Card type vs. Income

[Anonymous]

And that's correct.  You don't need insurance as long as you have auto insurance at home.  Also the umbrella policy covers a lot of stuff.  

[jsucool76]

yes, but if you use the insurance provided by the credit card company, then your insurance remains unaffected. #ratesstaylow

[takeshi74]

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@Anonymous wrote:

I make about 55k. Does the card type I SHOULD get, versus want, directly correlate with how much income I have?

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No.  You need to consider, much, much more.  It's not just your income and the AF.  Consider total/benefit.  Consider the features and benefits that matter to you.  If rewards matter then consider the rewards on your spend.

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@Anonymous wrote:

Been curious about this for a while. I have the CSP, Marriot Rewards Premier, and the Venture, now. But, the AFs on those don't seem so unmanagable, considering the great rewards structure. And, they aren't hundreds of dollars.

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Run the numbers for your spend.  Don't rely on seem/feel/etc.

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@Anonymous wrote:

When was the last time you spent $120 on a breakfast for 3?

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Situations vary.  Don't assume that just because you don't that no one does regardless of topic.  Each needs to considert the individual's situation.  These are not one-size-fits-all matters.

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@Anonymous wrote:
Never pay annual fees! That's my story and I'm sticking too it , however my portfolio is a bit extended compared to my spend. If you can justify the af and come out on top, go for it. Just remember, you haven't come this far to pay for a cc!

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One should always consider total cost/benefit, not just AF IMO.  My biggest rewards come from cards with AF's and the rewards are significantly much more than the AF''s.  While an AF may not be justified for someone that person won't know for certain without doing the math and could be missing out on rewards by only considering AF versus no AF.  Everyone's income, spend, etc are not the same.

Run the numbers for your spend to determine this.

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@Anonymous wrote:

You don't need insurance as long as you have auto insurance at home.

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Depends on the specifics.  All auto insurance and coverages are not the same.  If one has liability only then it is not the same as what the card or rental company offers.  Also, as indicated above, using a card's insurance means that one's rates are not affected by the claim.

[onstar]

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@jsucool76 wrote:
yes, but if you use the insurance provided by the credit card company, then your insurance remains unaffected. #ratesstaylow

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That's not how insurance works. Your rates go up when you get tickets or if you have at-fault accidents. Your rates stay intact if you don't.

ETA: When I worked as a financial planner (I was also a licensed insurance agent), I had to explain this a lot to people. And we had a client who had like 6 claims in the past 3 years, and his rates were never affected. He was one unlucky SOB: 5 accidents and none were his fault, plus he hit a raccoon or some small animal once. BTW, if you hit an animal, then that is NEVER your fault. Plus, that goes against comprehensive claim, not collision.

[SpiceIslander]

I don't know an exact answer to your question but I choose cards with AFs ONLY if the rewards are can adequately cover the fees. My BCP pays its fees times over. Sure it's not a high-end card but fits my criteria for ANY card with an annual fee.

[black_citi]

I like the amex plat, venture and the csp. I've heard of the prestige but didn't know it had a 450 AF. I was thinking of the chairman card by citi.

With my 28k a year salary I can't really afford none of these cards I like. Even the Venture with its 59 AF is out of my reach because to get the 40k bonus I need to spend 3k in 3 months. Its not possible with my 28k.

The Gold delta I got has a 95 AF but its waived the first year and to be honest I accidentally applied for that card. I'll cancel it around Feb next year. I doubt I'll hit the 30k bonus with 1k spend in 3 months.

[Anonymous]

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@black_citi wrote:
I like the amex plat, venture and the csp. I've heard of the prestige but didn't know it had a 450 AF. I was thinking of the chairman card by citi.

With my 28k a year salary I can't really afford none of these cards I like. Even the Venture with its 59 AF is out of my reach because to get the 40k bonus I need to spend 3k in 3 months. Its not possible with my 28k.

The Gold delta I got has a 95 AF but its waived the first year and to be honest I accidentally applied for that card. I'll cancel it around Feb next year. I doubt I'll hit the 30k bonus with 1k spend in 3 months.

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If you will make use of the airline credits and the free 4th night at hotels, the prestige can easily cover the annual fee. I can't speak for citi's service, but the prestige would be my choice over the amex plat since their annual fees are very similiar. 

[Anonymous]

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@black_citi wrote:
I like the amex plat, venture and the csp. I've heard of the prestige but didn't know it had a 450 AF. I was thinking of the chairman card by citi.

With my 28k a year salary I can't really afford none of these cards I like. Even the Venture with its 59 AF is out of my reach because to get the 40k bonus I need to spend 3k in 3 months. Its not possible with my 28k.

The Gold delta I got has a 95 AF but its waived the first year and to be honest I accidentally applied for that card. I'll cancel it around Feb next year. I doubt I'll hit the 30k bonus with 1k spend in 3 months.

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1K/mo isn't possible on 28K?

[Callandra]

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@Anonymous wrote:

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@black_citi wrote:
I like the amex plat, venture and the csp. I've heard of the prestige but didn't know it had a 450 AF. I was thinking of the chairman card by citi.

With my 28k a year salary I can't really afford none of these cards I like. Even the Venture with its 59 AF is out of my reach because to get the 40k bonus I need to spend 3k in 3 months. Its not possible with my 28k.

The Gold delta I got has a 95 AF but its waived the first year and to be honest I accidentally applied for that card. I'll cancel it around Feb next year. I doubt I'll hit the 30k bonus with 1k spend in 3 months.

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1K/mo isn't possible on 28K?

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Depends on living expenses/situation...I'm at ~$25k a year and only have about ~$800 a month of free money after rent/bills/etc but I only like to spend $400-500 so I can save the rest. Even back when I made $36k/year in Japan, I may have only spent about $800-900 a month (again, I would save $400-500 a month so that was about $1200-1400 free cash after rent/insurance/etc.). 

[Anonymous]

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@Callandra wrote:

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@Anonymous wrote:

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@black_citi wrote:
I like the amex plat, venture and the csp. I've heard of the prestige but didn't know it had a 450 AF. I was thinking of the chairman card by citi.

With my 28k a year salary I can't really afford none of these cards I like. Even the Venture with its 59 AF is out of my reach because to get the 40k bonus I need to spend 3k in 3 months. Its not possible with my 28k.

The Gold delta I got has a 95 AF but its waived the first year and to be honest I accidentally applied for that card. I'll cancel it around Feb next year. I doubt I'll hit the 30k bonus with 1k spend in 3 months.

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1K/mo isn't possible on 28K?

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Depends on living expenses/situation...I'm at ~$25k a year and only have about ~$800 a month of free money after rent/bills/etc but I only like to spend $400-500 so I can save the rest. Even back when I made $36k/year in Japan, I may have only spent about $800-900 a month (again, I would save $400-500 a month so that was about $1200-1400 free cash after rent/insurance/etc.). 

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Rent can be paid with CC. Insurance and utility bills can be paid with CC.