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Valued Contributor
Posts: 1,388
Registered: ‎08-24-2013
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Re: Things You Should Know


Brusilov wrote:

JSS3 wrote:

Brusilov wrote:

JSS3 wrote:

Crashem wrote:

I guess personal opinion, but much harder for me to look through a thread for all comments about particular card since I basically have to read comments from all others.  It is already hard enough with individual threads as you need to read through to see if hints/tips have changed.  For example, AMEX reccently seems to be pulling from any and all credit bureaus, but if you had asked 6 months ago, it would have been EXP 95% of the time.



Crashem wrote:

I guess personal opinion, but much harder for me to look through a thread for all comments about particular card since I basically have to read comments from all others.  It is already hard enough with individual threads as you need to read through to see if hints/tips have changed.  For example, AMEX reccently seems to be pulling from any and all credit bureaus, but if you had asked 6 months ago, it would have been EXP 95% of the time.


That's good to know!

 

Speaking of Amex...do they have cards for the everyday person? Ones with average incomes? Their card descriptions, and sometimes high fees, make it seem they're for business purposes. 


I would say absolutely, yes!

 

Blue Cash Preferred with 75$ AF:

 

6% cashback groceries

3% for gas + dept stores

1% other

 

Blue Cash Everyday with no AF

3% groceries

2% gas/dept stores

1% other


Blue Cash Everyday it is! (when I leave the garden next year). I thought Amex was out of my league, previously. Thanks!


Don't fully discount the AF version - as long as you spend more than $225/mo on average (the breakeven point) for groceries you'd make more cashback with the Preferred version.

 

Cap for grocery purchases is $6000 in annual spending.  So given spending in the range of $225-$500/mo that gives an effective cashback % of ~3-4.75% including fee.


When broken down this way, the fee doesn't seem so bad. 

Discover IT-[17,600] Double Cash-[10,000] Home Projects Visa-[7,700] Walmart Mastercard-[7,500] Paypal Xtras Mastercard-[6,000] Overstock-[5,100] Chase Amazon-[5,000] SYNCB Amazon-[5,000] Slate-[5,000] Sallie Mae-[5,000] QuickSilver-[4,000] Double Cash-[4,000] Bclays Rewards Mastercard-[4,000] Quicksilver-[4,000] Mypoints Visa-[3,750] Discover IT-[3,750] Ebates Visa-[3,200] Chase AARP-[3,000] BOA Cash Rewards-[2,500] Sony Visa-[2,150] Vicky's Secret-[1,750] DSW Visa-[1,500] Diamond Preferred-[1,500] Simplicity-[500]{Paypal Credit- 7,200/ Newegg Preferred-2,000} TCL:[113,500] EX-(21) TU-(16) EQ-(11) Last app: 6/6/15
Valued Contributor
Posts: 1,388
Registered: ‎08-24-2013
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Re: Things You Should Know

[ Edited ]

DieGo2SHAE wrote:

>Who''ll give you an account and then immediately close it if you apply someone else in a certain amount of time?

 

Who does this? I see people post about app sprees here every day so I can't imagine it's that common...


IIRC the person said Barclay. I hadn't realized that was at all possible. Sure, if you're diliquent, but not for something like that. 

Discover IT-[17,600] Double Cash-[10,000] Home Projects Visa-[7,700] Walmart Mastercard-[7,500] Paypal Xtras Mastercard-[6,000] Overstock-[5,100] Chase Amazon-[5,000] SYNCB Amazon-[5,000] Slate-[5,000] Sallie Mae-[5,000] QuickSilver-[4,000] Double Cash-[4,000] Bclays Rewards Mastercard-[4,000] Quicksilver-[4,000] Mypoints Visa-[3,750] Discover IT-[3,750] Ebates Visa-[3,200] Chase AARP-[3,000] BOA Cash Rewards-[2,500] Sony Visa-[2,150] Vicky's Secret-[1,750] DSW Visa-[1,500] Diamond Preferred-[1,500] Simplicity-[500]{Paypal Credit- 7,200/ Newegg Preferred-2,000} TCL:[113,500] EX-(21) TU-(16) EQ-(11) Last app: 6/6/15
Super Contributor
Posts: 10,824
Registered: ‎04-22-2013
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Re: Things You Should Know


JSS3 wrote:

DieGo2SHAE wrote:

>Who''ll give you an account and then immediately close it if you apply someone else in a certain amount of time?

 

Who does this? I see people post about app sprees here every day so I can't imagine it's that common...


IIRC the person said Barclay. I hadn't realized that was at all possible. Sure, if you're diliquent, but not for something like that. 


Basically most/all credit card agreements allow both you and the issuer to close the card at any time for any reason (and you have to pay off the balance of course).  Most of the time the issuer won't close it, if they think they can make money from the account, but if they feel there is some risk, they might close.   It is in the perception of risk that issuers (may) differ.   Several people report Barclays closing accounts soon after opening, once they applied for/opened several other cards.  Applying for lots of credit in a short perioud of time can indicate financial problems, so Barclays reduced their exposure (to zero!).    I think this is actually very rare, but does appear to happen.

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