Reply
Valued Contributor
Posts: 2,300
Registered: ‎01-22-2012
0

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.

 

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Regular Contributor
Posts: 179
Registered: ‎07-12-2011
0

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.

Valued Contributor
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Should i close PSL Zync?

[ Edited ]

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.

 

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Frequent Contributor
Posts: 310
Registered: ‎09-06-2011
0

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
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

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.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.