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Endymion FRS MK1 posted:Huh, guess I never thought of the Prime membership as an annual fee analogue. What are some good rewards cards aside from this? I've had my Discover It for a while and have always wondered if I could do better Me either - I had prime before I had the Amazon Visa. The extra 3% is just a bonus. Much like Costco membership. I should compute what the Amazon Prime fee costs me vs 3% extra though. Maybe I'll do that this weekend!
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Jul 12, 2019 07:07
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I assume you mean 3% extra over just using a 2% card like Double Cash. 119 / 0.03 = 3,966.67 You'll have to spend $3966.67 a year to essentially pay for the Amazon Prime membership with the extra 3% cashback. But considering that the Amazon Visa would get you 3% without prime, the extra 2% would pay off the membership after $5,950 in spending. Both of these assume you spend enough each time to have qualified for free shipping without Prime. If you regularly purchase small items which would have shipping costs with them, that would lower the threshold. I'll likely be canceling my Prime membership this year, as I don't think 2-day shipping is worth $119/yr minus what I get back from the extra cashback (which isn't the full bill as I don't spend thousands at Amazon a year). I generally buy enough to qualify for free shipping anyway. Girbot fucked around with this message at 07:53 on Jul 12, 2019 |
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Jul 12, 2019 07:38
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Girbot posted:I assume you mean 3% extra over just using a 2% card like Double Cash. I assume you read the post and they had amazon prime regardless of any credit card bonus, so yes 3% is more than 2%.
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Jul 12, 2019 07:44
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Dustoph posted:I assume you read the post and they had amazon prime regardless of any credit card bonus, so yes 3% is more than 2%. SiGmA_X posted:I should compute what the Amazon Prime fee costs me vs 3% extra though. Maybe I'll do that this weekend!
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Jul 12, 2019 07:50
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The Big Jesus posted:Wow this loving blows. I feel like half the places I end up in I have to use the restaurant credit cause there's no lounge. Not a huge loss though since I got an Amex Plat for my corporate card though. Just have to fly delta or wait for more centurion lounges to open up. There are a lot under construction iirc. Potentially good news if this is confirmed. Looks like CSR isn't losing restaurant/bar credits, just the Amex cards are. https://thriftytraveler.com/amex-priority-pass-restaurant-credits/ https://old.reddit.com/r/churning/comments/cbzu7i/chase_sapphire_reserve_is_retaining_priority_pass/
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Jul 12, 2019 13:48
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Girbot posted:I assume you mean 3% extra over just using a 2% card like Double Cash. The numbers I'm interested in is what they were wanting to calculate, what the break even point is between 5% with a Prime Membership and 3% without
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Jul 12, 2019 17:01
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Was thinking about signing up for a new Amex (the revamped gold), but got that signup bonus unavailable popup - probably because I canceled my SPG card recently since it was its first renewal after the earning rate was ruined and I no longer had reason to keep it. I can probably put my spend on their cards for a bit to get rid of the popup, but that's extremely annoying.
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Jul 12, 2019 18:22
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I calculate the Amazon Prime video access as well in my valuation of my membership. That has proven invaluable a few times with my kids, so I continue to renew even though I have scaled back my Amazon shopping significantly.
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Jul 12, 2019 19:57
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Yeah, I only refer to it as an "annual fee" because I don't use any of the other Prime services. When I got the card I did, but a year later I realized I was barely using any of them and suddenly my "no-fee" card was costing me like 100 dollars a year for an additional 2% which I wasn't really taking advantage of anyway. It's still a real good card even at 3%.
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Jul 12, 2019 20:07
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Endymion FRS MK1 posted:The numbers I'm interested in is what they were wanting to calculate, what the break even point is between 5% with a Prime Membership and 3% without Either or, it won’t get me to drop prime, but it’ll be interesting to see how much I spend. I’d have to add my parents spend in too as they use my family account. I do use prime video, but pretty rarely. My parents use it a ton.
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Jul 12, 2019 20:51
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So what happens if you’re a Prime member, get the Prime Rewards VISA, then drop your Prime membership?
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Jul 13, 2019 05:52
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WithoutTheFezOn posted:So what happens if you’re a Prime member, get the Prime Rewards VISA, then drop your Prime membership? It goes down to the 3% version.
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Jul 13, 2019 08:02
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I looked at my Amazon spend per quarter in 2018 so I could account for the Discover IT Q4 cash back. $2.8k total spend, $936 in Q4. - $37 extra cash back Q1-3 by having Prime. - $56 if I didn't consider the Q4 amount from Discover. - $140 if I stick my head in the sand and consider using a no rewards card against the Chase Amazon card! In other words, Amazon Prime cost me: - $82 last year - $1.58 per week - $1.25 per order Last year's spend/order count was also a lot higher than both prior years and this year due to some projects that I was doing. What does Amazon charge for 1-2 day delivery if you aren't a Prime member?
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Jul 14, 2019 02:37
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Is there any downside to having a credit line significantly higher than I need if I’m not using all of it ever? The sitch: I have a big one-time purchase coming up, so I called the CC company asking if there was any sort of temporary credit line increase or what my options were. They said no, but they could just raise the line (he was very clear about calling it a credit LINE instead of a LIMIT, not sure what the diff is there) if my numbers passed muster. They did, so I’m all set for now, but I’m wondering if I should have them reduce it back down when I’m done. To clarify, I’m not using the card for this purchase out of necessity, I can cover it, and I’ll pay it right after the transaction, I just want all them sweet sweet points. So yeah, is having a card/line that is roughly 80% unused bad somehow? Not seeking any loans in the foreseeable future.
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Jul 14, 2019 03:11
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SiGmA_X posted:I looked at my Amazon spend per quarter in 2018 so I could account for the Discover IT Q4 cash back. I dropped Amazon Prime out of my life several months ago to reduce my spending. When I've needed to order from Amazon, it's been very comparable in shipping times. It does help to be near a warehouse hub, it is all free shipping as far as I can tell.
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Jul 14, 2019 03:44
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Bad Munki posted:Is there any downside to having a credit line significantly higher than I need if I’m not using all of it ever? No. It should actually help your score since available credit is a fairly important factor. As long as you don't see your credit limit as actual money you can spend and end up just racking up debt, you're fine.
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Jul 14, 2019 03:51
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Nah, I keep my card on 100% full autopay and just use it like a debit card that gives me fun money on amazon.
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Jul 14, 2019 04:12
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For any Discover users, have you noticed any additional fees when using it? I know Discover and Amex are accepted less than Visa and MC due to higher fees, and that some businesses pass that on to customers. I frequent a little cafe by my office, and I saw an additional 3.99% fee that I didn't notice when using a Visa. If that's the case, I'll have to stop using it there. Otherwise, I'm actually loving the Discover It. Seeing as they double the cash back you get at the end of your first year, the 5% categories are going to end up being 10%, which is ridiculous. Even the 1% on everything else is going to end up being 2%, so I'll use it over my other 2% card because that one isn't 0% APR
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Jul 14, 2019 17:11
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Simpsons Reference posted:For any Discover users, have you noticed any additional fees when using it? I know Discover and Amex are accepted less than Visa and MC due to higher fees, and that some businesses pass that on to customers. https://www.creditcards.com/credit-card-news/credit-card-surcharge-confusion.php quote:The states with no-surcharge laws are California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas, according to the National Conference of State Legislatures. Puerto Rico also has a no-surcharge law. Guessing you live elsewhere? EugeneJ fucked around with this message at 17:21 on Jul 14, 2019 |
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Jul 14, 2019 17:16
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I thought that might be the case, so I made sure a transaction was over $10, and it still had that charge. Specifically said CC fee.
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Jul 14, 2019 17:20
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Simpsons Reference posted:Even the 1% on everything else is going to end up being 2%, so I'll use it over my other 2% card because that one isn't 0% APR Simpsons Reference posted:I thought that might be the case, so I made sure a transaction was over $10, and it still had that charge. Specifically said CC fee. Use a visa or Apple Pay?
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Jul 14, 2019 18:22
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SiGmA_X posted:All cards are 0% APR - don’t carry a loving balance. Or you could hold on to your money, mark it as spent, but have it continue to earn for you as long as possible . . . There's plenty of area between, "give your money to credit card companies ASAP" and "spend spend spend, bill's not due for a year!" 0% APR and no-fee BT offers are valuable and no risk method of making some extra cash if you're responsible. Girbot fucked around with this message at 19:03 on Jul 14, 2019 |
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Jul 14, 2019 19:00
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Girbot posted:Or you could hold on to your money, mark it as spent, but have it continue to earn for you as long as possible . . . I definitely did not mean pay before your statement balance is due, either. I should have been more clear! How has your experience been with Orion FCU? Reviews are mixed - bank reviews are always mixed though. 4% is better than 1.6~2.1% that my cash earns.
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Jul 14, 2019 23:23
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Simpsons Reference posted:For any Discover users, have you noticed any additional fees when using it?
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Jul 14, 2019 23:27
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SiGmA_X posted:How has your experience been with Orion FCU? Reviews are mixed - bank reviews are always mixed though. 4% is better than 1.6~2.1% that my cash earns. I haven't opened one yet since I have an LMCU account that earns 3% that isn't maxed out and I don't want the hard pull from Orion just yet. But I'll be opening one some day in the future. Some people were reporting online access takes a couple days to set up and a few people were asked to email in documents, but aside from a few small standard hurdles for setting up the account people seem happy with it. The huge $30,000 cap and easy monthly triggers for the APY/fee exemption are very nice though (bank-to-bank ACH counting as direct deposit, 8 card transactions such as Amazon reloads or hopefully Square which I use for LMCU without actually spending ANY money).
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Jul 15, 2019 00:23
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SiGmA_X posted:All cards are 0% APR - don’t carry a loving balance. I think this should be "don't pay loving interest" SiGmA_X posted:Fair point. I hadn't considered the first year 0% thing that many cards offer. Yeah, that's what I meant. There's no interest until February, so as long as I pay the minimum, I can run it as high as I want. Like, I'd rather have $3,000 sitting earning interest than pay it off as I go. I've started a sinking fund to retire my CC debt as it comes due.
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Jul 15, 2019 02:31
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Simpsons Reference posted:I think this should be "don't pay loving interest" Simpsons Reference posted:Yeah, that's what I meant. There's no interest until February, so as long as I pay the minimum, I can run it as high as I want. Like, I'd rather have $3,000 sitting earning interest than pay it off as I go. I've started a sinking fund to retire my CC debt as it comes due.
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Jul 15, 2019 03:02
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Forgive me if this is the wrong topic, but quick question about credit cards and credit score: I think I recall seeing that to keep the best credit score, you should use each of your credit cards at least once per cycle, is that true? I'm just applying for a new one, and I know there's one(my Wells Fargo with the highest limit, only reason I keep it) that I don't use at all. I'm thinking I should just spread out my streaming subscriptions so each credit card has one so they're being charged, but just wanted to make sure this isn't just pointless. Thanks!
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Jul 21, 2019 16:11
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As far as I know, the only reason to charge something periodically is so that they won’t cancel the card for inactivity. We’re currently buying a house, and none of the three credit report states anything like “credit line not used recently”, and we have a couple of cards that haven’t been used for five years or more.
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Jul 21, 2019 16:21
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Part of your credit score is utilization, the percentage of used credit of total credit. If a credit card is closed for inactivity your total credit goes down and your utilization goes up (assuming consistent spending), possibly resulting in a drop of score if your utilization goes up a tier (0-9, 10-29, 30-49, 50-74, 75+ according to credit karma). The advice to charge your cards periodically is to prevent them from being closed, although every cycle is extreme, I haven't heard of any card which will close for a single month of inactivity. Another, much smaller, factor of your score is number of accounts, which a closure could impact, although supposedly that could take years or even up to a decade if the closed cards continue to show up on your report for that long as some say. I have heard of cards which will lower your available credit if it's constantly in the low single digits of utilization, but which cards that is, how high of a credit limit you had to what they'll drop it to, and how long it takes to trigger this response is unknown to me however. Either way, putting a subscription service on a seldom used card and setting up autopay (which you should do anyway) is a solid choice. Girbot fucked around with this message at 20:06 on Jul 21, 2019 |
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Jul 21, 2019 19:57
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Girbot posted:I have heard of cards which will lower your available credit if it's constantly in the low single digits of utilization, but which cards that is, how high of a credit limit you had to what they'll drop it to, and how long it takes to trigger this response is unknown to me however. I believe there were several data points of this happening with Amex (I think) recently.
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Jul 21, 2019 22:37
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asur posted:How do people feel about the limitations of credit card car rental insurance coverage? I believe it varies a lot between cards, but none seem to cover any injuries and a bunch don't cover the other car. damage to another car and people is liability - amex used to offer liability as part of enhanced coverage, but no more. I don't think there is any credit card that offers liability. When you rent - depending on state law - the rental agency will have at least state-minimum. If you have a car insurance policy with liability that will also protect you. If you don't have any liability coverage through your own insurance company and you have any appreciable assets then you should look at non-owner policy, an umbrella policy that includes liability on rentals, or pay for the enhanced liability coverage through the agency.
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Jul 21, 2019 23:12
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Awesome, thanks for all the advice!
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Jul 22, 2019 12:32
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Jerk McJerkface posted:
Figured I'd float this again. I got a few PMs to add some new cards, but no one ever follows up so 
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Jul 22, 2019 21:38
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Maybe we could add bank account referrals? Schwab recently switched to a personal referral system (used to be a generic code).
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Jul 22, 2019 22:45
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Ur Getting Fatter posted:Maybe we could add bank account referrals? I think the Schwab site is good as it is. I checked my referral, and I see that it's right. I changed the tab name to SchwabBank to make it clearer. I also see some people added tabs for a few other cards. I added them to the main page as well. Thanks for participating.
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Jul 23, 2019 01:14
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Looks like Amex is killing off the gift card loophole for the travel credit which hugely hurts the value of the Amex cards in my view: https://www.doctorofcredit.com/r-i-p-giftcard-purchases-counting-towards-american-express-airline-incidental-purchases/
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Jul 23, 2019 01:19
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Not surprising since they just got dinged pretty badly in their stock due to the costs of their referral programs.
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Jul 23, 2019 01:47
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Anyone know if the Citi mailer loophole is closed? I dont seem to be receiving mailers anymore.
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Jul 23, 2019 03:58
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Jerk McJerkface posted:
I added a few new CCs and Banks that were requested of me via PM. Enjoy!
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Jul 24, 2019 02:35
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