@GoldenloveNY wrote:
If you patripate in the small business Saturday promo, the AF will be $150 (-$25). That means you have to spend at least $15,000 to break even. $1,300 x 12 months equals $15,600. You broke even, and made rougly $6 in profit. You fly once or twice a year, so that will probably get you 600-1,000+ of extra bonus, depending where you are flying, how many tickets, etc. How much profit you are making using this card? Not much. It is, however, a shiny gold card.
For this sort of analysis, you have to compare alternatives and depends how you value the points. So from a strict cash-back view, spending $15K on this card covers the annual fee (after small biz promo). But the same $15K on a 2% card would have earned $300, (so you are $150 behind with this card), and some portion on a 5 or 6% makes it worse.
But many of course value these points at more than 1c per point.
@ramblin_wreck08 wrote:
The value of the PRG is very much a YMMV thing. Many people here say that it is only worth it if you hit the spend bonus or if you fly all the time, etc, etc. my spend is similar to yours and I think it's a fantastic card for me. It's all about what amount of your spend is in each category and the value you can get out of the points. From another post of mine:
"I have had the PRG for 7 months. It is now receiving every bit of my spend. In total is has seen $9.2k spend over the last 7 months, and has amassed a whopping 15k MR points (that's a lot to me at least, and, granted, I am still waiting on some to post). That's 1.63 points per dollar on my spend. The points are worth anywhere from 1-2 cpp if redeemed on travel/transfers. I travel at least once or twice a year, so I will use them as such. Let's assume 1.5 cpp. That's $225 back in 7 months. I pay $175 per year in AF (although this year was waved). I save $25 because with the roadside assistance because it lets me drop my coverage from my insurance company. I'm plus $75 right now. Extrapolate this to a year and I net $235 after the AF on $18.5k in spend. At 2 cents per point I'd net $365 on $18.5k in spend. That's an overall return of 1.27% or 1.97%, respectively. All with the benefits of NPSL and backed by Amex's purchase protection. This doesn't include the occasional useful offers either.
Now let's consider a "perfect" scenario for me - I get a 50% bonus for a British Airways transfer. Those 15k MR points turn into 22.5k miles. I have often seen 2 cpp redemption possibilities. Extrapolate to a year and I have 38.5k points. At 2 cpp, that's $770 back. Minus the $175 AF. Plus the $25 saved on roadside assistance. That's a net of $620 on $18.5k spend, or 3.35% back."
So for the OP this may actually be a good card. You just need to analyze your spend and figure out whether or not it works for you. Don't be discouraged by the $30k spend. I am doing much better with this card rewards-wise (not to mention benefits) than I would with my simple cash-back, rotating category Dividend card. Granted, I prefer to use one card for everything so I think that helps.
Appreciate your response!!
Question: Is there any members here just taking advantage of the no AF 1st year and cancelling or PC'ing because it doesn't meet their spending pattern?
@LS2982 wrote:
@ramblin_wreck08 wrote:
The value of the PRG is very much a YMMV thing. Many people here say that it is only worth it if you hit the spend bonus or if you fly all the time, etc, etc. my spend is similar to yours and I think it's a fantastic card for me. It's all about what amount of your spend is in each category and the value you can get out of the points. From another post of mine:
"I have had the PRG for 7 months. It is now receiving every bit of my spend. In total is has seen $9.2k spend over the last 7 months, and has amassed a whopping 15k MR points (that's a lot to me at least, and, granted, I am still waiting on some to post). That's 1.63 points per dollar on my spend. The points are worth anywhere from 1-2 cpp if redeemed on travel/transfers. I travel at least once or twice a year, so I will use them as such. Let's assume 1.5 cpp. That's $225 back in 7 months. I pay $175 per year in AF (although this year was waved). I save $25 because with the roadside assistance because it lets me drop my coverage from my insurance company. I'm plus $75 right now. Extrapolate this to a year and I net $235 after the AF on $18.5k in spend. At 2 cents per point I'd net $365 on $18.5k in spend. That's an overall return of 1.27% or 1.97%, respectively. All with the benefits of NPSL and backed by Amex's purchase protection. This doesn't include the occasional useful offers either.
Now let's consider a "perfect" scenario for me - I get a 50% bonus for a British Airways transfer. Those 15k MR points turn into 22.5k miles. I have often seen 2 cpp redemption possibilities. Extrapolate to a year and I have 38.5k points. At 2 cpp, that's $770 back. Minus the $175 AF. Plus the $25 saved on roadside assistance. That's a net of $620 on $18.5k spend, or 3.35% back."
So for the OP this may actually be a good card. You just need to analyze your spend and figure out whether or not it works for you. Don't be discouraged by the $30k spend. I am doing much better with this card rewards-wise (not to mention benefits) than I would with my simple cash-back, rotating category Dividend card. Granted, I prefer to use one card for everything so I think that helps.Appreciate your response!!
Question: Are there any members here just taking advantage of the no AF 1st year and cancelling or PC'ing because it doesn't meet their spending pattern?
Yep, me 
I opened the PRG last June purely out of joy of getting pre-approved for it in the mail. I put some spend through it, including my last semester's tuition, but have all but sock drawered it since. I was approved for the BCP in early January, so all of the groceries and gas that went to the PRG now go there. I'm also using the BCP as my everyday card since I'm riding under 0% APR for a year as well (am floating a balance for a few months).
I'm not sure when exactly the AF is going to hit (I opened my acct. 6/1/12), but I plan on closing it at the end of April. I'll more than likely re-open it at some point in the future when my career/income can justify it.
I'm going to second what some others' have said - for that amount of spend, you're better off getting a no fee card that offers 2% CB overrall. The Priceline Visa would likely be your best bet.
@leoment wrote:
@LS2982 wrote:
@ramblin_wreck08 wrote:
The value of the PRG is very much a YMMV thing. Many people here say that it is only worth it if you hit the spend bonus or if you fly all the time, etc, etc. my spend is similar to yours and I think it's a fantastic card for me. It's all about what amount of your spend is in each category and the value you can get out of the points. From another post of mine:
"I have had the PRG for 7 months. It is now receiving every bit of my spend. In total is has seen $9.2k spend over the last 7 months, and has amassed a whopping 15k MR points (that's a lot to me at least, and, granted, I am still waiting on some to post). That's 1.63 points per dollar on my spend. The points are worth anywhere from 1-2 cpp if redeemed on travel/transfers. I travel at least once or twice a year, so I will use them as such. Let's assume 1.5 cpp. That's $225 back in 7 months. I pay $175 per year in AF (although this year was waved). I save $25 because with the roadside assistance because it lets me drop my coverage from my insurance company. I'm plus $75 right now. Extrapolate this to a year and I net $235 after the AF on $18.5k in spend. At 2 cents per point I'd net $365 on $18.5k in spend. That's an overall return of 1.27% or 1.97%, respectively. All with the benefits of NPSL and backed by Amex's purchase protection. This doesn't include the occasional useful offers either.
Now let's consider a "perfect" scenario for me - I get a 50% bonus for a British Airways transfer. Those 15k MR points turn into 22.5k miles. I have often seen 2 cpp redemption possibilities. Extrapolate to a year and I have 38.5k points. At 2 cpp, that's $770 back. Minus the $175 AF. Plus the $25 saved on roadside assistance. That's a net of $620 on $18.5k spend, or 3.35% back."
So for the OP this may actually be a good card. You just need to analyze your spend and figure out whether or not it works for you. Don't be discouraged by the $30k spend. I am doing much better with this card rewards-wise (not to mention benefits) than I would with my simple cash-back, rotating category Dividend card. Granted, I prefer to use one card for everything so I think that helps.Appreciate your response!!
Question: Are there any members here just taking advantage of the no AF 1st year and cancelling or PC'ing because it doesn't meet their spending pattern?
Yep, me
I'm not sure when exactly the AF is going to hit (I opened my acct. 6/1/12), but I plan on closing it at the end of April. I'll more than likely re-open it at some point in the future when my career/income can justify it.
I'm going to second what some others' have said - for that amount of spend, you're better off getting a no fee card that offers 2% CB overrall. The Priceline Visa would likely be your best bet.
I'm in the garden and I don't want a new account. I'm interested in PC'ing my Unicorn card because of the now lackluster rewards on it.
I like having a charge card and would like to continue using one, so picking up the PRG sounds pretty good to me.
@LS2982 wrote:
@leoment wrote:
@LS2982 wrote:
@ramblin_wreck08 wrote:
The value of the PRG is very much a YMMV thing. Many people here say that it is only worth it if you hit the spend bonus or if you fly all the time, etc, etc. my spend is similar to yours and I think it's a fantastic card for me. It's all about what amount of your spend is in each category and the value you can get out of the points. From another post of mine:
"I have had the PRG for 7 months. It is now receiving every bit of my spend. In total is has seen $9.2k spend over the last 7 months, and has amassed a whopping 15k MR points (that's a lot to me at least, and, granted, I am still waiting on some to post). That's 1.63 points per dollar on my spend. The points are worth anywhere from 1-2 cpp if redeemed on travel/transfers. I travel at least once or twice a year, so I will use them as such. Let's assume 1.5 cpp. That's $225 back in 7 months. I pay $175 per year in AF (although this year was waved). I save $25 because with the roadside assistance because it lets me drop my coverage from my insurance company. I'm plus $75 right now. Extrapolate this to a year and I net $235 after the AF on $18.5k in spend. At 2 cents per point I'd net $365 on $18.5k in spend. That's an overall return of 1.27% or 1.97%, respectively. All with the benefits of NPSL and backed by Amex's purchase protection. This doesn't include the occasional useful offers either.
Now let's consider a "perfect" scenario for me - I get a 50% bonus for a British Airways transfer. Those 15k MR points turn into 22.5k miles. I have often seen 2 cpp redemption possibilities. Extrapolate to a year and I have 38.5k points. At 2 cpp, that's $770 back. Minus the $175 AF. Plus the $25 saved on roadside assistance. That's a net of $620 on $18.5k spend, or 3.35% back."
So for the OP this may actually be a good card. You just need to analyze your spend and figure out whether or not it works for you. Don't be discouraged by the $30k spend. I am doing much better with this card rewards-wise (not to mention benefits) than I would with my simple cash-back, rotating category Dividend card. Granted, I prefer to use one card for everything so I think that helps.Appreciate your response!!
Question: Are there any members here just taking advantage of the no AF 1st year and cancelling or PC'ing because it doesn't meet their spending pattern?
Yep, me
I'm not sure when exactly the AF is going to hit (I opened my acct. 6/1/12), but I plan on closing it at the end of April. I'll more than likely re-open it at some point in the future when my career/income can justify it.
I'm going to second what some others' have said - for that amount of spend, you're better off getting a no fee card that offers 2% CB overrall. The Priceline Visa would likely be your best bet.
I'm in the garden and I don't want a new account. I'm interested in PC'ing my Unicorn card because of the now lackluster rewards on it.
I like having a charge card and would like to continue using one, so picking up the PRG sounds pretty good to me.
Oh, I just went back and re-read your first post - I must have skimmed over you mentioning a PC 
Then yes, the PRG is your best bet to PC to. If there's any way you can get them to waive the AF for the first year, it's definitely worth trying out to see how you reap the benefits.
Hang in the garden though - you started gardening 2 days before I did, and we both are striving for at least a year We can do this!
@LS2982 wrote:
@leoment wrote:
@LS2982 wrote:
@ramblin_wreck08 wrote:
The value of the PRG is very much a YMMV thing. Many people here say that it is only worth it if you hit the spend bonus or if you fly all the time, etc, etc. my spend is similar to yours and I think it's a fantastic card for me. It's all about what amount of your spend is in each category and the value you can get out of the points. From another post of mine:
"I have had the PRG for 7 months. It is now receiving every bit of my spend. In total is has seen $9.2k spend over the last 7 months, and has amassed a whopping 15k MR points (that's a lot to me at least, and, granted, I am still waiting on some to post). That's 1.63 points per dollar on my spend. The points are worth anywhere from 1-2 cpp if redeemed on travel/transfers. I travel at least once or twice a year, so I will use them as such. Let's assume 1.5 cpp. That's $225 back in 7 months. I pay $175 per year in AF (although this year was waved). I save $25 because with the roadside assistance because it lets me drop my coverage from my insurance company. I'm plus $75 right now. Extrapolate this to a year and I net $235 after the AF on $18.5k in spend. At 2 cents per point I'd net $365 on $18.5k in spend. That's an overall return of 1.27% or 1.97%, respectively. All with the benefits of NPSL and backed by Amex's purchase protection. This doesn't include the occasional useful offers either.
Now let's consider a "perfect" scenario for me - I get a 50% bonus for a British Airways transfer. Those 15k MR points turn into 22.5k miles. I have often seen 2 cpp redemption possibilities. Extrapolate to a year and I have 38.5k points. At 2 cpp, that's $770 back. Minus the $175 AF. Plus the $25 saved on roadside assistance. That's a net of $620 on $18.5k spend, or 3.35% back."
So for the OP this may actually be a good card. You just need to analyze your spend and figure out whether or not it works for you. Don't be discouraged by the $30k spend. I am doing much better with this card rewards-wise (not to mention benefits) than I would with my simple cash-back, rotating category Dividend card. Granted, I prefer to use one card for everything so I think that helps.Appreciate your response!!
Question: Are there any members here just taking advantage of the no AF 1st year and cancelling or PC'ing because it doesn't meet their spending pattern?
Yep, me
I'm not sure when exactly the AF is going to hit (I opened my acct. 6/1/12), but I plan on closing it at the end of April. I'll more than likely re-open it at some point in the future when my career/income can justify it.
I'm going to second what some others' have said - for that amount of spend, you're better off getting a no fee card that offers 2% CB overrall. The Priceline Visa would likely be your best bet.
I'm in the garden and I don't want a new account. I'm interested in PC'ing my Unicorn card because of the now lackluster rewards on it.
I like having a charge card and would like to continue using one, so picking up the PRG sounds pretty good to me.
@LS2982 wrote:
@leoment wrote:
@LS2982 wrote:
@ramblin_wreck08 wrote:
The value of the PRG is very much a YMMV thing. Many people here say that it is only worth it if you hit the spend bonus or if you fly all the time, etc, etc. my spend is similar to yours and I think it's a fantastic card for me. It's all about what amount of your spend is in each category and the value you can get out of the points. From another post of mine:
"I have had the PRG for 7 months. It is now receiving every bit of my spend. In total is has seen $9.2k spend over the last 7 months, and has amassed a whopping 15k MR points (that's a lot to me at least, and, granted, I am still waiting on some to post). That's 1.63 points per dollar on my spend. The points are worth anywhere from 1-2 cpp if redeemed on travel/transfers. I travel at least once or twice a year, so I will use them as such. Let's assume 1.5 cpp. That's $225 back in 7 months. I pay $175 per year in AF (although this year was waved). I save $25 because with the roadside assistance because it lets me drop my coverage from my insurance company. I'm plus $75 right now. Extrapolate this to a year and I net $235 after the AF on $18.5k in spend. At 2 cents per point I'd net $365 on $18.5k in spend. That's an overall return of 1.27% or 1.97%, respectively. All with the benefits of NPSL and backed by Amex's purchase protection. This doesn't include the occasional useful offers either.
Now let's consider a "perfect" scenario for me - I get a 50% bonus for a British Airways transfer. Those 15k MR points turn into 22.5k miles. I have often seen 2 cpp redemption possibilities. Extrapolate to a year and I have 38.5k points. At 2 cpp, that's $770 back. Minus the $175 AF. Plus the $25 saved on roadside assistance. That's a net of $620 on $18.5k spend, or 3.35% back."
So for the OP this may actually be a good card. You just need to analyze your spend and figure out whether or not it works for you. Don't be discouraged by the $30k spend. I am doing much better with this card rewards-wise (not to mention benefits) than I would with my simple cash-back, rotating category Dividend card. Granted, I prefer to use one card for everything so I think that helps.Appreciate your response!!
Question: Are there any members here just taking advantage of the no AF 1st year and cancelling or PC'ing because it doesn't meet their spending pattern?
Yep, me
I'm not sure when exactly the AF is going to hit (I opened my acct. 6/1/12), but I plan on closing it at the end of April. I'll more than likely re-open it at some point in the future when my career/income can justify it.
I'm going to second what some others' have said - for that amount of spend, you're better off getting a no fee card that offers 2% CB overrall. The Priceline Visa would likely be your best bet.
I'm in the garden and I don't want a new account. I'm interested in PC'ing my Unicorn card because of the now lackluster rewards on it.
I like having a charge card and would like to continue using one, so picking up the PRG sounds pretty good to me.
I was under the impression that we could not PC our unicorns to anything.
@Repo
As of 4/15/13 you will be able to PC the Unicorn. Not sure if its just to another charge card but you can PC.