Current situation and what credit moves might you make?

[red259]

Tomorrow going to call Amex about my plat card and Chase about my CSR. Both AFs have hit and it makes zero sense for me to pay them. If they waive the fees I will hold the cards. If they don't waive the AFs then the plat is getting tossed and the CSR will get downgraded to a no AF CS. Not something I want to do but given the situation there is a real question if I will have money coming in and I can't be shelling out $1k in AFs for two cards. I'll just upgrade to the CSR again later on whenever travel becomes legitimately feasible again. 

[Anonymous]

---

@red259 wrote:

Tomorrow going to call Amex about my plat card and Chase about my CSR. Both AFs have hit and it makes zero sense for me to pay them. If they waive the fees I will hold the cards. If they don't waive the AFs then the plat is getting tossed and the CSR will get downgraded to a no AF CS. Not something I want to do but given the situation there is a real question if I will have money coming in and I can't be shelling out $1k in AFs for two cards. I'll just upgrade to the CSR again later on whenever travel becomes legitimately feasible again. 

---

Good time to do this. If you are a valuable customer, they want to hang on to you and they may waive the AFs. Keep us posted.

[Anonymous]

It looks like it will be worse than 2008-2010. I hate to panic but from what my business is experiencing I am now in panic mode. My otstanding credit card balances around $7k. Planning to pay down $3k this month and leave $4k as it has 0% promo for 22 months remaining.
Right now I am paying down whatever I can and cutting all the unnecessary subscriptions, memberships etc. I have cancelled all advertisement for my business except for one. 
Sh$t hasn't even hit the fan. 

[red259]

---

@Anonymous wrote:

It looks like it will be worse than 2008-2010. I hate to panic but from what my business is experiencing I am now in panic mode. My otstanding credit card balances around $7k. Planning to pay down $3k this month and leave $4k as it has 0% promo for 22 months remaining.
Right now I am paying down whatever I can and cutting all the unnecessary subscriptions, memberships etc. I have cancelled all advertisement for my business except for one. 
Sh$t hasn't even hit the fan. 

---

Exactly. If you have a business where most of it can not be done by working at home these are dire times and closer to 1929 than 2008. Really for the country to survive this economically they need to take drastic action and they can't wait. Now is not the time to be timid otherwise we may lose the whole economy things are that dire. 

[Remedios]

So far, the only thing I've done is taken US Bank's PL offer, $4999.00 or under with 2.99% apr. 

Didnt really need it right now, but 2.99% wont break me. 

I might do a BT to checking, or take becu up on their offer 0%, $0 fee and transfer whatever is about to post (current statements)

As someone who came here after the war where I was born, I tend to over react and I plan till there is nothing left to plan. Bottom line, I have no intentions to dip into savings, but I have every intention to leverage my credit, albeit gingerly. 

[imaximous]

We just got off the phone with Chase. I asked DW to downgrade the CSR to Freedom for now. I decided not to transfer the points before PCing, so we left about 160k URs sitting there. I started adding up points from different programs and we won't be able to use them for a long time, so I might even cash out the URs. There's no point in hoarding over 1.5 MM points we can't use.

I'd already downgraded my Prestige before all this, so the only other high AF card left is the USB AR. I'm not touching it, but I'll be using points to pay the AF. It's not the best use of 35k points for $400, but again, this is the case of having way too many points and nothing to spend on for a while. 

I'm sad I had to cancel family trips because of the current crisis. We had big family trips (3 families - about 17 people) that took a lot of work and points to book, and we can't go anymore. Kids were really looking forward to this spring break. Most likely, I'll have to cancel June and Summer trip too 😔

Anyway, as long as DW and I can keep our jobs and stay healthy, we should still be grateful. I know things are tough for friends and family in some industries. Some have already been laid off.

[wasCB14]

I've already cut my AFs a lot this year for other reasons.

• $450 CSR to Freedom #2 in January. Amex improved travel insurance, I favored MRs, and the subsequent changes with the $550 AF didn't help.
• $95 Savor to QS. I just wanted the $500 SUB...the $95 AF was never going to make sense with all my other cards.
• $450 Bonvoy Brilliant to $95 "old SPG". Lots of points and too much virus fear and general ambiguity around a trip that would have a 5-night stay.

Just tonight I added a BofA WWF Cash Rewards card. It's a little bit of everything: a $200 SUB, an adjustable 5.25% category card (and Visa so 3.5% at Costco), and an intro 0% card (a feature I don't absolutely need but will use). All with no AF.

[redpat]

Same as last year, none.

[angelzrfree]

I am fortunate to work in healthcare. The only changes I may make is that I'll wait to apply for new cards. I was originally going to apply for chase card, discover, JetBlue plus and maybe the Apple Card next month. I may wait until May now. Still going to open a chase bank acct though. That will give me a chance to build up my credit some more since all but one card will be PIF then. 

[Remedios]

---

@redpat wrote:

Same as last year, none.

---

@redpat  You might need a new calendar 

This year is teensy-weensy different