Help finding that app for maximizing CC points

Somebody recently told me this:

The Citi “DOUBLE CASH” MasterCard
pays 2% cash-back on all purchases,
regardless of category.

Not “points”, but actual money.

If anyone knows a credit card that gives a better deal,
then please tell all of us, here in the YWN Coffee Room.

Thank you.

I know of “frum” people who sign up for cards to use their – sometimes very generous – introductory offers and then switch to a different one. Any posek or sefer halakha that approves that?

fake, the issue would be – taking advantage of someone. Seller is not allowed to overcharge more than 1/6, but so does the buyer. Credit card offers are done in order to entice you to use the card long-term. It is OK to try it and then decide not to keep. But routinely taking advantage of these offers means you are taking money from people. I guess it depends on the terms of the offer. If the offer is – 2% rate for one year, you are not taking money, just getting good terms, but if the offer is $200 cash or free flight, then you are taking money from someone without giving anything in return.

and what is 5/24 rule? I am afraid to google or chatgpt

You’re not giving nothing in return. The CC companies make money off of every swipe. Interest rates not withstanding.

“fake, the issue would be – taking advantage of someone. Seller is not allowed to overcharge more than 1/6, but so does the buyer.“

That’s only Jewish run businesses

asd, there might be a difference here – taking introductory offer of 0% or 2% interest for 6 months v. taking cash. I am thinking taking 2% offer is ok. I know I am going to pay it back and I am, thus, a low risk (even of lender does not know), so he is getting reasonable if low profit. I am less sure about 0%. They would not give it to you if they knew you are going to quit – although I used it myself – usually from the CC that I already used and once in a while self-justifying that I paid late fees or interest. Maybe it is still OK especially if you are tight on money – because there is still a chance that you will not be able to pay on time, and that is all they expect – a fair chance.

There seem to be a few Credit Card issues being discussed here:
1) Is it halachacly permitted to open a card for its sign-up bonus if you don’t intend to use the card beyond that? Are there potential issues, e.g. reinforcing negative stereotypes about Jews?
2) What is the 5/24 rule? Will it affect me if I open one or more cards?
3) Are there any downsides to opening cards?
4) Which card should I get?

I am not a financial baki and I request that nobody take any action based solely on my advice and opinions. That said:

1) a) Is it halachacly permitted to open a card for its sign-up bonus if you don’t intend to use the card beyond that? Why not? I see it as no different than a store that offers a great sale on one item to entice customers – they know full-well that some customers will only buy the sale item, but it’s still worth it for them. b) Are there potential issues, e.g. reinforcing negative stereotypes about Jews? I honestly don’t know. I’d guess not, but that’s just my opinion – ask your rav.
2) a) What is the 5/24 rule? Chase will not allow you to open a credit card if you’ve opened five or more within the last two years (24 months). This is specifically a Chase rule and it isn’t industry-wide. b) Will it affect me if I open one or more cards? Only if you’ve opened five or more cards within the last 24 months and you’re now applying for a Chase card.
3) Are there any downsides to opening cards? YES!!! They are invitations to go into debt and pay potentially huge amounts of money in interest while being unable to pay off the entire loan. Imagine if a delicious bakery opened that sold the best cakes you ever tasted and you wouldn’t gain any weight for thirty days, but then you’d gain all the weight on day 31. Many people would lose track of how much they’re eating if the scale doesn’t show the results immediately. That’s what a credit card can do and financial discipline is crucial when opening one. I’m not saying you shouldn’t have one, but make sure you’re spending only what you can repay, and do what you can to pay your balance in full every month.
4) Which card should I get? One size doesn’t fit all and it depends on your personal needs and usage. I have a relative who buys almost everything on Amazon, so they got a card that gives 5% back for future Amazon purchases – a great deal for someone who spends thousands yearly. This card has an awful interest rate, so if you get it, it’s especially important to pay the bill in full each month. If you travel a lot, you may want to get a card that rewards you with free nights at hotels and/or free airplane tickets. If you dine out often, you may want a card that gives high cash back for restaurant payments. If you’re transferring a high-interest balance from another card or loan, you probably want a card that doesn’t charge interest for a while and/or has a low rate. If you buy a lot of gas, some gas company’s card may have a deal that’s good for you. Some cards have a yearly cap on their rewards, others don’t.
There are websites that list pros and cons of many different cards and offers. It pays to read up on them before making a decision.

I found a 2014 article by R Efrem goldberg from Boca with a “duh” title “just-because-it-is-permissible-doesn-t-mean-it-is-right”

He is not talking about credit card offers but another behavior that is legal – issuing complaints and pressing companies to issue returns and offers because of that, or taking advantage of mistaken low offers.

Last month, the United States Supreme Court heard the case of a rabbi who was suing Delta airlines for revoking his Platinum Elite Status after he complained 24 times in 8 months and negotiated his way to $1,925 in travel credit vouchers, 78,500 extra bonus miles, a travel voucher for his son and $491 in cash reimbursements. The court has yet to render its decision but it was clear that the justices were less than impressed with the complaint.
…

The Torah tells us (Devarim 6:17) “V’asisa hayashar v’hatov b’einei Hashem, Do what is right and good in the eyes of Hashem.” What does this generic statement mean? How do I fulfill this command? The Ramban explains:

“This is a great concept, for it is impossible to mention in the Torah all of the modes of behavior for a person to follow with his neighbors and acquaintances, and all of the details of his business dealings and all the regulations for the betterment of society and of states. However, after mentioning many of them such as don’t gossip, don’t take revenge…it goes on to say here in a general manner that one should do what is good and right in every situation.”

Red Adair – you left out that opening and closing too many credit cards can strongly affect your credit score.

amom > opening and closing too many credit cards can strongly affect your credit score.

R Yohanan said – be afraid of King of Kings like you are afraid of an earthly king … so, credit score is scarier than inappropriate behavior?

Red Adair > I see it as no different than a store that offers a great sale on one item to entice customers –

thanks for the discussion. I see the difference here – 1) the offered sale brings people to the store physically 2) it is pretty hard to do that repeatedly given that a number of people come after limited number of physical objects 3) stores rarely sell with a true loss over their wholesale value

for the CC – it is easy to do multiple times in the virtual world, this is clearly not what the offer is for.

this is all trying to explain my gut feeling when I first heard of someone doing this, maybe the real test would be to ask random people on the street – what they consider yashar.

The fact that some people here know of such a little technical detail as 5/24 really scares me – how would a normal person encounter that? this is obviously from the experience in the community.