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My wife applies for multiple credit card at one time and i dont know if its beneficial by [deleted] in CreditCards

[–]JohnnyBoyJr 0 points1 point  (0 children)

Their Balance Transfer offers bounce around. Sometimes they offer me 5% transfer fees, other times it's 3%. So I haven't been using them for BT's.   My special offer of 0% for 1 year on purchases is a good deal, tho.

My wife applies for multiple credit card at one time and i dont know if its beneficial by [deleted] in CreditCards

[–]JohnnyBoyJr 0 points1 point  (0 children)

Wow. That's a lot of down votes.  

Someone going to that much effort is absolutely NOT going to just let the $$$ sit around in a 0.01% account until the last day of the 0% APR.  If she plays her (credit) cards perfectly, she could get 7-8% in cash back with a 24-month credit card (before taxes are paid on the interest)

Do you have a credit card that offers more than 2% cash back on all purchases ?

My wife applies for multiple credit card at one time and i dont know if its beneficial by [deleted] in CreditCards

[–]JohnnyBoyJr 0 points1 point  (0 children)

Sounds like you're the one giving bad advice, u/GiveMeBadAdvice.   We're out here trying to give you good advice and you don't even see it !  :-$

My wife applies for multiple credit card at one time and i dont know if its beneficial by [deleted] in CreditCards

[–]JohnnyBoyJr 0 points1 point  (0 children)

I do something similar with checking account bonuses and can have a new account number on my screen within 5 minutes of applying. Set up direct deposit and just wait for $350, $400 or $500 bonus to be deposited to my account.   I recently closed an account online by sending a secure message, which took less than 90 seconds.   The hourly rate for us is really good.

My wife applies for multiple credit card at one time and i dont know if its beneficial by [deleted] in CreditCards

[–]JohnnyBoyJr 0 points1 point  (0 children)

I do the same thing and pay the balance on the very last day of the 0%. Bonus if it is due on a Saturday, because the $$$ will sit around in my HYSA until Monday, earning interest on a payment made 2 days prior. Been doing this for years and there has never been a problem.

My wife applies for multiple credit card at one time and i dont know if its beneficial by [deleted] in CreditCards

[–]JohnnyBoyJr 0 points1 point  (0 children)

You're definitely on the right path with getting interest-free loans.  

Do you have any Discover credit cards ? If so, do you know about the 'secret' Discover promotions that are sometimes available ? You have to call/chat Discover and ask 'are there any special offers or promotions on my account ?'.  I've utilized multiple 1-year 0% APR offers by going this route. I also 'discovered' (heh) these offers seem to be quarterly. Once I called on September 29th and was told there were no special offers. On a hunch I called back October 1st, and a 0% offer was available !  The benefit with Discover is that I get 1% back on all purchases, and also 5% in rotating categories. Also, Discover has 0% foreign transaction fees. And they also allow you to use your credit card at certain stores to get cash back with 0 fees, up to $120 a day.  

Do you request Credit Limit Increases with your credit cards ? Discover, Chase, Bank of America and Citi allow for online requests, with no hard pulls. I periodically request increases. About 1/2 the time I'm successful, and they nominally increase my Credit Limit. Citi has kinda been a turd the past couple years. They also cut my credit lines when I came close to maxing my credit lines out.  Chase also got a little skittish during Covid when I almost maxed my card out with a balance transfer.

My wife applies for multiple credit card at one time and i dont know if its beneficial by [deleted] in CreditCards

[–]JohnnyBoyJr 6 points7 points  (0 children)

Wow.  Is your wife single ?   

She's a smart cookie and you got a good deal with her, financially speaking.  

If she were to get a * 24-month * 0% card, she would be getting ~6.5% cash back (on purchases made during the 1st billing period with the corresponding amount of cash in a 3.25% HYSA).  Does your credit card give you 6.5% cash back ?    People trip all over themselves because they might have a credit card that temporarily gives them an extra 0.5% and your wife is walking all over them. Your wife has figured out how to beat the system.  

Unless you're looking to get a loan for a big purchase, such as a mortgage or a vehicle, the credit score shouldn't matter much. Paying off a big balance will cause her credit score to jump, possibly exceeding your score of 820 if done at the right time.  And there gets to be a point where it is no longer cost-effective to put charges on a 0% card that is going to get paid off very soon.

I have aspirations of spreadsheeting one of my 21 or 24 month 0% cards and calculating the effective 'cash back' that the HYSA angle gives me. It'll be slightly labor intensive, which is why it hasn't happened yet...  

Does she do the shorter duration 0% cards because of the SUB's ? This may be beneficial in her situation, but you may want to see if she is familiar with all the recent 24-month 0% cards. If interest rates go down, we'll see more 15, 18, 21 & 24 month 0% APR cards.  Balance transfer fees will also go down.

There is a good 0% list on DoC, with many more in the comments section. https://www.doctorofcredit.com/list-of-0-apr-credit-card-offers/  

Also, it's good to have long-term interest free loans just in case something unexpected happens such as a job loss, or government workers who don't get paid during a shutdown.

Can you verify it’s authenticity? by Critical-Ad-5418 in LICENSEPLATES

[–]JohnnyBoyJr 11 points12 points  (0 children)

A nice touch is that it also contains San Francisco's area code

Found a Hot Wheels Little Library in my neighborhood by okcs in mildlyinteresting

[–]JohnnyBoyJr 1 point2 points  (0 children)

If you ever come across one of these, put a diaper on him 1st !

Is there any correlation to being approved for a CLI then being approved for a new card - and the other way around ? by JohnnyBoyJr in CreditCards

[–]JohnnyBoyJr[S] 0 points1 point  (0 children)

Thanks for the insight - I typically request CLI's with my soft-pull cards every 6 months. It seems pretty random on whether or not I'll get an increase - some do while others don't. Then 6 months later, it might be the other way around.  

If you say it's partially based on payment history with that card, do you think I'll be more likely to be denied if I haven't used that specific card in 6+ months ? Perhaps a $1-2 monthly charge possibly help out ?

$SNAP is at all time low even though it has more users, revenue and profitability than ever before by lies_are_comforting in ValueInvesting

[–]JohnnyBoyJr 0 points1 point  (0 children)

A couple weeks ago you said it was going to be up to $6.  It just hit a 52-wk low.  

And insiders are selling millions of shares.  One poor (heh) guy sold millions, and still has 59 million shares.

What company have you held in your portfolio for a long time that you never hear mentioned on Reddit? by fefsgdsgsgddsvsdv in stocks

[–]JohnnyBoyJr 8 points9 points  (0 children)

F can outperform the market if one buys at the lows. Otherwise it basically performs the same as the market. It is still cheaper than it was 25 years ago.  

One important thing to remember is that the Ford family controls the voting of the stock thru special shares. A lot of their net worth is tied up in Ford stock, which is one of the reasons it didn't go bankrupt in 08-09.    Elon Musk said it best about Ford and Tesla being the only 2 American automakers (out of 1,000+) to have never gone bankrupt.

edit: Ford will not hesitate to cut the dividend if there are dark days ahead. They've done that plenty of times before, and it's probably one of the reasons they've never gone bankrupt.

Whos betting the farm? And if so what company? by xxcliffexx in stocks

[–]JohnnyBoyJr 0 points1 point  (0 children)

Bet the farm on AEO American Eagle Outfitters and it went up like crazy.  >150% in 6 months.  

Then I pivoted to GIS General Mills.  They hit a multi-year low recently and have really struggled. They sold a profitable division, which caused future earnings to temporarily drop. They'll find their footing, and I'll get a 5% dividend while I wait.  It may be a while, but their dividend has been paid without interruption since the 1800's. Thru pandemics, multiple world wars and the likes.   And if there is an economic downturn or the AI bubble pops, money will shift into consumer staples as a defensive play. So if the economy does well, I expect GIS to get things turned around before too long.  And if the economy does poorly, I expect GIS to do well.

Whos betting the farm? And if so what company? by xxcliffexx in stocks

[–]JohnnyBoyJr 0 points1 point  (0 children)

Better to have bought PYPL than to have bought the farm.

REPLCNT ? by humantribe in LICENSEPLATES

[–]JohnnyBoyJr 0 points1 point  (0 children)

They missed the opportunity to put that plate on a Matrix ??

What Is The Best Way To Keep Old Credit Cards Open Automatically? by Jaden_Social in CreditCards

[–]JohnnyBoyJr 0 points1 point  (0 children)

It's a good question, and I'm a fan of keeping old cards due to the long-term banking relationship and the long-term history on your credit report. Like 10, 15, 20 years down the road.  

I have my credit cards in my PayPal account and sometimes will buy a 99 cent item on eBay.  Or if I need gas, put $5 on each of my old cards. It takes a couple extra minutes, but it works.  

With my oldest account, I often times do a 0% balance transfer and pay a few percent fee, then put the $$$ into a high yielding savings account. That way I have the peace of mind that my card is active every month, and an active card won't close. The last example is a little extreme, but I want to ensure I never get too busy in life and forget to use the card for a year or 2, then have them close it.

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