Not cash back, but AMEX is offering 150k MR and $200 statement credit for new Platinum accounts FYI. Quite tempting…
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Also the gold making the effective AF $50. Might be the better play
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I don’t think I would waste waste a 5/24 on a basic Platinum. 150k offer comes up pretty often now.
CSP offer is elevated to 90k in branch and it should be public in a few days and via referrals. Get CSR the next day for MDD and that’s 2 good uses of the slot if you are desperate to use slots.
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I don’t understand. It’s not worth the slot because it comes around often?
Which cards are worthy in your opinion of burning a slot?
Either way I think 150k MR are more valuable then 90k UR
True. But is it a 5/24 slot if you have an AMEX already? I thought that was a soft pull.
I’m struggling with next steps as I’ve switched to the AMEX ecosystem until I’m eligible for Chase SUBs again (another 18mo). My Gold is renewing in May and might look to replace it with Platinum to churn some additional MR points.
5/24 is not inquiries, it’s cards reported on your personal account. It’s a common mistake.
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It’s not worth the slot because Chase exists, you can get MR earning cards anytime. You need as many slots as you can for double dip opportunities, whether it be for UR, getting the companion pass etc.
Sapphires have the 48 month rule. No SW in my area so no use for the companion pass and Marriott cards are almost impossible to be eligible for the SUB if you have or had any of the many Marriott cards in 24 months. I can easily stock up on UR with an Ink every 3 months.
There are plenty of other cards besides Chase worth getting.
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This of course assuming you don’t have Sapphires open already.
I wouldn’t waste 5/24 slots on AMEX when their business cards are so strong and they have so many NLL offers on them but you do you.
Also you should be getting more than 1 Ink every 3 months.
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what kind of income do I need to get into effective card churning?
do you recommend any videos on the subject?
I’m familiar with points and credit cards, have a sapphire chase I got 2 years ago, but don’t understand the churning part of getting a card and then canceling after getting the bonus point.
I have seen college kids with $20k income be successful at it. Important thing is bare minimum of 6 months of independent credit history. Older and thicker your credit file, the better. Bare minimum 720 credit.
Yes, there is a lot to read but it covers most of the basic strategy. Easiest would be to just keep getting Chase Ink cards. You can get as many as you want, as long as you are managing overall credit limits. We have dozens of them.
Chase is very sensitive about giving more 40-50% of your stated income in credit. I would slash your limits down significantly if you are close to that.
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Wow thats a lot of info. I got some of it but I feel like I only understand 10% of it.
Is there people you can pay to coach you on this? If so how much they charge?
I own s corp with 6 figures income so I feel like it might suit my spending
If you dont mind me asking, how much rough estimate total cash value are you getting out of card churning yearly?
1k, 5k, 10k usd?
Yes there are consultants for this and work with you to optimize specifically for businesses. Not sure of rates though.
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You should check out the Churning subreddit - lots of good data points over there. I’m sure there are many LHers also over there.
I’ve been on the Ink train for a while along with other biz cards. Word of caution - most recommend limiting your Chase velocity to one every 90 days to avoid potential shutdown. Obviously depends on your risk tolerance - YMMV…
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Yea….
I am gonna say avoid /r/churning for now. There is going to be some serious nuclear fallout from the Ponzi scheme managed by one of the former mods there.
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Mods are pretty non-existent over there. I think anyone with half a brain knew the risk of that Ponzi scheme.
The most value of that sub comes from the shared DPs from regular churners.
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Yea but it’s way better to use something like Churning.io to search through years of DPs rather than engage with the actual subreddit.
I would also add that a lot of good info is never posted there and typically kept in private groups, thankfully.
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You’re better off plugging into the resources @kellstar suggests and doing independent research. If you’re lightly dipping your toes and just looking to hit a dozen bonuses a year while optimizing your spend, there’s really no sense in paying anyone for knowledge you can quickly source yourself online.
If you want to get more aggressive to the point that you’re pulling a second income out of it and/or taking monthly trips in premium cabins around the world, you’ll quickly realize that this is a hobby of secrets and those who tell don’t know, and those who know don’t tell.
It’s a very easy hobby to splash around in the kiddie pool and pull in $10-20k/year off of. However it can take years, if not decades, to learn tricks and secrets to scale.
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Do these college kids have a small business? Don’t I need to have one to get the Ink card? It’s Ink as in Incorporated, right?
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No. You can apply as a sole proprietor.
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