topic Re: Any new cards worth applying for? in Credit Cards

Any new cards worth applying for?

Anonymous — Sun, 20 Oct 2019 01:51:48 GMT

I've been out of the credit card loop for over a year. Any new cards I should keep an eye on?

Re: Any new cards worth applying for?

Openwater — Sun, 20 Oct 2019 03:09:25 GMT

Very vague question. Choices depend on a number of variables. Too start, how good are you scores, and what are you looking for out of your cards; Travel miles, cash back, low interest, the list goes on. Once you have those questions sorted, the search becomes much more narrow.

Re: Any new cards worth applying for?

Anonymous — Sun, 20 Oct 2019 03:15:05 GMT

I agree with @Openwater ......way to many variables. The latest big FOTM was Apple Card, and we could all suggest it. However, if you don't use Apple products, it is not as useful to you.

Re: Any new cards worth applying for?

JNA1 — Sun, 20 Oct 2019 04:46:08 GMT

Alliant CU has card that gives unlimited 3% CB for the first year, and 2.5% after that, but it has a $99 AF (waived the 1st year) so you need to spend a lot annually to make it worthwhile over the normal 2% cards.

Re: Any new cards worth applying for?

Anonymous — Sun, 20 Oct 2019 05:04:40 GMT

@JNA1 wrote:
Alliant CU has card that gives unlimited 3% CB for the first year, and 2.5% after that, but it has a $99 AF (waived the 1st year) so you need to spend a lot annually to make it worthwhile over the normal 2% cards.

$19,800 of spend to break even vs a 2% card definitely makes it a niche card. Most people who will put $20K+ on a single card are better served by travel rewards.

Re: Any new cards worth applying for?

JNA1 — Sun, 20 Oct 2019 05:30:26 GMT

Maybe, but we have put well over $35,000 through my It card this year, and will probably be around $47,000 for the year by the time Christmas is paid for. I’m sure we’re probably in the minority, but we don’t fly or travel, so those cards do me no good.

We’re going to get $1300+ this year because of the cash back match on the It card.

At 3% with the Alliant card, we’d get $1,410 (in theory, based on the same $47,000 ) in the first year with the AC waived.

At 2.5% with the AF included, we’d get $1076,
And with a normal 2% card with no AF, we’d get $940.

Of course those are straight numbers, assuming I’d be putting everything on one card, but my plan is to get 3 or 4 cards to maximize CB by using the higher % of each card. That said, the Alliant card would be still be my most used card, if I had it.

Ideally, I’d like to have the Discover It for the 5% categories, Amex BCP for groceries, gas, and streaming, and the Alliant card for the rest. That’s my ultimate goal as of now.

Re: Any new cards worth applying for?

Anonymous — Sun, 20 Oct 2019 05:46:28 GMT

Before you go 2% go Disco Miles for 3% uncapped for the first year w/ match. When you're done w/ both intro periods you can combine them and do it all over again.

Re: Any new cards worth applying for?

JNA1 — Sun, 20 Oct 2019 05:55:43 GMT

Are the miles redeemable for cash back?

Re: Any new cards worth applying for?

Anonymous — Sun, 20 Oct 2019 05:56:54 GMT

YUP.... miles/points/dollars == CASH w/ Disco at least.

Re: Any new cards worth applying for?

wasCB14 — Sun, 20 Oct 2019 07:16:44 GMT

@Anonymous wrote:
@JNA1 wrote:
Alliant CU has card that gives unlimited 3% CB for the first year, and 2.5% after that, but it has a $99 AF (waived the 1st year) so you need to spend a lot annually to make it worthwhile over the normal 2% cards.
$19,800 of spend to break even vs a 2% card definitely makes it a niche card. Most people who will put $20K+ on a single card are better served by travel rewards.

$100k in total investible assets (incl. retirement and cash) is not a terribly high threshold for high spenders. BofA Premium Rewards seems the much better value. Plus a $500 SUB.

Re: Any new cards worth applying for?

Revelate — Sun, 20 Oct 2019 07:19:31 GMT

@Anonymous wrote:
@JNA1 wrote:
Alliant CU has card that gives unlimited 3% CB for the first year, and 2.5% after that, but it has a $99 AF (waived the 1st year) so you need to spend a lot annually to make it worthwhile over the normal 2% cards.
$19,800 of spend to break even vs a 2% card definitely makes it a niche card. Most people who will put $20K+ on a single card are better served by travel rewards.

Fun with the tax payments; massage your withholding, pay what's "required" (read as: enough to get by without penalties) and take the arbitrage play.

Comes out to about $250 for me for maybe 15 minutes of work over the course of the year not including the window where that additional money is working for me instead of in the government's hands... and that's not even playing that hard. Might be more with my seemingly poor choice living in Cali when it comes to taxes.

I also have something like 5K in HOA bills and some other things which fall to default spend anyway... if I weren't heavily into Chase I would consider this card though the BOFA travel rewards w/loyalty bonus might wind up being more attractive to another's point.

Re: Any new cards worth applying for?

Anonymous — Sun, 20 Oct 2019 07:18:01 GMT

@wasCB14 wrote:
@Anonymous wrote:
@JNA1 wrote:
Alliant CU has card that gives unlimited 3% CB for the first year, and 2.5% after that, but it has a $99 AF (waived the 1st year) so you need to spend a lot annually to make it worthwhile over the normal 2% cards.
$19,800 of spend to break even vs a 2% card definitely makes it a niche card. Most people who will put $20K+ on a single card are better served by travel rewards.
$100k in total investible assets (incl. retirement and cash) is not a terribly high threshold for high spenders. BofA Premium Rewards seems the much better value. Plus a $500 SUB.

Yep. I hate BoA but I agree that PR would be the better card if you can get approved for it.

Re: Any new cards worth applying for?

JNA1 — Sun, 20 Oct 2019 13:45:10 GMT

Wow, I didn’t know the travel points were redeemable as cash! Is the this true on all cards?

Re: Any new cards worth applying for?

Anonymous — Sun, 20 Oct 2019 13:50:39 GMT

@JNA1 wrote:
Wow, I didn’t know the travel points were redeemable as cash! Is the this true on all cards?

Usually they have a cash value, but it's often pretty bad (0.6-0.7c per point for example). However, Discover Miles are really straight cash at 1c per point no matter what you do. Chase URs can also be redeemed for 1c per UR, although redeeming for travel will give higher value.

Re: Any new cards worth applying for?

JNA1 — Sun, 20 Oct 2019 13:58:02 GMT

That’s awesome! Me and wife can ride that Disco cash back train for several years knowing that. We were already going to apply for her an It CB card, so that’ll work great for us.

Re: Any new cards worth applying for?

AverageJoesCredit — Sun, 20 Oct 2019 17:08:48 GMT

DC Power Visa !

Re: Any new cards worth applying for?

Anonymous — Sun, 20 Oct 2019 19:54:11 GMT

Tons!

There are cash back cards, travel cards, cards for SUBs and "flex" cards for your easily impressed friends!

Re: Any new cards worth applying for?

TSlop — Sun, 20 Oct 2019 20:08:53 GMT

@Anonymous wrote:

$19,800 of spend to break even vs a 2% card definitely makes it a niche card. Most people who will put $20K+ on a single card are better served by travel rewards.

How do you get that number? $99 / .025 = $3,960 to hit breakeven point?

Re: Any new cards worth applying for?

FieryDance — Sun, 20 Oct 2019 20:32:53 GMT

@TSlop wrote:
@Anonymous wrote:

$19,800 of spend to break even vs a 2% card definitely makes it a niche card. Most people who will put $20K+ on a single card are better served by travel rewards.
How do you get that number? $99 / .025 = $3,960 to hit breakeven point?

It is the break even point between a free 2% flat rate card and the Alliant CU card which has a flat rate of 2.5% and a $99 AF after its first year:

$99 / (2.5% - 2%) = $19,800

Re: Any new cards worth applying for?

Anonymous — Sun, 20 Oct 2019 21:01:48 GMT

@FieryDance wrote:
@TSlop wrote:
@Anonymous wrote:

$19,800 of spend to break even vs a 2% card definitely makes it a niche card. Most people who will put $20K+ on a single card are better served by travel rewards.
How do you get that number? $99 / .025 = $3,960 to hit breakeven point?
It is the break even point between a free 2% flat rate card and the Alliant CU card which has a flat rate of 2.5% and a $99 AF after its first year:

$99 / (2.5% - 2%) = $19,800

Right. It's a somewhat common mistake for people to calculate instead "spend needed to cover AF" which ignores that other choices would be earning rewards too.