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Credit card education

  1. #76
    Lifer obsolete's Avatar
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    Re: Credit card education


    Quote Originally Posted by e30addict View Post
    This.
    Twice. I switched to rewards cards last fall and just paid for my hotels for a week and have almost 300 in cash on my Amex. I balance them like a debit card.

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  2. #77
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    Re: Credit card education

    Quote Originally Posted by ilikenapalm View Post
    There's a big difference between spending money you don't have and using credit cards to purchase things you were going to buy anyway.
    Forgive my crassness, but no shit.
    I just don't see myself using one again like that. Car loans, bike loans, any type if fixed lending is fine.
    But credit cards are the devil.

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  3. #78
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    Re: Credit card education

    Debt managed improperly is the devil.

    Debt managed correctly can be beneficial.

    Funny how you mention bike loans being okay but they're not really any different. The companies used lure people in with lower payments for a few years and then juice them later. You mean I can buy a new bike for $59/month? Sign me up. 2 years later when that payment is now $200 and you can't afford it, because you didn't read the fine print, what do you do?

    Saying credit cards are the devil but other loans are fine is like saying sport bikes are evil but Harley's are ok.

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  4. #79
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    Re: Credit card education

    What do I do? I get a low apr installment loan from my credit union.
    1.74% (was my last rate) for a motorcycle? Forget all them balloon payment or variable rate BS things.

    For me, a fixed monthly payment on a fixed debt is responsible management. It's how I roll, for better or worse.

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  5. #80
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    Re: Credit card education

    Understood. I meant "you" more as a general person, not you specifically. The point was bike loans were really no different than credit cards in their capacity to be evil. In the end, it's still on us to make sure we don't get screwed, or screw ourselves, when we borrow ANY money, regardless of what kind of debt it is.

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  6. #81
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    Re: Credit card education

    While all of the rates are listed as "variable" for credit cards, I have never once had a rate go UP... in fact, I've had a bunch of them drop (I think it's when you have good history or your credit score improves.

    As someone said, you can use credit cards like a debit card. Make some purchases, then make the payment from your account. If you don't have your money in the account, don't make the purchase. It's not terribly hard to be disciplined. Also, the credit is then there if you need it or have a problem.

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  7. #82
    Lifer obsolete's Avatar
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    Re: Credit card education

    Quote Originally Posted by CEO View Post
    While all of the rates are listed as "variable" for credit cards, I have never once had a rate go UP... in fact, I've had a bunch of them drop (I think it's when you have good history or your credit score improves.

    As someone said, you can use credit cards like a debit card. Make some purchases, then make the payment from your account. If you don't have your money in the account, don't make the purchase. It's not terribly hard to be disciplined. Also, the credit is then there if you need it or have a problem.
    The only issue is I'm ridiculous when it comes to my check book and I can see others not having the same discipline. I know a lot of people that don't even track a check book and just check balances. I would lose my mind doing it that way. But then again I run a spread sheet with every transaction coded by how it was spent and which card it was put on. Some day it will come in handy to know how much I spent on gas in April of 2009...

    As an aside, I have helped people with budgets before and don't mind (if I have the time) helping anyone out with it. Budgeting is very easy but so many people don't do it and end up all over the place with finances.

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  8. #83
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    Re: Credit card education

    Quote Originally Posted by CEO View Post
    While all of the rates are listed as "variable" for credit cards, I have never once had a rate go UP... in fact, I've had a bunch of them drop (I think it's when you have good history or your credit score improves.
    Pretty sure they go up if you miss a payment.

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  9. #84
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    Re: Credit card education

    Quote Originally Posted by obsolete View Post
    The only issue is I'm ridiculous when it comes to my check book and I can see others not having the same discipline. I know a lot of people that don't even track a check book and just check balances. I would lose my mind doing it that way. But then again I run a spread sheet with every transaction coded by how it was spent and which card it was put on. Some day it will come in handy to know how much I spent on gas in April of 2009...

    As an aside, I have helped people with budgets before and don't mind (if I have the time) helping anyone out with it. Budgeting is very easy but so many people don't do it and end up all over the place with finances.
    I try to have allotments or separate accounts for certain things. Like, my rent and auto go to one account automatically. My savings to another. And then I use whats left for utilities, food, gas, and entertainment. Then you only use what you have available. These days with mobile banking and account access on your phone, it's easy to know what you can and cant do.
    Quote Originally Posted by aldend123 View Post
    Pretty sure they go up if you miss a payment.
    Well yeah, don't miss a payment. The minimum payments are so low that if you're missing a payment you have some major problems.

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  10. #85
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    Re: Credit card education

    Quote Originally Posted by CEO View Post
    I try to have allotments or separate accounts for certain things. Like, my rent and auto go to one account automatically. My savings to another. And then I use whats left for utilities, food, gas, and entertainment. Then you only use what you have available. These days with mobile banking and account access on your phone, it's easy to know what you can and cant do.
    Well yeah, don't miss a payment. The minimum payments are so low that if you're missing a payment you have some major problems.
    I think I may switch to a system like that. Currently I account for it on my spreadsheet but that takes time. I wouldn't mind juicing up a few accounts and having it autowithdraw and balancing it but I still like dicking with the numbers.

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  11. #86
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    Re: Credit card education

    I started down the route of separate accounts. I nearly lost my mind trying to keep it all straight. And they were at different institutions; keeping on top of which one had which rules about withdrawls, minimums, etc was a pain. CEO, do you keep everything at one or two places? Or is this all spread out?

    I used to use Microsoft Money religiously. I have records to the cent since 1999. That was until about a year ago. Since then I've gone off the reservation. My savings discipline reflect this.

    I know a lot of people use mint now to track stuff. I can't get over the trusting them thing.

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  12. #87
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    Re: Credit card education

    I love mint. Bubba stole my thunder. Shows all my accounts. It's magic.

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  13. #88
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    Re: Credit card education

    Quote Originally Posted by nhbubba View Post
    I started down the route of separate accounts. I nearly lost my mind trying to keep it all straight. And they were at different institutions; keeping on top of which one had which rules about withdrawls, minimums, etc was a pain. CEO, do you keep everything at one or two places? Or is this all spread out?
    I was using two banks, each with a checking and savings. I recently closed the savings at one bank and transferred it all to capitalone360 savings online due to their superior rates. It links back to the checking account (at the bank where i closed the savings) for easy transfers back and forth.

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  14. #89
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    Re: Credit card education

    Whats the rate?

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  15. #90
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    Re: Credit card education

    Rate is 0.75% regardless of balance. They also offer a paper free checking account that pays interest and links to the savings.

    https://home.capitalone360.com/

    In case you aren't aware, it used to be the ING direct account and capital on bought them.

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  16. #91
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    Re: Credit card education

    Quote Originally Posted by CEO View Post
    Rate is 0.75% regardless of balance. They also offer a paper free checking account that pays interest and links to the savings.

    https://home.capitalone360.com/

    In case you aren't aware, it used to be the ING direct account and capital on bought them.
    Yeah I've got a savings account with them as well... don't use it all that much, though I DID crack open a Sharebuilder account with them about 6 months ago & invested in some stocks which is working out okay for me.

    I should really transfer more into it. The majority of my savings is in my BOA checking account where it's obviously not growing at all. I think because I didn't have a *real* credit card I wanted to have enough on tap at a moment's notice in case of an emergency. Now that I have a 5k credit limit with BOA Signature I should really transfer from my BOA checking to my Cap 1 360.

    *opens BOA & Cap 1 360 websites...

    EDIT: transfer complete.

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    Last edited by OreoGaborio; 08-20-14 at 10:14 AM.
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  17. #92
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    Re: Credit card education

    I use the optimizer plus for savings. .95% interest.

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  18. #93
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    Re: Credit card education

    Quote Originally Posted by JettaJayGLS View Post
    Gas looks to be a big expense for you, I'd get whichever card rewards the most for gas. If you fly a lot, and on a specific airline, get a flight rewards card. If you don't do anything specific, a 3/2/1 with no annual fee seems to be the way to go. If you don't have an annual fee you don't have too much to worry about assuming you are responsible (which I know you are).

    I personally use an Amex blue cash preferred as it pays 6% on groceries, and I eat a ton and cook just about all my meals. Sure there is an annual fee, but I'm making that back in 2 months of rewards and no one else is paying 6% groceries. Add in 3% on gas, 1% everything else and I make a few hundred bucks a year.

    I have 2 suggestions for maximizing rewards with minimal risk of running up a balance:
    -In stores, only use your card for transactions with higher rewards. I only use mine for gas/groceries in stores.
    -Make all online purchases with your credit card. Since you are already at your computer, immediately go to the CC website and pay-off exactly what you just purchased. I also do this for big purchases. For example, I just bought a TV. Paid by credit card at Best Buy then went home and instantly transferred the money.
    The BOA Cash Back card's been workin well so far. So easy to check balance & pay it off by transfering funds from my checking account. Love that aspect.

    I'm also liking the Amex Blue Cash Preferred card for groceries idea... But I gotta run the numbers & see if I buy enough groceries to offset the annual fee. Now that I'm moving in with Jackie I may see if I can get that & use it for all grocieries between us.

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    Last edited by OreoGaborio; 08-20-14 at 10:15 AM.
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  19. #94
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    Re: Credit card education

    Pete, I went with the Blue Cash Everyday card. Did the math out and the price difference to the Preferred wasn't worth it. I'm happy with the Amex so far. Can send you a referral if you want for some bonus sign-up cash on both our ends.

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  20. #95
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    Re: Credit card education

    I did the math as well and determined that between gas and groceries the preferred card was definitely worth it. I make several hundred bucks a year on this card. If you have an SO or are married or have kids, you'll probably have even more benefit than me.

    Also, there are deals that come out once in a while. For example, spend $75 at whole foods in one purchase in the next month and get a $10 statement credit (plus your 6% cash back). Other businesses participate as well. Not like you should do this just to get the 10 bucks, but if its stuff you do anyways it's another added perk.

    Pete I can refer you for the preferred card.

    Clayton must eat ramen and drive an electric car, he says the preferred wasn't worth it

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    Re: Credit card education

    My BoA card has rewards that I've used. I've gotten over $400 back between the "10% back on purchases from xxx" monthly deals and the constant 1/2/3% thing they do on gas/groceries/something-else. I'm happy with it, although the cash back and rewards system is a little asinine.

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    Re: Credit card education

    Quote Originally Posted by CEO View Post
    Clayton must eat ramen and drive an electric car, he says the preferred wasn't worth it
    No, but I do shop at Artie T's Market Basket and drive a 65mpg Veestrom

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  23. #98
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    Re: Credit card education

    Quote Originally Posted by CEO View Post
    due to their superior rates.
    there is no such thing in today's economy

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  24. #99
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    Re: Credit card education

    Quote Originally Posted by RandyO View Post
    there is no such thing in today's economy
    Moot point...

    Some shit is better than no shit. If I take a little shit & you take an even smaller shit.... it's still shit and it's still small, but my shit's still superior.

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    Last edited by OreoGaborio; 08-20-14 at 11:37 AM.
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    Quote Originally Posted by CEO
    Did you ensure that there is no early payback penalty on the 60 month loan? If not you may have cost yourself more money (unless you are sure you wouldn't have the diligence to pay it off early anyways)
    No penalty for early payment. I made sure of that.

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