How Many Credit Cards Do You Have?

[WonderMeal]

So does everyone think I can sneak by Chase's 5/24 or nah?

I need some advice on maxing out my Chase UR accumulation before we ultimately part ways. I've run through every UR card except the Sapphire Preferred (I know, right?), as has Mrs. WonderMeal. The two years has almost elapsed on our Inks. However, we're getting very close to being done w/ Chase due to the 5/24 rule, which stinks because Chase has been very good to us. (We fly SW a lot and stay at lots of Hyatts.)

Mrs. WonderMeal: Has four cc applications since 6/30/14, one of which is an Ink (two year window expires this month) and the rest co-branded.
Obviously Mrs. WM should wait until 6/30 to apply for a new card, at which point she should probably get one more Chase card to max out her 5/24. Should she go for the Ink again, or go with a Sapphire Preferred? Whichever one she chooses, it would likely be her long-term card when she isn't churning.


WonderMeal: Has five cc applications since 4/1/15, two of which are SW, one of which is Hyatt.

Is it even worth trying to sneak through one more Chase card? My only strategy upon rejection would be to say I would like the Sapphire for everyday spend (most other cards have been business), but if there's no hope of sneaking past the 5/24 I won't bother.

If the 5/24 is ironclad, I'll move on to something like the fancy Citi card, another big-bonus Amex, or anything else you recommend. (Have been toying w/ the idea of loading up on AA miles.) Steve Dave, you don't still have 35k SPG referral links, do you? I might make a run at the SPG if 35k is still available, since I think I can use up the points before the merger. (Unless you think it makes sense to keep the points through the merger?)

[kitten_mittons]

i've done it once

Well, I hope you learned your lesson.

[stunted]

Would cash rewards get taxed? From the research I've done, nobody can figure it out. The getting the points part seems fine, but liquidating into profit makes it grey area

[steve dave]

Would cash rewards get taxed? From the research I've done, nobody can figure it out. The getting the points part seems fine, but liquidating into profit makes it grey area

It is a grey area but most of the massive card churners don't report them and it's never caused a problem for anyone on flyertalk that I've seen. every once in a while you'll hear of a bank sending whatever the tax form is for super big sign up bonuses but I've never gotten one from any of the big 3.

[Mikeyis4dcats]

Would cash rewards get taxed? From the research I've done, nobody can figure it out. The getting the points part seems fine, but liquidating into profit makes it grey area

per the IRS, cash back rewards are considered a discount on purchases, so I'd imagine this falls similarly, a discount against the required spend.

[stunted]

It may be similar to, say I bought a TV for $400 that retails for $500, and then I sell that TV to someone else for $500, making a profit of $100. Don't ask don't tell?

[KCFDcat]

My accountant made me report cash back earnings for the business last year. We had like $8,500 though. I'd imagine business and personal would make a difference too.

[The Big Train]

I just got a SW card offer with 100k miles, should I get it?

[steve dave]

A) I don't believe you
B) yes
C) PM me a picture of said offer

[The Big Train]

I got it earlier this week and I will when I get home tonight

[steve dave]

I got it earlier this week and I will when I get home tonight

 

[Tobias]

we talking 1:1 here?

[steve dave]

we talking 1:1 here?

1:1 - it was really 50k
2:1 he got an offer to receive "up to 100,000 SW points" by referring 10 people to get the SW card
10000000000000000000:1 - he has a 100k SW offer

[Emo EMAW]

 

[mocat]

2:1 he got an offer to receive "up to 100,000 SW points" by referring 10 people to get the SW card

[steve dave]

2:1 he got an offer to receive "up to 100,000 SW points" by referring 10 people to get the SW card

oh man, that's a good one. adding.

[Mikeyis4dcats]

My accountant made me report cash back earnings for the business last year. We had like $8,500 though. I'd imagine business and personal would make a difference too.

http://www.investopedia.com/ask/answers/110614/are-credit-card-rewards-considered-taxable-income-irs.asp

[The Big Train]

we talking 1:1 here?

1:1 - it was really 50k
2:1 he got an offer to receive "up to 100,000 SW points" by referring 10 people to get the SW card
10000000000000000000:1 - he has a 100k SW offer

False alarm guys!  It's only 50k

[star seed 7]

Sd should work for Vegas

[steve dave]

Sd should work for Vegas

I'm amaze at it

[The Big Train]

So should I just throw it away then?

[steve dave]

Yes, but it's a decent offer. Just available to everyone online.

[Stupid Fitz]

I tried to search on my phone and couldn't find it. Beat me if you want for asking as I'm sure this has been brought up, but should I get the Citi Costco card?  We shop there quite a bit 2%. Mrs SF gets gas there quite a bit 4%. I get gas in my car too 4%. We also eat out a bit. 3%. My issue is that I like points for some reason. I don't know why, but points are fun. We don't really travel much and I figure I can use the Costco for Costco and gas then my Sapphire or whatever for the rest. I may have to start flipping the Sapphire and only have it when I need to transfer freedom points since I won't be using it as much anymore and don't want to pay the fee if not. 

TIA

[steve dave]

probably not

[sys]

if you shop at costco, you should definitely get the costco card.  no fee and very solid bonuses that you can use whenever you don't have something else you're prioritizing.  it's a big upgrade over the old amex card (and citi has to be losing money on it, and they don't even get exclusivity with costco or anything which is weird and kinda pathetic for them).