well shit

[Edited on August 19, 2012 at 7:44 PM. Reason : 2]

8/19/2012 7:44:28 PM

re: churning Chase cards. Yes you can do it, I usually wait 2-3 months after cancelling to open a new one.

8/20/2012 2:26:35 PM

Are you sure? Everything I read has indicated you can not churn the same chase card to receive the same sign up bonus more than once.

8/20/2012 3:31:14 PM

Free Airport Lounge Club access from Chase. Don't mind if I do.

8/21/2012 9:52:46 AM

^^Not sure what you're reading. I do it all the time. Only card it quit working with was the United Airlines one.

8/21/2012 10:35:51 AM

So, you have signed up for a card e.g. Chase Sapphire, gotten the sign up bonus, cancelled said card, then reapplied for the Chase Sapphire again, and received the same sign up bonus?

8/21/2012 10:56:29 AM

Thanks Fanatik, that's what I was hoping to hear.

8/21/2012 4:09:21 PM

Discover just offered me an extra $250 in cash back on top of my regular bonus if i promise to spend $1500/mo from September through January this year. That's $7500. I think I can do it

8/21/2012 5:43:21 PM

With that kind of spend, you could fulfill the spending requirements on more lucrative cards

I'm also interested in the confirmation of getting the same credit card AND sign up bonus over & over. My understanding is that you can't churn those as quickly.

8/21/2012 8:46:41 PM

Quote :

"With that kind of spend, you could fulfill the spending requirements on more lucrative cards."

Can you elaborate on the cards you are referring to?

I am spending between 3 and 4 thousand a month on my Chase Freedom card and loving the benefits. Are there better options out there for me?

8/21/2012 8:58:06 PM

Depends on what you'd like to do. If you're interested in free plane tickets & hotel rooms, there are a treasure trove of cards you could sign up for & meet minimum spend to get the sign up bonus.

Chase Sapphire Preferred isn't linked to an airline or hotel program but the Ultime Rewards you earn can be redeemed for nearly any airline or hotel & you use their site to book it or you can transfer it to a program.

There are dozens of "travel hackers" that keep blogs & explain the details of the various credit cards. I'd start with the points guy & man of a thousand places

I don't have a Chase Freedom card & don't know all the benefits, but the if you're spending that kind of money every month, you could rack up very strong airline & hotel balances. People that do this go on ridiculous (& nearly free) vacations. Think, four to five star hotel in Bali for a week & free flight.

8/21/2012 9:12:37 PM

Yes. There are some lucrative sign up options which required you to spend 10K in 3/4 months which I won't come close to with my regular spending.

Here's one example (although expired)

http://millionmilesecrets.com/2012/08/08/75000-point-american-express-business-gold-card-apply-by-august-9-2012/#comments

You may also find this interesting

Big Spenders: Spend Your Way to Lifetime Airline & Hotel Elite Status

http://millionmilesecrets.com/2012/07/31/big-spenders-spend-your-way-to-lifetime-airline-hotel-elite-status/

Also, you're only getting the 5% on select categories up to $1,500 worth of purchases, so you almost definitely missing out.

[Edited on August 21, 2012 at 9:15 PM. Reason : chase freedom limit]

8/21/2012 9:14:02 PM

Ah, million mile secrets! Forgot that one

I don't have "big spend" so I do what I can with what I have but David posted some great stuff

Cash back is nice but you can usually get higher value return on other things that you'd spend money on anyway.

8/21/2012 9:19:35 PM

Tsk tsk.

Yeah, I still use the Freedom for restaurants and gas stations this quarter for 5%, but you can get a much higher ROI running through the dozens of good sign up bonuses.

8/21/2012 9:21:50 PM

I got a denial letter on the Southwest card. I only got one though & it didn't clarify if it was the business one (which I guess is more tricky to get approved for)

However, I am planning to call into the reconsideration line but want to see if I get the other card approved.

David, any idea if they'll still give me the bonus if I call in reconsideration & they see I have the other SW card?

I'm a good Chase customer. I also have my mortgage through them so I'm at least profitable to them (since I never carry a cc balance)

8/21/2012 9:28:05 PM

Yeah, I called today and they said my business card application was still pending which apparently is a "good sign" :-/

You could probably play it off saying you want to keep your business expenses separate from your personal expenses. I didn't have any luck last time I called a reconsideration line, but many people say ymmv and even suggest calling multiple times if you get denied, which I would highly recommend since getting the two cards two different years would make it nearly impossible to get that companion pass.

8/21/2012 9:39:51 PM

Quote :

"So, you have signed up for a card e.g. Chase Sapphire, gotten the sign up bonus, cancelled said card, then reapplied for the Chase Sapphire again, and received the same sign up bonus?"

I've recently churned (from Chase alone):

-AARP card offering 5% back on everything for 6 months. I racked up at least $3-$4k in rewards each time.

-Southwest card offering round trip ticket + $500 statement credit. This deal was last year sometime, IIRC.

As long as the deal is still active, you can repeat it. In the case of the AARP I only waited about 2 weeks after cancelling because I was worried the deal would go away. Again, the ONLY card I've had trouble doing this with (Chase or otherwise) was the United card. And even then, that might only be because I churned it about 6-7 times before they caught on.

other cards I've churned this year: AmEx gold/platinum, Citi Premier 50k TY point. You can do this with just about every issuer. I've been doing it for years.

[Edited on August 22, 2012 at 11:06 AM. Reason : d]

8/22/2012 11:01:55 AM

Damn do they still offer that 5% AARP card?

8/22/2012 11:28:43 AM

You still never stated if you received the sign up bonus multiple times for the exact same chase card.
Also, I highly doubt you "racked up at least $3-$4k in rewards each time." in 6 months on your AARP card.

8/22/2012 11:30:58 AM

Just got an americanexpress card as a costco member. Is it good?

8/22/2012 11:34:47 AM

"Earn 3% cash back on annual gasoline purchases up to $4,000 then 1% after that. Plus, earn 2% cash back for dining out, 2% when you travel, and 1% everywhere else, including Costco."


Meh, you could probably do better with some of the rotating category cards.
Kind of lame that the Costco card only gives you 1% at Costco.

8/22/2012 12:01:08 PM

Yes, they are mean.

8/22/2012 12:15:13 PM

synapse, no they don't offer it anymore. I tried to warn you guys about it in the last thread.
Citi has a similar offer right now with their Preferred card, though it's in the form of TY points rather than cash. Still the same to me, as I use it for mortgage payments.

Quote :

"You still never stated if you received the sign up bonus multiple times for the exact same chase card. Also, I highly doubt you "racked up at least $3-$4k in rewards each time." in 6 months on your AARP card. "

Are you deliberately being dense? I've answered this question 3 different ways now. YES YOU CAN SIGN UP FOR THE SAME EXACT CARD, SAME EXACT OFFER, AND RECEIVE IT MORE THAN ONCE.

And, I couldn't care less whether you believe me or not. Keep hustlin' for that chump change holmes.
I liked you better when you didn't try to act like an expert (which, clearly, you're not).



[Edited on August 22, 2012 at 1:06 PM. Reason : d]

[Edited on August 22, 2012 at 1:06 PM. Reason : x]

8/22/2012 1:01:13 PM

I'm not being dense. You've offered vague non nonspecific answers.
I'm not talking about Citi cards, Amex cards, or different Chase cards.
All I was asking is if you have experience signing up for a specific chase card e.g. Southwest Premier VISA, cancelling it, resigning up and receiving the sign up bonus again, which you did not answer until your last post edit.

I'm no expect, but I can just do basic math, which shows that you'd have to spend >10K a month to get that amount of cash back.

8/22/2012 1:10:09 PM

The term "churn" means exactly that: applying for the same card in order to receive the signup bonus. I figured someone that apparently reads these types of blogs would be familiar with the term.

As for spending $10k a month, are you saying it's not possible? Why would I even bother lying to you about it. I only hang around this thread to try and help others out.


From my last-last post:

Quote :

"I've recently churned (from Chase alone): -AARP card offering 5% back on everything for 6 months. I racked up at least $3-$4k in rewards each time. -Southwest card offering round trip ticket + $500 statement credit. This deal was last year sometime, IIRC."

So, I specifically called out the exact card you're using as an example.
The more I look at my responses, the less I can see how someone could construe them as "non-specific"... oh well.

[Edited on August 22, 2012 at 1:20 PM. Reason : d]

8/22/2012 1:12:43 PM

Obviously it's possible spend 10K a month. It's possible to spend $1,000,000 a month. However, there are plenty of people who overestimate credit card rewards, just as there are people who underestimate credit card rewards. The average person our age doesn't spend 10K a month and certainly doesn't do it for consecutive 6 month period. I don't really care if you do, but I equate the average person saying they get 3-4K in credit card rewards each 6 month period to the notice investor who claims they can get a 100% return each year.

Right, you were being vague. There are 3 difference Southwest cards. I wanted to know if you had specifically churned the exact same card again for the sign up bonus.

8/22/2012 1:21:04 PM

^the mistake you made was assuming that I'm average.





...and I would wager most everyone else that may have had the displeasure of reading our exchange got the point about churning before you did. But enough about that. Go churn some cards!

[Edited on August 22, 2012 at 1:31 PM. Reason : d]

8/22/2012 1:27:48 PM

Golf clap.

I wouldn't be busting your balls if it weren't for the many many posts on various forms that state otherwise, not to mention the wording on applications usually state " points for new applicants" or something similar. Obviously you managed to slip through a crack, so bravo for you.

8/22/2012 1:32:55 PM

Dude, what I'm telling you is that it's not A crack. They're almost ALL like that, despite the disclaimer in the app.

So it's not so much that I snuck one by on them, I just assume an offer is churnable until proven otherwise. And the only time it's been proven otherwise, for me, was the United card by Chase that I keep referencing. And it took them 6-7 churns before they got wise.

[Edited on August 22, 2012 at 1:39 PM. Reason : d]

8/22/2012 1:37:37 PM

Ok. I'm mainly interested in chase.
How long should I wait to cancel the card?
How long should I wait to reapply once I cancel?
How often were you denied and had to call the reconsideration line?

8/22/2012 1:39:48 PM

a couple months after receiving your bonus
a couple months after you cancel
maybe once or twice.

I would advise against all-out churning unless the offer is worth it, though. It has been known, in some cases, to get you blacklisted. For instance, if you're wanting to do this for that Southwest card in the interest of getting the companion pass deal, I would cancel and wait until the last possible moment to re-apply.

Chase has too many lucrative cards to blow your relationship with them.
some offers, like the AARP one, are worth the risk.

[Edited on August 22, 2012 at 1:46 PM. Reason : d]

8/22/2012 1:41:38 PM

Yeah, I have heard about getting blacklisted, but Chase just has so many good cards.
I have about 6 cards I need to cancel by early next year, so we'll see what happens.

8/22/2012 1:46:34 PM

Wow $10-$15k a month is a lot of spending.

Do people do tricks like buying stupid expensive shit and returning it or something? I would imagine some people use these for their business purchases. What other approaches are there?

Any hints on how your spending is so high on that card...and whether you spending on other cards at the same time?

8/22/2012 2:04:43 PM

When I get a 5% deal like that, I use the card exclusively for those 6 months.

There are a lot of ways to maximize spending. You just need to be a little creative... lots of services out there these days to send and receive money (Amazon, Venmo, Square and the like). Also, I've heard that some utilities will mail you a check if you accidentally overpay your bill........... Of course, you could always just pre-pay your bills as well. Lots of services out there that will let you pay your mortgage for a fee, but if that fee is 2% you're still clearing 3% on mortgage which isn't too shabby. Same with making estimated tax payments. You used to be able to order dollar coins for free and turn around and deposit them at the bank, but I think they killed that. I also opened up quite a few checking / brokerage accounts in that time period.

Coming up with creative ways is actually kinda fun. There are some that I'm still milking that I'm not ready to share quite yet.

[Edited on August 22, 2012 at 2:41 PM. Reason : d]

8/22/2012 2:40:24 PM

Greedy SOB!
What's square?

8/22/2012 2:45:07 PM

I'm guessing this: https://squareup.com/

8/22/2012 2:51:12 PM

Hmmm. 2.25% net on the chase card and I'd be spending 10k+ month too.

8/22/2012 2:57:25 PM

I have a chase freedom and a BOA power reward.

8/22/2012 2:58:26 PM

If it weren't for the relatively low credit limits Chase gave me on those AARP cards, I would've cleared much more. I was literally having to pay it off 2, sometimes 3, times per statement cycle to stay under my limit.

The finance forum on FW is where I get a lot of this stuff, and the thread about the AARP was full of people making 6 digit cash back. A lot of people had their cards shut down and rewards confiscated, so that's another reason I tried not to push it too much.

8/22/2012 3:06:49 PM

FW?

8/22/2012 3:12:15 PM

FatWallet:

http://www.fatwallet.com/forums/finance/

tons of good info there

[Edited on August 22, 2012 at 3:14 PM. Reason : d]

8/22/2012 3:13:43 PM

Thx

8/22/2012 3:15:42 PM

Received a targeted offer for the AmEx Platinum with 100K bonus points reward after spending $5K by January (piece of cake). Ive researched the card and the points/perks look to be worth the sign up (has some very impressive perks) but the only thing holding me back is the $450 yearly fee (not waived the first year). Does anyone have this card and is it worth getting (besides for the prestige I guess) to get the bonus points?

8/25/2012 7:26:03 PM

I'd go for it. You could def get $450 worth out of it for the first year.

8/26/2012 12:24:31 PM

What's the best way to redeem my Citi points? I can't seem to find anything that gives me $100 for 10,000 points...Even Amazon is 12,000 points for $100 e-gift card.

8/27/2012 10:35:52 AM

I did this and was able to just deposit the check mailed to me into my bank account.

In a refreshing change from the norm, Citi recently increased the value of its ThankYou points when they are redeemed for student loan rebates or mortgage payments. Citi credit card members can now redeem Thank You points for a check towards either their student loan or mortgage at an exchange rate of 100 points per $1. For instance, 2,500 Thank You points can be redeemed for a $25 check.

http://www.creditcardwatcher.com/citi-increases-value-of-thankyou-points-when-used-for-student-loan-rebates-mortgage-payments/

8/27/2012 10:46:06 AM

Thx

8/27/2012 10:54:40 AM

These days, TY rewards are tiered based on which Citi card you have. I know that the Forward does not get the best conversion rates, but the Premier and Preferred cards do.

8/27/2012 12:19:26 PM

Yeah, I was able to get straight 100-1 pts for cash with my other citi card.

8/27/2012 1:55:58 PM

I might have to get one of those other cards.

I'm currently sitting on 200k TY points -- though I do have a mortgage, so I could always just dump it into that, I suppose.

8/27/2012 2:05:40 PM