I'm confused, why not use the card? Definitely don't carry a balance, but for $100 and 2% (or what ever the points-back rate is) why not take the free money?
Tell me about it. I signed for the AmEx Starwood card, and spent $5,000 on prepaid gift cards to get the 30,000 bonus points. I was able to cash out $2,500 of the gift cards before they locked my account. Now I'm screwed and can't get my money back. Flying too close to the sun...Quote: AcesAndEights
Playing the CC rewards game can be a PITA if you really want to maximize your cash back and minimize/eliminate fees. Or you can just get one basic card that has reasonable rewards and stick to it.
The interest rate is too high for me and I just got a new card.
I do have an offer from SW Air that involves a 95 annual fee, double miles on certain purchases and if you spend X amount in 1st 3 months, you get 50,000 miles which is good for 2 RT tickets to anywhere they fly. The APR is only 15% and slightly higher than my Capital One card. I went a little deeper and for those same 50,000 points, you can get 5 one way tickets, (to Vegas) through SW and airfare for 88 bucks at a different airlines. So for the same 50,000 miles + about 500 in cash, I could get 5 trips. I have until Christmas to decide. Of course once you set up your 2 RT tickets, or 5 one-way, you can pretty much cancel the card or transfer the balance to a different card.
My input is if you have cards with balances and know your credit score is good enough, get a card with 0% offer on balance transfers and new purchases. You'll likely save more money, like 20%, of what you owe on the interest if you generally have a monthly balance. Also, you're monthly payment will drop and you're be able to save a few more bucks.
Overall, I'd say keeping a good credit score is worth more than $120.00.
Tell me about it. I signed for the AmEx Starwood card, and spent $5,000 on prepaid gift cards to get the 30,000 bonus points. I was able to cash out $2,500 of the gift cards before they locked my account. Now I'm screwed and can't get my money back. Flying too close to the sun...