New cards : balance transfers for us air points or zero apr
Feb 23, 2014, 8:28 pm
#1
Original Poster
Join Date: Feb 2014
Posts: 7
New cards : balance transfers for us air points or zero apr
Ok so I just got approved for 3 cards below, helps my D/C ratio, percentage util and overall avail credit. I've got $4200 from a chase saphire prefered card that's at a 15% apr right now.
US Air Barclays : $7500 , 30k points for first purchase or BT, and up to 10k additional points with a BT Up to $10k with a 1pt/$1 ratio but I think they charge 3-4% for BT, so I get 30k miles but an additional 4k miles for roughly $120-160 in BT fees for a total of 34k points. I also get the 2 companion tickets for $99 each according to fine print. I also believe zero apr for 12 or 15 months
Discover IT: $5500 for a zero fee and zero apr for 18 months BT
Amex Blue Cash Preferred : $2000 initial and going to 3x cli after the 61 day mark. Unsure on BT since this one gives $250 credit statement after $1k in 90 days and 6% back on grocery stores.
My thought process in theory was to go from chase SP to us Barclays to get the 34k points but I'm going to incure the BT percentage fees. From Barclays to then discover card and let balance sit on discover card since 18 months 0 apr. But I'm not sure if that is the most efficient way of gaining those extra 4k points , or if I should go directly from chase SP to discover and then just make a small purchase on the Barclays to activate the 30k points. Also since I'm paying off the chase SP card they will give me the 4300 UR points to use.
US Air Barclays : $7500 , 30k points for first purchase or BT, and up to 10k additional points with a BT Up to $10k with a 1pt/$1 ratio but I think they charge 3-4% for BT, so I get 30k miles but an additional 4k miles for roughly $120-160 in BT fees for a total of 34k points. I also get the 2 companion tickets for $99 each according to fine print. I also believe zero apr for 12 or 15 months
Discover IT: $5500 for a zero fee and zero apr for 18 months BT
Amex Blue Cash Preferred : $2000 initial and going to 3x cli after the 61 day mark. Unsure on BT since this one gives $250 credit statement after $1k in 90 days and 6% back on grocery stores.
My thought process in theory was to go from chase SP to us Barclays to get the 34k points but I'm going to incure the BT percentage fees. From Barclays to then discover card and let balance sit on discover card since 18 months 0 apr. But I'm not sure if that is the most efficient way of gaining those extra 4k points , or if I should go directly from chase SP to discover and then just make a small purchase on the Barclays to activate the 30k points. Also since I'm paying off the chase SP card they will give me the 4300 UR points to use.
Feb 23, 2014, 9:26 pm
#2
Join Date: Nov 2012
Posts: 294
Ok so I just got approved for 3 cards below, helps my D/C ratio, percentage util and overall avail credit. I've got $4200 from a chase saphire prefered card that's at a 15% apr right now.
US Air Barclays : $7500 , 30k points for first purchase or BT, and up to 10k additional points with a BT Up to $10k with a 1pt/$1 ratio but I think they charge 3-4% for BT, so I get 30k miles but an additional 4k miles for roughly $120-160 in BT fees for a total of 34k points. I also get the 2 companion tickets for $99 each according to fine print. I also believe zero apr for 12 or 15 months
Discover IT: $5500 for a zero fee and zero apr for 18 months BT
Amex Blue Cash Preferred : $2000 initial and going to 3x cli after the 61 day mark. Unsure on BT since this one gives $250 credit statement after $1k in 90 days and 6% back on grocery stores.
My thought process in theory was to go from chase SP to us Barclays to get the 34k points but I'm going to incure the BT percentage fees. From Barclays to then discover card and let balance sit on discover card since 18 months 0 apr. But I'm not sure if that is the most efficient way of gaining those extra 4k points , or if I should go directly from chase SP to discover and then just make a small purchase on the Barclays to activate the 30k points. Also since I'm paying off the chase SP card they will give me the 4300 UR points to use.
US Air Barclays : $7500 , 30k points for first purchase or BT, and up to 10k additional points with a BT Up to $10k with a 1pt/$1 ratio but I think they charge 3-4% for BT, so I get 30k miles but an additional 4k miles for roughly $120-160 in BT fees for a total of 34k points. I also get the 2 companion tickets for $99 each according to fine print. I also believe zero apr for 12 or 15 months
Discover IT: $5500 for a zero fee and zero apr for 18 months BT
Amex Blue Cash Preferred : $2000 initial and going to 3x cli after the 61 day mark. Unsure on BT since this one gives $250 credit statement after $1k in 90 days and 6% back on grocery stores.
My thought process in theory was to go from chase SP to us Barclays to get the 34k points but I'm going to incure the BT percentage fees. From Barclays to then discover card and let balance sit on discover card since 18 months 0 apr. But I'm not sure if that is the most efficient way of gaining those extra 4k points , or if I should go directly from chase SP to discover and then just make a small purchase on the Barclays to activate the 30k points. Also since I'm paying off the chase SP card they will give me the 4300 UR points to use.
Feb 23, 2014, 9:29 pm
#3
FlyerTalk Evangelist
Join Date: Oct 2011
Location: ATL
Programs: DL Scattered Smothered Covered Medallion, Some hotel & car stuff, Kroger Plus Card
Posts: 10,745
New cards : balance transfers for us air points or zero apr
Transfer to the zero fee, zero APR card in order to save actual money. Then pay off the balance before any interest hits. Then pay off any other unsecured or high interest debt.
....Then worry about points and miles.
....Then worry about points and miles.
Feb 24, 2014, 5:02 am
#5
Suspended
Join Date: May 2012
Location: ORD
Programs: AA, UA, AS, DL, BA, F9, IHG Plat, HH Gold, CC Gold, SPG Gold, MR Silver
Posts: 1,786
+1, if you are carrying a balance...pay it off before you even think about miles/points because you are paying more in interested than they are worth
Feb 24, 2014, 1:25 pm
#6
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,760
You are better off to just use the BT fee equivalent cash to fly somewhere and earn your 4K miles from the flying which may actually get you a mini vacation, versus fork off the $ for 4K lousy miles.
The more and more such questions popping up here, clearly demonstrates why banks are dangling such offers in front of naive people who have very little sense on finance and easily fall into pray of such practice.
No one would pay $120 to $160 for 4K miles of any kind. You could "buy" this amount from US directly for $0.01 to $0.015 many times in a year and that is less than $50.
The more and more such questions popping up here, clearly demonstrates why banks are dangling such offers in front of naive people who have very little sense on finance and easily fall into pray of such practice.
No one would pay $120 to $160 for 4K miles of any kind. You could "buy" this amount from US directly for $0.01 to $0.015 many times in a year and that is less than $50.
Feb 24, 2014, 6:34 pm
#7
Join Date: Feb 2006
Programs: HH Gold (again), US/UA/DL non-elite, ZE Presidents Circle, WN reluctant no fee convert.
Posts: 1,449
Andrew, because I read your other thread, I think I can grasp what you want to do. I just don't think you may have gotten the right cards to start off with.
As I said before, if you BT your CL with US MC (Barclays sponsored), you can stop some of your other debt about to mature from 0% to something higher, and you will obtain 4k miles for a $4k BT. You are using a large part of your CL which means your credit score is going to take a hit due to utilization factor. That's a tradeoff though with paying 15% interest on the Chase Sapphire.
Okay, I know you stated you are getting 30K for the balance transfer, but, not really. You can receive that 30k for a $1.29 package of gum, your first purchase.
So, what you should do is make that first purchase and glean those 30K miles. But, wait on the US MC for a bit while you consider your other options.
One option is the DS Card. You stated no BT fee for a transfer at 0%. For me, that would be the option I would choose. Transfer that to the Chase Sapphire. Let Barclays cycle at $1.29 for a month while you see what your new credit utilization number is. Need a happy dance? You got 30000 DM miles you didn't have before!
Use your AMEX BCP on your expenses and maximize your bonus categories. Keep your balance at 10% of CL at billing date and pay it off every month. Try to do it before the statement cycles but if not, pay it off by the DUE DATE.
SO, here's what I'm seeing first month or so:
Chase SP: $0 balance (BT pay off from Discover)
DS IT: $4200 balance (try to pay it down to 50% of CL quickly because if you do 4200/15 months, your payment is $280 a month steady but your credit utilization is almost 80% and will hurt long term.)
Barclays: $1.29 (and 30k miles!)
AMEX BCP: 15-18% of CL a month for expenses but pay if off monthly. I just saw you need $1k in 90 days for that bonus statement credit so vary it out to hit the $1K.
Remember if you do the BT from US MC, you are only receiving 4400 US miles for that $120.00.
I know you have bigger designs for miles, but until you have a travel rewards card with a nice bonus, it might take a little while. Best wishes!
As I said before, if you BT your CL with US MC (Barclays sponsored), you can stop some of your other debt about to mature from 0% to something higher, and you will obtain 4k miles for a $4k BT. You are using a large part of your CL which means your credit score is going to take a hit due to utilization factor. That's a tradeoff though with paying 15% interest on the Chase Sapphire.
Okay, I know you stated you are getting 30K for the balance transfer, but, not really. You can receive that 30k for a $1.29 package of gum, your first purchase.
So, what you should do is make that first purchase and glean those 30K miles. But, wait on the US MC for a bit while you consider your other options.
One option is the DS Card. You stated no BT fee for a transfer at 0%. For me, that would be the option I would choose. Transfer that to the Chase Sapphire. Let Barclays cycle at $1.29 for a month while you see what your new credit utilization number is. Need a happy dance? You got 30000 DM miles you didn't have before!
Use your AMEX BCP on your expenses and maximize your bonus categories. Keep your balance at 10% of CL at billing date and pay it off every month. Try to do it before the statement cycles but if not, pay it off by the DUE DATE.
SO, here's what I'm seeing first month or so:
Chase SP: $0 balance (BT pay off from Discover)
DS IT: $4200 balance (try to pay it down to 50% of CL quickly because if you do 4200/15 months, your payment is $280 a month steady but your credit utilization is almost 80% and will hurt long term.)
Barclays: $1.29 (and 30k miles!)
AMEX BCP: 15-18% of CL a month for expenses but pay if off monthly. I just saw you need $1k in 90 days for that bonus statement credit so vary it out to hit the $1K.
Remember if you do the BT from US MC, you are only receiving 4400 US miles for that $120.00.
I know you have bigger designs for miles, but until you have a travel rewards card with a nice bonus, it might take a little while. Best wishes!
Last edited by jan_believes; Feb 26, 2014 at 8:29 pm
Feb 24, 2014, 7:09 pm
#8
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,760
So are we playing musical chairs here? Sooner or later, there would be one person has no seat, i.e. a card that should have been paid off but isn't and all bets are off (or the stuff hits the fan).
That is a dangerous game to play when it seems the poster does not even demonstrate a clear grasp on things.
Please do not MS above your means and wound up having to carry a debt which makes you go into even more complicated set up to avoid getting deeper in hole.
If you already are in debt, find a very low rate card and transfer the debt to that card while you make an effort to quickly pay it off. Forget about trying to earn some miles/points out of the debt paying scheme. One mishap and you are screwed for a long time to come.
That is a dangerous game to play when it seems the poster does not even demonstrate a clear grasp on things.
Please do not MS above your means and wound up having to carry a debt which makes you go into even more complicated set up to avoid getting deeper in hole.
If you already are in debt, find a very low rate card and transfer the debt to that card while you make an effort to quickly pay it off. Forget about trying to earn some miles/points out of the debt paying scheme. One mishap and you are screwed for a long time to come.
Feb 24, 2014, 7:47 pm
#9
Join Date: Aug 2013
Posts: 236
The more and more such questions popping up here, clearly demonstrates why banks are dangling such offers in front of naive people who have very little sense on finance and easily fall into pray of such practice.
No one would pay $120 to $160 for 4K miles of any kind. You could "buy" this amount from US directly for $0.01 to $0.015 many times in a year and that is less than $50.
No one would pay $120 to $160 for 4K miles of any kind. You could "buy" this amount from US directly for $0.01 to $0.015 many times in a year and that is less than $50.
Feb 24, 2014, 8:34 pm
#10
Join Date: Feb 2006
Programs: HH Gold (again), US/UA/DL non-elite, ZE Presidents Circle, WN reluctant no fee convert.
Posts: 1,449
As a point of reference, the current US miles promotion is:
2000 DM for $35.00 plus 7% approximate tax
4000 DM for $70.00 plus the 7% tax.
6000 DM for $105 plus tax, the figure closest to the BT fee.
There would be additional miles for using the US MC to purchase those miles, also (210). There is a break for cardholders in that awards start at 20k, not 25k.
But, I don't think the idea was to purchase DM miles. But, if it was, wouldn't be a bad tradeoff for the BT idea.
2000 DM for $35.00 plus 7% approximate tax
4000 DM for $70.00 plus the 7% tax.
6000 DM for $105 plus tax, the figure closest to the BT fee.
There would be additional miles for using the US MC to purchase those miles, also (210). There is a break for cardholders in that awards start at 20k, not 25k.
But, I don't think the idea was to purchase DM miles. But, if it was, wouldn't be a bad tradeoff for the BT idea.
Last edited by jan_believes; Feb 24, 2014 at 8:43 pm