Category Archives for Credit Cards.
Rewards are not for everyone. If you can’t be strategic, if you can’t handle your finances, then you shouldn’t play. Dave Ramsey profits off scams but also has advice that is helpful to a segment of the population that can’t manage money. The problem is that Ramsey thinks it applies to everyone, and he’s wrong.
There are some situations where getting one card precludes you from getting something else, whether it’s the best deal on a mortgage (usually not an issue, but always best to be safe before applying) or another credit card. When there’s a tradeoff you have to consider which choice delivers more value to you.
Back in the fall I wrote that Citi would be ending the benefit of no annual fee authorized users with Admirals Club access, and likely raising the annual fee on the card itself as well. The ability for a single $450 annual fee to generate 11 cards (primary plus up to 10 authorized user cards) each with the ability to enter Admirals Clubs and also bring up to two guests was simply too good a deal.
Chase is offering a 20% bonus on transfers from Ultimate Rewards to Air Canada Aeroplan through July 31, 2023.
Senators Dick Durbin (D-IL) and Roger Marshall (R-KS) have re-introduced their bill to crack down on credit card interchange. That’s the cost businesses pay to accept credit cards. Since banks and card networks like Visa and Mastercard make money on each transaction, they spend money to encourage those transactions. That’s what funds credit card rewards. It’s even to a large extent what funds the airlines, when carriers like American often don’t make money flying planes but ultimately earn money selling their miles to banks. Reducing interchange reduces card rewards. Of course if that were somehow good for the world, it would be tough to argue for our miles and points. But it isn’t good for the world. Countries that have capped interchange haven’t seen prices fall to consumers. Consumers are used here a fig leaf…
I think this is great. If this is something you want to support, you can earn more miles doing so. And if it’s not, you can ignore the offer. Of course in 2023 it’s not so simple.
Bilt Rewards, the program that lets you earn transferable points paying rent, turns two. And each month they offer rich promotions the first of the month for ‘Rent Day’. This month you can instant win 100,000 Bilt points or points for Virgin or Emirates business class roundtrips for two, on top of points for trivia and double points on card spend.
Many frequent flyers use Plastiq to pay bills with a credit card, they charge the card (and you earn miles) and they pay electronically or via check. Their fees have increased in recent years and are now up to 2.9%, but some find it worthwhile for paying things like mortgages and car payments that can’t otherwise be charged – especially when earning an initial bonus for a new credit card, or earning high spend bonuses and credit towards elite status.
Chase has been planning ‘the new Chase Travel’ for some time. They even promised it would launch last year. The idea is to bring together all of the disparate assets, from booking to dining to advice, in order to become a force in lifestyle that competes with the biggest players in the space. This is supposed to appeal to affluent customers who will be stickier with Chase’s banking services, and help them grab a greater share of investable assets and card spend.
They provided some data on where they are and where they’re going as part of the bank’s investor day.
They called their bank right away to cancel the card account number, and they went ahead and cancelled the flight while it was still during its 24 hour free refund period. The person who used their stolen card texted their frustration over not being able to use the tickets. Their travel, they said, was important!
Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel -- a topic he has covered since 2002.
Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »
