Best way to pay for a large expense

[Slow&Steady]

I have a upcoming $14k expense on a rental house and I am debating the best way to pay for this and get the biggest bang for the buck.

I could put it on my Chase Sapphire Reserve card and get those points.  This will only give me 1 point/dollar but CSR points are worth 1.5 cents each and if I don't use them this year that is not a big deal.

I could open a new Southwest RR Priority Card (65,000 pts) and the Business Card (60,000) and put it on there, this option will cost me an additional $250 in fees for the cards.  This would instantly give us Companion status but we don't have any air travel planed for the rest of the year.  I was hoping to get new SW cards in Dec/Jan to get companion status for 2019/2020 vs what is left of 2018/2019.  I started a new job this year so I don't have very much vacation and there are 6 of us total so 1 companion pass doesn't save us that much money, especially since we weren't planning any air travel.  I almost feel like the saying, buying something that you would not normally buy, just because it is on discount does not save you money.  We might end up traveling more than planned if we have the pass because I wouldn't want to waste it and the budget will be in recovery from the expense anyways. 

I do not plan to leave this expense on a CC, no matter which way we go.  I just want to pull a little bit of benefit from this expense, besides the new roof, fasica, soffit, etc.

[wageslave23]

How about an insurance claim?  I don't think anybody in my area (midwest) pays for a new roof anymore.  They just wait for the next hail storm and make a claim.

[Slow&Steady]

As far as I can remember hail storms in the desert are rare.

[MilesTeg]

How about an insurance claim?  I don't think anybody in my area (midwest) pays for a new roof anymore.  They just wait for the next hail storm and make a claim.

Insurance companies generally pro-rate based on the age of the roof. You aren't getting a new roof for free from your insurance unless it's very new.

[wageslave23]

How about an insurance claim?  I don't think anybody in my area (midwest) pays for a new roof anymore.  They just wait for the next hail storm and make a claim.

Insurance companies generally pro-rate based on the age of the roof. You aren't getting a new roof for free from your insurance unless it's very new.

You have to make sure you have "replacement cost" coverage. 

But yeah, no hail in the desert.  Sand damage?  Lol

[Aggie1999]

Do you stay in hotel's when traveling? If so Chase has some good hotel credit cards. Hyatt is about the best as their lowest point redemption in 5k. Get a card in your's and your wife's name for double signup bonus. Chase also has the Marriott cards which are not bad.

[SunshineAZ]

Just chiming it to say that it is monsoon season here in SE AZ.  We just had a bad hail storm with slightly smaller than golf ball sized hail a few days ago.  Granted, it is not common, but pea sized hail happens fairly often.  :)

[Slow&Steady]

Do you stay in hotel's when traveling? If so Chase has some good hotel credit cards. Hyatt is about the best as their lowest point redemption in 5k. Get a card in your's and your wife's name for double signup bonus. Chase also has the Marriott cards which are not bad.

This is a good alternative.  We generally pick a hotel based on location and point availability.  It looks like Marriott has a decent offer right now, I already have a rewards membership with them, and can usually use one of their hotels for work travel.

I guest this questions is really a points/credit card hacking questions.

[mathlete]

Do you have the Capital One Venture card already?

If you and your partner can both sign up for the card, you'll each get 50K Venture points, which are redeemable for statement credits against most travel purchases. That would give you some flexibility. i.e, not just flights or just hotels, but both + car rentals, airbnb, Lyft/Uber, train tickets, etc.

You earn two points per dollar, and the fee is waived for the first year. So if you could get two of these and charge $7K to each, you'd have,

(7,000 * 2 + 50,000) * 2 / 100  = $1,280 to spend on travel.

If you had to sit on the points for a year, due to lack of travel, the fee is $95. So after one year, your net would be $1,280 - $95 * 2 = $1,090.

I imagine getting actual airline miles would be a more valuable redemption, but if you're looking for more flexibility, this is an option.

[seattlecyclone]

Could you ask your roofing contractor if they offer a cash discount?

[JoJo]

Could you ask your roofing contractor if they offer a cash discount?

Yes!  This.  Ask for a 3% discount!