Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If you are a loyal user with the same card for years, over time your credit limit grows exponentially and you get offered upgraded cards with better rewards.
Not sure what you mean by "credit line"? I said credit limit. Are those two the same? Higher credit limits are a reward for having good credit history. Higher limits lowers your utilization rate giving you better credit. This helps when applying for a loan. Do you disagree with this too?
Line/limit is the same thing. You get them from as you say now good credit history not loyalty
Quote:
This is very relevant to the OP's question about what the downsides are to taking this deal. You are trying to move the goalposts and have an argument on your own terms.
You stated you got or people get better rewards by staying with a company or two for the long haul and I questioned you on it. You have been unable to elaborate what those rewards were and only mentioned increasss credit line/limit which isn’t a reward for loyalty
Quote:
The rewards points/cash back alone for my top cards greatly exceeds the $200-500 cash back being discussed here.
You fail to understand what’s being discussed. I received in excess of 3000.00 in cashback/rewards from my normal spend and in addition to that sign up bonuses. So again please explain how you are being rewarded more for your loyalty than those obtaining new cards and getting signup bonuses
Not sure what you mean by "credit line"? I said credit limit. Are those two the same? Higher credit limits are a reward for having good credit history. Higher limits lowers your utilization rate giving you better credit. This helps when applying for a loan. Do you disagree with this too?
This is very relevant to the OP's question about what the downsides are to taking this deal. You are trying to move the goalposts and have an argument on your own terms.
The rewards points/cash back alone for my top cards greatly exceeds the $200-500 cash back being discussed here.
Yes, credit line is a common term with a similar meaning to credit limit.
You consider raising a credit limit to be a reward? M'kay. Well, people who pay their bills on time generally have high credit limits. Taking advantage of sign up bonuses does not change this. My available credit limit far exceeds my annual income. This is the reason why choosing to carry a few thousand dollars of debt at 0% does not hurt my credit score.
Every post you wrote was about the "pitfalls". However, the "pitfall" information you provided was largely inaccurate. This has already been pointed out to you multiple times by multiple people.
Thanks for going line-by-line. If we can argue on the subject matter rather than on personal attacks, that is preferred.
You have not been attacked or personally insulted. Your bad information was corrected, that is all. Do you need yet another person to go over it again? OK:
Much of what you call "bad information" is your opinion, not fact.
Incorrect. No unnecessary debt is being created. OP has stated the spending will occur with or without this new card. OP has the money to pay in full.
I acknowledge this. I was a bit overzealous in giving both scenarios- where the spending is necessary versus excess. Still, I felt it was worth mentioning the downsides after others mentioned churning multiple cards.
Correct, but irrelevant. Again, OP has stated s/he has the money on hand to pay in full. Therefore, the minimum payment due does not create a hardship.
When the OP said they pay in full, they were referring to old cards. The OP was unclear whether they intended to pay in full using the new card versus taking advantage of the 0% interest for 12 months.
A ding of a few points does not harm people with high credit scores. As previously mentioned, "excellent" is a range of 110 points (740 to 850). 5 or 10 points are meaningless.
It is your opinion whether or not it is meaningless. The fact is that it does hurt your credit score, no matter how little or big.
Incorrect. The credit card company will give the customer $200. It is irrelevant that the merchant processing fees offset the credit card company's expenditure as the customer does not pay them. (Yes, you can make the case that merchants merely pass on the processing fees by increasing prices, as they do with every other cost. And it is true, BUT, you are going to pay that higher price whether or not you pay with a credit card, making this point irrelevant).
Wrong. The $200 is contingent on spending. That is the main point. We can agree that where the 200 comes from is rather immaterial, but it is not incorrect.
Correct, but irrelevant. OP has already considered whether or not s/he will be spending this amount in the time period and has determined yes, s/he will.
Agree.
Why? Wanting the $200 bonus seems like a good reason to me.
If the spending will occur either way, we agree. If the spending is in excess of what the OP would normally spend, then it is not worth it. That was my only point. Can we agree on that?
Line/limit is the same thing. You get them from as you say now good credit history not loyalty
Please answer this question. Does your credit limit increase at the same rate if you churn cards and never use any one card very long?
You stated you got or people get better rewards by staying with a company or two for the long haul and I questioned you on it. You have been unable to elaborate what those rewards were and only mentioned increasss credit line/limit which isn’t a reward for loyalty
I've already answered this question. In reward for being a loyal cardholder of one brand for years, and doing most of my spending on it, I've been offered superior cards by the same company that offer better rewards than the older cards. My credit limit has also increased substantially over time. The rewards on any one card don't change much if at all, but establishing a good history with one company opens up the ability to get better cards with superior rewards.
You fail to understand what’s being discussed. I received in excess of 3000.00 in cashback/rewards from my normal spend and in addition to that sign up bonuses. So again please explain how you are being rewarded more for your loyalty than those obtaining new cards and getting signup bonuses
Over what time period? How much did you spend to receive those rewards? We would need to compare equal amounts of spending to know which deal is better. I'm guessing to receive $3000 you would need to spend around $30k, but each offer is different.
Have you ever had an automatic credit line increase from simply maintaining the same card over time?
Yes, quite often.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
