I would really appreciate a whole new topic on redemptions.
let’s just say when I got my sapphire I used all the points to pay myself back on approved stuff at 25% more value per point and i regret it now lol.
Na. You paid yourself back brother, nothing wrong with free money.
My biggest uses are flights in Business or First Class and Hyatt hotels. Both are excellent value.
Quick example
All of that is in business class, about $60k in flights for 2 people. Cost about 300,000 in points for 2 people. These are OneWorld alliance flights which is not great for Chase but you can definitely do similar redemptions with Chase points, primarily for Star Alliance via United and Aeroplan.
Award travel is way more complicated than just getting the points. You can just keep cashing points out and stacking money too.
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One of the best ways to use UR and MR are for business class awards. Cash cost for a TATL can be thousands. Awards can be as low as 50k points, which comes out to 1.25 for CSP or $625, or 1.5 for CSR or $750. Well worth it on those long flights.
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The last free INKs I got, I had to call the recon line and move credit from other Chase cards, but I also had to tell them what I was doing in my business and why I needed so many biz cards. What do you tell them?
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You shouldn’t be in that situation in the first place. How much credit has Chase extended you? What’s your credit:income ratio? This is the total amount of credit extended by chase regardless of personal or business. You are playing with fire if you are overextended.
AMEX will approve anyone who can breathe but I have read that they have approved dead people before.
Chase will approve anyone who can breathe as long as they haven’t extended too much credit to you.
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I’m at about 10% of total income and 45% of stared business income.
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I would slash all those credit limits down to the lowest possible. There is really no reason to have high limits with chase unless you are MSing their 5x categories. Lowest is $500 for most cards.
I typically reallocate credit between my mostly recently opened card and then move it to my brand new card if it needs the help.
Also don’t forget about 1/30 and 2/60. If you brush up against those limits, there are exceptions, Chase will deny you as well.
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Today I told them to look at my past Ink spending as a baseline, that I’m shifting the spending over to this new card because the rewards are better.
The $0 annual fee ones I typically just keep until I need their available credit.
And don’t ever just close a Chase card, be sure to consolidate it’s credit somewhere, and if you start churning biz cards be sure you always keep one to hold the available credit. Getting/keeping the credit on that side can be more of a challenge, and as others mentioned you want more than you need so your utilization on the card stays relatively low.
Unless you actually have good income, do not keep high limits with Chase. Sure keep one Biz card to reallocate credit from but that’s it. I know from experience how sensitive Chase can get once their Bust Out algorithm is triggered.
I typically reallocate credit to my newly opened account and then move from there but whatever works for you.
I would advise caution on the last part. Yea 48 month language from Sapphire is enforced but…. lets just say don’t blindly believe the language.
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So one has to change Ink types, o/w that argument doesn’t work if it’s the same card. But it’s ok to cycle from Cash to Preferred to Unlimited and just keep saying the rewards are better? And do this once a month or so?
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You can get repeats, you don’t have to get different cards. Also you should be doing this every 60-90 days, not 30 days.
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They approve you then shut you down if you overextend? Wouldn’t they just not approve you? Or reallocate from a different cards credit line
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Thats right, they will approve you and then shut you down. Reallocation can only happen during reconsideration.
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Interesting. IME it goes straight to review (especially inks) and reconsideration reallocates credit
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it goes straight to review
How many inks do you have? I have always been auto approved for them.
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Question. How can I lower my credit limit on my current cards before I open a new one.
I have 3 cards right now with 20k limit and zero balance.
Freedom downgraded from Sapphire
Freedom Unlimited
Business Ink
I want to start opening more ink cards.
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You can online or on the app and “Secure Message” chase for the specific accounts.
I usually say
“Hi,
Please lower the credit line on this account to $x.
Thanks”
Usually hear back next day.
You can also just call them and the change is immediate.
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Easy enough, thanks.
And you said it’s total credit right…doesn’t matter if some cards are personal and others are business. I just have to keep a tab on all cards.
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Yea overall, regardless of personal and biz.
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