Bingo.

I usually make back at least $50-100/yr in savings from adding the various Offers to card that give bonus cash back $/% on things I normally pay for anyways (insurance, cable, uber/lyft, various stores etc) that helps negate the fee

I practically never use my debit card - like someone else said, maybe i withdraw cash ~2x a year

I have ~20 credit cards,
But during a routine week I use ~2-3 - utilizing the chase trifecta

WF home rebate

13 months of house payment per year

Have shaved off 1 year total of a 15 year old loan

No fee, no limit, and no longer offered

Redstone said:

---

WF home rebate

13 months of house payment per year

Have shaved off 1 year total of a 15 year old loan

No fee, no limit, and no longer offered

---

Given how much credit card points are used to go do fun things with the 'free money', WF went in the other direction and doubled down on creating a super powerful cost reducing card. Pretty smart from a market differentiating perspective.

But it looks like after a while a VP who manages both the credit and mortgage businesses saw how much money the credit card was sapping away from future interest income on the home mortgage side. To the tune of 1000s of dollars in future interest lost per card holder. That is probably the most profit destroying card ever created. The people who want that card probably have high correlations with paying off their card every month, so WF wasn't making much money on them anyway.

My wife would howl if the vacation fund became the extra mortgage payment fund.

It takes off the back end of your payments which, because of refis/sales, very few clients ever pay anyway, so I don't think it was destroying as much future interest as you're claiming (especially at the 1% reward rate).

Understanding that most won't do this, it would make a lot more sense to use a cashback card that gives 2%+ and apply that towards your principle.

Looking at it, my estimate was too high - but still, it's fun to see the mortgage owed decrease in total about 100 per month. Thanks, former Wells Fargo executive

EliteZags said:

---

I usually make back at least $50-100/yr in savings from adding the various Offers to card that give bonus cash back $/% on things I normally pay for anyways (insurance, cable, uber/lyft, various stores etc) that helps negate the fee

---

Yeah, I need to do better at looking at those offers too.

I just looked at my account and we made up the annual fee plus $5 in January alone.

Grocery inflation suuuuucks.

I also forgot about the 6% streaming and moved my Spotify billing to that. $7 per year I wasn't getting before lol.

Does anyone else feel like Amex point redemptions have gone way downhill? I remember, not all that long ago, getting 40% transfer bonuses to British Airways, and then finding plenty of AA flight availability through my BA account. Now, no transfer bonuses and good luck finding any AA flights through BA. It went almost completely worthless to me being based in DFW. Cancelled my Platinum a long time ago, but kept my Gold for 4x groceries. I'm really not getting my money worth out of that card, either.

Pretty much all Chase, now. Sapphire Reserve, Freedom Unlimited and Freedom Flex for categories. Amazon Prime. Wife has Sapphire Preferred for a 100k sign-up bonus that we transferred to my CSR. Chase points are just so much easier to use and get good value from.

I hate using Amex points with a United hub as my home airport. Total PITA.

I haven't noticed a real decline in Amex point values but I'm really picky about them. For example, we transferred to Hilton to book a $1,250+ a night room in the Maldives for less than 80k points a night. Edit: room was $1,300 a night but points came out to 68k/night (475k points for 7 nights).

We checked a couple Amex fine hotels and resorts recently and they had a similar value so we marked a couple as our next vacation on points. Especially if the hotels do their book on points get a night free promos.

We typically just use our United or chase points to upgrade flights. Don't deal with Amex transfers for flights unless it's international and a partner even though flights are generally the better redemption value.

I use Amazon card is for buying on Amazon. Amex is mostly for groceries, streaming, and gas. And Direct Express is for SSI payments. I found a way here to link it to the Cash app which allows me to withdraw cash directly from the app or make purchases with my cash card.

Good news.

https://www.doctorofcredit.com/chase-announces-access-rules-for-chase-sapphire-lounges/

EVERYTHING I can. Pay off monthly.

When these rewards cards talk about points/miles for "Dining", what falls under that?

We have quite a mix of sit-down dining, fast food drive-throughs, things like donut shops and bakeries...do they differentiate somehow? Not that this is going to make or break our rewards plan, but I'm curious.

And is "Gas" literally just gasoline purchases, or everything you buy at the QuickTrip?

NOT VENMO PAYMENTS ANYMORE!

Just learned Chase processes Venmo transactions as cash advances. They charge a $10 transaction fee and start charging interest immediately. I don't typically review my statements because I get texts with every transaction so never really felt the need. Well, they don't text you about fees and interest.

I happened to look finally and found 22 ten dollar transaction fees. I called and was able to get the fees and interest reversed.

ConroeAg said:

---

When these rewards cards talk about points/miles for "Dining", what falls under that?

We have quite a mix of sit-down dining, fast food drive-throughs, things like donut shops and bakeries...do they differentiate somehow? Not that this is going to make or break our rewards plan, but I'm curious.

And is "Gas" literally just gasoline purchases, or everything you buy at the QuickTrip?

---

gas is anything from gas station

dining is usually all types of restaurants including bars($$$)

"Includes purchases at cafes, bars, lounges and fast food restaurants. Excludes purchases at bakeries, caterers, restaurants located inside another business (such as hotels, stores, stadiums, grocery stores, or warehouse clubs) and third party dining delivery services."

how did ya like the maldives...? we are considering going there next yr