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Should i close PSL Zync?

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CreditScholar
Valued Contributor

Re: Should i close PSL Zync?


@Cdnewmanpac wrote:

I'm getting old and tired, but I thought you had to closed any previous charge accounts for at least 90 days to be eligible for the PRG signup bonuses? Our household income is around 200k and I can't remotely begin to justify the PRG annual fee even with the signing bonus, although I don't have a travel-centric job. The last time I ran the numbers, you would have to run about 20k through the card, at least 7500 in multiplier categories, to make this a competitive card vs others. If you are going to close the Zync anyway, why not close now, then apply for PRG in mid-January and get the signing bonus. Then a year from January, decide if you are using it enough to justify the fee.


This is something that people often forget about here but is quite true. I see plenty of people want the PRG but don't factor in their spending habits. Instead they just see it as the next logical step progression-wise from the Zync.

 

The reality is that unless you can hit the 30k annual spending booster, or have significant spending in the bonus categories (around 40-50% or more), the PRG won't be worth the AF after the first year. However if you can hit 30k, that's where the PRG really shines.

 

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 11 of 15
Denny33142
Regular Contributor

Re: Should i close PSL Zync?

I probably wouldn't put more than 10K on the card if even that, So i guess the PRG would not be worth it then.

 

Would you even break even on any of the charge cards if you spend 10K or less? I know that the Green is even worse in terms of AF/Rewards.

Message 12 of 15
CreditScholar
Valued Contributor

Re: Should i close PSL Zync?


@Denny33142 wrote:

I probably wouldn't put more than 10K on the card if even that, So i guess the PRG would not be worth it then.

 

Would you even break even on any of the charge cards if you spend 10K or less? I know that the Green is even worse in terms of AF/Rewards.


Well, the question here is what will you use the points for?

 

The best value of MR points is to transfer into mileage plans, and then redeem those points for business or first class airfare tickets. International flights generally offer the very best value, domestic first class next, and economy isn't even worth bothering with in most cases.

 

Assuming a value of 1.6 cents per point, you'd have to spend almost $6,000 annually to break even with the Green. If you're getting less than that per point because you're not redeeming for business/first class, then it's even higher. If you're only spending 10k a year or less, I wouldn't bother with any of their charge cards. You simply don't spend enough to make it worth your while.

 

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 13 of 15
MarcinXP
Frequent Contributor

Re: Should i close PSL Zync?

I have the $500 Limit Zync as well and was going to apply for BCE now that my scores are better in January. Are you saying that if my Zync $500 card is open I can't or won't be approved for BCE? Do I have to close the Zync in order to get another Amex product?

NFCU Visa Sig $30k / Amex Blue Cash $25.5k / Fidelity Amex $25k / Chase Freedom $14.5k / Citi Double Cash $5k / Capital One Quicksilver Visa Sig $5k / Citi Best Buy MC $3K / Barclay Rewards MC $2.95k / BOA - BBR $2.5k / SY Lowes $15k / SY Amazon $6k / Target RedCard - $300
Message 14 of 15
webhopper
Moderator Emeritus

Re: Should i close PSL Zync?


@MarcinXP wrote:

I have the $500 Limit Zync as well and was going to apply for BCE now that my scores are better in January. Are you saying that if my Zync $500 card is open I can't or won't be approved for BCE? Do I have to close the Zync in order to get another Amex product?


 

I think the answer is yes based on a thread two days ago. I would encourage you to do the same as the OP. Close your zync and apply for green and BCE in January. If you do not want a charge card skip the green.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 15 of 15
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