Designing a spreadsheet - tips?

[JennyMG]

So I'm designing myself a 'churning' spreadsheet. (or a couple actually.)

1. The cards that interest me, bonus pts, expirty date of offer, spend in timeframe, ann fee...etc.
2. Credit scores - for me and husband, so I can keep an eye on whats going on.
and the BIG ONE.....
3. THE applications,
Which bank
Which card
who's applying,
credit limit,
accepted or not,
spend requirement and time frame,
application date,
accepted (or declined) date,
bonus points,
extra offers (eg travel ins, lounge passes)
how long I have to keep the card before bonus points are awarded,
check points received date,
cancelled date,
wait time before another of similar card.

Any tips as to what I've missed in the applications for cards #3 spreadsheet? That seems the most important.
Love your ideas. (unless that's plagiarism?)

 

[Hvr]

Expiry dates of lounge passes. Hate to waste them.

 

[eastwest101]

I have done the same thing, as a comparison tool to select which cards are worth applying for, (includes annual fee/waivers, application dates, any other benefits that can be measured and quantified/monetised (i.e. cashback, lounge pass values, upgrade to a higher cabin etc interest rates are totally unimportant if you never pay interest for example) and also to keep track of what can be cancelled and when.

I have found that a formula that uses the $$ spend to achieve the bonus points with the actual time frame along with all the other stuff is really useful so you can keep track of your spend and achieve the targets quickly, and then move onto the next min spend and time frame hurdle. Also need columns for application date, card receipt date and then cancellation date that are sortable so you can keep track of different credit providers and when their exclusion periods expire.

For me its important to have min spend targets that are achievable within a realistic time frame when you select your churn and burners as I can't bring tonnes of discretionary spending forward too much and if you can't hit the bonus min spend criteria you have wasted your time and effort. YMMV though.

 

[JennyMG]

I have found that a formula that uses the $$ spend to achieve the bonus points with the actual time frame along with all the other stuff is really useful so you can keep track of your spend and achieve the targets quickly, and then move onto the next min spend and time frame hurdle. Also need columns for application date, card receipt date and then cancellation date that are sortable so you can keep track of different credit providers and when their exclusion periods expire.

Thanks, interesting post.
I'm not quite sure I understand the bit above.....$ spend to achieve the bonus points....
Do you mean the annual fee? or the amount that is being spent on the credit card. .... sorry to be a twit, but could you give an example?

Agree about the rest. Have all my columns sorted. : And definitely agree about spend v time given. Has to be manageable. I'm not into paying things earlier than I need to, on time, yes...early by months? no. So the only stuff I would pay is things that Have to be paid. Must be achievable. Lucky I have a few o'seas holidays planned, so hopefully will be able to plug some of those payments into the targets.

 

[eastwest101]

Thanks, interesting post.
I'm not quite sure I understand the bit above.....$ spend to achieve the bonus points....
Do you mean the annual fee? or the amount that is being spent on the credit card. .... sorry to be a twit, but could you give an example?

Agree about the rest. Have all my columns sorted. : And definitely agree about spend v time given. Has to be manageable. I'm not into paying things earlier than I need to, on time, yes...early by months? no. So the only stuff I would pay is things that Have to be paid. Must be achievable. Lucky I have a few o'seas holidays planned, so hopefully will be able to plug some of those payments into the targets.

Yes $$ spend to achieve xx_ bonus points, different people value points and their own spend differently - for instance its just an example but which offer is better?

Aaaa -Bank: Spend a minimum of $5000 in the first 3 months to receive 80,000 Qantas Frequent flyer points with an establishment fee of $500
Bbbb Bank: Spend a minimum of $3000 in the first 2 months to receive 60,,000 Qantas Frequent flyer points with an establishment fee of $ 0

For churning - the key question becomes how much (if any) cash you are paying in fees? plus how onerous the initial bonus spend criteria is for you to meet? Even offers with lower bonus points may actually work better for some rather than the larger bonus offer but with the really onerous spend criteria.

For cards that are keepers - its more about how many FF points per $ spend in "normal" spending, i.e. not syphoning massive amounts through ATO payments or other accelerated earn.

Some less than reputable or incompetent banks might "forget" to transfer the bonus points over to the nominated frequent flyer account once the minimum spend requirement has been satisfied. Thats why people screenshot all the T&Cs and offers pages when they apply, and why your spreadsheet idea is a good one.

 

[GSP]

A few other suggestions if you wanted to be fully diligent could be:

• You have cancelled date, but include the cancel date as recorded on the credit agency. Sometimes lenders don't send letters out, so that may be the actual date rather than the date you either cancelled online or rung up.
• I assume you have a profile with creditsavvy, creditsimple and getcreditscore. If you don't get on it. I'd then for each application include whether an enquiry was recorded for each of the agencies. Getcreditscore doesn't have it online but can be retrieved one or twice a year I think. I've found not all applications get a credit hit.
• You mention points earned, but perhaps conversion to airlines. i.e Some cards offer their own rewards points then have a conversion which can vary.
• You mentioned bonus points earned as part of the sign up rate, but also include the earn rate (similar to previous point) but also caps on it (i.e sometimes after a low monthly spend limit $2k I've seen, the earn rate plummets).
• You listed Credit Limit which I assume to be the applied one, but minimum credit limit needed is good to remember when planning on going around again.

I'll let you know if I can think of more.

 

[JennyMG]

SUCH a good idea to screen shop Ts and Cs. !!!!

 

[JennyMG]

A few other suggestions if you wanted to be fully diligent could be:

• You have cancelled date, but include the cancel date as recorded on the credit agency. EXCELLENT IDEA!
• I assume you have a profile with creditsavvy, creditsimple and getcreditscore. AM ON IT, BUT DIDN'T kow all 3 were different. Will examine this. Credit savvy = 839.
• You mention points earned, but perhaps conversion to airlines. I'M NOT INTO IT ENOUGH YET TO CARE ABOUT others than airlines as your correctly surmised. Baby steps...my head is spinning already. ha ha.
• You mentioned bonus points earned as part of the sign up rate, but also include the earn rate - YES DEFINITELY. I loved my bankwest qantas card recently $5K PER MONTH $1=1qff. after that 1/2 point. Earn rate is important to me, keep the points dribbling in.
• You listed Credit Limit which I assume to be the applied one, YES
  but minimum credit limit needed is good to remember when planning on going around again.
  WHY? (do I need to remember it, I mean.)
  (think I've been advised to always go for the minimum credit limit...prob a good idea.

I'll let you know if I can think of more. THANKS! This is GREAT info.

 

[GSP]

For a churn card I always go the min credit limit. But on the oft chance you don't, it may be useful knowing what that may be useful to be reminded of - so you can reduce down the track if you want to - I've done it on a non churn card.