I love credit cards so much!

[CyndiLouWho]

Thanks for the referral info. Wouldn't want us both to apply if there would be on available. Yeah, I'm sure you're right about once we get to 30. At this point he's basically just "as long as you're staying on top of everything and we don't pay interest"......we'll just have to get him over the hump into double digits first.

I was a little surprised to check my "Creditwise" credit monitoring today and see 12 new accounts in 24 months. DH is also ok with more CCs as long as bills are paid. I also apply for cards in his name w/o asking him, he's ok with it. Today we got a loan for his car, at my credit union. The loan officer is like "you can each put down your SS#". I responded "It's ok, I know his too"

 

[SouthFayetteFan]

I'm not sure you'll get your GC that fast. I met spend in a couple weeks and didn't get the GC. Checked the fine print and it says 6-8 week. I think mine arrived around 6 weeks but definitely after first statement closed & af posted

I agree and I will add that I think they've slowed down on how quick the gift card goes out. Between my wife and I we've done the $200 gift card deal 5 times and usually got the GC in a couple of weeks. I'm going on 5 weeks since meeting min spend this time and still no gift card!

 

[GPC0321]

I'm not sure you'll get your GC that fast. I met spend in a couple weeks and didn't get the GC. Checked the fine print and it says 6-8 week. I think mine arrived around 6 weeks but definitely after first statement closed & af posted

November 20th is little over 8 weeks away. My first statement closed today and isn't due until October 20th, and it does not include the annual fee. I do not plan to charge anything else to the card. If they apply the annual fee to my next statement (which will close October 23rd and be due November 20th), and I have the $200 gift card in my hand before I have to pay the $49 balance/annual fee, couldn't I close or downgrade the card and avoid the fee altogether? And even if for some reason the gift card takes longer than 8 weeks, don't I have a 30 day period during which they'll still refund the annual fee if I choose to close or downgrade?

At this point, I'm wondering if they're going to charge the AF at all. My statement and the online account both show the card as a "Disney Rewards Visa" instead of a "Disney Premier Visa" though my actual card clearly says "Disney Premier Visa" on it and I got 2X Disney Reward Dollars from a Disney Store purchase. The literature I got with the card is for a Disney Premier Visa and lists the $49 annual fee.

Weird.

 

[Albort]

At this point, I'm wondering if they're going to charge the AF at all. My statement and the online account both show the card as a "Disney Rewards Visa" instead of a "Disney Premier Visa" though my actual card clearly says "Disney Premier Visa" on it and I got 2X Disney Reward Dollars from a disneystore.com purchase. The literature I got with the card is for a Disney Premier Visa and lists the $49 annual fee.

Weird.

hehe, dont jinx yourself! I thought the same for my CI+ and the AF showed up a day after i said i got the card with no AF! haha

I got my 50 its from Marriott, but not the 100... might need to retweet tonight again.

 

[GPC0321]

I agree and I will add that I think they've slowed down on how quick the gift card goes out. Between my wife and I we've done the $200 gift card deal 5 times and usually got the GC in a couple of weeks. I'm going on 5 weeks since meeting min spend this time and still no gift card!

But I met the spend last week and the statement cut today without the annual fee included. If I get the gift card in 8 weeks, I'll be able to safely cancel or downgrade the card after that to avoid the annual fee completely. If they ever charge me one, that is.

 

[GPC0321]

hehe, dont jinx yourself! I thought the same for my CI+ and the AF showed up a day after i said i got the card with no AF! haha

I know I'm beating this to death, but at this point, once I get that gift card in hand, even if it takes 8 weeks from today, I should still be able to cancel or downgrade the card and get the $49 refunded, right? The first statement was generated today without the annual fee posted. I owe $500, not $549. It doesn't have to be paid until October 20th. That means that even if they post the AF to the next statement, I won't have to pay it until November 20th. I *should* have the gift card in hand by then as that's a little over 8 weeks away. So I *should* be able to cancel or downgrade safely and either not have to pay or get that $49 refunded.

Am I missing something?

 

[SouthFayetteFan]

But I met the spend last week and the statement cut today without the annual fee included. If I get the gift card in 8 weeks, I'll be able to safely cancel or downgrade the card after that to avoid the annual fee completely. If they ever charge me one, that is.

I'm not commenting on your situation specifically. Just making people aware that what used to be a 2 week turnaround appears to be much longer now. Last year my wife got the gift card before my first statement ended. This year it's taking significantly longer.

 

[Alice Sr.]

I'm not commenting on your situation specifically. Just making people aware that what used to be a 2 week turnaround appears to be much longer now. Last year my wife got the gift card before my first statement ended. This year it's taking significantly longer.

It's been 6 weeks for my SiL so he called and they told him 6-8 weeks. They would like to use it toward their APs but our 60 day FP+ window may get here 1st.

 

[wendow]

I noticed yesterday when I was on Credit Karma that if I paid $7k (a little more than 1/2 of the Wells Fargo hot tub balance) my score would increase by 68 pnts. It appears @Albort was correct about the utilization theory. Besides the hot tub hit ($12.5 used of a $14.5 credit line) I paid the down payment on my new car with my CIP to meet the spend. Yesterday I did a $9k balance transfer from the CIP (business so not reflected on my CR) to a 0% card with a $10k CL that is personal. Jeez I wonder what that is going to do to my CR . So here I thought I was so clever to get all this free money but it is biting me in the bottom with regards to my quest for additional cards/pnts. Really happy to hear yours bounced back that fast. Not sure I am going to to be able to clean up this mess quick enough to get back in the CC chase for the remaining points I need for all 9 of our flights to HI.

Ah, I'm sorry! Was hoping yours corrected itself too but I guess since the loan isn't paid, it may take a bit longer. You said your score is still good though...just not excellent...so maybe it won't hurt too badly for the cards you have remaining. HI is this next Feb 2018 or 2019?

 

[Dugette]

Well done @Dugette - How long did the bank bonuses take to post? You have just given me a good idea for my Iceland intervention. I had been so focused on planning the China trip next year and then making the spend on the unexpected Amex Plat again that I forgot to plan a strategy to pay for my Iceland tours. I need to knock off as much as possible. I'm thinking I may be able to kill two birds with one stone on bank applications, cash bonuses and some MS. Anyhow, thanks for "thinking out loud" here since it just may have helped me too.

Happy to help! The US Bank bonuses posted just under a month from the dates of the online banking payments. TCF I actually haven't used the debit card just yet (putting everything on the CSR to max points since the statement w/bonus runs tomorrow), but the data points I've seen indicate that the bonus posts within like a day of spending $250, so I should have that soon. BMO Harris I've only got one of the two direct deposits in so far, but think I should have the bonus within a month - older DPs seem to indicate issues, but a lot of people on those were not using true employer direct deposits to trigger the bonus, so not sure if that's why, but recent reports seem to show the bonus posting within a few weeks of the 2nd deposit. I'm sure there are plenty of other options out there too, but that's as far as I've gotten. Good luck!

You are so lucky. It's a major deal to have my payroll dept change direct deposit. Takes a couple weeks. First a test deposit before the real one. I'm going to change banks to Chase anyway because BMO (current bank) has crap hours.

I figured it would be, which is why I avoided the BMO for a while. (US Bank and TCF did not require any direct deposits.) My employer's payroll is administered through ADP, so I logged onto their site and checked and it was actually easy to add an account and split off $300, so I did that. It did miss a payroll period while it was authorizing behind the scenes or something, but it worked just fine this last pay period. I plan to use my paycheck for both mine and DH's BMO accounts, since it's easy and I won't have to mess with his.

You need to be under 5/24 to be approved for the CIP, but the CIP does not count against a 5/24 slot. When you're back under 5/24, apply for the CIP. No need to double dip with a CSP if you're worried about meeting the MSR on both cards at the same time, because the CIP won't count against 5/24 and you can apply for the CSP later while still at 4/24 (and maybe double dip then). I've also seen mixed DPs on how soon to apply after a card drops off 24 months, so I can't comment on that.

Just a little background on my CIP application because it sounds a lot like your situation. I did some contracting work between 2013-15, made some money, filed 1099-MISCs, paid taxes. Earlier this year, I was chatting with some old clients who asked if I might be interested in starting up again as they may have some projects for me. That was the basis of my CIP app: resuming my contracting work was my business. I didn't have any business income at the time or from the previous year that I could use, and it didn't feel right about reaching back to 2015 (although I suppose you could make a case for using past income as an estimate). I just applied with my annual salary in the same line of work, total household income, and counted my prior contracting work for a total of 4 years in business. My application went pending, but I was approved after a few days.

If I had to recon with Chase, I would have told them that I did independent contract work a few years ago, and I've had some old clients reach out to me with new opportunities that I'm very interested in pursuing; I need a business card to keep business expenses separate; I have a longtime banking relationship with Chase and the CIP sounds like the perfect card for me; yes I don't have any current income from resuming my business, but I did make money in previous years (and can show proof if requested), and I have personal assets I can rely on if needed to settle business debts. Luckily, it didn't come to that.

Here are some helpful blogs:
https://millionmilesecrets.com/2011/06/09/3-ways-you-may-qualify-for-a-business-credit-card/
https://millionmilesecrets.com/2012/12/12/chase-business-credit-card-application/

Good luck!

Thank you so much, this is super helpful! I think doing the CIP and then later the CSP makes a lot of sense (we can usually average around $2K/month on cards between us). And thanks for the business example - it does seem very similar, so that makes me feel more comfortable with it. I will check out those blog posts as well, thank you!

I need a crybaby emoji despite @calypso726 much appreciated silver lining . I'll just be over in the corner trying to figure out how to spend my .

Here's your emoji:

Yes, seven days (8/20/18).

You are on the cruise right after us!

Great job on all those bank bonuses. This is surely one area I should pay more attention to and cash in on! I see posts on reddit and doc all the time about them, but have never really delved into it. Another thing to add to my researching list, I suppose. This hobby sure rivals a full time job, but I must say the return is definitely worth it!

I definitely ignored the checking accounts ones as "not for me" for a long time, but then some came along that were just too tempting, so I gave it a shot and, frankly, it's been really easy so far. Like kind of weirdly easy. Though having bloggers out there and guinea pigs that report in first sure helps, just to make sure I know what I'm getting into. But, yes, great return for very minimal effort!

 

[Tikitoi]

I'm at 4/24. So saving my last opening for the CSR (or CSP, l keep going back and forth). Anywho I also want the Discover IT. So when I do apply for the Chase card it will also be a good time to apply for the Discover card as well..? I certainly don't want to risk anything and apply for the Discover card first, right?

 

[Judique]

Costco rewards come just once per year around February, I think.

The Costco Visa cash rewards come in February.

The Executive card awards just came 2 weeks ago. I share a card with my daughter and I will say we both spend way too much at Costco!

 

[Judique]

Just an FYI, I have had both the annual fee card and the fee card and rec'd $200 gift card on each.

I am holding in my hand my expired no fee card and my unexpired no fee card.

The account number is the same.

The only difference is that the old one says 'Disney Premier'. I was confused about this for at least a year, thinking I had 2 fee cards!

Anyway, I previously cancelled the fee card (or lets say the one I believed was the fee card). I kept the no fee card for the Disney perks.

It is possible you have the old version of the no fee card which also provided $200 gift card depending on when you applied.

Yeah, the Disney Premier Visa is supposed to have a $49 annual fee. The regular Disney Rewards Visa has no annual fee. I have both cards now.[/QUOTE)

 

[Alice Sr.]

I'm at 4/24. So saving my last opening for the CSR (or CSP, l keep going back and forth). Anywho I also want the Discover IT. So when I do apply for the Chase card it will also be a good time to apply for the Discover card as well..? I certainly don't want to risk anything and apply for the Discover card first, right?

You could go for two Chase cards, there is a process on Reddit and it has been posted here as well. I'm not sure if you would have to, or if it would be better to wait a while after the Chase app(s) to apply for IT. It may not be worth it to you, if you value the IT card more than a 2nd (6/24) Chase. That was a choice I was struggled with, now a mute point.

 

[CyndiLouWho]

The Costco Visa cash rewards come in February.

The Executive card awards just came 2 weeks ago. I share a card with my daughter and I will say we both spend way too much at Costco!

I didn't get Executive awards this month. I'm pretty sure we usually get them in February/march. My account renews in March, which makes sense. We always renew with the awards money.

 

[Alice Sr.]

Ah, I'm sorry! Was hoping yours corrected itself too but I guess since the loan isn't paid, it may take a bit longer. You said your score is still good though...just not excellent...so maybe it won't hurt too badly for the cards you have remaining. HI is this next Feb 2018 or 2019?

HI is 2019. I am more frustrated that I thought the hot tub account was going to be considered an installment loan vs a credit card. The offer stated 0% interest for 60 months. The hard pull coded as contractor (inquiry) where as the info I received in the mail after the fact, and my CR indicates CC. That put me at 5/24 and screwed me out of my final 2 Chase cards. I will probably pay the hot tub down next month per Credit Karma's suggestion and the same with the CIP balance transfer account the following month. Hopefully my score will bounce back like it did for you. I still won't be able to get another Chase card though (thanks @Dugette for my new favorite emoji!).

 

[Jen and Ashwin]

HI is 2019. I am more frustrated that I thought the hot tub account was going to be considered an installment loan vs a credit card. The offer stated 0% interest for 60 months. The hard pull coded as contractor (inquiry) where as the info I received in the mail after the fact, and my CR indicates CC. That put me at 5/24 and screwed me out of my final 2 Chase cards. I will probably pay the hot tub down next month per Credit Karma's suggestion and the same with the CIP balance transfer account the following month. Hopefully my score will bounce back like it did for you. I still won't be able to get another Chase card though (thanks @Dugette for my new favorite emoji!).

Those deals are usually credit cards. A few years ago I bought a sewing machine under the same terms, 0% for 60 months. It was a credit card through Synchrony bank, but I knew that going into it. I suggest to anyone that when you apply for any kind of financing, you ask lots of questions so you know exactly what you are getting (loan v. CC) and how it will impact your plans.

 

[SouthFayetteFan]

It is possible you have the old version of the no fee card which also provided $200 gift card depending on when you applied.

The No Fee version always has the $200 Gift Card offer available...you just need to know where to look

 

[CyndiLouWho]

HI is 2019. I am more frustrated that I thought the hot tub account was going to be considered an installment loan vs a credit card. The offer stated 0% interest for 60 months. The hard pull coded as contractor (inquiry) where as the info I received in the mail after the fact, and my CR indicates CC. That put me at 5/24 and screwed me out of my final 2 Chase cards. I will probably pay the hot tub down next month per Credit Karma's suggestion and the same with the CIP balance transfer account the following month. Hopefully my score will bounce back like it did for you. I still won't be able to get another Chase card though (thanks @Dugette for my new favorite emoji!).

That stinks. When will you be under 5/24? I know I am 8/24 but I have a bunch dropping off beginning of 2018, so if I was patient (I'm not) I could get under by mid 2018.

 

[Judique]

I didn't get Executive awards this month. I'm pretty sure we usually get them in February/march. My account renews in March, which makes sense. We always renew with the awards money.

My Executive card renews in November, so I guess it depends what month you signed up. Anyway that check is gone - I went to Costco with daughter and we stocked up on diapers, formula, etc.
She gets half after we take the fee out and I spend the remaining half. Win win for her family as I spent mine on the grand daughters!