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So I've been drooling over the signup bonus for the Arrival card with an AF for a few weeks. I've been very close to pulling the trigger multiple times and don't feel that I have much to worry about with approval. My biggest concern is finding a use for:
A) the rewards
B) the card and it's presence on my credit report
C) the annual fee
So with that in mind, here is my newest strategy:
Get the card. Get $400 bonus. Hold it until I'm ready to book a trip (with the potential for a trip in December or early January). In the meantime, use the card in place of my CapitalOne Cash Rewards, since I will be earning an extra 0.50% on non-Freedom/BCP/Forward purchases. However, I would likely stop trying to accumulate points with that card once I pay for that trip since I don't travel often. I would prefer the flexibility of cash rewards over travel rewards for the time being. Then, after the first year is up, I would PC to the no AF version and essentially sock drawer the card.
This still leaves me in a weird place on having an unnecessary line of credit on my report... I guess I just don't want to have an open or closed account that I never really needed reporting for the next 10+ years. It will cost my AAoA in the short term (I'm working hard to get it up to 5 years, but that looks unlikely given my credit card obsession) and will look odd in the mortgage process down the road. No offense to those out there with 35 revolving accounts, but I don't want to do that.
So what does everyone think? Good plan? Bad plan? Modcut
edit by webhopper
@SnackTrader wrote:
So I've been drooling over the signup bonus for the Arrival card with an AF for a few weeks. I've been very close to pulling the trigger multiple times and don't feel that I have much to worry about with approval. My biggest concern is finding a use for:
A) the rewards
B) the card and it's presence on my credit report
C) the annual fee
So with that in mind, here is my newest strategy:
Get the card. Get $400 bonus. Hold it until I'm ready to book a trip (with the potential for a trip in December or early January). In the meantime, use the card in place of my CapitalOne Cash Rewards, since I will be earning an extra 0.50% on non-Freedom/BCP/Forward purchases. However, I would likely stop trying to accumulate points with that card once I pay for that trip since I don't travel often. I would prefer the flexibility of cash rewards over travel rewards for the time being. Then, after the first year is up, I would PC to the no AF version and essentially sock drawer the card.
This still leaves me in a weird place on having an unnecessary line of credit on my report... I guess I just don't want to have an open or closed account that I never really needed reporting for the next 10+ years. It will cost my AAoA in the short term (I'm working hard to get it up to 5 years, but that looks unlikely given my credit card obsession) and will look odd in the mortgage process down the road. No offense to those out there with 35 revolving accounts, but I don't want to do that.
So what does everyone think? Good plan? Bad plan? Modcut
I have been pondering whether to pull the trigger as well. Im going to NY at the end of the month- so I dont need it for that trip but I am planning a 2 trips at the end of the year.
Modcut I had this on my fall spree list but Im afraid the sign up bonus will be gone
To answer your question- it really sounds like a win win---PC it next year and be done with it.
edit by webhopper
even without the sign up bonus, the 2x miles and 10% back on redemptions puts it ahead of the venture card and any other 2% card out there. might even put it on par with the CSP.
hmmm i think it depends.
do you have any close friends or relatives that travel? if so, you can pay for them and redeem your miles.
the no AF version does not give 2% across the board, so it's going to be just a medicore card that you'll definitely sockdrawer.
For me, the $400 for 1 inquiry and some AAoA hit was worth it.
Barclays barely let me squeak in my Sallie Mae World card a month ago with a recon. This is definitely on my Fall app list though as well. Hope the sign up bonus is still there.