Misc Credit Card Questions

[David Smith]

Oh, got it now! How do you do MSing for more than 2% points?

For example, let's take the amex everyday preferred card. You get 3 points per dollar for spending in supermarkets, up to $6k a year. Additionally, every month you make 30 transactions, you get a 50% bonus on points earned from spending that month. If i go into the supermarket and buy 6k in gift cards, it will probably cost me $72 ($5.95 each). I'll get 27k MR points for that spend. Assuming you valuate MR at 1.4 cents per point, that's $378 worth of points. Subtracting the fees ($72) would leave you with about $300 net profit, which is 5% back. That's much better than using the 2% card to buy gift cards. Assuming you pay $4.95, which is slightly cheaper, you're still only netting 1% profit.

[Wizard]

For example, let's take the amex everyday preferred card. You get 3 points per dollar for spending in supermarkets, up to $6k a year. Additionally, every month you make 30 transactions, you get a 50% bonus on points earned from spending that month. If i go into the supermarket and buy 6k in gift cards, it will probably cost me $72 ($5.95 each). I'll get 27k MR points for that spend. Assuming you valuate MR at 1.4 cents per point, that's $378 worth of points. Subtracting the fees ($72) would leave you with about $300 net profit, which is 5% back. That's much better than using the 2% card to buy gift cards. Assuming you pay $4.95, which is slightly cheaper, you're still only netting 1% profit.

Thanks so much! You need to pay for gift cards at your local supermarket?

[TimT]

Thanks so much! You need to pay for gift cards at your local supermarket?

Does yours hand them out free ?

[Wizard]

For example, let's take the amex everyday preferred card. You get 3 points per dollar for spending in supermarkets, up to $6k a year. Additionally, every month you make 30 transactions, you get a 50% bonus on points earned from spending that month. If i go into the supermarket and buy 6k in gift cards, it will probably cost me $72 ($5.95 each). I'll get 27k MR points for that spend. Assuming you valuate MR at 1.4 cents per point, that's $378 worth of points. Subtracting the fees ($72) would leave you with about $300 net profit, which is 5% back. That's much better than using the 2% card to buy gift cards. Assuming you pay $4.95, which is slightly cheaper, you're still only netting 1% profit.

Also, I thought MSing is when you're getting cash for it, not using it... Using it is simply using the card to get the most for your buck.. No?

[Wizard]

Does yours hand them out free ?

I would think they do/should... Who charges for gift cards?

[Wizard]

Does yours hand them out free ?

Just realized you're referring to Visa gift cards?

[Wizard]

Does yours hand them out free ?

Thought you were talking about supermarket gift card...

[David Smith]

Just realized you're referring to Visa gift cards?

Yup. When you cash those out, you calculate your costs and net profit to decide how worthwhile the process was. Many people wouldn't do it for 1%.

[Wizard]

Yup. When you cash those out, you calculate your costs and net profit to decide how worthwhile the process was. Many people wouldn't do it for 1%.

How do you cash out your Visa gift cards? Amex Serve?

[David Smith]

How do you cash out your Visa gift cards? Amex Serve?

There's an incredible amount of information on that here. Read, read, read. The serve thread would be a good place to start.

[Wizard]

There's an incredible amount of information on that here. Read, read, read. The serve thread would be a good place to start.

K, thanks!

[username]

Today is/was probably the last day. IME, the statement change date kicks in for the next cycle unless your previous statement just closed.

Thank you. I see now that my current cycle will close on Jan 7th.

[bb1836]

once i meet the spending threshold on the platinum i become eligible for TSA pre check. if i then downgrade the card am i still eligible? do i have to actually get it first? I've never done it before so I'm not sure how the whole thing works. can someone pls explain it to me? TIA

[Marco Polo]

once i meet the spending threshold on the platinum i become eligible for TSA pre check. if i then downgrade the card am i still eligible? do i have to actually get it first? I've never done it before so I'm not sure how the whole thing works. can someone pls explain it to me? TIA

Amex card?

[bb1836]

Amex card?

yes. personal

[yochiek93]

once i meet the spending threshold on the platinum i become eligible for TSA pre check. if i then downgrade the card am i still eligible? do i have to actually get it first? I've never done it before so I'm not sure how the whole thing works. can someone pls explain it to me? TIA

You don't have to meet the threshold just sign up but why wouldn't you do GE?

[bb1836]

You don't have to meet the threshold just sign up but why wouldn't you do GE?

once i meet the spending threshold on the platinum i become eligible for TSA pre check. if i then downgrade the card am i still eligible? do i have to actually get it first? I've never done it before so I'm not sure how the whole thing works. can someone pls explain it to me? TIA

[Marco Polo]

Just sign up and pay for it with your card.

[bb1836]

Just sign up and pay for it with your card.

that simple? and don't i then need an interview or something?

[bb1836]

also once the card is downgraded, do i keep the status?