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Frequent Contributor
Mank
Posts: 414
Registered: ‎11-30-2008

Re: Best general purpose cashback card

I don't know, if you've already got 6 maybe it's not a huge difference to make it 7. I missed a phone call today from a number I finally traced back to Schwab, so I called them to check the status of my app. They asked me a ton of income and debt questions, although didn't actually verify anything. Then put me on hold for 10 minutes, came back and asked me how much money I had left each month after paying my mortgage (uh, income -mortgage payment = your answer, dude) and after I answered that he said you're approved for $5000. I've recently opened WAMU (now Chase) and AMEX in December, and was approved for Alliant Credit Union this weekend all at $2500 so I'm really glad to be starting off with a $5000 CL. My two main cards are at $14,000 and $13,500 so I was having a hard time getting big purchases onto my AMEX to get it over the $6500 mark. I also got an extra card in my SO's name, so we can move everything onto this card. Might as well get as much of that 2% cash back!
Contributor
Eiso
Posts: 123
Registered: ‎03-29-2009

Re: Best general purpose cashback card


Mank wrote:
I don't know, if you've already got 6 maybe it's not a huge difference to make it 7. I missed a phone call today from a number I finally traced back to Schwab, so I called them to check the status of my app. They asked me a ton of income and debt questions, although didn't actually verify anything. Then put me on hold for 10 minutes, came back and asked me how much money I had left each month after paying my mortgage (uh, income -mortgage payment = your answer, dude) and after I answered that he said you're approved for $5000. I've recently opened WAMU (now Chase) and AMEX in December, and was approved for Alliant Credit Union this weekend all at $2500 so I'm really glad to be starting off with a $5000 CL. My two main cards are at $14,000 and $13,500 so I was having a hard time getting big purchases onto my AMEX to get it over the $6500 mark. I also got an extra card in my SO's name, so we can move everything onto this card. Might as well get as much of that 2% cash back!

But isnt it the cash back goes into the brokerage account but not able to cash out?

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FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742
Frequent Contributor
Mank
Posts: 414
Registered: ‎11-30-2008

Re: Best general purpose cashback card

I've never had any trouble transferring funds back and forth between my Schwab One account and my US Bank checking. I don't see why rewards funds would be any different.

 

Personally I like the idea of automatically putting $40 or $50 in my investment account every month. This card will be my mini retirement plan! :smileywink:

Contributor
Eiso
Posts: 123
Registered: ‎03-29-2009

Re: Best general purpose cashback card


Mank wrote:
I don't know, if you've already got 6 maybe it's not a huge difference to make it 7.

I keep thinking about what you said, hahaha! Maybe it really wont make a huge difference. I felt like I'm trying too hard to get some more cash back. Down the road, if it does hurt my credit profile by numerous reasons down the road contributing by this action, the loans I take in teh future might cost me more money than a few hundred bucks.

-----------------------------------------------------
FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742

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