We applied for a new credit card. We were approved, too. I was tipped off by Monkey Mama in my last post. It isn't for everyone, but it seems like the right offer to jump on for us. It is the Wells Fargo Propel World American Express card. We need to spend $3,000 in three months to receive 40,000 bonus points equal to $400. We should be able to redeem our points for a credit to our mortgage which is with Wells Fargo. And we all know tha I have been putting ALL bonus reward money towards paying down our mortgage so this really is perfect.
We won't keep the card long term since it has a crazy high annual fee after the first year. I think it is $175! I would never pay that unless I was getting major benefits to offset it.
We have quite a few things we can charge to the card to meet the spending requirement. One is our gym membership which is due any day now (fingers crossed the card arrives fast) and is over $700. We are also in the market for a used/refurbished Apple computer for our daughter. We have a little mini trip coming up, and some home improvements. Those things along with our regular spending will sure have us meeting the requirement in no time.
I'm paying the small charge on my husbands Discover card today. Once that posts, I will be requesting a cancellation of that card. I will also request a card from my Discover account for him. We will need it when the 5% cashback on gas comes up in July!
The money my husband had in his Capital One 360 checking and savings accounts has arrived in our primary checking account. It will get moved to savings. I have sent a request to CO360 about cancelling the accounts. I was able to do the savings when I made the transfer, but that didn't happen with the checking account.
I have also decided that I will cancel the Old Navy card. Yes, it is my oldest card and could effect my credit score. However, I'm okay with whatever results from that. It will only get worse the longer I wait and I really, really don't want the card anymore!
It feels good to get some of these financial tasks done and have things more consolidated. I like things simple really.
Is anyone else applying for the new Wells Fargo Amex card? Have you cancelled any credit card or bank accounts recently?
I finally got to cleaning up and decluttering in my garage yesterday. I posted many, many pictures of my progress on Your Organized Friend!
Applied for New Credit Card
May 7th, 2014 at 01:38 pm
May 7th, 2014 at 03:41 pm 1399477295
Suzanne
May 8th, 2014 at 12:57 am 1399510647
May 8th, 2014 at 01:00 am 1399510804
May 8th, 2014 at 01:14 am 1399511654
PenFed Credit Union is what you'll want to Google.