Відео

You do a non-deductible contribution and if you do this using this backdoor Roth IRA method, you won’t have to pay taxes on the Roth conversion.

It’s definitely a good question! I’m not really sure because it should. It really makes those cards a lot better for airline benefits. The higher tier airline cards tend to have higher multipliers but yeah, it’s weird that the multipliers are so bad on airline credit cards!

Great!

💯💯

Yeah, each one of these ecosystems have their pros and cons, but it's nice to see the competition! As each issuer fine-tunes their cards (except Chase it seems, haha), hopefully consumers will go to the better card, forcing the others to innovate! I agree, Chase needs a gas category at the very least since WF has one. Only Citi has that elusive grocery category!

I don’t think so haha

Yeah, benefits on these premium cards can really make a huge difference if you can stack value on top of value on top of value! If you find the right FHR booking, it can really elevate your stay!

Hah! Yeah, that’s for sure.

Yes, that sounds like the dream! A one-card setup would be so nice imo 🤩

Of course! Thanks for asking an awesome question! I think everyone really enjoyed that one!

That’s an interesting situation to be in! Thats awesome that you found the setup that works for you and that Chase 5/24 no longer matters compared to completing your WF setup! Having both the C1 duo and the WF cards is going to be very powerful and with the C1S1 you have groceries covered which is the one missing category on WF cards.

It's one of the mysteries of the world!

Hah! That's so funny, but I'm glad you gave them some love (because at the beginning they really had none!). I agree, once they have better transfer partners, they'll have a very powerful setup going on! (also groceries would help too)

Wells Fargo definitely has potential to be a great contender in the travel game if they get some good travel partners. They could definitely compete well with Chase and Citi!

Yeah, that kind of surprised me too! But Chase has a very strong following for sure, and they do have a very simple trifecta setup that almost anyone can use very easily!

Nice Shawn! It's good that you've found a home with Amex! They certainly have some great cards, but I wish they didn't have so many statement credits on their cards! It would be nice if they auto-approved me for cards more often, but it's probably because I'm not spending on their cards enough 🙄

Haha! Oh no! It sounds like you are a statement credit masochist! If so, Amex is the right issuer for you. 🤣🤣🤣

Thanks! I would say whatever preferred bank that has a student credit card, but if you were looking at one of these issuers, I would go with Chase, especially since you're thinking about domestic travel.

That's a lot of ecosystems! Imagine if you could focus all your spend in Chase and how many UR points you'd have!

@@TheCreditFrog lol exactly! I think at some point I need to stick to one. The Capital One duo comes to mind for an easy 2 card setup. The credit card game is wild 😅

I think that's consistent with what I recommended haha! But yes, I get what you're saying. Your suggested questions are very well thought out, and would get right to the point of the what we all want to know, but for the live, I do need to answer the questions that were asked to me. In any case, I agree that Chase can get you some insane value since welcome offers (especially elevated ones) are easily obtainable with the redemption floor of 1.5X. I also think your insights on Citi is spot on. Very insightful response and well said! I'm not sure why WF is the worst other than their transfer partners are borderline terrible, but the earnings are there and they do have welcome offers. We just need to watch them closely since they're in the building phase and their portfolio is so much better than it used to be compared to even just 2 years ago!

I think WF competes (they don't have groceries, but other than that, lots of coverage of different categories), but Citi's transfer partners are way better. Yeah, the army of Citi CCs would really change the game, but it's harder/slower to get if you're not working with a P2. That Strata Premier card is also a great card that has a lot of great multipliers and can also unlock transfer partners, which is more than what I can say about the Chase Sapphire Preferred.

No problem Henry - next time! As for those two cards, the Hilton Aspire is the better card since it's FNC comes right away and is uncapped. It's got more statement credits, which sucks, but since it has a lower AF at $550, it's got a better value proposition than the Bonvoy Brilliant. Hilton Diamond is better the Marriott Platinum. But if you like Marriott, the Brilliant is definitely the card to get an an 85k FNC is nice to have, but you gotta wait a year for it!

Yeah, I'm really impressed with the coverage on the Wells Fargo setup tbh. I know they've had their issues in the past, but they're making great strides in their credit card lineup. It would be insane if they somehow were able to add groceries to their setup, or even a luxury travel credit card as you mentioned! That would be incredible, and change the game up for sure.

It's definitely an expensive setup!

Haha! There's Matt! WF needed you for the live poll, I felt so sad for them at the beginning. Yeah, WF is doing great things and innovating with their new cards so like you, I'm looking forward to seeing what new ideas they can bring to the table!

Yeah, Chase has some very good and effective marketing!

@@TheCreditFrog I agree, wanted to be a chase fan, and still have some cards but it just lacks functionally for me. Citi all the way!

Chase has the most accesible partners including Hyatt, which is a trump card.

@@deschutesfelix it literally said multipliers only …

Thanks Michael! Yeah, I agree. For Chase, I wish they had more stable categories instead of the 5X roulette wheel that comes on the CFF, and for Amex, their AFs get super high so it's questionable how much value you really get when you have their trifecta setup. Glad you enjoyed the video!

I've heard great things about PNC!

That's for sure! They should really add a grocery category, but they don't need to as you said!

While a GREAT setup could be made with BofA, it's only really cash back. The 5 I chose have transfer partner access.

Yeah, if WF wants to compete, having people get their hands on their cards is probably a great first step, haha! Chase has the upper hand since their marketing is so good.

For sure! Yeah, there really isn't a right answer other than what I said in the livestream, which is that unused points are worthless. It's up to us to put these points to work and to figure out when the right time to do so would be!

Yes but for 1.5 percent more on groceries and 10 percent extra to lock yourself into Aeroplan is never going to be worth it. It’s a churn and get rid after a year card unfortunately.

@@L-Man-Gaming they offer pay yourself back too. Some status benefits. You do have to want to use the Aeroplan system. I’d rather have an Aeroplan business card.

Yeah, I covered this card in the full live stream! Definitely a viable option if you want 3X on groceries on a Chase card, although those points are locked in the Aeroplan system. PYB is also a good choice as you mentioned. I think that as long as you think you'll be redeeming with Aeroplan, that card is a pretty solid contender!

@@L-Man-Gaming It depends on the situation, but I can see your point. There are a lot of other cards out there that could be better - but if you use Aeroplan a lot, this could be a nice compromise at a lower AF price point. I need to math it out though to see what the difference would be compared to the Amex Gold card though.

Hah! You found him! 🐸

It's the Capital One Duo for Jimmy James!

Every bank has skeletons in their closet. WF for some reason is the most publicized though.

Happy Monday! 😀

Over 13 (at least on a single bureau) is pretty high. Citi tends to be more inquiry sensitive so I can see that happening for sure.

Citi is sensitive for sure, best to get some of their cards early or after a long gardening.

That's for sure!!

Definitely a great trifecta!!

Look up "Wells Fargo Scandal" and just pick whatever year you want that pops up. People are wary of them. My aunt was a victim of the fraudulent account scandal of 2016 (have to specify the year for that one, it happened twice).

That's what I was thinking!! WF gets so much hate, but yeah - not an ethics competition lol

Also some of the same people voting against WF in the first poll for it’s missing grocery category be voting for the Chase Sapphire Preferred even though it only has online groceries. *Facepalm*

wf could have 10x on everything and i still wouldn’t do business with them 😂

If they cared about ethics the tsunami of complaints against Chase would matter to them, it's hivethink

Haha, yeah that's how I felt about it too!

Of course Chris! You're welcome!

It's true, but I guess it would also depend on where you're based/where you fly out of. If you're in DEN, DFW, and IAD, the C1VX would be a perfect fit in that Capital One Duo!

VX has all the Priority Pass that Sapphire does, plus Plaza Premium and is opening their own. Pretty equal to Chase

Thanks Darius! I agree, avoiding popup jail for an offer like this one is insane, and hopefully a lot of others can beat popup jail too!

@@TheCreditFrog Yea hopefully! I can't imagine how annoying it must be for some ppl. I'm crossing my fingers that my day never comes hahah

This sounds like a great offer! Especially when you take into consideration the annual fee after considering the prorated refund! I would only mention that the all-time offer right now on the Platinum is 175k MRs for $8k spend in 6 months. The Gold upgrade offer is about 21 points per dollar spent with the new Platinum offer is about 22 points per dollar spent, so it's more or less a wash in terms of which offer is better. I think it would come down to how much money you can spend with the MSR and how many MR points you want with the bonus. The benefit of doing the upgrade is that there is no new account on your credit report, which could be helpful for your credit score and your 5/24 status depending on when you first got the Gold card. No right answer here - just your call!

@@TheCreditFrog Thank you for breaking that down, I really appreciated that. I just realized that I would loose out on the (once in a lifetime) language offers if I choose to go with the "upgrade" offer. I spoke with a rep and they mentioned that sometimes the offers do not state the (once in a lifetime) language, so I guess its a toss. Still really interesting!

@@scarpelliproductions No problem! Yeah, if that means a lot to you. You can first get the Platinum card and then wait on the welcome offer - or if you can meet both spend requirements, you can try to double-dip (apply for Platinum, then immediately accept upgrade offer right afterwards) but the combined MSR for both offers is a tall ask for sure.

Of course Delhi Belly! Thanks so much for the questions. I appreciate your support, and have fun on your two-week trip to Thailand!

Of course! I appreciate that, and happy to hear that you’re enjoying the content!

Thanks so much Joe!