Reply
Frequent Contributor
CreditMuppet
Posts: 307
Registered: ‎08-05-2011
0

Re: App spree


mamahearts wrote:

CulpeperMike wrote:

unless your terms are different i'm pretty sure its not 1% until you spend like 3k or 5k.  if you're getting 5% on the rotating seasonal categories discover is terrible (and even then they have such low caps its not worth it).  there's much better stuff out there.

 

make sure you do your due diligence on rewards before you start charging.


 I read their terms and conditions while I was waiting for my application status.  I don't think I'll have any problems with meeting the $3k limit though.  I'm using it for everyday purchases and auto bill pay as well as other purchases.  The 1% cashback does not apply to the 5% seasonal categories.  Thanks for your feedback!


With regard to the 5% categories just know that theres usually a cap of $300 so dont overspend on that 5%!


Starting Score: 770
Current Score: 765 (EX) 763 (EQ) 756 (TU)

Auto Enhanced: 788 (EX)
Goal Score: 800
Take the FICO Fitness Challenge
Frequent Contributor
mamahearts
Posts: 251
Registered: ‎08-16-2011
0

Re: App spree


CreditMuppet wrote:

mamahearts wrote:

CulpeperMike wrote:

unless your terms are different i'm pretty sure its not 1% until you spend like 3k or 5k.  if you're getting 5% on the rotating seasonal categories discover is terrible (and even then they have such low caps its not worth it).  there's much better stuff out there.

 

make sure you do your due diligence on rewards before you start charging.


 I read their terms and conditions while I was waiting for my application status.  I don't think I'll have any problems with meeting the $3k limit though.  I'm using it for everyday purchases and auto bill pay as well as other purchases.  The 1% cashback does not apply to the 5% seasonal categories.  Thanks for your feedback!


With regard to the 5% categories just know that theres usually a cap of $300 so dont overspend on that 5%!


I am a very conservative spender so there's no chance that I'd overspend on clothing or stuff like that.  I just bought a house so we definitely have to be careful.  But if our regular purchases can earn us some cash back then I'll take it. 

myFICO starting TU 683 8/26/11
myFICO starting EQ 645 8/26/11
myFICO EQ 652 9/26
New Member
CulpeperMike
Posts: 16
Registered: ‎11-02-2011
0

Re: App spree

a lot of people on these boards are going to congratulate you and hold your hand for on anything you post because we're all in rebuild mode or have been there at some point.  but i dont think that attitude is doing you any favors.

 

REWARDS: Earn cash rewards on all your purchases. Full terms and conditions will be sent with your card. Up to 1% Cashback Bonus - Automatically earn 1% unlimited Cashback Bonus on purchases after your total annual purchases exceed $3000; purchases that are part of your first $3000 earn .25%.  Warehouse purchases (those made at select warehouse clubs, wholesale distributors, discount stores and their affiliates) earn .25%.

 

using the discover more card for everyday purchase's hoping to get to $3,000 in order to STOP earning .25% and start earning 1% is about as bad as it gets.  you need to apply for cards that are going to help you in a bigger way.

 

i'm assuming that amazon, walmart and lowes are ONLY stores cards and not visa's as well?

 

you need to get yourself a card that earns you 1% (which is still bad, but a huge step up from discover) across the board and maybe has higher seasonal caps ($300 on discover doesn't go very far). 

 

cap1 is fair to people starting out and they have lots of low end rewards cards, any credit union has 1% across the board and will give you higher limits, and of course with research there is other stuff out there.

 

if your goal is merely to establish credit then you're doing just fine, but every card you've applied for is reward based in some fashion so i think you need to RETHINK your strategy and instead of trying for lots of low end cards, try for ONE solid card.  to be honest i dont know why discover is considered prime, its really bad.

 

if i were you i would apply for:

 

something that gets you a straight 1% on everything off the bat (prolly a credit union card or any card really but CU's are the easiest and help down the road when apping for loans or houses or cars)



something that gets you 3-5% on groceries and/or gas. 

 

and then go from there.  after you get in those life or death staples you can try for higher end rewards on other common things you're spending money on.



Kohls non-visa $1,000 (lol) * Gap Visa $1,000 * Barclay NFL Visa Sig $2,800 * Walmart Discover $4,200 * Chase BP 5%/2%/1% VIsa $4,500 * American Express Preferred Blue 6%/3%/1% $5,700 * CapOne 2% Everyday Rewards MC $10,000 * Discover More 5% $10,000 * Chase AARP 5%/3% Visa $10,000 * Citi Dividend 5% MC $10,400 * Wells Fargo 1% $15,000 * Citi Forward 5% Visa $15,000 * Chase Freedom 5% Visa $18,700 * Chase Amazon 3%/2%/1% Visa Sig $19,100 (NPSL) * FIA 529 2% Amex $25,000 * PNC Everyday Rewards 4%/3%/2%/1% Visa $25,000 * PenFed 5%/1% Plat Visa $31,000 *
Walmart TU FICO--769 (10/17/11) Chase CLI EQ FICO--766 (10/25/11) Credit Sesame EX FAKO--805 (10/6/11)
Frequent Contributor
CreditMuppet
Posts: 307
Registered: ‎08-05-2011
0

Re: App spree


CulpeperMike wrote:

a lot of people on these boards are going to congratulate you and hold your hand for on anything you post because we're all in rebuild mode or have been there at some point.  but i dont think that attitude is doing you any favors.

 

REWARDS: Earn cash rewards on all your purchases. Full terms and conditions will be sent with your card. Up to 1% Cashback Bonus - Automatically earn 1% unlimited Cashback Bonus on purchases after your total annual purchases exceed $3000; purchases that are part of your first $3000 earn .25%.  Warehouse purchases (those made at select warehouse clubs, wholesale distributors, discount stores and their affiliates) earn .25%.

 

using the discover more card for everyday purchase's hoping to get to $3,000 in order to STOP earning .25% and start earning 1% is about as bad as it gets.  you need to apply for cards that are going to help you in a bigger way.

 

i'm assuming that amazon, walmart and lowes are ONLY stores cards and not visa's as well?

 

you need to get yourself a card that earns you 1% (which is still bad, but a huge step up from discover) across the board and maybe has higher seasonal caps ($300 on discover doesn't go very far). 

 

cap1 is fair to people starting out and they have lots of low end rewards cards, any credit union has 1% across the board and will give you higher limits, and of course with research there is other stuff out there.

 

if your goal is merely to establish credit then you're doing just fine, but every card you've applied for is reward based in some fashion so i think you need to RETHINK your strategy and instead of trying for lots of low end cards, try for ONE solid card.  to be honest i dont know why discover is considered prime, its really bad.

 

if i were you i would apply for:

 

something that gets you a straight 1% on everything off the bat (prolly a credit union card or any card really but CU's are the easiest and help down the road when apping for loans or houses or cars)



something that gets you 3-5% on groceries and/or gas. 

 

and then go from there.  after you get in those life or death staples you can try for higher end rewards on other common things you're spending money on.




+1 Discover is great for balance transfers IMHO if you want to carry a balance, but not great for rewards.   I blew through my $300 cap in less than a month because of the 5% restaurants and had to swap that spend to my 2 x Chase Freedom's which have both a $1500 cap.  I didnt spend a cent over $300 though!


Starting Score: 770
Current Score: 765 (EX) 763 (EQ) 756 (TU)

Auto Enhanced: 788 (EX)
Goal Score: 800
Take the FICO Fitness Challenge
Frequent Contributor
mamahearts
Posts: 251
Registered: ‎08-16-2011
0

Re: App spree


CulpeperMike wrote:

a lot of people on these boards are going to congratulate you and hold your hand for on anything you post because we're all in rebuild mode or have been there at some point.  but i dont think that attitude is doing you any favors.

 

REWARDS: Earn cash rewards on all your purchases. Full terms and conditions will be sent with your card. Up to 1% Cashback Bonus - Automatically earn 1% unlimited Cashback Bonus on purchases after your total annual purchases exceed $3000; purchases that are part of your first $3000 earn .25%.  Warehouse purchases (those made at select warehouse clubs, wholesale distributors, discount stores and their affiliates) earn .25%.

 

using the discover more card for everyday purchase's hoping to get to $3,000 in order to STOP earning .25% and start earning 1% is about as bad as it gets.  you need to apply for cards that are going to help you in a bigger way.

 

i'm assuming that amazon, walmart and lowes are ONLY stores cards and not visa's as well?

 

you need to get yourself a card that earns you 1% (which is still bad, but a huge step up from discover) across the board and maybe has higher seasonal caps ($300 on discover doesn't go very far). 

 

cap1 is fair to people starting out and they have lots of low end rewards cards, any credit union has 1% across the board and will give you higher limits, and of course with research there is other stuff out there.

 

if your goal is merely to establish credit then you're doing just fine, but every card you've applied for is reward based in some fashion so i think you need to RETHINK your strategy and instead of trying for lots of low end cards, try for ONE solid card.  to be honest i dont know why discover is considered prime, its really bad.

 

if i were you i would apply for:

 

something that gets you a straight 1% on everything off the bat (prolly a credit union card or any card really but CU's are the easiest and help down the road when apping for loans or houses or cars)



something that gets you 3-5% on groceries and/or gas. 

 

and then go from there.  after you get in those life or death staples you can try for higher end rewards on other common things you're spending money on.




 

Do you suggest I not open the Amazon, Walmart and Barclay's accounts?   Amazon, Walmart, Best Buy (has an AF so I'm going to cancel it as I won't use it enough and the interest rate is higher than my other cards), Barclays and Discover can all be used anywhere.  Lowe's is just a store card.   Walmart has a small CL but I applied for that one before the Discover More and thought it'd be good for gas/groceries and those common purchases.  Now I won't really need it. I also have a Citi Simplicity pending.

 

Maybe down the road I'll be interested in bigger rewards.  I've never gotten rewards before so I'm satisfied with what is being offered.  My new limit is more than 3x higher than my 8 year old Cap One and the interest rate is much lower.  There sure are greater rewards cards but I probably won't qualify for them with my current credit scores and amount of recent inquiries.   Maybe after my mortgage is reporting for a while. 

 

My main concern was getting a higher limit, lower rates in case I carried a balance now and then and BT offers to pay the small balance on my Cap One.   I want to continue to raise my score and if I get some little perks along the way that's good enough for me.   I am not going to be trying to hit $3000 annual spending to get the rewards.  If I get them great, if not no biggie. 

myFICO starting TU 683 8/26/11
myFICO starting EQ 645 8/26/11
myFICO EQ 652 9/26

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+