Honestly, I think the detail of your post scared everyone away haha
You're definitely thinking through this stuff the right way, and you're off to a great start. Will the rewards on the CSP justify the AF versus just another 1%, no FTF card, like a Capital One or Discover? Given your current income, a $95 fee would be difficult to recoup...
You're definitely thinking through this stuff the right way, and you're off to a great start. Will the rewards on the CSP justify the AF versus just another 1%, no FTF card, like a Capital One or Discover? Given your current income, a $95 fee would be difficult to recoup...
@SnackTrader wrote:
Honestly, I think the detail of your post scared everyone away haha
You're definitely thinking through this stuff the right way, and you're off to a great start. Will the rewards on the CSP justify the AF versus just another 1%, no FTF card, like a Capital One or Discover? Given your current income, a $95 fee would be difficult to recoup...
+ 1 about AF. I know the desire ,and want for the metal card, but you also need to make sure you can afford it, and justfy it. If you want it , and the $95 bucks is not going hurt you go for it when it is time. I understand "prestige" that the card come with and I am a 25 year college undergrad myself. The key is in understanding your financial situation. For example I have a fulltime 65k+ year job I have been on for last 5+ years ,and have established credit. I really don't have a need for a CSP,but I want it. I can easily push 3k requirement though in a month for 40k bonus, and can just pay my tuition ( WHY DOES SCHOOL COST SO MUCH /rant) every few months, to rack up points. . You seem to be heading in right direction though , you have a good sense of credit from your post , but just a little warning not to get caught up in the CSP Siren , if it going to not help you.
From reading OP's one post, he seems pretty intelligent to me. He's clearly done his research and come up with a solid contingency plan. Judging by the way you guys are talking about a $95/year fee, you'd think he was living under the poverty line. I'm curious as to what makes you guys think he doesn't already "understand his own situation," or why you think he's not making "the adult choice." I don't think he's done anything to warrant such a heavy-handed lecture.
OP, good luck--I hope everything works out for you!
Edit: Someone pulled a ninja edit on me! Some of my statements no longer apply.
Yes, besides no foreign transaction fees, can you tell us more about why you want the CSP in particular? In reality, there may be other, less costly cards that may also meet your needs.
In addition to the Discover and Capital One cards already mentioned, I'll make a plug for a no-FTF card I currently have, the BankAmericard Travel Rewards. It earns 1.5% per dollar on all purchases (and 3% on travel booked through their website) and also has no AF and an EMV chip for international travel. I like it for everyday purchases, and it seems like it would suit your needs well.
In addition to the Discover and Capital One cards already mentioned, I'll make a plug for a no-FTF card I currently have, the BankAmericard Travel Rewards. It earns 1.5% per dollar on all purchases (and 3% on travel booked through their website) and also has no AF and an EMV chip for international travel. I like it for everyday purchases, and it seems like it would suit your needs well.
First of all, I gave no such lecture, so please do not group me in with the other poster's advice.
Second, I am not implying that the OP can't afford the AF, I was simply asking if the AF made sense for his spending. Affording an AF and profiting off an AF when compared to similar credit cards without an AF are two different things. Typically, a high level of spending is required to profit off an AF card. For example, if OP pays rent of $600 per month, that leaves only $22,200 remaining for credit card purchases. Then, lets take out all of the purchases that would only receive 1% cash back with the CSP, since many other cards offer 1% without an AF.
Then we keep digging, and that's how you determine if an AF is worth it. I make significantly more than $30,000 annually, and the CSP is in no way profitable for me.
Also, for the OP, just learned about the TD Bank First Class Visa Signature tonight. You should google it and see if it looks appealing (hint: it should). Plus, it's from the US subsidiary of a bank you must be very familiar with.
Edit: I agree that the OP sounds very smart.
Second, I am not implying that the OP can't afford the AF, I was simply asking if the AF made sense for his spending. Affording an AF and profiting off an AF when compared to similar credit cards without an AF are two different things. Typically, a high level of spending is required to profit off an AF card. For example, if OP pays rent of $600 per month, that leaves only $22,200 remaining for credit card purchases. Then, lets take out all of the purchases that would only receive 1% cash back with the CSP, since many other cards offer 1% without an AF.
Then we keep digging, and that's how you determine if an AF is worth it. I make significantly more than $30,000 annually, and the CSP is in no way profitable for me.
Also, for the OP, just learned about the TD Bank First Class Visa Signature tonight. You should google it and see if it looks appealing (hint: it should). Plus, it's from the US subsidiary of a bank you must be very familiar with.
Edit: I agree that the OP sounds very smart.
@SnackTrader wrote:
First of all, I gave no such lecture, so please do not group me in with the other poster's advice.
Second, I am not implying that the OP can't afford the AF, I was simply asking if the AF made sense for his spending. Affording an AF and profiting off an AF when compared to similar credit cards without an AF are two different things. Typically, a high level of spending is required to profit off an AF card. For example, if OP pays rent of $600 per month, that leaves only $22,200 remaining for credit card purchases. Then, lets take out all of the purchases that would only receive 1% cash back with the CSP, since many other cards offer 1% without an AF.
Then we keep digging, and that's how you determine if an AF is worth it. I make significantly more than $30,000 annually, and the CSP is in no way profitable for me.
Also, for the OP, just learned about the TD Bank First Class Visa Signature tonight. You should google it and see if it looks appealing (hint: it should). Plus, it's from the US subsidiary of a bank you must be very familiar with.
Edit: I agree that the OP sounds very smart.
SnackTrader, my post was directed solely at toppers--I did not mean to offend. I understand I did not choose the correct wording for the situation. I also noticed that toppers edited his post and noted that my objections no longer apply.
@Leadberry wrote:
@SnackTrader wrote:
First of all, I gave no such lecture, so please do not group me in with the other poster's advice.
Second, I am not implying that the OP can't afford the AF, I was simply asking if the AF made sense for his spending. Affording an AF and profiting off an AF when compared to similar credit cards without an AF are two different things. Typically, a high level of spending is required to profit off an AF card. For example, if OP pays rent of $600 per month, that leaves only $22,200 remaining for credit card purchases. Then, lets take out all of the purchases that would only receive 1% cash back with the CSP, since many other cards offer 1% without an AF.
Then we keep digging, and that's how you determine if an AF is worth it. I make significantly more than $30,000 annually, and the CSP is in no way profitable for me.
Also, for the OP, just learned about the TD Bank First Class Visa Signature tonight. You should google it and see if it looks appealing (hint: it should). Plus, it's from the US subsidiary of a bank you must be very familiar with.
Edit: I agree that the OP sounds very smart.SnackTrader, my post was directed solely at toppers--I did not mean to offend. I understand I did not choose the correct wording for the situation. I also noticed that toppers edited his post and noted that my objections no longer apply.
Yes I ninja you some of my wording was not the best.
