topic Re: Meeting minimum spend by exact amounts in Credit Cards

Meeting minimum spend by exact amounts

MrDisco99 — Thu, 24 Aug 2017 22:58:20 GMT

I'm using my mortgage payment to take one of my cards overr the threshold, but it's a large amount and exceeds the threshold by several hundred dollars. I was thinking I would optimize by just doing the amount needed and putting the rest towards another card.

If I split up payments so that I meet minimum spend on bonuses down to the cent, will that raise any red flags?

Re: Meeting minimum spend by exact amounts

Anonymous — Thu, 24 Aug 2017 23:08:21 GMT

@MrDisco99 wrote:
I'm using my mortgage payment to take one of my cards overr the threshold, but it's a large amount and exceeds the threshold by several hundred dollars. I was thinking I would optimize by just doing the amount needed and putting the rest towards another card.

If I split up payments so that I meet minimum spend on bonuses down to the cent, will that raise any red flags?

I don't think why it should.

Which card are you planning on using?

Which third party company?

What's the amount?

Re: Meeting minimum spend by exact amounts

MrDisco99 — Thu, 24 Aug 2017 23:20:30 GMT

I'm using Plastiq to pay my mortgage. I'm putting it on the Chase IHG card to satisfy the bonus requirement.

However, the payment would take it well over the $2000 threshold by a few hundred dollars. I figured I'd pay enough to take the IHG card to $2000 and put the rest on the Amex green card to get a head start on the bonus chase on that card. Then I'd finish that one up with a portion of the mortgage next month.

Re: Meeting minimum spend by exact amounts

Anonymous — Thu, 24 Aug 2017 23:35:43 GMT

Personally I think you should always try to give yourself a cushion over the exact spend requirement to ensure that you receive the bonus. In your case I'd just put the whole amount for the mortgage on the card and then move on to the next bonus.

Re: Meeting minimum spend by exact amounts

Kforce — Thu, 24 Aug 2017 23:41:33 GMT

@Anonymous wrote:
Personally I think you should always try to give yourself a cushion over the exact spend requirement to ensure that you receive the bonus. In your case I'd just put the whole amount for the mortgage on the card and then move on to the next bonus.

Re: Meeting minimum spend by exact amounts

wasCB14 — Thu, 24 Aug 2017 23:57:14 GMT

@Kforce wrote:
@Anonymous wrote:
Personally I think you should always try to give yourself a cushion over the exact spend requirement to ensure that you receive the bonus. In your case I'd just put the whole amount for the mortgage on the card and then move on to the next bonus.
+1

Cushions are good when you're buying merchandise that may be returned, or travel that may be cancelled.

A cushion may be good in this case if the IHG card already has some charges on it that may be reversed.

If, however, someone wanted to meet minimum spend entirely by paying mortgage bills, then in that case a cushion wouldn't serve much purpose. I'm not sure what could happen that would lead to the Plastiq charge being reversed, but if a $2k charge is reversed for any reason, a few hundred dollars of extra spend probably won't help much.

Re: Meeting minimum spend by exact amounts

Anonymous — Thu, 24 Aug 2017 23:58:13 GMT

Just to add and this isnt a boast but to point out my experience in this area. In last 3 years bewtween my own and my g/fs card I have managed the necessary spend for about 55 cards and their bonuses. Never once did I/we have an issue with receiving the bonuses on any of the cards. The bonuses are just worth too much to risk missinng out on them because you might miscaculate or a transaction doesn't post. You might not have a problem this time but it's just not a habit to get into.

Re: Meeting minimum spend by exact amounts

Anonymous — Thu, 24 Aug 2017 23:59:28 GMT

I think OP wants to get a head start on the Green card and does not want to put it all on the IHG card (which makes sense).

Why not just go over by $20 or so? I usually add up everything i've spent so far (including pending transactions) to see where i am. I also (just to double check) get with the AMEX chat and they're very good at telling me where i stand to meet the bonus and much more i need to spend.

Re: Meeting minimum spend by exact amounts

Anonymous — Fri, 25 Aug 2017 00:02:11 GMT

@wasCB14 wrote:
@Kforce wrote:
@Anonymous wrote:
Personally I think you should always try to give yourself a cushion over the exact spend requirement to ensure that you receive the bonus. In your case I'd just put the whole amount for the mortgage on the card and then move on to the next bonus.
+1

Cushions are good when you're buying merchandise that may be returned, or travel that may be cancelled.

A cushion may be good in this case if the IHG card already has some charges on it that may be reversed.

If, however, someone wanted to meet minimum spend entirely by paying mortgage bills, then in that case a cushion wouldn't serve much purpose. I'm not sure what could happen that would lead to the Plastiq charge being reversed, but if a $2k charge is reversed for any reason, a few hundred dollars of extra spend probably won't help much.

It's not just one $2K transaction that we are talking about. MrDisco is suggesting that he put (just guessing the exact amounts), $1800 on one card and $200 on the other. What if there is a hiccup with Plastiq (has happened before) and the $200 transaction doesn't go thru. Just not worth the risk. Put the whole amount on one card and move on.

Re: Meeting minimum spend by exact amounts

Anonymous — Fri, 25 Aug 2017 00:05:32 GMT

Regarding using Plastiq...i read a post before - You might have to email your mortgage statement to plastiq as proof.

I read a post from a member here paying another person (landlord) for rent and payment was put on hold. This member then had to send the rent statement to Plastiq as proof and all was find and smooth after that. You might want to contact Plastiq in advanced to find out if they will need it. Maybe not since this is a mortgate payment, but just to make sure i guess.

Re: Meeting minimum spend by exact amounts

Anonymous — Fri, 25 Aug 2017 00:11:48 GMT

@Anonymous wrote:
Regarding using Plastiq...i read a post before - You might have to email your mortgage statement to plastiq as proof.

I read a post from a member here paying another person (landlord) for rent and payment was put on hold. This member then had to send the rent statement to Plastiq as proof and all was find and smooth after that. You might want to contact Plastiq in advanced to find out if they will need it. Maybe not since this is a mortgate payment, but just to make sure i guess.

You probably have to do that for lot of landlord/tenant situations because they want to make sure that you're actually paying for rent and not sending cash to friend/relative, etc. However for mortgage companies and most rental companies, that isn't necessary. They're not going to question you sending a payment to Chase Mortgage for example

Re: Meeting minimum spend by exact amounts

gdale6 — Fri, 25 Aug 2017 00:29:07 GMT

@Anonymous wrote:
Personally I think you should always try to give yourself a cushion over the exact spend requirement to ensure that you receive the bonus. In your case I'd just put the whole amount for the mortgage on the card and then move on to the next bonus.

Well said and I agree.

Re: Meeting minimum spend by exact amounts

CreditCuriosity — Fri, 25 Aug 2017 00:45:07 GMT

@Anonymous wrote:
@Anonymous wrote:
Regarding using Plastiq...i read a post before - You might have to email your mortgage statement to plastiq as proof.

I read a post from a member here paying another person (landlord) for rent and payment was put on hold. This member then had to send the rent statement to Plastiq as proof and all was find and smooth after that. You might want to contact Plastiq in advanced to find out if they will need it. Maybe not since this is a mortgate payment, but just to make sure i guess.
You probably have to do that for lot of landlord/tenant situations because they want to make sure that you're actually paying for rent and not sending cash to friend/relative, etc. However for mortgage companies and most rental companies, that isn't necessary. They're not going to question you sending a payment to Chase Mortgage for example

bingo had to provide as was paying an individual rent. Just sent them the rental agreement/contract and all was solved and no problems sense. Also agree with mortgage companies just indivduals they might need proof, etc.

Re: Meeting minimum spend by exact amounts

MrDisco99 — Fri, 25 Aug 2017 01:29:32 GMT

I appreciate all the advice and I'm taking it all to heart. Thanks everyone.

That said, my primary concern was whether Chase would flag me for "gaming" by meeting the bonus requirement precisely. If that won't be an issue, then I'm going to do the split as planned. I'm absolutely confident in the math for meeting the bonus with the Chase portion of the payment. I've only used the card a few times (including one large purchase) and there's no chance of the charges being reversed.

Even if there is a problem or my math is off or whatever, I still have another month left on the Chase card to figure it out by making additional purchases or whatever I need to do. I just didn't want to blow a bunch of extra money on a card that doesn't have a very good non-category rewards rate when I could be putting it to better use on a different card.

The fees Plastiq charges make it such that this is a temporary situation with my mortgage payments. I'm only doing this to help meet the minimums on the new cards I'm getting. Once I'm done with bonus chasing, I'll be going back to automatic checking account drafts. Plastiq is a great way to churn cards quickly, but not worth the hassle long term.

The payment is scheduled for next week. If I do run into any issues, I'll be sure to post an update.

Thanks again!

Re: Meeting minimum spend by exact amounts

Anonymous — Fri, 25 Aug 2017 03:23:59 GMT

@CreditCuriousity wrote:
@Anonymous wrote:
@Anonymous wrote:
Regarding using Plastiq...i read a post before - You might have to email your mortgage statement to plastiq as proof.

I read a post from a member here paying another person (landlord) for rent and payment was put on hold. This member then had to send the rent statement to Plastiq as proof and all was find and smooth after that. You might want to contact Plastiq in advanced to find out if they will need it. Maybe not since this is a mortgate payment, but just to make sure i guess.
You probably have to do that for lot of landlord/tenant situations because they want to make sure that you're actually paying for rent and not sending cash to friend/relative, etc. However for mortgage companies and most rental companies, that isn't necessary. They're not going to question you sending a payment to Chase Mortgage for example
bingo had to provide as was paying an individual rent. Just sent them the rental agreement/contract and all was solved and no problems sense. Also agree with mortgage companies just indivduals they might need proof, etc.

There you are CreditCuriousity, I knew you would find this. Thanks for clarifying!