Credit card rewards
- Thread starter Munch
- Start date
I don't know what the exact value is for cashing in ours is (I can check if you'd like) because we use them for travel. We have been to the UK (x2), Africa, Keys, St Croix, Cozumel, CA (x6-8), HI, NC, maybe others, and have Thailand and BC Canada booked for the Summer... all on miles.
Our cards are tied to the airlines we use the most, so it's nice to have a cache on tap when we want to get outta Dodge.
Our cards are tied to the airlines we use the most, so it's nice to have a cache on tap when we want to get outta Dodge.
Im not the accountant in my house hold but how does this card look to you Scott?
http://www.barclaycardarrival.com/p...ival&cellNumber=44&referrerid=CFOPPF521014961
http://www.barclaycardarrival.com/p...ival&cellNumber=44&referrerid=CFOPPF521014961
Yep, I flip cards on a regular basis. I've probably netted $5k in the last 12 months doing it. You have to be diligent and ontop of everything, otherwise it can get you into trouble. Also, it takes a solid credit score, as yours could take a hit. I wouldn't consider it if you're house/car shopping.
Finally, you need to move between banks, I've heard of people getting blacklisted from some banks for opening and closing too many accounts. But there's so many banks to do this with I never have had an issue.
But oddly, in my case, I only see 2 hard hits on my record, and only a 5 point swing in credit scores over the last 3 years of doing this.
Finally, you need to move between banks, I've heard of people getting blacklisted from some banks for opening and closing too many accounts. But there's so many banks to do this with I never have had an issue.
But oddly, in my case, I only see 2 hard hits on my record, and only a 5 point swing in credit scores over the last 3 years of doing this.
One more tidbit... use www.creditkarma.com for monitoring. It'll help you keep an eye on credit scores, credit pulls, etc, and it costs nothing. I used to be crazy and actually pay for monthly service. Then I found creditkarma 
Munch;300226 said:
One more tidbit... use www.creditkarma.com for monitoring. It'll help you keep an eye on credit scores, credit pulls, etc, and it costs nothing. I used to be crazy and actually pay for monthly service. Then I found creditkarma
Fees are not ideal, but sometime un-avoidable. Lots of cards charge them, ie Chase Southwest, but they give you points each year to offset (6,000 miles). So yea, you might drop $69 upfront with them, but you get 50k in miles which is 2-3 flights or about $650 if you sell them, so a fair return for $69 investment.
Also, the nice thing is, when you goto cancel your card after cashing in on it, they usually throw you something to keep the card open. Keep in mind they dropped 50k in miles to get you to sign up, they definitely wanna keep you if possible. I just got 20k in points from Citi to keep a card open.
I have a guy that buys miles for .0135 a mile. Found him on slickdeals.net, with good referrals. I've done two transactions with him in the past month and have the $$ in my paypal within minutes of transferring the miles. Downside was he couldn't send as a gift, and I didn't want to wait for a check in the mail. I figured the miles were free, so $50 pp fee didn't hurt in the end. (He had sent about $1800).
Ideally you start with the cards with no fee, or free the first year, then move onto cards where there's a fee...
Also, the nice thing is, when you goto cancel your card after cashing in on it, they usually throw you something to keep the card open. Keep in mind they dropped 50k in miles to get you to sign up, they definitely wanna keep you if possible. I just got 20k in points from Citi to keep a card open.
I have a guy that buys miles for .0135 a mile. Found him on slickdeals.net, with good referrals. I've done two transactions with him in the past month and have the $$ in my paypal within minutes of transferring the miles. Downside was he couldn't send as a gift, and I didn't want to wait for a check in the mail. I figured the miles were free, so $50 pp fee didn't hurt in the end. (He had sent about $1800).
Ideally you start with the cards with no fee, or free the first year, then move onto cards where there's a fee...
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If someone is serious about doing it, post up questions. There's lots of ins and outs, and will be unique based on your situation.
For example, if you're just starting out with credit cards, this can screw you up fast. Each new card hurts your score, ie - length of credit established, so there's things to keep an eye on.
In my personal situation, I have had credit since age 18 so about 25 years, but with all the churning my credit avg age is like 5 years. I have core cards I'll never close that I've had 25 years. The other I churn all the time. It jumps up when I close the recent cards, which is good. But I have enough stability that the churn doesn't affect my scores overall.
For example, if you're just starting out with credit cards, this can screw you up fast. Each new card hurts your score, ie - length of credit established, so there's things to keep an eye on.
In my personal situation, I have had credit since age 18 so about 25 years, but with all the churning my credit avg age is like 5 years. I have core cards I'll never close that I've had 25 years. The other I churn all the time. It jumps up when I close the recent cards, which is good. But I have enough stability that the churn doesn't affect my scores overall.
