topic Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC? in Credit Cards

Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

galahad15 — Thu, 23 Mar 2017 15:08:54 GMT

Should I consider closing one or both of my 2 BuyPower WEMCs and applying for the new Cap1 Premier Dining Rewards WEMC? The BuyPower card with the lowest APR is somewhere around 20% - 21% V. I know that the APR range for the Premier Dining Rewards card is 14.99% - 23.99% V, so the difference is about 5% or so, assuming that Cap1 would hypothetically approve me for the lowest rate in the range. Of course, if I was approved at the the highest rate in the range, there is mot much advantage to having a higher APR than I already have with the BuyPower card. I don't have any current 3% dining cards, so the Premier Dining Rewards card could help fill that niche. The BuyPower cards are really only used so that I can have the WEMC benefits and on a card that is AF-free.

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

galahad15 — Fri, 24 Mar 2017 16:16:10 GMT

bump please?

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

galahad15 — Fri, 24 Mar 2017 16:54:11 GMT

Actually on second thought, never mind & no worries; please disregard this thread...I don't want to risk inadvertently spooking my existing cc lenders in any way or risk any sort of AA, with a new app for this card. Thanks

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

Anonymous — Fri, 24 Mar 2017 23:48:43 GMT

I would hang on to both for now and wait for Capital One to open up this new card for PC and just PC one of your existing cards to this.

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

SunriseEarth — Fri, 24 Mar 2017 23:58:05 GMT

@Anonymous wrote:
I would hang on to both for now and wait for Capital One to open up this new card for PC and just PC one of your existing cards to this.

AFAIK, the Cap One cobranded cards are all ineligible for PC or reallocation of CLs. So OP would need to apply for the card if his only Cap One cards are the BuyPower CCs.

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

Anonymous — Sat, 25 Mar 2017 00:07:25 GMT

@SunriseEarth wrote:
@Anonymous wrote:
I would hang on to both for now and wait for Capital One to open up this new card for PC and just PC one of your existing cards to this.
AFAIK, the Cap One cobranded cards are all ineligible for PC or reallocation of CLs. So OP would need to apply for the card if his only Cap One cards are the BuyPower CCs.

Good point; I had not thought of this.

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

Anonymous — Sat, 25 Mar 2017 08:02:24 GMT

I mean , how much dining out do you actually do? I think if its a certain amount you would be better served by other cards. I do think closing your two buypowers would be worth it if you didnt have any points in there to cash out though. What else is up galahad15? Anything new on the horizon in the last few months any other APR reductions or new cards?

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

B335is — Sat, 25 Mar 2017 08:43:29 GMT

It's really only a helpful card if you're willing to spend then get a GM car. I honestly think I've put one swipe on it in three years. Generally speaking, rewards cards are not going to have the best APR and Cap1 is typically unlikely to lower it unlike Amex and BoA, so definitely a PIF card. If you're looking to carry a balance, CUs usually offer more competitive rates.

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

galahad15 — Sat, 25 Mar 2017 17:31:07 GMT

@Anonymous wrote:
I mean , how much dining out do you actually do? I think if its a certain amount you would be better served by other cards. I do think closing your two buypowers would be worth it if you didnt have any points in there to cash out though. What else is up galahad15? Anything new on the horizon in the last few months any other APR reductions or new cards?

Dining spend can vary from month to month. Sometimes a non-insignificant amount of spend, sometimes none, depends on the restaurant promotions being offered at the time I guess? The Cash+ card (which also got a temporary 6-month APR reduction to 17.99% V) works very nicely with the 5% cashback of fast food and 2% on non-fastfood restaurants. But ya other than a few recent CLIs on various cards -- FNBO cards are now $20k a piece and PACU is now $10k for example -- nothing really new planned in terms of trying to get new cards that I can think of.

Also it's really nice to see you posting here again on the forums btw, jfriend! We missed you, lol

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

galahad15 — Sat, 25 Mar 2017 17:34:14 GMT

@B335is wrote:
It's really only a helpful card if you're willing to spend then get a GM car. I honestly think I've put one swipe on it in three years. Generally speaking, rewards cards are not going to have the best APR and Cap1 is typically unlikely to lower it unlike Amex and BoA, so definitely a PIF card. If you're looking to carry a balance, CUs usually offer more competitive rates.

Although I am rather fond of and enjoy looking at the Chevy Camaro, there is a very remote possibility that I may be interested in one later down the line at some point, although right now I am quite fond of my current Dodge Charger for now

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

redpat — Sat, 25 Mar 2017 17:56:45 GMT

Close it.

IDK, why people are so worried about closing cards. OP you have plenty of other cards. Also, I don't even see at one of your favorites so be done w/ it.

I closed a 19.5k Discover, 22k Cap One Venture and 5k Amazon card last year and no AA but got CLIs from Citi, Amex and Chase, applied for CSR and Citi AA Exec.

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

galahad15 — Sun, 26 Mar 2017 04:31:20 GMT

@redpat wrote:
Close it.

IDK, why people are so worried about closing cards. OP you have plenty of other cards. Also, I don't even see at one of your favorites so be done w/ it.

I closed a 19.5k Discover, 22k Cap One Venture and 5k Amazon card last year and no AA but got CLIs from Citi, Amex and Chase, applied for CSR and Citi AA Exec.

True, but the BuyPower cards are my only WEMCs, and AF-free at that (I don't want a WEMC where there will be an AF). I do realize that there are new AF-free WEMC since the time I apped for the BuyPower, such as the QS WEMC and the new Cap1 Premier Dining cards, but these were products that were not available at the time of me apping for the BuyPower WEMCs. As it is, I may close one and possibly keep the other?

One reason I am somewhat reluctant to close cards is because I am finding more and more that the latest T&Cs on the newest cards versions are not really as good as the same cards that were offered further back in the past. For example, it wasn't too long ago that you could get cards like Chase Freedom and other popular noticeable cards at much lower rates than are available with today's card offerings.

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

galahad15 — Sun, 26 Mar 2017 04:36:12 GMT

Existing cards in my selection that are possibly slated for the chopping block and being closed:

(1) 2x BuyPower WEMC (either one or both)

(2) Chase Freedom

(3) Chase Slate

Of course, if I close them all, I will be losing ~$14k in total CLs.

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

redpat — Sun, 26 Mar 2017 10:28:31 GMT

@galahad15 wrote:
Existing cards in my selection that are possibly slated for the chopping block and being closed:

(1) 2x BuyPower WEMC (either one or both)
(2) Chase Freedom
(3) Chase Slate

Of course, if I close them all, I will be losing ~$14k in total CLs.

What's so bad of losing 14k when you have so much to begin with. There are many that stockpile CLs here but in reality you can only borrow so much. Even with low interest rate credit cards the costs are high. The only thing CCs are good for are travel perks/rewards, 0% offers very short-term borrowing and B/T offers for longer-term borrowing. Other than that they all suck, lol!

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

galahad15 — Sun, 26 Mar 2017 16:05:11 GMT

@redpat wrote:
@galahad15 wrote:
Existing cards in my selection that are possibly slated for the chopping block and being closed:

(1) 2x BuyPower WEMC (either one or both)
(2) Chase Freedom
(3) Chase Slate

Of course, if I close them all, I will be losing ~$14k in total CLs.
What's so bad of losing 14k when you have so much to begin with. There are many that stockpile CLs here but in reality you can only borrow so much. Even with low interest rate credit cards the costs are high. The only thing CCs are good for are travel perks/rewards, 0% offers very short-term borrowing and B/T offers for longer-term borrowing. Other than that they all suck, lol!

I guess it maybe depends on exactly how low you're looking at, perhaps IME, I am quite happy and satisfied with the interest rates on my BEFCU, Unify, and PACU cards (i.e., very low interest rates in the 5.xx% - 7.xx% range, 2 of them fixed APRs). The BEFCU and PACU cards also have both cashback and other miscellaneous rewards options. With interest rates in that range coupled with rewards for example, I would feel comfortable with some degree or amount of longer-term borrowing, if that was something that I hypothetically chose to do for example. I know that 0% promo cards are another viable alternative to low-APR cards, but if you're like me and sometimes want to set a card on "autopilot", or be able to be in "set-it-and-forget-it" mode, without having to worry about compiling spreadsheets on when exactly 0% promo X or Y is going to expire and timing a new BT accordingly, the low-APR cards thus far have worked very nicely for me.

Re: Should I consider closing my BuyPower WEMCs and applying for the new Cap1 Premier Dining WEMC?

Anonymous — Tue, 28 Mar 2017 07:05:35 GMT

@galahad15 wrote:
@redpat wrote:
@galahad15 wrote:
Existing cards in my selection that are possibly slated for the chopping block and being closed:

(1) 2x BuyPower WEMC (either one or both)
(2) Chase Freedom
(3) Chase Slate

Of course, if I close them all, I will be losing ~$14k in total CLs.
What's so bad of losing 14k when you have so much to begin with. There are many that stockpile CLs here but in reality you can only borrow so much. Even with low interest rate credit cards the costs are high. The only thing CCs are good for are travel perks/rewards, 0% offers very short-term borrowing and B/T offers for longer-term borrowing. Other than that they all suck, lol!
I guess it maybe depends on exactly how low you're looking at, perhaps IME, I am quite happy and satisfied with the interest rates on my BEFCU, Unify, and PACU cards (i.e., very low interest rates in the 5.xx% - 7.xx% range, 2 of them fixed APRs). The BEFCU and PACU cards also have both cashback and other miscellaneous rewards options. With interest rates in that range coupled with rewards for example, I would feel comfortable with some degree or amount of longer-term borrowing, if that was something that I hypothetically chose to do for example. I know that 0% promo cards are another viable alternative to low-APR cards, but if you're like me and sometimes want to set a card on "autopilot", or be able to be in "set-it-and-forget-it" mode, without having to worr

y about compiling spreadsheets on when exactly 0% promo X or Y is going to expire and timing a new BT accordingly, the low-APR cards thus far have worked very nicely for me.

Even short rate the costs are high? FALSE. In this economy, you have to be prepared, and not have all your eggs in one basket. With prime rates slowly creeping higher every quarter, what its slated to hit 5% by 2018??? where else can you get an unsecured loan for that low?

Most cards charge a 3% BT fee. The BEFCU card doesnt even charge a cash advance fee. Show me another credit card at 5.24% interest that lets you take money out at an ATM with no fee? There are very few!

We have to remember what works for one person does not work for everyone. Sometimes its harder for folks to wrap their minds around getting a card purely for bonus or point earning potential, instead they want to look at it differently.

Trust me I have tried to get galahad15 to get the 100k offer on the CSR so many times, and there is no branch near by for targeted offers.... it is a mind set many in the rewards community have, to the point they are fanatics. That paying interest is sadistic. Well, at least galahad15 has bottom of the barrel rate cards that arent 29.99% so if he wants to carry a balance it can be done....

I don't have an issue with banks making a little money off of me. Lord knows I certainly make more from them than they do me. For example. In mexico, on vacation, without exchanging, I was able to withdraw pesos for only 0.8% fee. That was exponentially less than the fees some of my friends paid with their debit cards. And I just paid the card off immediately after to avoid interest charges.

I do agree with "in the end you can only borrow so much" for some it becomes an illusion. Theres no way you could actually go past a certain point on all your cards without raising flags, and I am certain that is not galahad15's intention.

If you have any significant amount of rewards saved, see if you can transfer them at least to one card. If not, close it. IMO you can do better on car pricing. Heck even if you used a friends and family 1% below invoice on a jeep, dodge, chrysler, fiat, you would still have about 3% of dealer holdback to work with plus incentives, not to mention lose your ability to fight over the lemon law. Its a tossup. Get a used subaru lol.

I relate to the autopilot thing. If I could get my SPG card APR at 5.74-6.74% i would move the majority of all my amex CL to it and make that my primary card possibly!