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A change of paradigm from CL to Rewards

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Fico2Go
Established Contributor

Re: A change of paradigm from CL to Rewards


@longtimelurker wrote:

@Fico2Go wrote:

@longtimelurker wrote:

@Fico2Go wrote:

@longtimelurker wrote:

 

But in general, keeping them open or closing them doesn't make a whole lot of difference to most people.

 

 

 


 

I'm not trying to be like most people.  I plan to make a profit with my credit cards.  Smiley Happy

 


OK, but I thought you knew all this.   To really make a profit, at least in today's environment, basically:

 

MS > Sign Up bonuses >>> Rewards

 

and then CLs become important on the critical cards.   So in your case I would garden to get rid of the no longer wanted inqs, when able (Jan/Feb 2015) move your BCP limit to BC, and then app for high sign up cards.  Then you would be all set.


 

May I ask why you still carry the BCE when the BC is clearly more advantageous? 

 

 


When I got the BC, I moved most of the CL from my BCP to BC, then downgraded the BCP to a BCE to avoid the annual fee.  Keeping it to take advantage of any of the Amex special offers, and as something to PC if anything exciting comes up.  But I don't use it.


 

 

I plan to do what you have done.   well calculated indeed.  Being that Amex wont allow CL reallocation until the 13th month, how can I avoid paying the AF on the BCP?  

 

Currently I'm using my PRG as a means to bridge the needed CL that I don't have.  The 3X for airline booking isn't worth it when my BC CL increases.

 

  

 

 

 

 

Discover IT $19,000 == 12/2013
AMEX 12/2013 ---BCP $12,000 === BC $23,000 ----- 04/2014
CHASE SLATE $5,700 === 12/2013
BoA 123 $6000 === 12/2013
Barclay Rewards $1500 == 12/2013
Message 11 of 22
longtimelurker
Epic Contributor

Re: A change of paradigm from CL to Rewards

You should be able to at least PC the BCP to BCE when the annual fee is due (or at least get it refunded after PCing).   And then transfer the CL from whatever it is to BC when they let you

Message 12 of 22
PlasticOrPlastic
Established Contributor

Re: A change of paradigm from CL to Rewards


@longtimelurker wrote:

@Fico2Go wrote:

@longtimelurker wrote:

 

But in general, keeping them open or closing them doesn't make a whole lot of difference to most people.

 

 

 


 

I'm not trying to be like most people.  I plan to make a profit with my credit cards.  Smiley Happy

 


OK, but I thought you knew all this.   To really make a profit, at least in today's environment, basically:

 

MS > Sign Up bonuses >>> Rewards

 

and then CLs become important on the critical cards.   So in your case I would garden to get rid of the no longer wanted inqs, when able (Jan/Feb 2015) move your BCP limit to BC, and then app for high sign up cards.  Then you would be all set.


I was just reading through this thread, and wondering if you've ever needed to use your 50k line on that AMEX?  I see people with insane limits that always PIF, I agree that sometimes having high CL's is pointless especially when PIF.  Of course low limit cards are no good either...making multiple payments a month, etc.  I'm just always amazed at people with crazy high CL's, I was happy to hit 5K on my Arrival but I'll most likely never ever need that limit. 

Message 13 of 22
SunriseEarth
Moderator Emeritus

Re: A change of paradigm from CL to Rewards


@Fico2Go wrote:

fter 6 months of getting back into the credit card industry I've come to realize that a high CL doesn't equate to high value.  Unless I am carrying a balance or need high CL to lower my utilization it really doesn't make financial sense to keep unused products. 

 

For me now it's all about rewards.  I find myself juggling between cards that offer high rewards.  If only there were a way for me to get NPSL on 5% rewards on key categories.  

 

If I could turn the clock back I'd refrain from Apping cards offering less than 3% or 2 points per $ spent.  I am not happy  about having multiple products gone unused.  

Having these unused cards also deter other issuers from issuing new approvals.  

 

Just something to consider.

 

 


You can definitely tell the credit newbies.   They'll usually post saying "what card can I get with a high CL?"   I agree that the benefits of a CC are definitely more important than having the highest CL, as long as the CL you have is practical for your use.  My QS1 has a good rewards structure, but the low CL makes its use a hassle, which is why AMEX is getting more of my business these days.  However, if my spend fit with other rewards cards, then the lowish CL might be just fine.  



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 14 of 22
longtimelurker
Epic Contributor

Re: A change of paradigm from CL to Rewards


@PlasticOrPlastic wrote:

I was just reading through this thread, and wondering if you've ever needed to use your 50k line on that AMEX?  I see people with insane limits that always PIF, I agree that sometimes having high CL's is pointless especially when PIF.  Of course low limit cards are no good either...making multiple payments a month, etc.  I'm just always amazed at people with crazy high CL's, I was happy to hit 5K on my Arrival but I'll most likely never ever need that limit. 


In this case, yes.     The card is used for certain types of purchase [not approved of here] and Amex has told people doing this not to spend more than 1x CL per month (even if you pay several times in that month).  So this is a question of Amex tolerance, the higher the CL the more you spend without getting into trouble.

Message 15 of 22
PlasticOrPlastic
Established Contributor

Re: A change of paradigm from CL to Rewards


@longtimelurker wrote:

@PlasticOrPlastic wrote:

I was just reading through this thread, and wondering if you've ever needed to use your 50k line on that AMEX?  I see people with insane limits that always PIF, I agree that sometimes having high CL's is pointless especially when PIF.  Of course low limit cards are no good either...making multiple payments a month, etc.  I'm just always amazed at people with crazy high CL's, I was happy to hit 5K on my Arrival but I'll most likely never ever need that limit. 


In this case, yes.     The card is used for certain types of purchase [not approved of here] and Amex has told people doing this not to spend more than 1x CL per month (even if you pay several times in that month).  So this is a question of Amex tolerance, the higher the CL the more you spend without getting into trouble.


I guess that makes sense then.  To be honest I think I'd be scared of a 50K credit card lol unless my income was so high it wasn't even worth putting it into a XXXXXXXk per year format!! 

Message 16 of 22
Themanwhocan
Senior Contributor

Re: A change of paradigm from CL to Rewards


@Fico2Go wrote:

fter 6 months of getting back into the credit card industry I've come to realize that a high CL doesn't equate to high value.  Unless I am carrying a balance or need high CL to lower my utilization it really doesn't make financial sense to keep unused products. 

 

For me now it's all about rewards.  I find myself juggling between cards that offer high rewards.  If only there were a way for me to get NPSL on 5% rewards on key categories.  

 

If I could turn the clock back I'd refrain from Apping cards offering less than 3% or 2 points per $ spent.  I am not happy  about having multiple products gone unused.  

Having these unused cards also deter other issuers from issuing new approvals.  

 

Just something to consider.

 

 


5% on all key categories... i wonder how that would work.





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 17 of 22
longtimelurker
Epic Contributor

Re: A change of paradigm from CL to Rewards


@Themanwhocan wrote:

@Fico2Go wrote:

fter 6 months of getting back into the credit card industry I've come to realize that a high CL doesn't equate to high value.  Unless I am carrying a balance or need high CL to lower my utilization it really doesn't make financial sense to keep unused products. 

 

For me now it's all about rewards.  I find myself juggling between cards that offer high rewards.  If only there were a way for me to get NPSL on 5% rewards on key categories.  

 

If I could turn the clock back I'd refrain from Apping cards offering less than 3% or 2 points per $ spent.  I am not happy  about having multiple products gone unused.  

Having these unused cards also deter other issuers from issuing new approvals.  

 

Just something to consider.

 

 


5% on all key categories... i wonder how that would work.


You missed the "NPSL" part.

Message 18 of 22
Fico2Go
Established Contributor

Re: A change of paradigm from CL to Rewards

Actually I'm getting 7% cashback these days on my 5% CB card.  I call it double dipping and works alongside gas/grocery/drug store merchant reward programs.  

 

With double dipping I haven't spent a dime on gas in weeks... and I can convert store rewards into VISA GIFT CARDS. 

 

Example:

 

Spend $1000 = $70 rewards.

 

It's the biggest secret  and the reason I'm becoming a rewards addict. 

 

 

 

 

 

 

 

 

 

 

Discover IT $19,000 == 12/2013
AMEX 12/2013 ---BCP $12,000 === BC $23,000 ----- 04/2014
CHASE SLATE $5,700 === 12/2013
BoA 123 $6000 === 12/2013
Barclay Rewards $1500 == 12/2013
Message 19 of 22
Themanwhocan
Senior Contributor

Re: A change of paradigm from CL to Rewards


@clocktick wrote:

I'm in full support of closing cards that are not used.  It doesn't seem like a lot of people are though.  I've never had lenders seem deterred from open accounts, however.


I had a lender deterred just last week... too many opened cards last year.





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 20 of 22
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