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Ridiculous Chase Sapphire article just posted
October 15, 2019 at
03:18 PM
Just saw the "I took my dad to Israel in Business Class for less Than $100 Using Credit Cards Points" article.
He does mention he had the card for a few years, but never mentions the true math required behind all the points he used.
First he mentions the yearly $450 fee which was "small potatoes" VS the money he saved.
Then he casually mentions the 229,000 points he had to transfer over to United Airlines.
229,000 points!!1!1
Just before that he mentions that the card gives 3x points on each dollar spent on dining and travel, and then 1x on every other dollar.
So being very generous, if he made all 229,000 points at the 3x level (remember, only dining and travel), then at minimum he had to spend $76,000 on his credit card.
That's flarkin rediculous to spend that much on credit, even over a few years. Sure, some people are disciplined enough to do it, but those same people likely aren't dining out every night and earning at the 3x rate.
So he says the cards are "long-held, which I'm assuming means he's paid that yearly fee 3-5 times which means he's spending that $1350 to 2,250 in fees, but he does get back $300 in travel fees, but that also means he has to spend that much too.
Sounds a bit ludicrous
He does mention he had the card for a few years, but never mentions the true math required behind all the points he used.
First he mentions the yearly $450 fee which was "small potatoes" VS the money he saved.
Then he casually mentions the 229,000 points he had to transfer over to United Airlines.
229,000 points!!1!1
Just before that he mentions that the card gives 3x points on each dollar spent on dining and travel, and then 1x on every other dollar.
So being very generous, if he made all 229,000 points at the 3x level (remember, only dining and travel), then at minimum he had to spend $76,000 on his credit card.
That's flarkin rediculous to spend that much on credit, even over a few years. Sure, some people are disciplined enough to do it, but those same people likely aren't dining out every night and earning at the 3x rate.
So he says the cards are "long-held, which I'm assuming means he's paid that yearly fee 3-5 times which means he's spending that $1350 to 2,250 in fees, but he does get back $300 in travel fees, but that also means he has to spend that much too.
Sounds a bit ludicrous
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That's flarkin rediculous to spend that much on credit, even over a few years.
Yeah, but that was $76k at the 3X reward level, meaning that $76k was only spent on dining out and travel. Worst case, they spent $210K at the 1X level.
And like I said, some people are disciplined enough with credit cards to do that, but the majority are not.
And like I said, some people are disciplined enough with credit cards to do that, but the majority are not.
If you fly a lot for business, and you buy your tickets or get reimbursed from work or whatever, you can accumulate those points in just a few years.
It's $450 a year - $300 travel credit. So if you spend at least $300 a year on that credit card, the yearly fee is only $150. And there are other perks for that fee, which may or may not be worth $150/year (lounge access, TSA pre, etc.)
Second of all, they were running a promotion when you signed up to get 100,000 points (not sure it's still on going?). So then he would only need to acquire 129,000 points, assuming 3x is $43k.
Over a few years, as was stated above, is reasonable spending.
It's $450 a year - $300 travel credit. So if you spend at least $300 a year on that credit card, the yearly fee is only $150. And there are other perks for that fee, which may or may not be worth $150/year (lounge access, TSA pre, etc.)
Second of all, they were running a promotion when you signed up to get 100,000 points (not sure it's still on going?). So then he would only need to acquire 129,000 points, assuming 3x is $43k.
Over a few years, as was stated above, is reasonable spending.
I mentioned the $300 credit.
And second if he did get a 100K point bonus for signing up, then my point is even more valid because no one else can recreate that massive influx of points.
If you fly a lot for business, and you buy your tickets or get reimbursed from work or whatever, you can accumulate those points in just a few years.
I agree, and like I said, some people can pull this off, but they're a minority. Otherwise he's extolling the virtues of a card that very few can recreate.
You have to remember, I'm not saying it can't be done, but it's not something the average person can pull off.
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You have to remember, I'm not saying it can't be done, but it's not something the average person can pull off.
Articles like these get naive people thinking they can replicate his #s to click his referral link.
Having said that, Chase Sapphire Reserve is a great card, even with the $450 fee. $300 travel bonus is relatively easy to get that can essentially "lower" fee to $150. I cancelled mine but still miss the card.
And second if he did get a 100K point bonus for signing up, then my point is even more valid because no one else can recreate that massive influx of points.