Using a credit card for rewards?

[LifeIsAPoissonProcess]

Originally Posted by wat?

You gave up a card that could potentially net you $250 in profit plus MR's?

Nope - I don't value those benefits at the maximum values. I exclusively use my CSR and rarely use Uber. At best I was breaking even - not to mention my wife still has her Amex Plat so I can still use her benefits if I need to. I would definitely apply for the card again later this year if the bonus is still available.

[wat?]

Originally Posted by LifeIsAPoissonProcess

Nope - I don't value those benefits at the maximum values. I exclusively use my CSR and rarely use Uber. At best I was breaking even - not to mention my wife still has her Amex Plat so I can still use her benefits if I need to. I would definitely apply for the card again later this year if the bonus is still available.

Do you think your wife will get as good a retention deal?

What's Amex's policy on bonuses? 12/24 months?

Clearly I'm asking these questions here because I'd prefer not to be downvoted to oblivion on reddit

[LifeIsAPoissonProcess]

Originally Posted by wat?

Do you think your wife will get as good a retention deal?

What's Amex's policy on bonuses? 12/24 months?

Clearly I'm asking these questions here because I'd prefer not to be downvoted to oblivion on reddit

I've heard $300 is standard for those who got the 100k deal in November 2016. I'd guess she'd get a similar deal.

I have heard once-per-lifetime and once-per-24 months with Amex. I'm not sure which one applies. I know it's once per lifetime with AMEX's business cards.

Sidenote: Reddit's /r/churning daily question thread is very informative even if you have a frequently asked question that gets answered everyday. People will answer your question to meet minimum karma levels so that they can post their link in the referral threads when they meet minimum karma/post count limits.

[WellThen]

Originally Posted by yoyo

i guess it gets easier with time, but reading this thread makes it seem like a part time job to manage these cc benefits. doesn't seem like it's worth it in my situation, but i get why people would do it

I don't think it's worth it either, depending on what your other income producing opportunities are. Easiest route I found though is having $50k plus with Bank of America/Merrill Lynch and using the Premier Rewards card + the Cash rewards card. That combined with BoA platinum or platinum honors status gets you something like a minimum of 2.5% cash back on everything, 6% on gas/groceries/wholesale, and 3.5% or so on dining and travel I think. All cash back so you don't spend any time figuring out how to use it, and it's basically no fee if you use airline incidentals. Plus you get free trades with Merrill Lynch.

[ElPatron]

Originally Posted by WellThen

I don't think it's worth it either, depending on what your other income producing opportunities are. Easiest route I found though is having $50k plus with Bank of America/Merrill Lynch and using the Premier Rewards card + the Cash rewards card. That combined with BoA platinum or platinum honors status gets you something like a minimum of 2.5% cash back on everything, 6% on gas/groceries/wholesale, and 3.5% or so on dining and travel I think. All cash back so you don't spend any time figuring out how to use it, and it's basically no fee if you use airline incidentals. Plus you get free trades with Merrill Lynch.

Damn, those are great reward rates for everyday spend.

A big downside is that you need to be a BofA customer with a lot of money parked there. Some of the worst banking service experiences I’ve ever had have been at BofA. Not sure I can bring myself to give them business... but those cash back rates might do it.

[LifeIsAPoissonProcess]

Couldn't resist my 75k point Delta Amex targeted offer this weekend despite it putting me in 5/24 territory. Applied for CIP since I have a large expense coming up, and applied/approved for Delta Amex Gold. Should have a nice 80k UR + 75k Delta Skypesos in the next 2 months.

[twig93]

So I did do one offer in December after I'd hit my annual Delta threshold for bonus miles: $150 cash back with Capital One Savor for only $500 of spend. 2% cash back on groceries, 3% on restaurants, 1% everything else.

Hit the whole $500 with groceries & restaurants.

So what do I do now? Just call them and cancel? Are there restrictions on how soon you can cancel after opening a new account?

I already got the $150 bonus (well, it was like $165 or something with all of the purchase bonuses) and paid off the remaining balance.

[LifeIsAPoissonProcess]

Originally Posted by twig93

So I did do one offer in December after I'd hit my annual Delta threshold for bonus miles: $150 cash back with Capital One Savor for only $500 of spend. 2% cash back on groceries, 3% on restaurants, 1% everything else.

Hit the whole $500 with groceries & restaurants.

So what do I do now? Just call them and cancel? Are there restrictions on how soon you can cancel after opening a new account?

I already got the $150 bonus (well, it was like $165 or something with all of the purchase bonuses) and paid off the remaining balance.

There isn't a time restriction, but there it is better to leave the card open for a year and possible PC it to a $0 fee card. Opening/cancelling before a year can make it less likely for approval with that bank in the future.

[twig93]

Originally Posted by LifeIsAPoissonProcess

There isn't a time restriction, but there it is better to leave the card open for a year and possible PC it to a $0 fee card. Opening/cancelling before a year can make it less likely for approval with that bank in the future.

So set a reminder on my calendar for this time next year to call and cancel?

[LifeIsAPoissonProcess]

Originally Posted by twig93

So set a reminder on my calendar for this time next year to call and cancel?

Yep, that's exactly what I do - product change if possible to keep the line of credit open, but cancel if no other $0AF options.