500K, or more, miles on Credit Card bonuses alone possible?
#31
Join Date: Apr 2011
Posts: 2,055
Here's the thing, it's AMAZING to rack up 500-750K points using different CC's. But it's not specifically oriented to one airline, what's the use of having 50K in 10 different airline when 50K doesn't get you a trip overseas! Is there something "between the lines" I didn't understand yet? Like using points.com to transfer or something like that???
50K gets you Business-class one-way US to Europe. Fly a different airline on the way back or use a partner's miles to get a return flight on the same airline.
#32
Join Date: May 2011
Location: CT
Programs: HHonors Silver
Posts: 429
All of the miles and points I got this year are convertable into AA miles, which is why I chose those cards and did not apply for others. The goal is ~600K for me and ~300K for my wife in 6 months.
50K gets you Business-class one-way US to Europe. Fly a different airline on the way back or use a partner's miles to get a return flight on the same airline.
50K gets you Business-class one-way US to Europe. Fly a different airline on the way back or use a partner's miles to get a return flight on the same airline.
#33
Join Date: Apr 2011
Posts: 2,055
MR 5:2
Depends a lot on how you value miles/points from various programs as to whether you feel the devaluation is worth it. Still hoping AmEx will have a special on transfers to SPG. A guy can dream.
#34
Join Date: Nov 2008
Location: HNL
Posts: 781
Hey guys,
First time poster here...
First of all, I'm grateful for the info I've read up on before joining the board. Got myself some extra miles coming from my CC just by reading here!
Here's the thing, it's AMAZING to rack up 500-750K points using different CC's. But it's not specifically oriented to one airline, what's the use of having 50K in 10 different airline when 50K doesn't get you a trip overseas! Is there something "between the lines" I didn't understand yet? Like using points.com to transfer or something like that???
Second, as a Canadian what are my chances or racking up that much points or close to it in rewards? It's a bit of a harder sell in Canada I would think, only been able to get about 40k in bonus points in the last 2.5-3 years. The rest would be spending. Would there also be bonus miles per year in Canada as well?
Besides that, can a Canadian such as myself sign up for American credit cards?
Last but not least, with Obama and republicans going at it with no peace in sight; will this affect reward programs? There's all this talk about CC's going nuts and closing delinquent accounts, forcing people to pay while holding rewards programs hostage... All the while jacking the interest rates through the roof!
Thanks,
Phil
First time poster here...
First of all, I'm grateful for the info I've read up on before joining the board. Got myself some extra miles coming from my CC just by reading here!
Here's the thing, it's AMAZING to rack up 500-750K points using different CC's. But it's not specifically oriented to one airline, what's the use of having 50K in 10 different airline when 50K doesn't get you a trip overseas! Is there something "between the lines" I didn't understand yet? Like using points.com to transfer or something like that???
Second, as a Canadian what are my chances or racking up that much points or close to it in rewards? It's a bit of a harder sell in Canada I would think, only been able to get about 40k in bonus points in the last 2.5-3 years. The rest would be spending. Would there also be bonus miles per year in Canada as well?
Besides that, can a Canadian such as myself sign up for American credit cards?
Last but not least, with Obama and republicans going at it with no peace in sight; will this affect reward programs? There's all this talk about CC's going nuts and closing delinquent accounts, forcing people to pay while holding rewards programs hostage... All the while jacking the interest rates through the roof!
Thanks,
Phil
Without a US address, you likely won't be able to apply for the US cards. I would check out this thread:
http://www.flyertalk.com/forum/miles...-citizens.html
As for having points scattered in various programs, I only target points that I can find a use for without losing value in transfers. I certainly wouldn't turn my nose up at getting 50k in a new account though as I can almost always find a use for 50k points!
#35
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
Points are scattered across 35 programs here. Since the world is my private checker board, the inventory is indeed valuable. Even have 25k of your Aeroplan Miles for an eventual trip to PEI. When clearing countries off the todo list a scattered approach works as no one airline can cover.
Welcome to FT!
Without a US address, you likely won't be able to apply for the US cards. I would check out this thread:
http://www.flyertalk.com/forum/miles...-citizens.html
As for having points scattered in various programs, I only target points that I can find a use for without losing value in transfers. I certainly wouldn't turn my nose up at getting 50k in a new account though as I can almost always find a use for 50k points!
Without a US address, you likely won't be able to apply for the US cards. I would check out this thread:
http://www.flyertalk.com/forum/miles...-citizens.html
As for having points scattered in various programs, I only target points that I can find a use for without losing value in transfers. I certainly wouldn't turn my nose up at getting 50k in a new account though as I can almost always find a use for 50k points!
#38
Join Date: Feb 2010
Posts: 109
What's the general concensus on open/closing cards? Specifically:
1) How much does one card impact your credit score upon opening? I've read 3-7 points.
2) How much does one card impact your credit score upon closing the card in 10-11 months?
3) If you open a card and close it in 10-11 months, how long until your credit score returns what it was?
4) If each card subtracts an average of 7 points from a credit score, how high are your credit scores those of you that are opening 5 or more cards?
I've never applied for any cards and am relatively new to this mileage hobby, so any help is beneficial.
1) How much does one card impact your credit score upon opening? I've read 3-7 points.
2) How much does one card impact your credit score upon closing the card in 10-11 months?
3) If you open a card and close it in 10-11 months, how long until your credit score returns what it was?
4) If each card subtracts an average of 7 points from a credit score, how high are your credit scores those of you that are opening 5 or more cards?
I've never applied for any cards and am relatively new to this mileage hobby, so any help is beneficial.
#40
Moderator: Chase Ultimate Rewards
Join Date: Apr 2005
Location: SFO
Programs: UA 2P, MR LT Plat, IHG Plat, BW Dia, HH Au, Avis PC
Posts: 5,455
The "hard inquiry" the bank pulls to determine if you get the card costs a few points and stays on your report for two years.
Each card generally stays on your report for 7 years after you close it. The card itself has both negative and positive impacts:
POSITIVE effect on overall utilization, positive payment history, possibly on number/type of accounts
NEGATIVE effect on average age of accounts, number of new accounts, possibly on overall metrics like "number of accounts with balances"
For the first few accounts, these effects are often quite positive. After that, they are often slightly negative.
Score is only one of several metrics a lender, especially for a mortgage, will examine.
#41
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
BTW, in 39 programs, using 35. Some, like ANA, I got in for information value only. Others, like TACA, sit idle and I don't participate anymore since I have already been to everywhere they fly.
Points are scattered across 35 programs here. Since the world is my private checker board, the inventory is indeed valuable. Even have 25k of your Aeroplan Miles for an eventual trip to PEI. When clearing countries off the todo list a scattered approach works as no one airline can cover.
#42
In memoriam
Join Date: Aug 2005
Location: Near Jacksonville FL
Posts: 3,987
I think what I am most confused about is not how to get the offers themselves (I am at 5 cards this month) but what do you do next year when you have almost every available card?
I know you can cancel the cards, but do you not normally have to be a "first time" card member to get the bonus again? I know that is what it says on the Citi fine print but is that not the case with the others?
I know you can cancel the cards, but do you not normally have to be a "first time" card member to get the bonus again? I know that is what it says on the Citi fine print but is that not the case with the others?
You have to wary of the fine print. A lot of non-US carriers (don't know about BA) charge ridiculous fuel surcharges for reward flights. If you get AMEX MR points - you'd better know where they're going before you have to pay an annual fee (first year's fee has been waived on a lot of these deals). Because you'll lose your MR points if you cancel your AMEX. I suspect that Chase Sapphire will work the same way.
Also - you have to be aware of expiration dates on various programs. This year - Delta went from X months to no expiration date. CO - after its merger with UA - is doing the opposite - going from miles that never expire to miles that expire in 18 months if your account is inactive (unless you get or keep a CO or UA card).
I have 2 cards that charge annual fees. AMEX (MR Preferred) and CO OnePass. Total of $270/year. New Chase Sapphire is waived for a year - and I don't know what I'll do with it next year. Or with the CO OnePass for that matter. Because I'll have to see how the CO/UA merger works out in terms of how I travel. For some people - a "premium card" like an AMEX platinum (at > $400/year) makes sense. Especially if you fly a whole lot and don't otherwise - through an elite program - have club access. Doesn't make any sense at all for me.
In the last 5 years or so - I've gotten free front of the plane rewards from JAX to Tokyo (1 ticket - paid for the second) - London - Paris - Berlin and Los Angeles (all 2 tickets). I am currently "saving" for 2 front of plane reward tickets to Asia - probably 300k miles each. 50k miles standing alone are kind of worthless to me. But - for someone who is taking regular domestic flights from A to B - perhaps to visit family - they might be valuable - assuming the carrier(s) in question offers convenient connections from A to B. I know I have driven to Orlando (2 hours) to get a great reward ticket to London - but doubt I'd be willing to make that drive for a flight to Houston. Everyone's mileage varies in terms of how often they travel and how they travel. This is certainly a case where one size doesn't fit all.
And remember - airfare is usually only a part of the cost of a trip. There are hotels - and maybe rental cars as well. I usually stay in luxury hotels - and don't usually deal with reward programs there (although I stayed at the Boca Raton Resort last week - not quite luxury - but double Hilton Honors points even without a Hilton CC). Don't rent cars that often either. But - if you're kind of middle income - it is perhaps best to combine an airline program with a hotel program. And cards that might give you deals on rental cars. We are renting a car in Los Angeles next month - and it's about $500 for a week (reckon there are cheaper - but my husband wanted to try a Prius).
FWIW - I don't have a clue what my FICO score is. But have never been declined for any kind of credit. So that isn't an issue for me. But chasing deals just for the sake of chasing deals doesn't make much sense IMO. I wouldn't buy a bag of dog food even if it was buy 1 - get 2 free - because I don't own a dog . Robyn
Last edited by robyng; Aug 1, 2011 at 7:23 pm
#43
Join Date: Feb 2009
Posts: 26
what about average account age?
I have seen relatively little discussion about this here except that every time it is brought up it is flagged as an important thing...
Well if you have been doing 10 cards a year for 10 years and had 10 20 year old cards you would be in the 5 year range. With less history it gets worse. So does everyone who is playing this game have 40 years of credit history or is the average account age actually not that important (or more likely am I missing something)?
I have seen relatively little discussion about this here except that every time it is brought up it is flagged as an important thing...
Well if you have been doing 10 cards a year for 10 years and had 10 20 year old cards you would be in the 5 year range. With less history it gets worse. So does everyone who is playing this game have 40 years of credit history or is the average account age actually not that important (or more likely am I missing something)?
#44
Moderator: Chase Ultimate Rewards
Join Date: Apr 2005
Location: SFO
Programs: UA 2P, MR LT Plat, IHG Plat, BW Dia, HH Au, Avis PC
Posts: 5,455
In general, all factors within "Length of Credit History" and "New Credit" are only about 25% of the score.
And remember, it's generally at least partially offset by a lower utilization and a broader diversity of credit lines.
#45
Join Date: Mar 2006
Location: SAN
Programs: DL MM, Marriott LT Titanium, AA EXP, Avis Chairmans
Posts: 1,399