I love credit cards so much!

[elgerber]

My accounts were set up online. All three were set up at the exact same time. It asked what accounts do you want to open and I selected the three. I had to call in also to confirm my identity. That was fine, but took about 10 minutes. Just a warning some people have a hard time with the security questions, but I got approved fine.

After I set up my online accounts. I sent a secure message setting up the transfer to keep the Money market account free. It’s automatic and confirmed my other accounts will be free.

Also, please don’t forget to set the cash advance limit to 0 just incase. You can do this with a secure message to Amex.

The one nice thing with this, if something goes wrong, and they won't count it toward spend for some reason, at least I still have my $$

 

[speedyfishy]

Thanks, I noticed our posts overlapped.
So, this is now my thought...
refer DH today for Delta Biz gold from mine.
Once his card arrives next week...
fund checking for $1000 or $1500
fund savings for $1000 or $1500
Fund money market from his card for $3000, can I do that much, or is there a limit to how much I can fund with the card?
Just leave it all there for over 90 days.

You can only fund $1000 for each with the card.

So step one make sure the cash advance limit is 0.

Open the three accounts online.

Fund checking with 1000.

Fund savings with 1000.

Fund money market with 1000.

Set up your online account. Once that is set up. Transfer $500 out of savings to your BMO checking. Transfer $1000 out of money market to your BMO checking. Send a message on BMO Harris account via chat asking to keep your money market fee free by transferring $100 out of checking into the money market every month. They will set this up so it’s automatic. Then ask how you can keep the checking free.

 

[elgerber]

You can only fund $1000 for each with the card.

So step one make sure the cash advance limit is 0.

Open the three accounts online.

Fund checking with 1000.

Fund savings with 1000.

Fund money market with 1000.

Set up your online account. Once that is set up. Transfer $500 out of savings to your BMO checking. Transfer $1000 out of money market to your BMO checking. Send a message on BMO Harris account via chat asking to keep your money market fee free by transferring $100 out of checking into the money market every month. They will set this up so it’s automatic. Then ask how you can keep the checking free.

Thanks! The one checking is free with e-statements.

 

[gottalovepluto]

I just thought I’d share how I’m keeping my BMO Harris accounts fee free for 6 months until I can cancel.

Checking is free since I’m under 25.

Savings is free when there is $500 in the account.

Money Market is free since I transfer $100 out of checking every month into the account.

I left $700 in the checking and $500 in the savings. The transfers are automatic. In 6 months my excel sheet will remind me to cancel. If you can float money for a few months it’s a great easy way to meet MSR. My SO and I have no problem keeping our emergency fund in different accounts. If an emergency occurs and I need the money I would pay the early termination fee for the accounts.

Edit: oops it is 90 days not 6 Months.

Clarification: if you do not enable the AutoSave properly you will be charged the fee. There are some very pissed off folks every once in awhile on Reddit who find out simply enabling an automatic transfer does not waive the fee. Also, when you chat in to get the AutoSave established make sure the waiver is on there so it waives the fee on the account otherwise you can end up with an inept rep who sets up the AutoSave but doesn't link the banker waiver to it so you eat the monthly fee anyway.

 

[speedyfishy]

Clarification: if you do not enable the AutoSave properly you will be charged the fee. There are some very pissed off folks every once in awhile on Reddit who find out simply enabling an automatic transfer does not waive the fee. Also, when you chat in to get the AutoSave established make sure the waiver is on there so it waives the fee on the account otherwise you can end up with an inept rep who sets up the AutoSave but doesn't link the banker waiver to it so you eat the monthly fee anyway.

Thanks for that. I’ll confirm via chat that my money market is fee free.

 

[vanjust14]

Clarification: if you do not enable the AutoSave properly you will be charged the fee. There are some very pissed off folks every once in awhile on Reddit who find out simply enabling an automatic transfer does not waive the fee. Also, when you chat in to get the AutoSave established make sure the waiver is on there so it waives the fee on the account otherwise you can end up with an inept rep who sets up the AutoSave but doesn't link the banker waiver to it so you eat the monthly fee anyway.

Thank you for this clarification! In my research I saw talk of this waiver but didn't know what they were referring to. Now I do!

 

[elgerber]

Clarification: if you do not enable the AutoSave properly you will be charged the fee. There are some very pissed off folks every once in awhile on Reddit who find out simply enabling an automatic transfer does not waive the fee. Also, when you chat in to get the AutoSave established make sure the waiver is on there so it waives the fee on the account otherwise you can end up with an inept rep who sets up the AutoSave but doesn't link the banker waiver to it so you eat the monthly fee anyway.

How do you get the waiver?
Maybe it's easier to just park $2500 in there for 90 days LOL.

 

[speedyfishy]

Got Approved for the SPG Buis!!!

This is so easy and fun. I’ll try to open two more sets of BMO accounts to help with the spend. I’ll keep everyone updated on how that goes lol.

I used a number generator to pick a support link. Everyone here is so helpful. It’s hard to pick one person lol. I will make sure I pick different people though.

 

[gottalovepluto]

@Angrose @vanjust14 and to everyone looking to bank fund to hit an Amex spend (from the person who did that), PLEASE REMEMBER THE RAT TEAM EXISTS. https://www.doctorofcredit.com/american-express-clawing-back-10000-platinum-bonuses-ms-related/ Personally, I took the risk on the SPG card but I would not do this on a MR card. That's because even if you don't get in trouble today, if 5 years from now Amex freezes your accounts and reviews even your closed accounts and determines you violated any rules (funding a bank can easily be considered a cash equivalent imho) they will claw back the points you just earned (even if was all on legit spend) because of your past purchases. This happened to someone who got the 100,000 MR plat bonus. I remember the story vividly, they earned the 100,000 with legit spend, got put on financial review and Amex clawed back all the new MR points because they determined years earlier the person had MSd on now closed Amex cards. Think you can get by just spending all the points super fast? Your MR balance can go negative with Amex.

I was willing to risk losing my SPG bonus because I had better offers come up that I felt I had to take immediately. I think I would consider risking it on an SPG card IF I wanted the points and had NO other way to meet the spend. I would pay bills with Plastiq over funding bank accounts because I feel that's easier to fight about (spending for goods and services, when you fund a bank account you are getting cash). I will never fund a bank account to meet an MR bonus. Yes, it's possible to do that, we've seen successful DPs on Reddit, but the risk to the MR

 

[speedyfishy]

Personally, I took the risk on the SPG card but I would not do this on a MR card. That's because even if you don't get in trouble today, if 5 years from Amex freezes your accounts and reviews even your closed accounts and determines you violated any rules (funding a bank can easily be considered a cash equivalent imho) they will claw back the points you just earned (even if was all on legit spend) because of your past purchases. This happened to someone who got the 100,000 MR plat bonus. I remember the story vividly, they earned the 100,000 with legit spend, got put on financial review and Amex clawed back all the new MR points because they determined years earlier the person had MSd on now closed Amex cards. Think you can get by just spending all the points super fast? Your MR balance can go negative with Amex.

Honestly, I was worried about this too. But they can’t determine it was to fund a bank account. I’ll just say I had mortgage fees or processing fees or something, if I get questioned.

 

[elgerber]

@Angrose @vanjust14 and to everyone looking to bank fund to hit an Amex spend (from the person who did that), PLEASE REMEMBER THE RAT TEAM EXISTS. https://www.doctorofcredit.com/american-express-clawing-back-10000-platinum-bonuses-ms-related/ Personally, I took the risk on the SPG card but I would not do this on a MR card. That's because even if you don't get in trouble today, if 5 years from Amex freezes your accounts and reviews even your closed accounts and determines you violated any rules (funding a bank can easily be considered a cash equivalent imho) they will claw back the points you just earned (even if was all on legit spend) because of your past purchases. This happened to someone who got the 100,000 MR plat bonus. I remember the story vividly, they earned the 100,000 with legit spend, got put on financial review and Amex clawed back all the new MR points because they determined years earlier the person had MSd on now closed Amex cards. Think you can get by just spending all the points super fast? Your MR balance can go negative with Amex.

I was willing to risk losing my SPG bonus because I had better offers come up that I felt I had to take immediately. I think I would consider risking it on an SPG card IF I wanted the points and had NO other way to meet the spend. I would pay bills with Plastiq over funding bank accounts because I feel that's easier to fight about (spending for goods and services, when you fund a bank account you are getting cash). I will never fund a bank account to meet an MR bonus. Yes, it's possible to do that, we've seen successful DPs on Reddit, but the risk to the MR

Thank you for your thoughts!!! Something to think about. I would have risked it on an SPG too, because I move those to Marriott. Delta though, I cannot move anywhere, so I will have to give it some more thought.

 

[gottalovepluto]

How do you get the waiver?
Maybe it's easier to just park $2500 in there for 90 days LOL.

Got Approved for the SPG Buis!!!

This is so easy and fun. I’ll try to open two more sets of BMO accounts to help with the spend. I’ll keep everyone updated on how that goes lol.

I used a number generator to pick a support link. Everyone here is so helpful. It’s hard to pick one person lol. I will make sure I pick different people though.

Congrats! (I used a random number generator when I did mine too actually )

 

[gottalovepluto]

How do you get the waiver?
Maybe it's easier to just park $2500 in there for 90 days LOL.

Easy. Just chat in and tell them you would like to set up the autosave and for how much and what day of the month because you'd like to keep the account fee free. After they say it's set up just say "And I just want to double check the waiver is linked to the account to keep it fee free?" then print the chat out to a pdf and keep it in your bank folder. Anything goes wrong you'll be able to say the waiver was for sure attached (but it should work fine, I double check because I have an unfounded suspicion attaching the waiver is another step for them).

 

[1GoldenSun]

What two cards did you want in July?

I was going to double dip the CSR and the CSP.

Since you are applying for both cards on the same day, you just need to be 4/24 to get by the under 5/24 rule.

That did not occur to me, but it makes sense! I was thinking I needed to be 3/24. Yay!

u dont want churn and burn right?

This is a really good point and something I need to keep in mind. I'm JUST learning about all this; maybe I don't want to get in too deep right off the bat.

What's your 5/24 count with Chase

I'm pretty sure I'm currently 3/24.

Do you have the CIP? Do you need Marriott points? United? Southwest? You could get the American Airlines Business. It’s 60k points, but people have been matching to 75k after applying.

I don't have the CIP. Is there a good signup bonus for that one? I can use anything really but I'd prefer something flexible.

How about CIP for now? It won't count toward your 3/24 in July, and you could be meeting MSR on it while waiting for July to arrive (curious why you need to be 3/24 in July?). Once you have your CIP, transfer your CSP URs over to the CIP URs and then close your CSP (or convert as suggested by others) after every last UR is transferred including the pending ones. Once you're past the 24 month bonus timeframe from the CSP (I like the 30 day padding @miztressuz suggests) then apply for the CSR if you want it then.

Why wouldn't CIP count toward my 3/24? GREAT advice about transferring points! I didn't know you could do that and I didn't even think about what would happen to my points if I closed the card. But you're right, I'll need somewhere to transfer them so I'll still need a related card, won't I? I don't understand what "converting" means.

 

[jhoannam]

I compiled all the bank funding comments into one google doc. I wanted to save it all in one place for when I'm ready to use bank funding.

https://docs.google.com/document/d/1-3bbnko3Sv95MuJ-ZAYrEi2Vlr-0GkHEbIScHvZ53jg/edit?usp=sharing

 

[1GoldenSun]

I want to make sure I understand this CIP.

It's a business card, right? Is that why it doesn't count for the 5/24 rule? It looks like the signup bonus is 80,000 points for $5000 spend in three months. Are these UR points? I'm still not sure what you can use these URs for and what the value of them is. I tend to think in terms of Marriott points; I know what they're worth because I've been dealing with them for a while. I have some UR points on my CSP now but I've never used them for anything.

Seems like this might be a good next move. Would it be a problem that I've gotten two business cards in the last three months? Or would they not even know since they're two separate banks?

 

[jhoannam]

I don't have the CIP. Is there a good signup bonus for that one? I can use anything really but I'd prefer something flexible.

80K UR points... totally worth it. $5K minimum spend in 3 months.

 

[speedyfishy]

[QUOTE="1GoldenSun, post: 58917301, member: 603096


I don't have the CIP. Is there a good signup bonus for that one? I can use anything really but I'd prefer something flexible.



Why wouldn't CIP count toward my 3/24? GREAT advice about transferring points! I didn't know you could do that and I didn't even think about what would happen to my points if I closed the card. But you're right, I'll need somewhere to transfer them so I'll still need a related card, won't I? I don't understand what "converting" means.[/QUOTE]

The CIP has a great bonus 80k UR points for spending 5k in three months. Annual fee is $95. If you have a real Business and a beach near by you can speak with a Business Relationship Manager and get 100k UR but if you have a “business” I’d apply online to avoid questions.

The CIP is a business card so it doesn’t count towards 5/24, but you have to be under 5/24 to get it.

When you cancel I’d really down grade the card to a Freedom or Freedom Unlimited the points will go to that card. No need to move them. When you get the CSP and CSR move them all to the CSR so they can be worth more if you use the portal.

 

[SouthFayetteFan]

I want to make sure I understand this CIP.

It's a business card, right? Is that why it doesn't count for the 5/24 rule? It looks like the signup bonus is 80,000 points for $5000 spend in three months. Are these UR points? I'm still not sure what you can use these URs for and what the value of them is. I tend to think in terms of Marriott points; I know what they're worth because I've been dealing with them for a while. I have some UR points on my CSP now but I've never used them for anything.

Seems like this might be a good next move. Would it be a problem that I've gotten two business cards in the last three months? Or would they not even know since they're two separate banks?

So the CIP is a business card. You have to be under 5/24 to apply for it BUT the card itself doesn't report on your personal credit history SO it doesn't increase your */24 status (or basically it doesn't count against your 5/24). Ultimate Rewards points are at a minimum worth the same as Marriott points as they can be transferred to Marriott. HOWEVER they are decidedly worth more than that as they can also be transferred to Southwest which makes them worth 1.6cpp or used towards travel at 1.5cpp if partnered with a CSR card. Marriott points in my estimation are typically worth about 1cpp (and can be worth less in the wrong circumstances).

 

[jhoannam]

I want to make sure I understand this CIP.

It's a business card, right? Is that why it doesn't count for the 5/24 rule? It looks like the signup bonus is 80,000 points for $5000 spend in three months. Are these UR points? I'm still not sure what you can use these URs for and what the value of them is. I tend to think in terms of Marriott points; I know what they're worth because I've been dealing with them for a while. I have some UR points on my CSP now but I've never used them for anything.

Seems like this might be a good next move. Would it be a problem that I've gotten two business cards in the last three months? Or would they not even know since they're two separate banks?

UR is sooo flexible, you can book Disney trips with UR, you can book them through the Chase UR portal or you can book them through their cruise and travel center by calling. All the details are on the Reddit/DISChurners page. They transfer to so many airlines including Southwest and United, instantly. And my favorite, they transfer to Hyatt instantly, and if you transfer to Hyatt to book nights on points those nights count toward membership status. Over thanksgiving break we went to Denver for 4 nights, stayed at Hyatt House (5K points) and Hyatt Place (8K points), both of those places include breakfast. For 26K UR point we stayed 4 nights, breakfast included for 5 people. We LOVE our UR points.