topic Re: Where to Next - Need to rethink strategy. in Credit Cards

Where to Next - Need to rethink strategy.

Anonymous — Fri, 14 Feb 2014 06:36:33 GMT

Hi folks,

Well, my apps at 6 months went well on two fronts, but the card I was really hoping for (CSP) didn't come through, leaving me a short a card with no FTF for international travel - anything after that is gravy. 3 hard pulls were all put on EX, I just wish a card I want would pull something else (2 to Chase, one unintentional but ended up increasing my limit from $500-$2000, and one to AMEX for the new accounts).

So heres my my current portfolio:

Chase Freedom (7/13) - $2000

AMEX BCE (1/14 - fancy overseas backdate to 1/11) - $2500

AMEX PRG (1/14 - fancy overseas backdate to 1/11) - NPSL

International travel that is certain at this point is a trip to western Canada in mid June.
Stats:

Inq:

EX 6: 3/13, 4/13 (util), 7/13, 1/14 x3.

EQ 0: Noone wants to pull it.

TU 2: 3/13, 4/13 (util).
AAoA: 2 yrs, 3 months.

Scores haven't updated past the Inqs yet for the two new AMEXs or the AAoA, but EX fako is at 717, TU (CK) is at 729.

Income: $57k (disposable ~$25k plus 10k reimbursable per annum) - This will increase substantially when my wife starts work.

I am happy with the PRG categories given I spend a fair bit on grocies and airfares (have almost met spending req), will be using the BCE at least until 61-day 3x CLI at the end of March, and the Freedom is now pretty much solid on 5x spend.

Other things to consider:

I do a fair bit of road travel through the middle of the country, and stay at IHG properties mostly.

On conferences, Hyatts seem to often pop up as an option, and I am wondering if this is worth capitalising on (already have 6 nights stay this year which netted me 1 free and enough for a points plus pay in Canada).

I need a card with no FTF, and possibly chip and signature (does canada just do swiping though?).

I'm still considering whether a travel/dining spend card is useful - the CSP is definitely useful with the Freedom but going to have to sit back and wait to hit a year on the freedom then hit them with AMEX limit/profile history.

So there you have it, my question to you out there is - what cards are worth a shot to fit a mainly travel rewards plan given the above? When should I consider going for what?

Re: Where to Next - Need to rethink strategy.

370Z — Fri, 14 Feb 2014 07:50:48 GMT

It sounds like the spend on your Freedom is low and may have held back your CSP approval. They reward those who use their cards thoroughly. What about the IHG card? It has no FTF and the minimum line is 2k, so definitely easier to get approved for than the CSP. Not sure when the best time would be to apply though since you've picked up recent inquiries from Chase.

Re: Where to Next - Need to rethink strategy.

Anonymous — Fri, 14 Feb 2014 08:03:06 GMT

@Anonymous wrote:
Hi folks,

Well, my apps at 6 months went well on two fronts, but the card I was really hoping for (CSP) didn't come through, leaving me a short a card with no FTF for international travel - anything after that is gravy. 3 hard pulls were all put on EX, I just wish a card I want would pull something else (2 to Chase, one unintentional but ended up increasing my limit from $500-$2000, and one to AMEX for the new accounts).

So heres my my current portfolio:
Chase Freedom (7/13) - $2000
AMEX BCE (1/14 - fancy overseas backdate to 1/11) - $2500
AMEX PRG (1/14 - fancy overseas backdate to 1/11) - NPSL

International travel that is certain at this point is a trip to western Canada in mid June.
Stats:
Inq:
EX 6: 3/13, 4/13 (util), 7/13, 1/14 x3.
EQ 0: Noone wants to pull it.
TU 2: 3/13, 4/13 (util).
AAoA: 2 yrs, 3 months.
Scores haven't updated past the Inqs yet for the two new AMEXs or the AAoA, but EX fako is at 717, TU (CK) is at 729.
Income: $57k (disposable ~$25k plus 10k reimbursable per annum) - This will increase substantially when my wife starts work.

I am happy with the PRG categories given I spend a fair bit on grocies and airfares (have almost met spending req), will be using the BCE at least until 61-day 3x CLI at the end of March, and the Freedom is now pretty much solid on 5x spend.

Other things to consider:
I do a fair bit of road travel through the middle of the country, and stay at IHG properties mostly.
On conferences, Hyatts seem to often pop up as an option, and I am wondering if this is worth capitalising on (already have 6 nights stay this year which netted me 1 free and enough for a points plus pay in Canada).
I need a card with no FTF, and possibly chip and signature (does canada just do swiping though?).
I'm still considering whether a travel/dining spend card is useful - the CSP is definitely useful with the Freedom but going to have to sit back and wait to hit a year on the freedom then hit them with AMEX limit/profile history.

So there you have it, my question to you out there is - what cards are worth a shot to fit a mainly travel rewards plan given the above? When should I consider going for what?

Try Discover and CapitalOne. You are pretty much guaranteed to get approved for them. All Discover and CapitalOne cards have no FTFs.

You can also try Barclays Arrival. Chase has a number of cards with no FTFs, including IHG and Hyatt, but I am not sure about whether you should try another Chase card so soon. Bank of America also has travel rewards card that has no FTFs, and you can also check out to see if any Citi products interest you.

Re: Where to Next - Need to rethink strategy.

Anonymous — Fri, 14 Feb 2014 08:18:28 GMT

Canada counts as international travel? Really? Some people think that coming here, Miami, counts as international travel... but Canada? Wow, you always learn new stuff at the MyFico forums.

btw: This is my first post, Hello, everyone!

Re: Where to Next - Need to rethink strategy.

Anonymous — Fri, 14 Feb 2014 13:43:18 GMT

@370Z wrote:
It sounds like the spend on your Freedom is low and may have held back your CSP approval. They reward those who use their cards thoroughly. What about the IHG card? It has no FTF and the minimum line is 2k, so definitely easier to get approved for than the CSP. Not sure when the best time would be to apply though since you've picked up recent inquiries from Chase.

No, it wasn't too lower spend - it was my only card (with a $500 limit) before I got the Amexs - the fact that I spent $15k on it in 6 months didn't matter to Chase, or that I've been banking with them for a year, or that I had 10k+ savings and my bankers recommendation - they wanted to see more history, and greater credit lines - one rep even suggested they would prefer to see me get credit elsewhere!

Wish I had known that minimum line IHG line before apping or reconning, would have been easier to get. The IHG card does sound nice and would fit with what I am wanting. I know from what was said to me that generally that they prefer to see 3 months between applications, so I think that would be the minimum before going for that card.

Re: Where to Next - Need to rethink strategy.

Anonymous — Fri, 14 Feb 2014 13:42:49 GMT

@Anonymous wrote:

Canada counts as international travel? Really? Some people think that coming here, Miami, counts as international travel... but Canada? Wow, you always learn new stuff at the MyFico forums.

btw: This is my first post, Hello, everyone!

If the currency is different - then its international . Which means that Miami definitely is - I believe they use a white powder or something.

Re: Where to Next - Need to rethink strategy.

takeshi74 — Fri, 14 Feb 2014 14:59:11 GMT

@Anonymous wrote:

Canada counts as international travel? Really?

It's a separate nation. Therefore international.

@Anonymous wrote:

Some people think that coming here, Miami, counts as international travel...

Apples and oranges. Miami is within the US. Therefore intranational.

Re: Where to Next - Need to rethink strategy.

Anonymous — Fri, 14 Feb 2014 15:00:12 GMT

@takeshi74 wrote:
@Anonymous wrote:

Canada counts as international travel? Really?
It's a separate nation. Therefore international.

I am of the school of thought that they are already our 51st state, we just don't have the heart to tell them...

Re: Where to Next - Need to rethink strategy.

DigitalArk — Fri, 14 Feb 2014 15:02:58 GMT

I got my CSP 3 months later after I had acquired my Freedom. I don't think you need to wait a year.

Re: Where to Next - Need to rethink strategy.

takeshi74 — Fri, 14 Feb 2014 15:12:33 GMT

@Anonymous wrote:
I am of the school of thought that they are already our 51st state, we just don't have the heart to tell them...

I'm well aware of that popular opinion but context matters and creditors and payment networks don't share that opinion.

Re: Where to Next - Need to rethink strategy.

DigitalArk — Mon, 24 Feb 2014 06:21:44 GMT

@DigitalArk wrote:
I got my CSP 3 months later after I had acquired my Freedom. I don't think you need to wait a year.

Then I got my IHG about 3 months later after I had acquired my CSP.