CSP

[Open123]

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@CreditScholar wrote:

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@longtimelurker wrote:

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@DigitalArk wrote:

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@CreditScholar wrote:

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@Open123 wrote:

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@longtimelurker wrote:

Time for my equivalent rant:  I don't believe in reward credit cards.  Or indeed credit cards.  The fees paid increase the costs to consumers and so are bad for the general good.  Please close your cards today.

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Sadly, this is absolutely true.  

It's a transfer of wealth primarily to the issuers and crumbs to the users (or, a larger piece to the MSers) all subsidized by those paying cash or using non rewards cards, with the higher prices Merchants are forced to charge to finance these rewards.

Those most uninformed and least likely to afford it are ultimately paying the price.  

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+1. Isn't that how society works in general?

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+2

Unfortunately - yes

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So.... you've all closed your cards, right?   Oh, neither have I!  Self-interest wins.

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LOL. If this is the way the system is setup (unfair as it might be), you may as well make the most of it.

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LOL...I'm already looking to another Citi 50K AA sign-up bonus to round up all those US Air miles I had accrued compliments of Barclays.

[CreditScholar]

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@Open123 wrote:

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@CreditScholar wrote:

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@longtimelurker wrote:

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@DigitalArk wrote:

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@CreditScholar wrote:

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@Open123 wrote:

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@longtimelurker wrote:

Time for my equivalent rant:  I don't believe in reward credit cards.  Or indeed credit cards.  The fees paid increase the costs to consumers and so are bad for the general good.  Please close your cards today.

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Sadly, this is absolutely true.  

It's a transfer of wealth primarily to the issuers and crumbs to the users (or, a larger piece to the MSers) all subsidized by those paying cash or using non rewards cards, with the higher prices Merchants are forced to charge to finance these rewards.

Those most uninformed and least likely to afford it are ultimately paying the price.  

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+1. Isn't that how society works in general?

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+2

Unfortunately - yes

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So.... you've all closed your cards, right?   Oh, neither have I!  Self-interest wins.

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LOL. If this is the way the system is setup (unfair as it might be), you may as well make the most of it.

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LOL...I'm already looking to another Citi 50K AA sign-up bonus to round up all those US Air miles I had accrued compliments of Barclays.

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Apparently Barclays will continue to service their US Airways cards until 2017, although they will be re-branded as AA cards and will no longer issue new ones come 2015.

There are versions that offer 10k bonus miles per year, and there are some people out there that have 3 of the same card. That's 30k miles per year just for paying the AFs. Now that's compliments of Barlcays!

As a general rule I don't like churning, but as an ongoing 10k benefit it's gotten me considering getting 1-2 before they stop accepting applicants. It's just disappointing that it's OW, since *A > OW in this part of the world IMO.

[Open123]

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@CreditScholar wrote:

As a general rule I don't like churning, but as an ongoing 10k benefit it's gotten me considering getting 1-2 before they stop accepting applicants. It's just disappointing that it's OW, since *A > OW in this part of the world IMO.

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I was hoping the Merger wouldn't go through, just as the ATT takeover of T-Mobile was rejected.  I think we would have been better off with US Air as a standalone carrier, especially given some of their redemptions.  

After a period of time, I may try my luck with them again.  I didn't know they were going to continue servicing this card until 2017.  I had assumed it would disappear much sooner, much like Cont did after the UA merger.

[CreditScholar]

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@Open123 wrote:

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@CreditScholar wrote:

As a general rule I don't like churning, but as an ongoing 10k benefit it's gotten me considering getting 1-2 before they stop accepting applicants. It's just disappointing that it's OW, since *A > OW in this part of the world IMO.

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I was hoping the Merger wouldn't go through, just as the ATT takeover of T-Mobile was rejected.  I think we would have been better off with US Air as a standalone carrier, especially given some of their redemptions.  

After a period of time, I may try my luck with them again.  I didn't know they were going to continue servicing this card until 2017.  I had assumed it would disappear much sooner, much like Cont did after the UA merger.

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+1. I was hoping for that as well, but now that it's going ahead we're guaranteed to see the disappearance of sweet-spot redemptions like US-AUS in J for 110k. It's one reason why I started amassing huge amounts of UA miles last year, in anticipation of the merger going through. Even with the recent devaluation, I found UA to still be a better value than AA or DL when factoring in both earning potential and redemption costs.

Barclay's current contract with US was extended in 2008 and runs through 2017. However starting 2015 they won't be able to issue any new cards, so they're being very aggressive in signing up as many people as they can this year. I suspect that they will offer an even larger signup bonus (perhaps 50k) sometime in 2014.

You can read more about Barclays and US here: http://www.themiddlemarket.com/news/integration-issues-airline-merger-affects-relations-with-credit-...

[enharu]

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@CreditScholar wrote:

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@longtimelurker wrote:

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@DigitalArk wrote:

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@CreditScholar wrote:

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@Open123 wrote:

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@longtimelurker wrote:

Time for my equivalent rant:  I don't believe in reward credit cards.  Or indeed credit cards.  The fees paid increase the costs to consumers and so are bad for the general good.  Please close your cards today.

---

Sadly, this is absolutely true.  

It's a transfer of wealth primarily to the issuers and crumbs to the users (or, a larger piece to the MSers) all subsidized by those paying cash or using non rewards cards, with the higher prices Merchants are forced to charge to finance these rewards.

Those most uninformed and least likely to afford it are ultimately paying the price.  

---

+1. Isn't that how society works in general?

---

+2

Unfortunately - yes

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So.... you've all closed your cards, right?   Oh, neither have I!  Self-interest wins.

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LOL. If this is the way the system is setup (unfair as it might be), you may as well make the most of it.

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+1. Really no use complaining. Regardless of how much one sulks, it's not going to change how things work.

It's just like taxes. People are complaining that a certain group are paying less taxes, but if those people are now put into the same position, most will not hesitate to abuse any tax loopholes or subsidies they can get.

And if anyone is morally obliged to pay more for no good reason, go ahead. Good for you. 

[longtimelurker]

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@enharu wrote:

It's just like taxes. People are complaining that a certain group are paying less taxes, but if those people are now put into the same position, most will not hesitate to abuse any tax loopholes or subsidies they can get.

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I would NEVER "abuse a tax loophole", that is wrong.    I would merely prudently make my accounting "tax-efficient" by using whatever deductions are available.   And if that looks exactly the same, well, it's the thought that counts.

[Open123]

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@longtimelurker wrote:

I would NEVER "abuse a tax loophole", that is wrong.    

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Of course, but as my Father used to always say, "don't break the law, but it's every American's responsibility to pay as little tax as possible."