Tag Archives: Chase Bank

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Reader Questions: “Should I use a Credit Card to Pay for College Tuition?” and “Which Credit Card Should I use for a Balance Transfer?”

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Some of my friends and Travel with Grant readers (I hope those two groups overlap…) ask me some good questions about credit cards and I thought I would share my thoughts with everyone.

Spongebob Textbooks

Question 1: Should I use a Credit Card to Pay for College Tuition?

First off, college tuition in the above question could be replaced with any large purchase (car down payment, new furniture/appliances, property tax, etc.).  Ultimately it comes down to whether the merchant charges you a “convenience fee” if you use a credit card to pay.  If the answer is no, then go ahead and use a credit card to pay the merchant.  If the answer is yes, then you have to think a little harder.  Reasons I would pay a “convenience fee”:

  • If the merchant charges 1% or less for using credit cards
  • If I am trying to meet a new credit card’s minimum spending requirement
  • If I am trying to reach a spending bonus (for a free night, bonus miles, bonus points, or elite status)

If the answer to the above questions is no, then it is probably not worth it to pay with your credit card.  For example, my brother goes to UCLA and they take credit cards but charge a 2.75% “convenience fee” for all payments.  If his tuition is $5,000 a quarter, he would end up paying $137.50 in fees ($5,000 x 2.75% = $137.50).  If $137.50 in fees is worth more than the sign up bonus of the credit card (like 50,000 Chase Ultimate Reward Points worth $500+), then he should do it.  If he is using an old credit card to earn more miles/points, he will earn 5,138 miles/points (5,000 + 138 = 5,138), but it will cost him $137.50, which comes out to 2.68 cents per mile/point.  At this point, he has to decide if he wants to “buy” those miles/points for 2.68 cents apiece.  Most miles/points are not worth that much, so he might be better off paying with an ACH bank transfer or personal check.

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Free Money Program Updates: Bluebird Reloads, Great Bridge Group, Plink Points, and Orbitz Rewards (& Free Checked Bags)

Shopping Cart Money

Free Money Program Updates: Bluebird Reloads, Great Bridge Group, Plink Points, and Orbitz Rewards (& Free Checked Bags)

Tis the season for giving and all through the house internet browser, not a penny was wasted, not even a mouse (what rhymes with browser? schnauzer?).  All rhyming aside, these 4 free money opportunities are out there for you.  I’m sure you got your fix of Small Business Saturday $10 statement credits, $25 Amazon statement credits, and whatever else American Express offers are out there.  Here are some of the lesser known options:

1 – Earn up to 1.5% cash back on all Bluebird online reloads by using a PayPal Debit Card (not a PayPal Prepaid MasterCard).  In November, I earned $17.22 in cash back ($1,148 x 1.5% cash back = $17.22) – read here

PayPal Bluebird Cash Back

2 – Earn cash back from Great Bridge Group for providing “shopping data” to their marketing agency.  They pay 1/10th of 1%, so you earn 1 penny per $10 you charge… on everything.  You are going to spend money on your credit and debit cards, why not earn a little bit extra?  I get more cash back spending money than my brother gets saving his money in his Wells Fargo savings account.  So far I have earned $60.08.  How much have you earned? – read here

Great Bridge Group Update

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PSA: Chase Ink Card Annual Spending Limit and PayPal Debit Card

PSA TWG

PSA: Chase Ink Card Annual Spending Limit

A few readers have asked me some good questions, so I thought I would answer them for everyone.  Since I am sure most of you have at least one Chase Ink Business Credit Card, you are probably aware of the $50,000 annual spending limit for 5x categories (office supply stores and on cellular phone, landline, internet and cable services).

The terms of the card state that your spending limits apply annually and Chase defined annual as:

“Annually” means the year beginning with your enrollment date through the first statement after the anniversary of your enrollment date, and each twelve billing cycles thereafter.) There is no maximum number of points that can be earned on net purchases earning 1 base point, or the additional 1 point on chase.com/ultimaterewards bookings.”

So to clarify, you have 12 months (12 billing periods) before your annual spending limit is reset.  $50,000 / 12 months = $4,167 per month at 5x categories and 2x categories.  If you have a Chase Ink Cash or Ink Classic, $25,000 / 12 months = $2,083 per month at 5x categories and 2x categories.

Compare Ink Cards

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Some Other Non App-O-Rama Credit Card News

CCs

Some Other Non App-O-Rama Credit Card News

I had my dad apply for the Bank of America Alaska Airlines credit card last week.  Well the card hasn’t arrived yet, but the miles did.  30,000 Alaska Airlines miles on credit card approval!  I love this offer so much, I took advantage of it in my recent App-O-Rama.

Dad Alaska Miles Post

This morning I received an email from American Express alerting me that me $20 Walmart statement credit had posted to my account.  Read my original post $20 off Walmart (American Express Offer) and 2,500 American Airlines Miles.

$20 AMEX Walmart

I bought a $200 Visa Gift Card and a $50 Southwest Gift Card.  Total with shipping and processing came to $256.88 – $20 = $236.88.  Profit of $13.12 plus 257 SPG points.   Continue reading →

App-O-Rama Updates: Day 1

Which Credit Card

App-O-Rama Updates: Day 1

5:30AM my alarm goes off.  It’s App-O-Rama day!

I turn on my computer and know exactly which cards I am going to apply for and in which order I am going to apply.  In case you didn’t read yesterday’s post, here is my strategy list:

  1. Club Carlson Personal (US Bank) – instant approval!  I guess my ARS and IDA credit report freezes might have worked.  Learn more here.
  2. US Airways Personal (Barclays) – denied!  Why do you hate my Barclays?  I didn’t both calling the reconsideration line, they will tell me that I have too many recent inquires and I have no leverage with them since I have no Barclays credit cards.  Good bye US Airways Card.  Good bye Arrival Card.  Good bye every other Barclays card.
  3. Alaska Airlines Personal (Bank of America) – pending decision.  After a short reconsideration call, I was approved after “sacrificing” my Virgin Atlantic card that had an annual fee coming in a few weeks.
  4. Platinum Mercedes Benz (AMEX) – pending decision.  Called AMEX and was told there was no way to reconsider the app at this time.  I would have to wait 2-3 business days for a response.  My gut feeling is a denial since I already have 4 personal credit cards, but want to sacrifice my Delta or Hilton HHonors card.  Will post an update soon.
  5. Citi Dividend (Citi equivalent of Chase Freedom and Discover It cash back card) – downgraded.  I decided to save a credit inquiry and call Citi and ask them to downgrade/switch my Citi AA AMEX to this card.  The rep told me it could take up to 51 days for the switch to take place.  WTF?!?  Citi, please send me that card soon so I can get the 5% cash back for 4Q 2013.
  6. IHG Hotel Personal (Chase) – pending decision.  I called the Chase reconsideration department, was placed on hold for a few minutes and approved with a low $2,000 credit line.  After moving credit from my Marriott Card, I got my credit line up to $5,000. 
  7. Hilton HH Surpass (AMEX) – skipped.  I am waiting to see what happens to my Platinum Mercedes Benz application before I do anything with this card.  I can always upgrade my AMEX Hilton HHonors to the AMEX Hilton HHonors Surpass card for free online (no credit inquiry).

Side note, I was trying to convert my Chase Sapphire card to a Chase Freedom card this morning but the representative was unable to do so over the phone.  I believe it was because I had a $585 current balance on the card, even though she told me that shouldn’t be the reason.  Later today it turns out that the Chase Freedom card has increased its sign up bonus from 10,000 Ultimate Reward Points to 20,000 Ultimate Reward Points.  I wonder if Chase was updating their servers which is why I couldn’t upgrade.  It is a mystery…

A friend of mine was able to show me a sign up bonus (through Chase’s site) for the 50,000 Ultimate Reward Points for the Chase Sapphire Preferred.  I told him to go for it since the sign up bonus hasn’t been that high in a very long time.  Apparently you can get 5,000 bonus Ultimate Reward Points for adding 1 authorized user to your CSP card too.

All in all, I am pretty happy with my results and love how easy it is to work with Chase.  I look forward to getting my IHG card soon.

IHG Approved

Easy to move credit line from Marriott to IHG card.

Marriott CL Decrease

I will post an update if anything happens to my US Airways card, Platinum Mercedes Benz card, and which year I get my Citi Dividend card.  If you have any app-o-rama questions, let me know.