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@pizza1 wrote:
@Anonymous wrote:
Also very unpopular is denouncing the SCT.(Gasps)... You SHUT your mouth right now. How dare you not love the SCT lmao!!!!
Next thing you know people will be saying that you don't HAVE to get an CLI just because one is available!
@Anonymous wrote:Hello. I've been browsing these forums for a few weeks now and found a lot of good information, so thanks for that. I just wanted to share my story about my Barclay Sallie Mae card.
I apped for the Sallie Mae card back in 2013 after seeing a popup for it when I was paying my student loan. I had just changed roles at work and became a field service tech so the 5% back on gas was enticing. I was approved for the platinum with a SL of $1,000 and 22.99% APR. Didn't care about the rate since I would be paying the card off each month in full. I used the card for every gas purchase and maxed out the 5% gas limit every month. Sometime around my 12th statement I got a $900 auto CLI that took me up to $1,900. I was getting $25 credits to my student loans left and right.
I was getting tired of driving all the time so I went back to working in an office late last year. The card had a zero balance and was sock drawered for a month. I got a great BT offer from them so I decided to request a CLI to take better advantage of the BT offer. An HP later and I have a whopping limit of $2400. That was a waste of a good HP, but whatever. I paid the account in full with my tax refund last month, let it report to the CRAs at a zero balance, and sock drawered the card again.
Yesterday I decided I had too many cards (16) and decided to go for a few APR reductions and close some accounts. The first one I called was Barclay. I told them I have been a good customer for the last two years and would like an APR reduction. "Sorry, there are no offers on your account at this time" is what I hear. I was pretty angry at that response. I have a lot better cards and I am not going to accept that. As if I was on auto pilot, I said "Go ahead and close my account then." There was no hesitation by the CSR, no pause, no "Let me transfer you to the Retention Department." Just a flat out "If we close your account today you will not be able to reopen it or use your card and will forfeit your rewards balance. Are you sure?" I said "yes" and that was it. Wow, that made it easier to accept. Good riddance.
I don't know if this is typical, but what happened to CCCs trying to retain customers? Every card I have tried since closing the Sallie Mae had no problem reducing the APR. I even got Citi to reduce the APR on my Sears MasterCard which shocked the CSR. She was sure that store cards wouldn't let an APR reduction go through.
Could you care to explain what better cards are out there for 5% gas 5% supermarket 5% amazon and no AF???? And why would you forfeit your rewards balance that makes no sense lol you just threw away money?
@longtimelurker wrote:
@pizza1 wrote:
@Anonymous wrote:
Also very unpopular is denouncing the SCT.(Gasps)... You SHUT your mouth right now. How dare you not love the SCT lmao!!!!
Next thing you know people will be saying that you don't HAVE to get an CLI just because one is available!
What?!! What is wrong with you people! I feel like I don't know you guys at all anymore! LMAO
@Brax wrote:Not really a good idea to close a card that gives 5.5% back with no AF.
So true.
@Anonymous wrote:
Also very unpopular is denouncing the SCT.
There is no better way to get a wallet full of garbage store cards.
I may even try it some day... I have this burning desire for Walmart, Target, PepBoys, GAP and VS cards because they don't accept my MC/VISA/Discover/Amex cards.
Oh wait...
@TRC_WA wrote:
@Brax wrote:Not really a good idea to close a card that gives 5.5% back with no AF.
So true.
Why is it 5.5%?
And again, the amounts are small. IF you maxed out gas AND supermarket AND Amazon, every month, and your best available card for all was a 2% card, that's a total of $450 a year. Many won't max out all three categories each month, and many wil have better cards for at least some of the time (e.g. Freedon and/or Discover for some quarters) For some, the additional overheard of another card simply isn't worth it.
@longtimelurker wrote:
@TRC_WA wrote:
@Brax wrote:Not really a good idea to close a card that gives 5.5% back with no AF.
So true.
Why is it 5.5%?
And again, the amounts are small. IF you maxed out gas AND supermarket AND Amazon, every month, and your best available card for all was a 2% card, that's a total of $450 a year. Many won't max out all three categories each month, and many wil have better cards for at least some of the time (e.g. Freedon and/or Discover for some quarters) For some, the additional overheard of another card simply isn't worth it.
You redeem the points earned into a Upromise.com account, which you then sweep into a Sallie Mae HYSA (which you also have direct deposits going to), all of which earns you 10% bonus. Its kinda too Rube Goldberg for me, just to get an additional 1/2%.
@longtimelurker wrote:
@TRC_WA wrote:
@Brax wrote:Not really a good idea to close a card that gives 5.5% back with no AF.
So true.
Why is it 5.5%?
And again, the amounts are small. IF you maxed out gas AND supermarket AND Amazon, every month, and your best available card for all was a 2% card, that's a total of $450 a year. Many won't max out all three categories each month, and many wil have better cards for at least some of the time (e.g. Freedon and/or Discover for some quarters) For some, the additional overheard of another card simply isn't worth it.
SM offers are solid. I made my Dad an AU on my SM and Discover and will add him to my new Sam's Club MC (5% gas, 3% travel/dining) as soon as it arrives.
He spends about $250 a WEEK in gas and caps the groceries in about 2 weeks. I don't have to try hard to cap... Discover's $1500 gas promotion is about to end but it's fine because the restaurant bonus starts April 1st and my Dad dines out about 5 times a week.
The retired life must be nice eh? He spends and sends me a check every month. It helps him out because he has no credit cards and it helps me out because I don't have to focus so hard on capping the spend... plus the $25 statement credits are all mine.
@TRC_WA wrote:
@longtimelurker wrote:
@TRC_WA wrote:
@Brax wrote:Not really a good idea to close a card that gives 5.5% back with no AF.
So true.
Why is it 5.5%?
And again, the amounts are small. IF you maxed out gas AND supermarket AND Amazon, every month, and your best available card for all was a 2% card, that's a total of $450 a year. Many won't max out all three categories each month, and many wil have better cards for at least some of the time (e.g. Freedon and/or Discover for some quarters) For some, the additional overheard of another card simply isn't worth it.
SM offers are solid. I made my Dad an AU on my SM and Discover and will add him to my new Sam's Club MC (5% gas, 3% travel/dining) as soon as it arrives.
He spends about $250 a WEEK in gas and caps the groceries in about 2 weeks. I don't have to try hard to cap... Discover's $1500 gas promotion is about to end but it's fine because the restaurant bonus starts April 1st and my Dad dines out about 5 times a week.
The retired life must be nice eh? He spends and sends me a check every month. It helps him out because he has no credit cards and it helps me out because I don't have to focus so hard on capping the spend... plus the $25 statement credits are all mine.
RIght, but at that volume you (or rather your Dad) need better cards. So Penfed Cash Rewards gives 5% uncapped on gas, various options for groceries, including OBC for both. Putting $1000 in groceries a month on Sallie Mae gives $12.50 on the first $250 and $7.50 on the rest, a total of $20, the same as a plain 2% card and you can do much better.
@longtimelurker wrote:
RIght, but at that volume you (or rather your Dad) need better cards. So Penfed Cash Rewards gives 5% uncapped on gas, various options for groceries, including OBC for both. Putting $1000 in groceries a month on Sallie Mae gives $12.50 on the first $250 and $7.50 on the rest, a total of $20, the same as a plain 2% card and you can do much better.
I agree...
With early exclusion my TU report will be clear on Oct 1st... EQ/EX on Jan 1st.
At that time I should have scores well into the 700's and no more denials for a 6 year old BK13.
Unfortunately I filed a BK13 and paid back my creditors... I have no doubt if I had burned them all with a BK7 by now I'd have a wallet full of the cards that you speak of... Oh well... live and learn.