Madison MoneySports - Personal Finance Thread

[Ken]

What's the privacy aspect of the card?

They won't know what you've purchased, where you purchased it or how much; if that matters to you. All that for mediocre at best rewards.

[JPolen01]

What's the privacy aspect of the card?

They won't know what you've purchased, where you purchased it or how much; if that matters to you. All that for mediocre at best rewards.

Apple won't know? 

Seems like way too little wayyyy too late. Our consumer data is literally everywhere at this point. Sounds like another "headline" grab to me.

[Senor_Taylor]

How won't they know? How do they track fraud? Charge backs?

Sent from my Pixel 3 XL using Tapatalk

[Ken]

How won't they know? How do they track fraud? Charge backs?

Sent from my Pixel 3 XL using Tapatalk

"It Just Works"

Apparently, it uses machine learning and apple maps data (woof) to color-code spending so you know what your spending it on but they... don't? That information is sent anonymously to Apple but isn't tied to your Apple ID? 

Idk man. Seems real dumb for something that will give you 1% back on purchases. Sorry, 3% for the times the Apple Pay is actually accepted.

[Beej]

How won't they know? How do they track fraud? Charge backs?

Sent from my Pixel 3 XL using Tapatalk

All data analysis done by Apple is on device, they don't get that data.  Goldman Sachs is providing the back end money/service (using Mastercard's network) - and I think they said that Goldman won't be allowed to sell data to third parties/advertisers, but yeah obviously they'll have it because somebody has to.

Sounds like their interest rates are 13-24%, which ain't what I'd call low - no idea if it's low compared to other cards though.

Whole thing is kinda weird.

[Sijray21]

.
Sounds like their interest rates are 13-24%, which ain't what I'd call low - no idea if it's low compared to other cards though.

Pretty much standard for most cards. If anyone is worried about credit card rates then they likely have better financial decisions to make as to not carry a balance.

[JPolen01]

I went to college so I don't need to worry about credit card interest rates. Paid off every month.

[Ryan T]

.

Sounds like their interest rates are 13-24%, which ain't what I'd call low - no idea if it's low compared to other cards though.

Pretty much standard for most cards. If anyone is worried about credit card rates then they likely have better financial decisions to make as to not carry a balance.

This. I have no idea what any of my interest rates are, because I pay them off every month.

[Apoc]

I don't pay interest either, but I think it's important to recognize some families do rely on credit cards when they have sudden expenses and are living paycheck to paycheck. There are a lot of irresponsible people, but not everyone who ends up carrying a balance because they're doing something wrong.

[Ryan T]

I don't pay interest either, but I think it's important to recognize some families do rely on credit cards when they have sudden expenses and are living paycheck to paycheck. There are a lot of irresponsible people, but not everyone who ends up carrying a balance because they're doing something wrong.

PS I sent you a PM about something unrelated.

[Apoc]

Capital One - "Rewards" card, looking to replace this with Venture or something similar for more travel rewards.

Check out the Citi Prestige MC. We switched from Venture to this because of things like free lounge access and 4th night in hotels free. There's also 5x for all air travel and restaurants, as well as 3x for hotels.

:thumbsup:

https://www.creditcards.com/credit-card-...-bonus.php

[Ken]

Capital One - "Rewards" card, looking to replace this with Venture or something similar for more travel rewards.

Check out the Citi Prestige MC. We switched from Venture to this because of things like free lounge access and 4th night in hotels free. There's also 5x for all air travel and restaurants, as well as 3x for hotels.

:thumbsup:

https://www.creditcards.com/credit-card-...-bonus.php

the 5pt return is only for air travel? That kinda sucks - I like on Sapphire that anything deemed travel (Uber, Lyft, tolls, parking) counts as well (granted, at 3%.) 

How's the Thank-You point system?

[Apoc]

I spend thousands on airplane tickets and <$500 per year on the rest you mentioned, so I'm good with the structure.

The best value is in airline tickets, although I think they're getting weakened a bit. I've used points with the fourth night free the past two trips to get nice places for pretty cheap. I've gotten free nights in Milan, Vegas, and Palm Springs all in the last seven months. Sometimes we use miles for the rest, sometimes we pay.

I think we're about to clear out our balance on one free ticket to Europe. This 50% increase in out of pocket ticket costs because of a kid is highly overrated. I suspect we'll get one every year, if we don't use elsewhere, with our spending habits.

Their website for booking sucks a good bit.

[Apoc]

The Points Guy's take: https://thepointsguy.com/news/citi-prestige-changes/

I’ve really only been using the Citi Prestige for paid hotel stays thanks to the hugely valuable 4th Night Free perk, but with the 5x and 3x bonus categories bring it “top of wallet” for me — and we’ll be moving our company travel bookings to this card to enjoy the 5x along with trip delay insurance. There’s no denying that the limit on 4th Night Free bookings will be a huge downside for some, but there are plenty of positive changes on the earning side.

Our TSA pre-check is about to expire, so we're going to switch to Global Entry. I didn't realize this, but the card also offers a credit for these application fees.

[V1GiLaNtE]

The Points Guy's take: https://thepointsguy.com/news/citi-prestige-changes/

I’ve really only been using the Citi Prestige for paid hotel stays thanks to the hugely valuable 4th Night Free perk, but with the 5x and 3x bonus categories bring it “top of wallet” for me — and we’ll be moving our company travel bookings to this card to enjoy the 5x along with trip delay insurance. There’s no denying that the limit on 4th Night Free bookings will be a huge downside for some, but there are plenty of positive changes on the earning side.

Our TSA pre-check is about to expire, so we're going to switch to Global Entry. I didn't realize this, but the card also offers a credit for these application fees.

Good move. I always tell people to get Global Entry over Pre-check.

[Ken]

The Points Guy's take: https://thepointsguy.com/news/citi-prestige-changes/

I’ve really only been using the Citi Prestige for paid hotel stays thanks to the hugely valuable 4th Night Free perk, but with the 5x and 3x bonus categories bring it “top of wallet” for me — and we’ll be moving our company travel bookings to this card to enjoy the 5x along with trip delay insurance. There’s no denying that the limit on 4th Night Free bookings will be a huge downside for some, but there are plenty of positive changes on the earning side.

Our TSA pre-check is about to expire, so we're going to switch to Global Entry. I didn't realize this, but the card also offers a credit for these application fees.

Good move. I always tell people to get Global Entry over Pre-check.

It's like, what, a $20 difference if you're the one paying for it - totally worth it. 

If i start flying even more frequently i'll look into switching to prestige, right now though a lot of our spending is Uber/Lyft and other travel.

[Apoc]

$85 vs $100, I think.

Customs didn't used to be a problem for the once a year I left the country. Last time we re-entered the country they held our entire plane on the jetway (not even in the Customs hall) for about 30 minutes because they were at capacity. No seats, no bathrooms, and a lot of aggravated people who just got off a 10 hour flight. Anyone with Global Entry was allowed to walk up the jetway to the front of the line and be admitted, because they'd be using dedicated lanes/kiosks. Oh, and the baggage handlers left our stroller in Rome so we had fun chasing our toddler around customs when he broke loose from our grip. That's when I decided we'd be switching before our next INTL flight.

[Jake]

I'm waiting on my passport to arrive (never had one before!) but then will apply for Global Entry. Chase covers that fee or PreCheck's fee so it's no difference to me which one I get, and GE is more comprehensive anyway.

[Apoc]

I'm waiting on my passport to arrive (never had one before!) but then will apply for Global Entry. Chase covers that fee or PreCheck's fee so it's no difference to me which one I get, and GE is more comprehensive anyway.

Yeeaahhh, I tried to apply for GE yesterday and realized I'm stuck because my passport is with the gubment being renewed.

[Apoc]

For those of you mapping out your retirement, how are you handling home equity?

I would think it'd be a wash if you plan to stay in your current home, but maybe I've got a skewed perspective in that I think most people would downsize and/or live somewhere cheaper. Given I don't want to own a home when I'm retired, I'm thinking I should be counting equity. Then again, I guess that means I'd also have a rent payment.

You can't really use it in online calculators because it applies the growth rate to all assets - the stock market isn't gonna do the same thing as the housing market. Maybe just count it as a free year or two of income but leave it out otherwise?