credit card and flights

Last year another family member any myself opened a new chase sapphire preferred card. The perk was earn $1000 if you spend $4K within 3 months. First year $95 fee waived.

We both did. Among other things, we spent the $4K ($8K total) on prepaying utility bills (water, gas, electric), and buying tons of grocery gift cards. Now that the year is almost up, both cards have been downgraded to a no annual fee card. There's enough funds left in gc's and prepayments til the end of the year.

As an added perk, at the time chase had something called pay yourself back promo, grocery was one of the categories. So that $1K turned into $1250 worth of groceries ($2500 actually).

These days I won't open another card unless the perk is really worthwhile.

Ymmv

don't want more credit cards. I joked with my buddy if I get pushed too far, I'll go "buck wild" and max every card out and enjoy life. He pointed out that doesn't work as they can and will sue and attach liens. Dang, I googled and he's right.

On this one, I think if $2000 spent 25,000 airline miles. I don't care about those. But, I suppose the question is, $600 has been spent, should $1400 more be spent to get the 25,000 miles? Not sure.

When my wife got Chase Freedom Unlimited (I was given this automatically without any perks as my Slate was converted), she/we got 5% groceries for a year. That was great--5% on groceries without a revolving category. But since that's gone, she doesn't use it at all.

She wasn't working at the time so they only gave her $15,000 credit--so dangerous! But she's demonstrated she can avoid using cards.

I probably have close to 100K in credit line between all the cards. The number is meaningless to some extent. I only buy what I can repay back. Don't float balances or pay partially*. 99% of the time the entire balance is paid off by the due date.

I do have one card that has (had) 0% for the longest time. Now it's .5% or something crazy low. Comes out to <$3 in interest monthly. That one I'll continue paying off a few hundred each month til paid in full. The few bucks in interest is ok. It's used for big purchases where I don't want to open a new line of credit.

I have three credit card and I mostly use the one that pays 2% on all purchases. I use another card to buy gasoline from Costco that pays 4% on gas and 3% on restaurants.

I have a third card that I barely ever use and, as a result, they cut my credit limit in half because I ignored a letter several years asking about my yearly income. I figured if I make nominal purchases on the card maybe 2-3 times a year for maybe $100 in total, why would they care? They didn't see it that way and cut my credit limit in half.

No problem, they can completely cancel the card if they like. They probably need me more than I need them. I have paid all my credit cards in full every month since I sent my ex-wife packing more than forty years ago. The divorce judge saw things my way in the hearing and awarded me custody of my two children, 10 and 12 at the time of divorce. With a free spending ex-spouse out of the picture, my financial situation was greatly improved but that was a long time ago.

Congratulations on a perfect FICO score. I've never even come close. A number of years ago I was doing a lot of traveling for work and didn't have a company credit card. I was charging about $10K a month and paying the balance in full every month. Naively, I thought that I was building a good credit history. However; when I went to get a loan on a house a few years later, I was told that I didn't qualify for the lowest rate because I "carried to large of a balance"! Doesn't matter that I paid in full every month, the credit reporting agencies keep track of the "high water mark" for the account. Have always paid my credit card balance in full for the last 30+ years. My credit score drops by a few points every time I go to the grocery store for a weeks worth of groceries. Maybe I cynical, but I don't think FICO scores are there so the financial institutions can charge me less interest!
Mark

A perfect 850 may not be such a big deal; 800 will suffice. See https://www.bankrate.com/finance/credit/trying-get-perfect-c....

it was prior to doing the Trane HVAC on 0% for 60 mos.

Then it got hit like 35 points. Seem to have recoup'd about 20 of those.

And as pointed out, it's somewhat meaningless. Just like saying hey, I haven't missed a day of work in 20 years! It only says something about the person.

I don't want credit, nor to borrow, and now my buddy blew my "I'll go buck wild and max everything out" fantasy out of the water. I had always thought if I did that, it's unsecured, I'll keep everything and just have bad credit lol

My first job gave me a corporate AMEX and I used to overhear once in a while coworkers arguing with AMEX it's the co. not the individual that owes, but that's not true.

Another funny story, I mean I was in my 20's and single. I would take out pretty coworkers when I visited sites. Finally my boss pulled me aside and said that's not how it works, you don't have the authority to take others out (I was not in sales) so don't do it anymore I won't approve your reports...hahahahahahaha

As long as I'm not applying to too many cards in a period of time, I don't mind expanding my credit card collection. I only use what I can pay back. I like the different benefits, mostly related to warranty and travel protection.

The only issue I have is remembering to spend on each of the cards in order to maintain activity.

The debt finally has a due date....Sep 15.

Nice they took the $250 right off the total balance.

I have to figure out how the free checked baggage works--I assume when it's time to pay, swipe the card.

My wife made a good point, what good is 2 passes to the special lounge, when we have 3 travelers?

Hopefully there will be other trips. I think it's always 2/year. Would have to check that, or was it free upon application?

Also, my FICO dropped 2 points due to the inquiry.

Simple. Leave one traveler in the waiting area with the common folk while the two of you go to the lounge.

I have to admit, I've opened a couple or three credit cards in the last year for the perk. All my credit purchases offer perks like cash back or similar. Even paying off your statement at the end of the month will impact your credit score, if you want max score you have to pay them off about every 2 weeks or so. Waiting until it is due and then pay it off will show up as a balance and negatively effect your perfect credit score a couple points. No big deal, like someone said, 800-850 is not going to get you anything better, except bragging rights.

Are you saying United should have staff to watch our 8 year old? hahahahahahahaha

No credit credit cards for me.

I used to be like that until I was 20. Citi got me and then AMEX. I was a junior in college with AMEX green and gold, and paying annual fees cuz I thought I was cool, not the dummy I really was.

My buddy really blew my dreams out of the water. I said if society pushes me too far, I'll go buck wild and charge everything to the limit. He said yeah but they'll attach to your home, which apparently is true.

So I was pretty good about no more credit cards, seemed to have stopped at around 15.

when someone called me to lower my credit card debt, I have to tell them nicely that I do not use credit card.

I often wonder about the youth of today and to what extent they realize the debt that can be incurred from CC interest? There was a time when the interest was allowed as a tax deduction if you itemized. In my personal case it was the shocker that made us get rid of many of our cards, and pay down to the point where we never carried a balance. These days people pay a CC bill, say on the 5th of the month, another on the 10th, another on the 20th, etc. But they never go in and see the total of interest on those three CC’s, they only see the interest charge on any individual bill.

You meant me. I have about 15 credit cards, none bearing interest due to a carried balance.

I basically let our life expenses flow through them for 2% cash back.

Gas is 5% cash back permanent, deducted from balance automatically.

Travel is 3%.

Groceries is 3%.

10 payments left on house--it's all relative. When I told my wife's aunt what my house payment was and how I was looking forward to no more, she said that's nothing. hahahahahahahahaha

So says the person who's 71 and has a mortgage and heloc (but I did see her pay a contractor 14k cashier's check when I financed 0% for 60 mos a little more than that).

To be fair the amount is maybe 1/3 what a one bed apt costs to rent in her area so maybe that's why she said it's nothing. Put it this way--I pay through the nose for healthcare, and my mortgage is still 2X that. So again, come next July? I feel I'll be better off.

Rather than worry about younger gen an debt, I wonder why they come to work almost 10 AM and leave around 3? Seems like a short day to me? lol

And they're very open about it. My coworker said I'll be late I have errands to do. That was funny to me.

I see more and more people my parent's age having a heloc. Food for thought, when people do a $60k kitchen remodel or put a $130k addition on the house, just me, I bet they don't do it with cash. But I could be wrong.

In 2016, I finally bought a car with cash. Although when I got the BMW in 2006, I put 30k down, which was at the time a lot. Today it isn't I get it.