CC's with ridiculous limits...why?!

[distantarray]

---

@Anonymous wrote:
I need a vacation so Citi HHIlton get ready

---

Credit Card Sign-On Bonus Minimum Spending Required Annual FeeTotal 425,000 Points + 2 Free Nights $13,750 $418

Citi Hilton Reserve	2 free nights + Hilton Gold Status (free breakfast & internet)	$2,500 in 4 months	$95, but well worth the free Hilton Gold elite status
Bank of America Virgin Atlantic	25,000 miles (transferable to 50,000 Hilton points)	$2,500 in 3 months	$90 NOT waived for 1st year
Bank of America Hawaiian Airlines Visa	35,000 miles transferred to 70,000 Hilton points	$1,000 in 4 months	$79 NOT waived for 1st year
Bank of Hawaii Hawaiian Airlines Visa	35,000 miles transferred to 70,000 Hilton points	$1,000 in 4 months	$79 NOT waived for 1st year
American Express Hilton Surpass	60,000 Points	$3,000 within 3 months	$75 NOT waived for 1st year
American Express Hilton HHonors	50,000 Points	$750 within 3 months	No Annual fee
Citi Hilton HHonors Visa	50,000 Points	$1,500 within 6 months	No Annual fee
Citi Hilton HHonors Visa	40,000 Points	$1,500 within 6 months	No Annual fee

Also remember hilton points are damn near worthless now, it WAS valued at 0.5 per point, now it's even less just get a starwood.

[Roarmeister]

---

@Open123 wrote:

---

@jdirilo wrote:

I can't imagine how people manage to stay well under their $25000 cc limit! For me that would just be too much temptation.

---

Not if you know you have to pay it back!  Regardless of how high CLs one has, it isn't money, but credit that has to be repaid.

Credit is just temporary purchasing power (that can disappear at a moment's notice) that has to be repaid.  Having high CLs isn't about using it, but spending comfortably without worry about hitting the limit or high utility reporting.

---

Amen to that - yes I have high card limits but I am also not tempted to put too much more onto my cards.  Actually, I don't understand the temptation to MAX out - honestly I don't.  That's like seeing how close to a cliff edge I could get even though I know its a 100' drop.  10' away, 5' away, 1' away??  What's the temptation???

Even at the utilization percentage I have, I think mine is too high because the monthly payments are restrictive to doing other things.  Just because I can spend 20k doesn't mean I want to.  I still have to pay this back and I don't like the interest even on my low interest card of 5.99%  The sooner I can get my debt down the better off I will be.  FYI, I cycle less than $1k per month currently.

[thom02099]

GREAT POINTS made about consumer protection and purchases with your credit cards.

Just bought new glasses, to the tune of nearly $800.  Rather than purchasing a "protection plan" from the provider, I simply charged the purchase to my Zync card, to have that purchase protection from AMEX.  I plan to do the same thing when I re-up for my cell phones later this year, purchase new ones with an AMEX and forget about the monthly insurance fee for replacement, which for 4 phones runs about $40 extra each month.  Having an additional $360/year is a nice trade off to having AMEX protect the purchase. 

[Anonymous]

amex covers cell phone damage?

[scenery_guy]

Why is a high limit ridiculous? 

[Rhaeny]

My main goal in secruing high limits are (1) use other peoples money for all of my expenses while mine sits in the bank until payment is required, (2) earn rewards to enhance my lifestyle by using thier money first, (3) use 0% offers to buy some of the things I want and can afford to pay over time, (4) do numbers one thru three simultaneously while keeping my utilization low and scores high.

As for how much each person is satisfied with varies from individual to individual.  If you make $30K a year then maybe a $5K limit is good for you, If you make $100K a year then more than likely that person would want much higher limits.  My expenses on a monthly basis are well over $6K a month so a small limit wouldn't be benefiical to me and would be a hinderance because I would constantly have to charge and pay.  That's not condusive in my lifestyle to do that.

So these limits are of course relative to your income and lifestyle.  Even though I make a very good salary there are some on here with over $100K in CL's and I consider that high but if I had it I would manage it the same way I handle my $50K in CL's.  I don't use the full lines of credit and I rarely charge anything that I can't PIF.

[Open123]

In my view, one of the goals in life (whether personal or business) is to *minimize* expenditures, not to maximize them.  

We should always endeavor to find the best value for the price we pay regardless of whether or not we're purchasing food, dining, professional services or meeting our tax obligations.  If the same product or service can be had for a better price, we should always opt to do so.  

This notion of responsible spending is different and has nothing to do with CLs.  High or low, one's spending discipline and/or budget should remain unaffected.

[thom02099]

---

@Anonymous wrote:
amex covers cell phone damage?

---

More concerned about having an extended warranty, as well as for lost/stolen protection moreso than damage. 

https://www.americanexpress.com/us/content/card-benefits/purchase-protection.html

[Anonymous]

---

@thom02099 wrote:

---

@Anonymous wrote:
amex covers cell phone damage?

---

More concerned about having an extended warranty, as well as for lost/stolen protection moreso than damage. 

https://www.americanexpress.com/us/content/card-benefits/purchase-protection.html

---

awesome, considering they do come with a year manufatures warranty already, and I normaly keep my phone for 2 years, the extra year will be nice next time I buy a phone.

and it does cover lost or stolen phones? 

[Open123]

---

@Anonymous wrote:

---

@thom02099 wrote:

---

@Anonymous wrote:
amex covers cell phone damage?

---

More concerned about having an extended warranty, as well as for lost/stolen protection moreso than damage. 

https://www.americanexpress.com/us/content/card-benefits/purchase-protection.html

---

awesome, considering they do come with a year manufatures warranty already, and I normaly keep my phone for 2 years, the extra year will be nice next time I buy a phone.

and it does cover lost or stolen phones? 

---

For the first 90 days, yes.  Also, for accidental coverage too.