caption Credit-card super users are sweating over reports of cardholders having their accounts closed by JPMorgan Chase. source Chase; iStock; Samantha Lee/Business Insider Members of online communities of credit-card super users have been freaking out over the past year over stories from some JPMorgan Chase cardholders that the bank shut down their credit-card accounts. Since the credit-card rewards arms race ramped up a couple of years ago following the Chase Sapphire Reserve launch, credit-card enthusiasts who make a hobby of accumulating points for free travel and other perks have swelled in numbers. Like card sharks in a casino, these customers tend to be very savvy, know all the rules and angles, and can eat away at a bank’s credit-card profits. Chase has gained widespread attention for its lavish rewards program, but profitability in its card division has fallen as it spends billions on rising rewards costs. The shutdown cases are … [Read more...] about Credit-card super users are searching for answers amid a string of shutdowns from Chase, as billions in costs on lavish rewards pile up
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caption Plastiq founders Eliot Buchanan and Dan Choi. source ©2015 Jon Chomitz Photography Payment app Plastiq enables users to pay for nearly anything – including bills – with a credit card, but charges a 2.5% fee. Plastiq may be worth it if you’re trying to accumulate points or meet a minimum spend on a new credit card, but if you’re not careful, the fees could outweigh the rewards. Plastiq has an A+ rating from the Better Business Bureau and it’s simple to use. Move over Venmo and Apple Pay – there’s a new payment app in town and it’s called Plastiq. “Plastiq is bill pay with benefits,” cofounder Eliot Buchanan told Business Insider. “Our service makes it possible for business owners and savvy consumers to use a credit card for virtually any expense that normally requires a check.” That’s right, Plastiq allows you to … [Read more...] about Two Harvard alums built a payment app so people can pay for rent, tuition, and even taxes with a credit card
caption Keith Rosso and his wife with their Tesla in California. Rosso’s points he got by buying the vehicle with his credit card are worth at least $5,000 in airfare and hotels. source Courtesy of Keith Rosso Keith Rosso, a writer and editor at the blog Million Mile Secrets, recently bought a Tesla Model 3. Rosso put the entire $58,857 purchase on his credit card using an app called Plastiq, which charges a 2.5% fee. Rosso used his Chase Ink Business Preferred Card, which earned him 180,000 Chase rewards points, equal to $1,800 in cash back or at least $5,000 in airfare, hotels, or car rentals. Keith Rosso and his wife saved up for over two years to buy a Tesla Model 3. With the vehicle’s starting price of $35,000, plus customization, Rosso knew it would be “the largest purchase of my life,” he recalled in a post on the credit-card-rewards blog Million Mile Secrets. But the … [Read more...] about A travel hacker snagged himself $5,000 of ‘free’ travel by using a credit card to buy a $60,000 Tesla
source Matt Cardy/Getty Images For years, credit cards from JPMorgan Chase, Citigroup, and others have offered price protection, a benefit that refunds customers up to $500 if they buy an item and subsequently spot it cheaper somewhere else. Filing a claim was a laborious task, so few people ever did. Apps like Earny have emerged that use bots to automate the price-protection process, connecting with users’ email accounts to monitor purchases and hunt down refunds. Insiders say the rise of these tools and services has led to exponential growth in price-protection claims: “Nobody foresaw the onslaught of claims right now.” Citi recently revealed it would cut back on its price-protection offering, while Chase is planning to eliminate it entirely. Discover, which doesn’t work with apps like Earny, has cut other benefits but is keeping price … [Read more...] about For years, Chase and Citi credit cards offered a generous, under-the-radar benefit that protected customers. And then the bots arrived.
By Lisa Fu Bloomberg Tues., Feb. 27, 2018 NEW YORK—Millennials have been accused of disrupting many industries, from newspapers to brick-and-mortar stores. Credit cards appear to be next in line. Just one out of three millennials carries plastic, according to a Bankrate.com survey, compared to the majority of older Americans. In addition, a Fed survey found the 18 to 24 demographic preferred to pay cash more than others. And if they do carry a card, it tends to be of the prepaid or debit variety, TD Bank found. None of that bodes well for banks such as JPMorgan Chase & Co. or payment networks such as Visa Inc. and MasterCard Inc., since the fees they earn from debit card transactions are less than those earned via credit cards. The 2008 global financial crisis and ballooning college tuition may have also scared some millennials away. Read more: Millennials less knowledgeable on credit reports, study finds Article Continued Below Is your teen … [Read more...] about Millennials steering clear of credit cards could be driven by debt, experts suggest