strategy?

Post by investor997 » Tue Jan 14, 2020 7:46 pm

EnjoyIt wrote:
Tue Jan 14, 2020 11:08 am
No, You get the 100k sign up bonus for the Amex platinum, Wait about 11 months and then you go for the Schwab card so that you can get the 60k bonus there, cancel the Amex platinum before the annual fee is assessed.
So Amex doesn't consider the Schwab Platinum to be in the same category as the standard Platinum? Their cards usually have a "once per lifetime" asterisk as far as earning sign-up bonuses go and earning 100K + 60K 12 months later seems too good to be true.

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

Post by SlowMovingInvestor » Tue Jan 14, 2020 7:53 pm

investor997 wrote:
Tue Jan 14, 2020 7:46 pm
EnjoyIt wrote:
Tue Jan 14, 2020 11:08 am
No, You get the 100k sign up bonus for the Amex platinum, Wait about 11 months and then you go for the Schwab card so that you can get the 60k bonus there, cancel the Amex platinum before the annual fee is assessed.
So Amex doesn't consider the Schwab Platinum to be in the same category as the standard Platinum? Their cards usually have a "once per lifetime" asterisk as far as earning sign-up bonuses go and earning 100K + 60K 12 months later seems too good to be true.
You can get both bonuses, yes -- Amex considers them different. That's why I said at the beginning of this subthread that it didn't make sense to switch cards.

innominate21
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Re: What's Your Credit Card Rewards Strategy?

Post by innominate21 » Tue Jan 14, 2020 8:40 pm

SlowMovingInvestor wrote:
Sun Jan 12, 2020 9:50 pm
Can BoA Premium rewards card be downgraded to the BoA cash rewards card ?
I'm sure it can but I'm curious what are your reasons for doing so? Right now I just use BoA cash rewards with 5.25% at dining, 3.5% on grocery, and then my Citi double cash for everything else. I had used the Uber card for travel but now that's out the window, I'm strongly considering getting the Premium rewards. I'd get 3.5% back with travel, no FTF, and 2.62% back on everything else; I'd basically be able to get rid of both Uber and Double Cash card with this move. The $100 incidental airline credit essentially lets the card pay you $5 to keep, not to mention the Global Entry reimbursement.

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

Post by SlowMovingInvestor » Tue Jan 14, 2020 8:50 pm

innominate21 wrote:
Tue Jan 14, 2020 8:40 pm
SlowMovingInvestor wrote:
Sun Jan 12, 2020 9:50 pm
Can BoA Premium rewards card be downgraded to the BoA cash rewards card ?
I'm sure it can but I'm curious what are your reasons for doing so? Right now I just use BoA cash rewards with 5.25% at dining, 3.5% on grocery, and then my Citi double cash for everything else. I had used the Uber card for travel but now that's out the window, I'm strongly considering getting the Premium rewards. I'd get 3.5% back with travel, no FTF, and 2.62% back on everything else; I'd basically be able to get rid of both Uber and Double Cash card with this move. The $100 incidental airline credit essentially lets the card pay you $5 to keep, not to mention the Global Entry reimbursement.
My main reason for downgrading uis the $95 fee. Already have other cards that do Global Entry. The incidental credit is not something that I really make much use of -- I gather that airline GCs aren't ringing up any more. I have other cards with transferrable points that cover most categories nearly as well, and 2 cards with rotating categories. Add the BoA cash rewards to that, and I think be able to get coverage of nearly any category.
Last edited by SlowMovingInvestor on Tue Jan 14, 2020 9:31 pm, edited 1 time in total.

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

Post by NoProbLlama » Tue Jan 14, 2020 9:20 pm

My CSR AF was coming up on 2/1 and I canceled the card today.

I signed up for the card before they switched the $300 travel credit from calendar year to cardmember year. I bought a $300 Delta gift card this weekend, got the travel credit Monday, and canceled the card today before having to pay the AF. I almost hate letting go of that card, but a “free” $300 was a great parting gift.

Rewards strategy going forward will be rotating sign-up bonuses for travel purchases, AMEX cash preferred for groceries, Wells Fargo Propel for dining, rotating 5% categories for both Chase Freedom & Discover It, and then Fidelity 2% for anything else.

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

Post by MotoTrojan » Sun Jan 19, 2020 2:26 pm

Ignoramus5000 wrote:
Thu Jan 09, 2020 3:28 pm
MotoTrojan wrote:
Wed Apr 04, 2018 11:12 am
Uber/Barclays has a new Visa which is totally free, $100 back after $500 in first 90 days, $50 towards annual online subscription, but best of all... 4% back on dining and 3% back on travel (also 2% online and 1% elsewhere). Redeemable for cash or Uber credits. I added this to go along with my Citi DoubleCash 2% everything card, since I use CC's mostly for food and often for travel.
Forewarning, in February Uber is changing this card to disallow users to redeem cash back, but rather all cash back is called "Uber Cash" now and can only be used for prepaying uber rides and ubereats...
I now combine Wells Propel and Visa Signature; 4.5% back towards flights on food, travel, and gas. No annual fees.

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

Post by SurfCityBill » Sun Jan 19, 2020 6:05 pm

My strategy was to open a Barclays World Elite MC to take advantage of an airline companion deal. I closed a similar account with Barclays (diff airline) about 16 months ago. That account was approved rather quickly (FICO 800+), no other debt. This time I received a letter asking me to forward a 4506-T form authorizing them to review my tax returns to verify income. I have no intention of allowing them that level of personal information for a basic credit card. Is this the new normal for credit card companies or do you think they're just playing hard ball with me due to the "recent" closure of a similar account?

michaeljc70
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Re: What's Your Credit Card Rewards Strategy?

Post by michaeljc70 » Sun Jan 19, 2020 6:09 pm

SurfCityBill wrote:
Sun Jan 19, 2020 6:05 pm
My strategy was to open a Barclays World Elite MC to take advantage of an airline companion deal. I closed a similar account with Barclays (diff airline) about 16 months ago. That account was approved rather quickly (FICO 800+), no other debt. This time I received a letter asking me to forward a 4506-T form authorizing them to review my tax returns to verify income. I have no intention of allowing them that level of personal information for a basic credit card. Is this the new normal for credit card companies or do you think they're just playing hard ball with me due to the "recent" closure of a similar account?
I had the same for a Citi card. I sent them the form (this card is my everyday driver so I wanted it more than usual). It took two months, but I got the card. It is one tactic that they use so they hope you just go away. They also have lowered a lot of the initial points/miles and are backloading them after you spend more after 6/12 months. They also used a trick to deny me regarding missed payments from 25+ years ago (which they obviously have in their records but are long gone from my credit report-FICO now 818). It was funny because they opened 20 credit cards for me before using that.

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

Post by SurfCityBill » Sun Jan 19, 2020 6:32 pm

michaeljc70 wrote:
Sun Jan 19, 2020 6:09 pm
SurfCityBill wrote:
Sun Jan 19, 2020 6:05 pm
My strategy was to open a Barclays World Elite MC to take advantage of an airline companion deal. I closed a similar account with Barclays (diff airline) about 16 months ago. That account was approved rather quickly (FICO 800+), no other debt. This time I received a letter asking me to forward a 4506-T form authorizing them to review my tax returns to verify income. I have no intention of allowing them that level of personal information for a basic credit card. Is this the new normal for credit card companies or do you think they're just playing hard ball with me due to the "recent" closure of a similar account?
I had the same for a Citi card. I sent them the form (this card is my everyday driver so I wanted it more than usual). It took two months, but I got the card. It is one tactic that they use so they hope you just go away. They also have lowered a lot of the initial points/miles and are backloading them after you spend more after 6/12 months. They also used a trick to deny me regarding missed payments from 25+ years ago (which they obviously have in their records but are long gone from my credit report-FICO now 818). It was funny because they opened 20 credit cards for me before using that.
Yes, that's what I suspected. It's interesting. I know quite a few people and many posters here, that seem to churn cards routinely. Anyway, if Barclays goal was to get me to just go away, no problem. I'm gone. Not losing any sleep over this one. :D

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

Post by SlowMovingInvestor » Sun Jan 19, 2020 7:43 pm

michaeljc70 wrote:
Sun Jan 19, 2020 6:09 pm
SurfCityBill wrote:
Sun Jan 19, 2020 6:05 pm
My strategy was to open a Barclays World Elite MC to take advantage of an airline companion deal. I closed a similar account with Barclays (diff airline) about 16 months ago. That account was approved rather quickly (FICO 800+), no other debt. This time I received a letter asking me to forward a 4506-T form authorizing them to review my tax returns to verify income. I have no intention of allowing them that level of personal information for a basic credit card. Is this the new normal for credit card companies or do you think they're just playing hard ball with me due to the "recent" closure of a similar account?
I had the same for a Citi card. I sent them the form (this card is my everyday driver so I wanted it more than usual). It took two months, but I got the card. It is one tactic that they use so they hope you just go away.
If they wanted you to go away, they could reject you off-hand, surely ?

I'm wondering if they use some other analytic data to decide whether to ask for income verification. And with any such method, there will definitely be false positives.

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

Post by kerplunk » Sun Jan 19, 2020 10:20 pm

I believe that my credit cards rewards strategy is more Bogleheads-like than most. I use Navy Federal Credit Union credit cards. Two cards (More Rewards and Flagship Rewards) yield 3 cents per dollar spent on travel, transit (broad category), gas, restaurants, supermarkets, and 2 cents per dollar on everything else. It’s so simple and straightforward.

Here’s a post about the Flagship Rewards card I saw on the myFICO forums which got me interested originally.
Yes, it's a travel card. But that seems a little harsh and hasty a review of the Flagship card. Pardon my off-topic diversion. I don't have it but have considered it. I think it can be a great card depending on what else is in someone's wallet. For someone who can get qualify for membership in NFCU, who doesn't want a high-priced travel card but wants to save rewards for travel, who doesn't yet have a 3%+ travel card and/or a 2%+ all-purpose card, it's certainly a worthy contender.

First off, it has a 50K point ($500 SUB) that effectively pays the annual fee for more than 10 years if you keep it! (Regardless of all other benefits you get from the card.)

Yes, it has $49 AF but for someone who uses that Global Entry credit you mentioned, the effective AF is actually $24 ($100 credit every 4 years = $49-25.)

For that $24, you get a lot of other Visa Signature "value" items you neglected to mention that are sometimes not available in sub-$50 AF cards including basic travel protections like secondary rental car CDW, Accidental Death & Dismemberment travel insurance ($250K), Lost Luggage Reimbursement, plus also Purchase protection, Extended Warranty coverage, Cell phone protection, Visa Signature Concierge, Roadside Assistance Dispatch, and Emergency Travel Assistance hotline. For someone who can use those things, it easily pays the other $24 in AF for being able to decline CDW, cancel cell phone insurance plans, or file claims for purchase protection or extended warranty coverage. Some other no-AF Visa Signature cards may have some of those benefits but there are probably few that have all.

Also, no FTF's, no BT fees, and even no Cash Advance fees! That can really add up if you ever do BT's alone.

And what other rewards cards have APRs as low as 11.99%? That is exceptional for a card that also pays 2-3%. (PenFed Power Cash is 11.74% and no FTF ... but they also have 3% BT and 5% Cash Advance fees.)

There are only a handful of cards that give 3% or more back on travel in CASH at a penny-a-point with either no-AF or that low an AF. My Citi Costco does, but Costco membership is required. WF Propel and Barclays UBER do, but they don't offer a base of 2% on anything, so it's more cards to carry with less-favorable terms. That appears to me to be one of the strong suits of this card: the ability to consolidate in one place all the cash back awards for future travel usage. Someone can combine their 2% and 3% cashback categories and allow it accumulate for major travel purchases like vacations, hotel stays, airfare, rental cars.

NFCU also advertises "Member Deals" for shopping redemptions that can amplify reward points value. The website shows an example of up to 5% bonus on top of the 2% base earning, so points could be worth effectively 7% for shopping with the Flagship, if you chose to redeem them that way. I believe the CITI DC is the only card that allows something similar, since they just began allowing conversion of DC to TY points.

Navy FCU is known for generous approvals, generous SLs, generous CLIs, and good customer service. All this really counts. From what I've read, I've rather deal with NFCU for customer service issues more than any of the well-known national 2% card products, including Synchrony (PayPal), Citi (DC), Elan Financial Service (Fidelity), Alliant CU (Visa Signature), or even PenFed (Power Cash), which is also on my radar. I've read some pretty negative reviews on all of those from some customers.

Yeah, the $50 minimum redemption is high, and that turns me off in some ways. But as I said, I think it's intended to be a program where rewards are allowed to accumulate for major travel redemption. If you don't spend enough to accumulate rewards quickly enough or travel often enough, it's not such a good card for you. Also, depending on what else is in your wallet, the overlaps may make the AF an unnecessary expense. But for the right consumer, it's a highly competitive product to those $89 and higher-AF travel cards.
Hope this helps someone out there.

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

Post by TravelGeek » Sun Jan 19, 2020 11:57 pm

SurfCityBill wrote:
Sun Jan 19, 2020 6:05 pm
My strategy was to open a Barclays World Elite MC to take advantage of an airline companion deal. I closed a similar account with Barclays (diff airline) about 16 months ago. That account was approved rather quickly (FICO 800+), no other debt. This time I received a letter asking me to forward a 4506-T form authorizing them to review my tax returns to verify income. I have no intention of allowing them that level of personal information for a basic credit card. Is this the new normal for credit card companies or do you think they're just playing hard ball with me due to the "recent" closure of a similar account?
Was the income information, occupation, etc. on the new application significantly different from the previous application?

I have applied for maybe 30 cards (including two Barclays cards) and was never asked to submit that form. But I have read about such cases on Flyertalk. It appears to occasionally happen, and I, too, would shred the request and move on.

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