credit card and flights

 

I'm of the camp, no more credit cards. I used to have a perfect FICO but it dropped when I financed the HVAC 0% for 60 mos. So yes I use credit to earn 2% cash back, and 5% revolving, and 5% gas cash back permanently. But am not open to new credit. I want to have no debt.

We have to go to Chicago for my wife's bday as that's where her family is meeting.

To my surprise, we can all fly there to O'Hare round-trip, 3 of us, $600 incl tax. I thought it would be $900+. I haven't traveled for work since 2020, so not up on prices anymore.

Then there was a pop-up. I am pre-approved for a credit card.

I can get a statement credit of $250. Hmmm...that's not enough in itself imho.

then it says 2 free passes for the club/lounge (ok not really a big deal)

FREE CHECKED BAGGAGE FOR MYSELF AND ONE OTHER TRAVELER ON THE RESERVATION

Hmmmm that's worth $70 round-trip each, or $140.

When the $250 is combined with the $140, I decided to accept the offer. That's a significant amount towards the $600.

It'd be nice to not care, but I do care about $390.

Fin. lol

Last year another family

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 smile

I really

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

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.

Maybe $60K of Credit Line

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.

Maybe I'm Just Cynical

johnnatash4 wrote:

I'm of the camp, no more credit cards. I used to have a perfect FICO but it dropped when I financed the HVAC 0% for 60 mos. So yes I use credit to earn 2% cash back, and 5% revolving, and 5% gas cash back permanently. But am not open to new credit. I want to have no debt.

We have to go to Chicago for my wife's bday as that's where her family is meeting.

To my surprise, we can all fly there to O'Hare round-trip, 3 of us, $600 incl tax. I thought it would be $900+. I haven't traveled for work since 2020, so not up on prices anymore.

Then there was a pop-up. I am pre-approved for a credit card.

I can get a statement credit of $250. Hmmm...that's not enough in itself imho.

then it says 2 free passes for the club/lounge (ok not really a big deal)

FREE CHECKED BAGGAGE FOR MYSELF AND ONE OTHER TRAVELER ON THE RESERVATION

Hmmmm that's worth $70 round-trip each, or $140.

When the $250 is combined with the $140, I decided to accept the offer. That's a significant amount towards the $600.

It'd be nice to not care, but I do care about $390.

Fin. lol

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

FICO = 850 is "perfect score"

johnnatash4 wrote:

I'm of the camp, no more credit cards. I used to have a perfect FICO but it dropped when I financed the HVAC 0% for 60 mos.

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

--
John from PA

it's actually not perfect

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

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.