I love credit cards so much!

[Lain]

This reminds me that I had planned to cancel the AmEx Hilton after our December trip. It's the no-fee (personal) card and I have no use for it now EXCEPT it does get decent AmEx offers. Should I cancel it now in anticipation of a new AmEx card (I have 4 credit cards, so I likely can't get another without canceling one) or should I wait until I decide to apply for a new AmEx card?

Perfect timing:
http://frequentmiler.boardingarea.com/2018/01/09/cancel-hilton-card-january-18th/

 

[miztressuz]

I hear you. I actually had no intention of keeping the CSR. But dh & I both got it and now, we'll be keeping his. The $300 travel credit is money I will spend anyways, so it's a nice gift imo and makes the AF $150 really. The difference between the CSP and the CSR's AF is now $55. We don't even eat out that much or travel a ton but that $55 difference, combined with the 25% better redemption, is not hard to make up. It would be at least worth working the numbers to see if it might make more sense.

I redeemed UR for 9 nights (2 rooms) at WDW this past Sept and the difference in redemption between the CSR and CSP was just over $400.

If you are spending $300 or more per year in categories that codes as travel, then the card is basically a $150 per year card. I spend about $100 per month in tolls for work. My Sunpass tolls code as travel on the CSR. This is money I am spending with or without the CSR card. I like that I will get 3x for those tolls and at least $300 worth are being credited. That of course is if I choose not to use the CSR for some other travel purchase. I spend a lot on travel and the points I earn at 3x easily cover the $55 difference in fee between $95 and $150 per year. Don’t let the $450 per year scare you. Calculate your annual spending in travel and dining and see if it might make sense.

Yes, I have to look at the numbers. I'm not big into AF's, I look at all my rewards as bonus money - I didn't pay anything to get them (no interest, no fees) so that's free money we choose to spend on vacations. I do pay for IHG and SW but I calculate that into the travel budget for the trip, same with hubby's Marriott. But with trying to plan an anniversary trip in 2019 I know I'll pick something up with a fee as long as I can make more back because I'll just pull the fee out of the trip budget. Just wish I'd have thought of the CSR earlier when I was applying for GE as that would have made it a no brainer to stock pile the UR bonus and then PC or cancel this year then pick up the CSP bonus next year to spend on the trip. (since I have the Freedom already I'd be able to keep all the UR if I cancelled, just wouldn't get the extra spend value until I picked up the CSP, right?) That way I wouldn't have to do the min spends all at once but get both bonuses (assuming nothing changes, ha!).

I have some time to work it out, I'll be changing jobs in the next few months so we're on hold until I know all the new expenses (hopefully less!) and new vacation time (definitely less more bummed about that, I currently have 25 PTO days to use or lose each year. don't think I'll be starting out anywhere near that. been a long time since I had less than 4 weeks )

On another topic, I'm thinking about maybe looking at some business cards but not sure what I would want to earn yet. I haven't opened it yet but I'm pretty sure I'm opening a store on Etsy. At first we mostly have some antiques/collectibles that we're trying to sell but I might keep it open for handmade items later (ah, the pipe dream ). We've done some selling locally but nothing on a consistent basis, and hard to find folks who actually want the product rather than just looking to resell on eBay (man do they low ball you, like insulting low balling). How established does a business have to be for most cards? Like do they ask how long you've been in business and whatnot? It sounds like I don't have to earn much to get approved but I don't have a long history. Hubby used to have a "business" but I don't think it was registered anywhere since it was kind of a side hustle and he just used his SSN. Haven't had a client in years, he's been mostly "working" for friends so we take beer and pizza as payment... not sure they'll count that

 

[WVMomof3]

You guys are so awesome and so fast! That's great, I keep getting confused and this is nice and simple. The CSR is scary with the $450 AF, if I'd have thought about it at the beginning of the year when I was applying for GE I might have done it because between the travel and GE credits it would have almost paid for itself. But now with GE not being due for a few more years it becomes a tougher decision.

The $450 is absolutely scary. But if you spend at least $300 in travel, then absolutely look at it as $150 instead. You actually have to spend less in travel in dining on the CSR to recoup your annual fee over the $95 CSP.

On CSR spend $3350 on travel & dining x .03 = $100.50 use on the CSR portal x 1.5 = $150.75 (annual fee cancelled out at this point)
On CSP spend $3800 on travel & dining x .02 = $76.00 use on the CSp portal x 1.25 = $95 (annual fee cancelled out at this point)

This does not even take into account the GE credit. I believe you can gift it to someone. Do you know anyone who would be signing up for it soon anyway? Maybe offer them a half off deal. ;-)

 

[SouthFayetteFan]

SPG Biz..... I'm eyeing this one (once I get the JB card done which shouldn't take long) for those points.... how challenging is it to prove you're a biz with this one? I do some selling on ebay etc but not much more at this point

AMEX Biz cards are pretty easy to get approved for. I usually enter minimal revenue and get huge Credit Limits. I wouldn't be overly worried about it! Good Luck!

 

[Lain]

Called Amex for a retention offer on my PRG, got 2500 MR now, 5000 MR after $1k/3 months. ~$12k spend in the last year. Had the card for 4 years. I'm kind of insulted. Still debating whether to keep this card for the offers.

 

[SouthFayetteFan]

Called Amex for a retention offer on my PRG, got 2500 MR now, 5000 MR after $1k/3 months. ~$12k spend in the last year. Had the card for 4 years. I'm kind of insulted. Still debating whether to keep this card for the offers.

Wow...maybe it would be better to offer nothing at all than something so bad as that!! I'd be insulted too, especially with that kind of spend!

 

[miztressuz]

The $450 is absolutely scary. But if you spend at least $300 in travel, then absolutely look at it as $150 instead. You actually have to spend less in travel in dining on the CSR to recoup your annual fee over the $95 CSP.

On CSR spend $3350 on travel & dining x .03 = $100.50 use on the CSR portal x 1.5 = $150.75 (annual fee cancelled out at this point)
On CSP spend $3800 on travel & dining x .02 = $76.00 use on the CSp portal x 1.25 = $95 (annual fee cancelled out at this point)

This does not even take into account the GE credit. I believe you can gift it to someone. Do you know anyone who would be signing up for it soon anyway? Maybe offer them a half off deal. ;-)

Yeah I tried to get hubby to go for PreCheck or GE but he's got other issues with it. Nobody else I trust enough to offer who doesn't already have it travels enough to make it worth it. I got it almost like insurance.... I had been travelling for work 2-3 times a year the last few years and when I do I carry a lot of electronic stuff with me. So I figured as soon as I paid for it work would stop sending me places but if not I'd at least get an easier TSA journey ... either way a win for me. As predicted I haven't had to fly for work since I got it

 

[Lain]

Wow...maybe it would be better to offer nothing at all than something so bad as that!! I'd be insulted too, especially with that kind of spend!

I put a pin in it. I'll call again in a day or two to fish for a better offer or I'll cancel it. I look at it this way. The AF is $195. I'll have to pay $195 to Amex, then spend another $1000 to get 7500 MR? I can use the Amex Offer to spend $99 on Amazon Prime for another year and get 5000 MR!

The only thing holding me back, as I said, is I tend to get my best Amex Offers on this card, and it is one of my older cards so I expect I'll take a hit on AAoA.

 

[pillow]

Called Amex for a retention offer on my PRG, got 2500 MR now, 5000 MR after $1k/3 months. ~$12k spend in the last year. Had the card for 4 years. I'm kind of insulted. Still debating whether to keep this card for the offers.

I did an annual review and added up my Amex offer rebates from 2017, reduced it by 25% (to account for the fact that I overpay for stuff when using offers) and compared that to my annual fees. I'm coming out WAY ahead. All Amex cards are keepers for me!

 

[EllinK]

I see that Marriott is offering a premium card with a signup bonus of 80K. I've had their non premier card for ~20 years. Can I upgrade my account AND get the sign on bonus or do I need to open a new account and close my current one (that has a long credit history)?

 

[mfly]

I put a pin in it.

I had to google this phrase - I can’t believe I’ve never heard/read it before!

 

[SouthFayetteFan]

I put a pin in it. I'll call again in a day or two to fish for a better offer or I'll cancel it. I look at it this way. The AF is $195. I'll have to pay $195 to Amex, then spend another $1000 to get 7500 MR? I can use the Amex Offer to spend $99 on Amazon Prime for another year and get 5000 MR!

The only thing holding me back, as I said, is I tend to get my best Amex Offers on this card, and it is one of my older cards so I expect I'll take a hit on AAoA.

I am always hesitant to state absolutes as it relates to credit reports...but doesn't a closed account in good standing remain on the report for 10 years and continue to age and support your AAoA?

 

[Lain]

I am always hesitant to state absolutes as it relates to credit reports...but doesn't a closed account in good standing remain on the report for 10 years and continue to age and support your AAoA?

Yes. I’ll take the hit eventually. [snip -- that made no sense. still haven't finished my morning coffee] https://thepointsguy.com/2016/04/how-closing-card-impacts-fico-score/

I had to google this phrase - I can’t believe I’ve never heard/read it before!

It was in Bolt!

 

[Louie7080]

That's really unfortunate about your husband. Keep working on him - maybe you can bring him around!

The SPG business card is a great card and there is a 25,000 point offer currently available requiring $5,000 in spend through 3 months.

• This is available on the AMEX site or you could use a referral to help a member here out through the DISchurners reddit site.
• There have been higher offers of 30k or 35k points on this card somewhat recently but there is currently speculation that it will go away at some point in the next year due to the Marriott and SPG merger which makes now a good time to get it.
• The 25k offer (plus $5k spend) would get you 30k total points which is likely worth between $600 and $900 depending on how you redeem it. Also, the $5k min. spend would keep you busy for a few months as October is a long way away if you're trying to wait until then for Chase.

There are numerous other AMEX Business Cards - I would advise you to read up on Membership Rewards Points (MRs) to see if they make sense for you before you jump into those. They can be very valuable to some but for others the best redemption is a gift card which isn't quite as lucrative.

I would use a referral from you if you can use the 5,000 point for this card. Do you just need my email address? Thanks again for the info!

 

[SouthFayetteFan]

I see that Marriott is offering a premium card with a signup bonus of 80K. I've had their non premier card for ~20 years. Can I upgrade my account AND get the sign on bonus or do I need to open a new account and close my current one (that has a long credit history)?

You would need to open a new account to get the signup bonus. 80k is a nice haul of Marriott points and probably worth it (depending on your travel strategies). If your current card is considered a different product (sounds like it) you probably don't even need to cancel it (although if it has an annual fee it probably would make sense to cancel vs having 2 Marriott cards).

FYI: there are links available through our DISchurners reddit site where you could get the 80k points and support a fellow DISer!!

 

[SouthFayetteFan]

I would use a referral from you if you can use the 5,000 point for this card. Do you just need my email address? Thanks again for the info!

I'll PM you on here about how to join DISchurners. Thanks Louie!

 

[mfly]

Yes. I’ll take the hit eventually. [snip -- that made no sense. still haven't finished my morning coffee] https://thepointsguy.com/2016/04/how-closing-card-impacts-fico-score/



It was in Bolt!

One of the few Disney animated movies I haven’t seen...

 

[amalone1013]

On another topic, I'm thinking about maybe looking at some business cards but not sure what I would want to earn yet. I haven't opened it yet but I'm pretty sure I'm opening a store on Etsy. At first we mostly have some antiques/collectibles that we're trying to sell but I might keep it open for handmade items later (ah, the pipe dream ). We've done some selling locally but nothing on a consistent basis, and hard to find folks who actually want the product rather than just looking to resell on eBay (man do they low ball you, like insulting low balling). How established does a business have to be for most cards? Like do they ask how long you've been in business and whatnot? It sounds like I don't have to earn much to get approved but I don't have a long history. Hubby used to have a "business" but I don't think it was registered anywhere since it was kind of a side hustle and he just used his SSN. Haven't had a client in years, he's been mostly "working" for friends so we take beer and pizza as payment... not sure they'll count that

I got SPG Biz Amex with $200 as my revenue and was instantly approved with a $15k limit. I was nervous applying but didn't need to be! I just had very occasional ebay sales as my business.

 

[jhoannam]

Perfect timing:
http://frequentmiler.boardingarea.com/2018/01/09/cancel-hilton-card-january-18th/

Any guesses on Hilton Business card? Trying to get some free nights for Hilton Hawaii village.

 

[peel]

Perfect timing:
http://frequentmiler.boardingarea.com/2018/01/09/cancel-hilton-card-january-18th/

Thanks for this! DH has the no fee Amex card, and I'm going to follow the recommendation to keep it open for now.