I love credit cards so much! v4.0 - 2021 (see first page for add'l details)

[Hoosier John]

Whoa! My head is spinning! So - can I explain this back to you to make sure I understand? I had always thought of just gaining points to apply directly to travel, but what you're saying here is something different.

1. I apply for CSP and spend $4K in 3 months, which I can totally do
2. I end up with 60K rewards points SUB, which I use to pay my statement balance, instead of using them for travel
3. Then, whatever I had put aside in my budget to actually pay that statement balance, I instead push towards another credit card that I'm trying to pay down

But, you said 80K UR, so I know that I missing a step with that 1.25. What am I missing?

Thanks so much!

Yep, you got it. I cashed out URs at 1 cent per point directly to my checking account. The PYB deal today (which is about to end, unless extended Extended thru April 30th) gives you 1.25 cpp toward those specific categories that you have been billed for. There's a way to do it on the Chase Portal.

You will earn only 60k URs on the SUB. Add to that a little more earnings on your $4,000 of spend. And you can transfer any other UR points from other cards to the Chase Sapphire Preferred (CSP), which is what you would want to do anyway, because it would be the best (1.25x) card to spend URs in your wallet.

I just picked round numbers to work with. If you only had 64k URs (60k SUB plus 4k from spend), then you could pay back $800 in grocery/restaurant/home improvement purchases (64,000 * 1.25 / 100).

ETA: Back when I did it, travel was worth more than cashing out points (1.25 cpp vs. 1 cpp), but I wanted the cash and didn't travel much.

 

[magickingdomprincess]

I wanted to share an experience I had recently with Chase. I had applied for a Chase card and was denied due to 5/24, which didn't make any sense to me because I should only have been 4/24. I rec'd a copy of my credit report from freecreditreport.com (thanks @miztressuz for that tip) and it turns out they were counting a CIP card from 2019. This didn't make a lot of sense to me, so I called and spoke with a Chase credit specialist who explained that it was because that CIP had been past due for 3 months (last year) then it was reported as an account on my personal credit account.

The reason that card was past due for 3 months was because I had closed it when the AF was due (was going to pc it but I had reduced the CL and didn't leave enough to PC to another Ink card) and there was a small balance ($65 or so) on the card at the time.) The account disappeared from my Chase biz login, so I lost track of it and didn't realize there was a balance. For some reason I had chosen electronic statements instead of my usual paper statements, and so I didn't get those statements in the mail to alert me that there was a balance. I only realized it when I got a call from Chase about it. They ended up removing the late fees and I only paid the original amount plus a small amount if interest.

I fully accept I made a big mistake with this situation in not tracking better that there was a balance and not paying it before closing the card. I also am thinking about signing up for some type of budgeting site that pulls all of your balances into one place (that's a thing, right? Any suggestions on that are appreciated). But I also always pay my cards on time and thought I was being careful and doing the right things along the way, so I wanted to share this situation as a reminder to be extra careful and diligent in checking balances and payments.

Sorry for the super long post, but I hope this helps prevent issues for other people in the future!

 

[Hoosier John]

Whoa! My head is spinning! So - can I explain this back to you to make sure I understand? I had always thought of just gaining points to apply directly to travel, but what you're saying here is something different.

1. I apply for CSP and spend $4K in 3 months, which I can totally do
2. I end up with 60K rewards points SUB, which I use to pay my statement balance, instead of using them for travel
3. Then, whatever I had put aside in my budget to actually pay that statement balance, I instead push towards another credit card that I'm trying to pay down

But, you said 80K UR, so I know that I missing a step with that 1.25. What am I missing?

Thanks so much!

I just looked it up, and the PYB program has been extended through April 30th (and you should still have 3 months after that to redeem URs for groceries billed before April 30th)

 

[Hoosier John]

I wanted to share an experience I had recently with Chase. I had applied for a Chase card and was denied due to 5/24, which didn't make any sense to me because I should only have been 4/24. I rec'd a copy of my credit report from freecreditreport.com (thanks @miztressuz for that tip) and it turns out they were counting a CIP card from 2019. This didn't make a lot of sense to me, so I called and spoke with a Chase credit specialist who explained that it was because that CIP had been past due for 3 months (last year) then it was reported as an account on my personal credit account.

The reason that card was past due for 3 months was because I had closed it when the AF was due (was going to pc it but I had reduced the CL and didn't leave enough to PC to another Ink card) and there was a small balance ($65 or so) on the card at the time.) The account disappeared from my Chase biz login, so I lost track of it and didn't realize there was a balance. For some reason I had chosen electronic statements instead of my usual paper statements, and so I didn't get those statements in the mail to alert me that there was a balance. I only realized it when I got a call from Chase about it. They ended up removing the late fees and I only paid the original amount plus a small amount if interest.

I fully accept I made a big mistake with this situation in not tracking better that there was a balance and not paying it before closing the card. I also am thinking about signing up for some type of budgeting site that pulls all of your balances into one place (that's a thing, right? Any suggestions on that are appreciated). But I also always pay my cards on time and thought I was being careful and doing the right things along the way, so I wanted to share this situation as a reminder to be extra careful and diligent in checking balances and payments.

Sorry for the super long post, but I hope this helps prevent issues for other people in the future!

Wow, I would have fallen into the same trap. If they don't auto-draft from my account, I'm not following close enough to catch it. Guess the lesson is pay off before closing, if you must close a card. Thank you!

I use Mint (the free version), and am plenty happy with it, but have no experience with other apps. I know several others use You Need A Budget.

PS. Sorry that put you at 5/24

 

[elgerber]

Wow, I would have fallen into the same trap. If they don't auto-draft from my account, I'm not following close enough to catch it. Guess the lesson is pay off before closing, if you must close a card. Thank you!

I use Mint (the free version), and am plenty happy with it, but have no experience with other apps. I know several others use You Need A Budget.

PS. Sorry that put you at 5/24

This just happened to my stepmom with Citi. She closed her card, it had a $35 balance, set up with autopay. Well Citi did the autopay, then the same day, they undid it. Then next statement shows up, she has a $29 late fee, plus interest. She knows NOTHING about money, but even I would have assumed the auto pay would pay the final bill. And it did, until they reversed it. After multiple phone calls, and two conference calls, we got them to talk to me. I had to tell two different departments what happened, and no one could explain the reversed auto pay, but they removed the late fee and the interest.
She has mailed them a check for the $35 but they don't have it yet. And they took my cell number during that call, and I am now getting robo calls daily about my overdue Citi account.

 

[WVMomof3]

I missed taking a pic of the swa sign at the airport but they were offering 50k and cp till feb 2022. I tried seeing if inflight it would pull up but I’m not seeing it. Wondering if it was a typo on the sign

The offer I saw in flight was for just 50,000. No CP. It mentioned the 30,000+CP if you wanted that instead.

 

[SouthFayetteFan]

Obviously we've had our fair share of Southwest comments lately, so how about one more!

Chase seems to have quietly extended another bonus on their referral landing page as part of these new offers:

• Southwest Performance Business Card - Earn 70,000 points after spending $5k in the first 3 months PLUS, earn an additional 30,000 points after you spend $25k total in the first 6 months.

The 2nd tier portion of this offer has come and gone since the card was introduced. Seems like it's at least available for another month or so. With the extremely high MSR on the 2nd tier, this is probably mostly of interest to folks with high levels of organic spend or who have low-cost MS strategies available to them.

 

[SouthFayetteFan]

I wanted to share an experience I had recently with Chase. I had applied for a Chase card and was denied due to 5/24, which didn't make any sense to me because I should only have been 4/24. I rec'd a copy of my credit report from freecreditreport.com (thanks @miztressuz for that tip) and it turns out they were counting a CIP card from 2019. This didn't make a lot of sense to me, so I called and spoke with a Chase credit specialist who explained that it was because that CIP had been past due for 3 months (last year) then it was reported as an account on my personal credit account.

The reason that card was past due for 3 months was because I had closed it when the AF was due (was going to pc it but I had reduced the CL and didn't leave enough to PC to another Ink card) and there was a small balance ($65 or so) on the card at the time.) The account disappeared from my Chase biz login, so I lost track of it and didn't realize there was a balance. For some reason I had chosen electronic statements instead of my usual paper statements, and so I didn't get those statements in the mail to alert me that there was a balance. I only realized it when I got a call from Chase about it. They ended up removing the late fees and I only paid the original amount plus a small amount if interest.

I fully accept I made a big mistake with this situation in not tracking better that there was a balance and not paying it before closing the card. I also am thinking about signing up for some type of budgeting site that pulls all of your balances into one place (that's a thing, right? Any suggestions on that are appreciated). But I also always pay my cards on time and thought I was being careful and doing the right things along the way, so I wanted to share this situation as a reminder to be extra careful and diligent in checking balances and payments.

Sorry for the super long post, but I hope this helps prevent issues for other people in the future!

Thanks for sharing your plight with us. Sorry you got wrapped up in this! I guess the good news is, that card should still fall off in a few months, right? I seem to recall it was early in 2019.

 

[StephPlum]

I wanted to share an experience I had recently with Chase. I had applied for a Chase card and was denied due to 5/24, which didn't make any sense to me because I should only have been 4/24. I rec'd a copy of my credit report from freecreditreport.com (thanks @miztressuz for that tip) and it turns out they were counting a CIP card from 2019. This didn't make a lot of sense to me, so I called and spoke with a Chase credit specialist who explained that it was because that CIP had been past due for 3 months (last year) then it was reported as an account on my personal credit account.

The reason that card was past due for 3 months was because I had closed it when the AF was due (was going to pc it but I had reduced the CL and didn't leave enough to PC to another Ink card) and there was a small balance ($65 or so) on the card at the time.) The account disappeared from my Chase biz login, so I lost track of it and didn't realize there was a balance. For some reason I had chosen electronic statements instead of my usual paper statements, and so I didn't get those statements in the mail to alert me that there was a balance. I only realized it when I got a call from Chase about it. They ended up removing the late fees and I only paid the original amount plus a small amount if interest.

I fully accept I made a big mistake with this situation in not tracking better that there was a balance and not paying it before closing the card. I also am thinking about signing up for some type of budgeting site that pulls all of your balances into one place (that's a thing, right? Any suggestions on that are appreciated). But I also always pay my cards on time and thought I was being careful and doing the right things along the way, so I wanted to share this situation as a reminder to be extra careful and diligent in checking balances and payments.

Sorry for the super long post, but I hope this helps prevent issues for other people in the future!

Thanks for sharing. Sorry it cost you a denial. I know everyone doesn't like it, but I always sign up for autopay as soon as my card is in my Chase account.

 

[AmyAnne]

I wanted to share an experience I had recently with Chase. I had applied for a Chase card and was denied due to 5/24, which didn't make any sense to me because I should only have been 4/24. I rec'd a copy of my credit report from freecreditreport.com (thanks @miztressuz for that tip) and it turns out they were counting a CIP card from 2019. This didn't make a lot of sense to me, so I called and spoke with a Chase credit specialist who explained that it was because that CIP had been past due for 3 months (last year) then it was reported as an account on my personal credit account.

The reason that card was past due for 3 months was because I had closed it when the AF was due (was going to pc it but I had reduced the CL and didn't leave enough to PC to another Ink card) and there was a small balance ($65 or so) on the card at the time.) The account disappeared from my Chase biz login, so I lost track of it and didn't realize there was a balance. For some reason I had chosen electronic statements instead of my usual paper statements, and so I didn't get those statements in the mail to alert me that there was a balance. I only realized it when I got a call from Chase about it. They ended up removing the late fees and I only paid the original amount plus a small amount if interest.

I fully accept I made a big mistake with this situation in not tracking better that there was a balance and not paying it before closing the card. I also am thinking about signing up for some type of budgeting site that pulls all of your balances into one place (that's a thing, right? Any suggestions on that are appreciated). But I also always pay my cards on time and thought I was being careful and doing the right things along the way, so I wanted to share this situation as a reminder to be extra careful and diligent in checking balances and payments.

Sorry for the super long post, but I hope this helps prevent issues for other people in the future!

Thanks for sharing this--it's something I could absolutely see happening to me since I'm usually debating with myself what to do about a card right up until the last minute for getting the AF refunded. I need to be better about having a long-term plan.

 

[magickingdomprincess]

Thanks for sharing your plight with us. Sorry you got wrapped up in this! I guess the good news is, that card should still fall off in a few months, right? I seem to recall it was early in 2019.

Yep, it should drop off in late May. I'm fiending (is that a word?) for a new card right now but can't decide what to try for. I even tried to apply for a CIU for my DS23 (with his permission of course). Not instantly denied but called the status line and heard the 7-10 day message. I'll wait and see what the denial says but I might try for a personal card for him. I've also thought about the WF biz plat but the SUB dropped to $300 and it was $500 for a long time. I was waiting to have my checking acct with WF for a year to apply and of course that's about the time it went down. My reluctant P2 (DH) got 2 cards somewhat recently so I don't think he'll go for another any time soon. I wouldn't mind not having one till May except for the $3k we need to spend on a fence this spring. I am SO ready to not have to take our puppy out! Plus I know she'll enjoy getting to run around without a leash.

 

[Haley R]

Me too. We are 4 episodes in and I like it more each episode. As someone who loves classic sitcoms, it was a fun twist.

I’m the same way. After the first episode I was like meh but each episode makes me like it more and more

 

[Alexle2007]

Yep, it should drop off in late May. I'm fiending (is that a word?) for a new card right now but can't decide what to try for. I even tried to apply for a CIU for my DS23 (with his permission of course). Not instantly denied but called the status line and heard the 7-10 day message. I'll wait and see what the denial says but I might try for a personal card for him. I've also thought about the WF biz plat but the SUB dropped to $300 and it was $500 for a long time. I was waiting to have my checking acct with WF for a year to apply and of course that's about the time it went down. My reluctant P2 (DH) got 2 cards somewhat recently so I don't think he'll go for another any time soon. I wouldn't mind not having one till May except for the $3k we need to spend on a fence this spring. I am SO ready to not have to take our puppy out! Plus I know she'll enjoy getting to run around without a leash.

I feel you on the puppy! Especially since it is winter. I hadn’t been taking ours out on a leash until lately when he decided our 2 acres wasn’t enough exploration space and made his way much to close to the main road for comfort. He’ll be getting a fenced play area in the spring. I had started to make it a fun game when he tries to run now for him to come play tag/catch me instead of the other way around.

 

[staceychev]

Ok - I swear I'm reading through the thread, and I'm not going to start thinking about my decisions until I've made it through the whole thing. I'm taking notes with questions, but I've got a couple of related questions that I want to figure out right away so I can take action as necessary.

CL -

• I think my credit limit is too high. It's currently 56% of our combined income, and includes cards for P1 and P2, but mostly me (P1)
• Our credit utilization is 25% - We have 7 cards and are paying down balances on three of them
• If I lower my CL, then my credit utilization goes up, and that negatively affects my credit score, right? I just worked the numbers in Excel, and if I bring my CL down to 40% of income, my CU goes up to 36%
• Am I thinking correctly, in combining our income and cards when looking at this? (If I look at just me, cards and income, percent used is only 17% but percent of income is a whopping 81%!)

Do you have any advice for my situation? (Goal is to earn points and cash back for a European trip in summer 2023 - if I can use cash back to pay down debt before then, that would be great.)

 

[Hoosier John]

Ok - I swear I'm reading through the thread, and I'm not going to start thinking about my decisions until I've made it through the whole thing. I'm taking notes with questions, but I've got a couple of related questions that I want to figure out right away so I can take action as necessary.

CL -

• I think my credit limit is too high. It's currently 56% of our combined income, and includes cards for P1 and P2, but mostly me (P1)
• Our credit utilization is 25% - We have 7 cards and are paying down balances on three of them
• If I lower my CL, then my credit utilization goes up, and that negatively affects my credit score, right? I just worked the numbers in Excel, and if I bring my CL down to 40% of income, my CU goes up to 36%
• Am I thinking correctly, in combining our income and cards when looking at this? (If I look at just me, cards and income, percent used is only 17% but percent of income is a whopping 81%!)

Do you have any advice for my situation? (Goal is to earn points and cash back for a European trip in summer 2023 - if I can use cash back to pay down debt before then, that would be great.)

There are others here far better at travel (air, hotel, etc.) than me, so I'll let them help you there.

I would vote against reducing your CL for exactly the reasons you state (it will hurt your credit score when your utilization goes up). Most of us aren't carrying a balance, so that's more of an option for us.

I think it would be legitimate to list total household income, which will only be compared against your personal balances (including any you pay off monthly, but show when they pull your credit report). So it looks like you might be around 20% utilization personally. I think this and a decent credit score will work.

I know you know this, but those revolving balances keep hurting you. Work hard on eliminating those! Start with the highest interest rate, or, especially if similar, start with the smallest one. Once that is paid, you have more to pay on the next, and so on until they're all gone. Then you will have that extra payment money in your pocket. Sounds like you're in better position than P2, so start clearing your accounts first.

Good luck, and keep the questions coming

 

[wanderlust7]

Ok - I swear I'm reading through the thread, and I'm not going to start thinking about my decisions until I've made it through the whole thing. I'm taking notes with questions, but I've got a couple of related questions that I want to figure out right away so I can take action as necessary.

CL -

• I think my credit limit is too high. It's currently 56% of our combined income, and includes cards for P1 and P2, but mostly me (P1)
• Our credit utilization is 25% - We have 7 cards and are paying down balances on three of them
• If I lower my CL, then my credit utilization goes up, and that negatively affects my credit score, right? I just worked the numbers in Excel, and if I bring my CL down to 40% of income, my CU goes up to 36%
• Am I thinking correctly, in combining our income and cards when looking at this? (If I look at just me, cards and income, percent used is only 17% but percent of income is a whopping 81%!)

Do you have any advice for my situation? (Goal is to earn points and cash back for a European trip in summer 2023 - if I can use cash back to pay down debt before then, that would be great.)

The Chase rule of thumb is to keep your Chase CL 50% or less of your household income. It would only count the CL on the Chase cards of the person applying.

The credit utilization will affect your credit score. Do you know what yours is? Good tools in this game are a Credit Karma account (free) which covers Transunion and Equifax, and a free Experian account. The Experian account will push your towards the paid, so make sure you pick the free. You will be able to see all your accounts and when they were opened/closed, inquiries, and credit scores (some are not true FICO, but still gives you a good idea).

 

[hsmamato2]

We’ve been watching WandaVision and I like it way more than I thought I would

I LOVE Wandavision so far!

 

[hsmamato2]

Me too. We are 4 episodes in and I like it more each episode. As someone who loves classic sitcoms, it was a fun twist.

I love all the intros to each show- each one is homage to the era it's based on

 

[staceychev]

I know you know this, but those revolving balances keep hurting you. Work hard on eliminating those! Start with the highest interest rate, or, especially if similar, start with the smallest one. Once that is paid, you have more to pay on the next, and so on until they're all gone. Then you will have that extra payment money in your pocket. Sounds like you're in better position than P2, so start clearing your accounts first.

Good luck, and keep the questions coming

Definitely! I check in with my undebtit.com account regularly, and I'm making progress!

 

[staceychev]

The Chase rule of thumb is to keep your Chase CL 50% or less of your household income. It would only count the CL on the Chase cards of the person applying.

The credit utilization will affect your credit score. Do you know what yours is? Good tools in this game are a Credit Karma account (free) which covers Transunion and Equifax, and a free Experian account. The Experian account will push your towards the paid, so make sure you pick the free. You will be able to see all your accounts and when they were opened/closed, inquiries, and credit scores (some are not true FICO, but still gives you a good idea).

I'm in the 740-760 range depending on where you look. My husband's is similar.
My Chase cards' CL are 21% of household income, and I don't carry a balance on any of them.