Points 🙈 | Imamother

amother

Tue, Jan 31 2023, 7:31 pm

We spend about $70,000 a year at least on our credit card. Tuition, food (but only at local gourmet Glatt and bingo, not the type of groceries recognized for 4x the points), and tzedakah are our biggies.
Dh thinks everyone is vacationing on points and we are missing out.

I think it’s a scam, a lot of work for very little reward. right now we have the chase sapphire preferred. We’ve had it for years and only got $1000 worth of points. Which is nice, but for that little money I don’t think it’s worth risking by opening credit cards- for sure not if they cost money to open.

Who is right, me or dh?

amother

Tue, Jan 31 2023, 7:33 pm

amother Seafoam wrote:

You can definitely get better credit cards. Especially if you have good credit.

We have good credit and don’t want to ruin it. Does opening more cards ruin it?
I looked online and it seems the better cards come with a higher cost.

amother

Coral

Tue, Jan 31 2023, 7:36 pm

You get points by opening credit cards. So you have to keep opening and closing.

Also, people who have businesses can spend many times a household spend on their cc.

A combination of the above is what enables some to go to ey on "points"

notshanarishona

Tue, Jan 31 2023, 7:39 pm

I find credit cards with good bonus offers and sign up for a couple each year (and then close them when it comes to annual fees). I don’t find it has a significant effect on credit.

amother

Tue, Jan 31 2023, 7:43 pm

amother Coral wrote:

Is there any benefit for people who don’t have a business?

amother

Tue, Jan 31 2023, 7:44 pm

notshanarishona wrote:

I find credit cards with good bonus offers and sign up for a couple each year (and then close them when it comes to annual fees). I don’t find it has a significant effect on credit.

So you pay the annual fee the first time only?

amother

Banana

Tue, Jan 31 2023, 7:48 pm

I open up a few credit cards each year - through the bonuses I generate enough to cover most of our vacations, flights, etc.

If there is an annual fee, I downgrade to a free version after I earn the bonus.

My credit score is excellent.

This is only a good idea for someone who is extremely responsible about not using it for debt and also super organized to keep track of all the credit cards - due dates, downgrading etc
Stay far away otherwise.

amother

Tue, Jan 31 2023, 7:50 pm

amother Banana wrote:

My husband is responsible and organized. But even with the credit card fees it’s still worth it for you? Some fees for the good cards seem to be $300.

We also have excellent credit score.

Which part of vacation is covered? Flights, hotel, car?

Honestly we have 5 kids I doubt a flying vacation could be covered. Am I wrong?

Are there cards you recommend?

amother

Jade

Tue, Jan 31 2023, 7:53 pm

For mileage, there are sometimes offers of e.g. 50,000 miles on American Airlines when you open a card, and you have to spend a certain amount within the first few months. That’s how you can get a lot of points/miles at once. You should follow Dans Deals for ideas.

amother

Banana

Tue, Jan 31 2023, 7:58 pm

amother OP wrote:

I don’t pay the fees because I downgrade to a no-annual fee after I earn the bonus.

My point of saying that I have an excellent credit score is to say that opening many credit cards did not affect my score - because I use them responsibly.

Points can cover all parts - flights, hotel/house, car, even activities

Yes a flying vacation with 5 kids can be covered - obviously depends how many points you have and how much your vacation costs but many people with large families do it.

I personally like the Chase Ultimate Rewards system - check DansDeals, there was recently an excellent signup bonus for the ink cards, not sure if it’s still open. you’ll want a sapphire preferred or reserve to get maximum redemption value.

amother

Stone

Tue, Jan 31 2023, 8:01 pm

amother OP wrote:

Sure it would! We go everywhere on points. Israel every few years, Florida twice a year, once with kids, once without. Use it for hotels and flights.

We open credit cards very often and have an EXCELLENT credit score.

Sometimes certain cards are worth the cost. Our platinum Amex is $600 a year, but we save more than that in purchase protection, special reimbursements, etc

amother

Tue, Jan 31 2023, 8:07 pm

amother Stone wrote:

You probably spend a lot more than we do to be able to get those points Smile

Which card do you use to bring your family to Israel? Are flights to Florida completely covered? How much do you spend - I’m guessing a LOT more than 70k a year Smile

amother

Tue, Jan 31 2023, 8:09 pm

amother Banana wrote:

We have the sapphire preferred and like I said I didn’t find it worthwhile. Our points barely covered the cost of one way to Florida.

doctorima

Tue, Jan 31 2023, 8:09 pm

The sign-up bonuses are the key to accruing lots of points. While it's nice to get 1-5 points per dollar for grocery shopping, everyday expenses aren't going to add up to nearly enough for your big family trip. But sign-up bonuses of 50-100k+ per card (and you and DH can each get each card) add up quickly.

The key is to be organized about meeting the spending requirements on time and most importantly, being able to pay off the balance in full each month so you don't accrue interest and late fees.

There are cards that waive the annual fee for the first year, but many of the good ones do not. My go-to site to find the best current sign-up offers and see how much they're worth is:

https://frequentmiler.com/best.....fers/

amother

Stone

Tue, Jan 31 2023, 8:10 pm

amother OP wrote:

You probably spend a lot more than we do to be able to get those points Smile

Which card do you use to bring your family to Israel? Are flights to Florida completely covered? How much do you spend - I’m guessing a LOT more than 70k a year Smile

The honest truth is that I don’t know. My husband is in charge of these things, he’s one of those guys that’s really knows the system. I do have a business and just with our regular family expenses we definitely spend more than 70k a year, although please tell me how you spend that little with 5 kids??? I want to learn!