Hey BP, I recently started following a few Youtube streamers that analyze credit card rewards systems and suggest strategies to earn cash back, skymiles, and points (AskSebby, BeatTheBush, and Credit Shifu). All of their strategies depend on you paying off your full balance as soon as you can. I don't think there is any good that can come from carrying a balance..
I started dabbling in maximizing my rewards using the Chase trifecta at the start of the year. So far so good. I'm also researching a Home Depot card to add the mix. My goal is to pay for any scouting or signing trips with just rewards points in 2018.
I would imagine that you can really rack up points and/or churn through signup bonuses if you charge major purchases and expenses through rewards cards and then pay them off immediately. Has anyone had any luck with these types of strategies?
I do this a with BRRRR.
I try and get a bunch minimum spend cards around the time of my rehabs and put it all on credit card, pay them off with the refi money and collect the points.
@Lee Huffman taught me a everything I know about it. maybe he can give some insight
@Alexander Felice are there any cards that you have found are particularly useful for making real estate related purchases? What is your favorite points system to build up?
@Bobby Thompson there is no perfect points program. The points that are “best” are the ones that get you to your goal. Just like real estate, there is no “best” real estate strategy that works for everyone.
The best approach is to figure out what you want to do (more vacations but in economy, fewer but in First/Biz Class, aspirational hotel stays, etc), then devise a plan that will help you get there.
Hit me up if you chat about it more. I can help you create that plan.
PS: You won’t earn any points with the Home Depot card. Not useful for that, but it is useful for cash flow when you take advantage of the 12-24 month 0% financing promos available.
@Lee Huffman Thanks for the advice! I will hit you up soon. Appreciate your time.
@Bobby Thompson you’re welcome. I look forward to chatting with you.
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