1) I pay off my credit card in full every month, without exception.
2) I don't want an annual fee.
That said, I charge a lot every month, especially now with all the travel I do. Probably a minimum of $2K a month, and upwards of $3500 on a real busy month. I get my expense checks in pretty quick, and get paid within two weeks. I can also use personal credit cards to pay for all my business stuff. So, what I am wondering from those that also do this, which credit card is best? I currently use Southwest Visa, and have more trips that I know what to do with right now, and also travel with SWA fairly often. So they will keep coming.
Should I look at cash back cards that offer an average of about 1.5% back (2500 * 12 * .015 = $450 cash back a year), or a card that collects points for travel, thinking I can use them for something like a rental car and hotel for a family vacation (using the SWA tickets to get there)? I'm not sure how many points I need, or if it just makes sense to take the cash.
Thoughts/opinions?
always go cash. Look for higher end cards so that their programs arent as likely to change. I have a Charles Schwab Visa with World Points. if you spend 50k, you get a 500 dollar check. As far as gifts, they are always overpriced
You need to get laid.
I have an "NFL points" card, with lots of points for nothing that I really want.
I have an "iTunes points" card, and my iTunes balance continues to grow.
I'm also thinking that a cash-back type of card would be better. If nothing else, since I do occasionally gamble at Harrah's properties, a Total Rewards points card would ive me some comp for meals and drinks and such.
Quote from: Seabiscuit36 on February 10, 2009, 08:31:24 PM
always go cash. Look for higher end cards so that their programs arent as likely to change. I have a Charles Schwab Visa with World Points. if you spend 50k, you get a 500 dollar check. As far as gifts, they are always overpriced
overpriced? you telling me that a weed wacker is not worth 30,000 points
I resent the game they've made of this. I have a life to live. I use debit only, credit cards are for emergencies only. And by emergency I mean, someone needs an abortion or I can't get to work if the car doesn't work.
My wife plays the game.
I win for not playing.
You don't keep a spare pack of wire hangers around?
Quote from: Diomedes on February 10, 2009, 11:04:32 PM
I resent the game they've made of this. I have a life to live. I use debit only, credit cards are for emergencies only. And by emergency I mean, someone needs an abortion or I can't get to work if the car doesn't work.
My wife plays the game.
I win for not playing.
Aside from housing, transportation and business expenses I refuse to finance anything.
Quote from: General_Failure on February 10, 2009, 11:07:05 PM
You don't keep a spare pack of wire hangers around?
I do cut my own hair, but I don't take things quite that far.
I never said I was hard core.
Quote from: Diomedes on February 10, 2009, 11:04:32 PM
I resent the game they've made of this. I have a life to live. I use debit only, credit cards are for emergencies only. And by emergency I mean, someone needs an abortion or I can't get to work if the car doesn't work.
My wife plays the game.
I win for not playing.
My wife and I are the same. Credit only for emergencies. Debit or old fashioned cash for everything else.
f that..I use my American Express for everything just to get as many points and miles as possible for trips Ill never go on..then pay it off immediately.
Quote from: reese125 on February 10, 2009, 11:35:08 PM
f that..I use my American Express for everything just to get as many points and miles as possible for trips Ill never go on..then pay it off immediately.
I use my Schwab card for everything, pay it off, and take the cash. It's a good system so long as you dont go crazy spening and understand your limits.
There are cards that give 2% cash back on every purchase for no annual fee. Hit one of those up.
Quote from: Diomedes on February 10, 2009, 11:04:32 PM
I resent the game they've made of this. I have a life to live. I use debit only, credit cards are for emergencies only. And by emergency I mean, someone needs an abortion or I can't get to work if the car doesn't work.
My wife plays the game.
I win for not playing.
Exact same situation. 33 and I've never had a credit card.
Quote from: SD_Eagle on February 11, 2009, 08:39:45 AM
Quote from: Diomedes on February 10, 2009, 11:04:32 PM
I resent the game they've made of this. I have a life to live. I use debit only, credit cards are for emergencies only. And by emergency I mean, someone needs an abortion or I can't get to work if the car doesn't work.
My wife plays the game.
I win for not playing.
Exact same situation. 33 and I've never had a credit card.
Similar situation, except not. 28 and can no longer get a credit card.
Quote from: General_Failure on February 11, 2009, 09:11:39 AM
Quote from: SD_Eagle on February 11, 2009, 08:39:45 AM
Quote from: Diomedes on February 10, 2009, 11:04:32 PM
I resent the game they've made of this. I have a life to live. I use debit only, credit cards are for emergencies only. And by emergency I mean, someone needs an abortion or I can't get to work if the car doesn't work.
My wife plays the game.
I win for not playing.
Exact same situation. 33 and I've never had a credit card.
Similar situation, except not. 28 and can no longer get a credit card.
Per King Cole, you could sell :CF for almost $2,000!
Was it worth more or less when the Ask Freddie Mitchell section was open
:-X
good luck getting a mortgage or any other kind of big loan without ever having a credit card.
i was that way for a long time because of some really bad credit decisions i made in college. now it's been long enough that my credit was back to being good, but even if you have a good credit score numbers wise, if you don't have enough history of credit, it's just a bad as having a poor rating. i had a good rating and was told it would still be hard for me to get a loan.
i charge everything now and pay it off the next day. and i haven't paid for a hotel room in vegas for about the last 20-25 nights i've stayed there. same thing with flights. i just booked a free flight to europe with frequent flier miles.
as long as you don't get lazy and get charged the finance charges there's no reason not to charge shtein.
Quotei was that way for a long time because of some really bad credit decisions i made in college
amazing how kids were jonesin for some t-shirts back in the day...times were tough
Quote from: phattymatty on February 11, 2009, 10:32:35 AM
good luck getting a mortgage or any other kind of big loan without ever having a credit card.
i was that way for a long time because of some really bad credit decisions i made in college. now it's been long enough that my credit was back to being good, but even if you have a good credit score numbers wise, if you don't have enough history of credit, it's just a bad as having a poor rating. i had a good rating and was told it would still be hard for me to get a loan.
i charge everything now and pay it off the next day. and i haven't paid for a hotel room in vegas for about the last 20-25 nights i've stayed there. same thing with flights. i just booked a free flight to europe with frequent flier miles.
as long as you don't get lazy and get charged the finance charges there's no reason not to charge shtein.
http://www.homeloans.va.gov/
ah. then good move.
Quote from: phattymatty on February 11, 2009, 10:32:35 AMyadda yadda
All true. We got our house on the strength of my wife's credit, which was good because she uses cards and pays them off on time, etc. I could not have gotten a mortgage for a dumpster myself.
I hate the racket they've set up. In order to be considered credit worthy, you're required to tango with usurers. It's a dangerous dance because if you miss a step, you're farged.
Quote from: phattymatty on February 11, 2009, 10:32:35 AM
good luck getting a mortgage or any other kind of big loan without ever having a credit card.
i was that way for a long time because of some really bad credit decisions i made in college. now it's been long enough that my credit was back to being good, but even if you have a good credit score numbers wise, if you don't have enough history of credit, it's just a bad as having a poor rating. i had a good rating and was told it would still be hard for me to get a loan.
i charge everything now and pay it off the next day. and i haven't paid for a hotel room in vegas for about the last 20-25 nights i've stayed there. same thing with flights. i just booked a free flight to europe with frequent flier miles.
as long as you don't get lazy and get charged the finance charges there's no reason not to charge shtein.
I think the primary argument against that is "sticking it to the credit companies" by not giving them a rip (of course if you run an ATM card as "credit," they still get their cut).
I've started to split it up. Since I actively track the finances, I have my wife use a credit card so that her purchases aren't out of our checking account before I know what they are. But I use cash or a debit card nearly exclusively.
Still, if you have any doubt whatsoever that you won't have the money to pay off your cards every month, DON'T USE THEM. Some of us take it for granted that being an adult naturally lends (ha!) itself to being responsible with money, but some people simply don't understand how little disposable income they have or simply can't control spending.
To each his/her own.
I always wonder why some merchants automatically want to run my debit card as credit: doesn't that cost them more?
yeah i wrote that like i'm a responsible adult when in reality i'm exactly the opposite.
i went 28 years without even thinking about credit, and my place now was bought under the credit of my ladyfriend. i just recently started thinking about it because i'd like to get another place strictly as an investment. and as another place to crash if i get too boozed up and can't make it across the city.
Im in a similar situation as you. I travel alot, so I use CC's as a way to get "free" rewards through expensed items.
My primary card is a Hilton Honors American express card. Since I stay primarily at Hiltons, this was a no brainer. Extra points, no annual fee. 3 points per dollar purchase, 5 per dollar on select items/stores (like gas stations, drug stores, etc)
My secondary card is a plain old discover card, which I have had forever. I only use this card in three situations:
1) When the vendor doesn't take AMEX
2) When discover is having a 5% cash back bonus promotion (For example, last year from Oct through Dec 31st, you get 5% back at restaurants, $400 dollar purchase ceiling)
3) For dining network restaurants
As to the third point, it may be to your benefit to look into the different dining networks. I use it for some airlines which I have miles on, but I don't fly often and I don't want the miles to expire. You hook up the card to the network, and you automatically get points/miles on that card on top of the bonuses you normally get with the card. For example:
https://aa.rewardsnetwork.com
http://skymiles.rewardsnetwork.com
There are others that you can try that will fit your traveling options.
if youre fortunate enough to have 2 good paying jobs with you and your wife--I highly recommend keeping your own separate checking accounts and separate credit cards
sure you share the same financial interests when married, but #1 it keeps your relationship free of arguments over money, and #2 it allows me to not to have to check my checking account every single day to see what was spent by my wife. The last thing I would want is somebody looking over my shoulder when I buy something..vice versa
The only caveat to this is you have to marry a responsible girl that doesnt feel the need to buy a pair of shoes and a Gucci bag every other day at the mall.
Plus it makes it much easier when she inevitably leaves you.
youre god damn right
Quote from: Diomedes on February 11, 2009, 10:48:12 AM
I always wonder why some merchants automatically want to run my debit card as credit: doesn't that cost them more?
what i dont get is if you have a check card regardless of whether you answer credit or debit the money comes right out of your bank account so why is it even an option?
some banks charge a fee for the transaction if you use your checking card. I always choose credit.
when you swipe your card, push the credit button or if the option is not there hit the cancel button and it automatically uses credit
Quote from: reese125 on February 11, 2009, 11:34:14 AM
some banks charge a fee for the transaction if you use your checking card. I always choose credit.
I switched to a credit union expressly to avoid being charged for using my debit card.
yeah i always use credit...i was just wondering why theres an option on a check card
also pnc atm/check cards pwn...at the end of the month they reimburse in full for any atm charges
Quote from: Diomedes on February 11, 2009, 11:40:39 AM
Quote from: reese125 on February 11, 2009, 11:34:14 AM
some banks charge a fee for the transaction if you use your checking card. I always choose credit.
I switched to a credit union expressly to avoid being charged for using my debit card.
interesting because I belonged to Franklin Mint Federal Credit Union for a while and left because of that exact reason
i have a pnc card too and mine reimburses instantly not at the the end of month.
like if i hit an atm at lunch, check my statement online when i get back to the office, the money is already reimbursed.
yeah i set mine up different cause i like to see how much money im saving a month and dont feel like going back thru my statement and counting all the one and two dollar charges
oh word, and yeah that bitch saves me a ton of cash. especially vegas trips when they try to charge up to $8 a withdrawal.
Quote from: reese125 on February 11, 2009, 11:49:46 AM
Quote from: Diomedes on February 11, 2009, 11:40:39 AM
Quote from: reese125 on February 11, 2009, 11:34:14 AM
some banks charge a fee for the transaction if you use your checking card. I always choose credit.
I switched to a credit union expressly to avoid being charged for using my debit card.
interesting because I belonged to Franklin Mint Federal Credit Union for a while and left because of that exact reason
I left Provident and joined the Johns Hopkins FCU. Provident sucks.
I have literally never been more bored with a conversation than I am with this one.
literally?
thats a pretty strong statement
It's a pretty boring conversation.
You're looking to be amused at :CF? Really?
I know. I should have given that up years ago. This place has taken on a dour personality and I've fallen right into line. Now we all talk about grown up things. GAY.
For real excitement try "Fantasy Chess"
http://www.chessville.com/fantasychess/ (http://www.chessville.com/fantasychess/)
you love capturing and enslaving the black guys dont you
I don't make them move the white guys. They are actually in some sort of limbo. Enslaving isn't the right word.
Quote from: Diomedes on February 11, 2009, 10:48:12 AM
I always wonder why some merchants automatically want to run my debit card as credit: doesn't that cost them more?
It could be that your bank charges them if they run as debit, and VISA/MC charges them if they run as credit.
Quote from: reese125 on February 11, 2009, 11:34:14 AM
some banks charge a fee for the transaction if you use your checking card. I always choose credit.
There are way too many banks out there hungry for business for anyone to use one that still charges any fees, and like everyone else has said, if your bank doesn't reimburse for ATM fees, get a new bank.
Quote from: rjs246 on February 11, 2009, 12:42:02 PM
I know. I should have given that up years ago. This place has taken on a dour personality and I've fallen right into line. Now we all talk about grown up things. GAY.
Looking up the chick I mentioned in the Random Musing thread will cure what ails you.
I ignored credit cards until about 3 years ago. I got a few "junk" cards while I was in school, since they give 'em out like candy, and used them to build credit. Even though I had taken out loans from my credit union in PA and paid them back early, my credit score was still lagging because of not having a credit history. The only thing I had on there was my car.
I have rid myself of the "junk" cards and now I have a Chase, Capital One and HSBC that I use.
My debit card is through Chase and I have it set up with the OnePass miles from Continental.
I don't know what could be more interesting than which bank Phreak patronizes. Least boring thread ever.
Just to close this subject out, I signed up for Costco to get their AMEX card..
3% on gas and restaurants
2% on all travel
1% on everything else
No annual fee.
Costco costs me $50 a year, and I should see about $600+ a year in cash back.
You all care.
sometimes i go to costco just to get a slice of pizza.
the closest Costco to me is 11 miles away
and I saw an article that credit card companies are starting to close people's unused accounts without warning, even if they're in good standing. If that happens, your credit score takes a hit...
Quote from: Father Demon on February 13, 2009, 10:57:20 AM
Just to close this subject out, I signed up for Costco to get their AMEX card..
3% on gas and restaurants
2% on all travel
1% on everything else
No annual fee.
Costco costs me $50 a year, and I should see about $600+ a year in cash back.
You all care.
Is that exclusively for business use, or could I get perks for personal use. I don't travel much so the first two wouldn't apply to me, but I assume there are other perks that could be used in place of the first two.
Quote from: BigEd76 on February 13, 2009, 11:22:04 AM
and I saw an article that credit card companies are starting to close people's unused accounts without warning, even if they're in good standing. If that happens, your credit score takes a hit...
I'm surprised they can do that.
You wouldn't be surprised if you follow the laws that congress passes regarding these companies. They are ever more permissive and less inclined to regulate as the years roll by. Usury is the holy grail of the American economy.
Quote from: Tomahawk on February 13, 2009, 11:46:34 AM
Quote from: BigEd76 on February 13, 2009, 11:22:04 AM
and I saw an article that credit card companies are starting to close people's unused accounts without warning, even if they're in good standing. If that happens, your credit score takes a hit...
I'm surprised they can do that.
They've done it for years. Its based off other credit card usage/history.
Quote from: NGM on February 13, 2009, 11:23:05 AM
Is that exclusively for business use, or could I get perks for personal use. I don't travel much so the first two wouldn't apply to me, but I assume there are other perks that could be used in place of the first two.
No - anyone can use the card.
Quote from: BigEd76 on February 13, 2009, 11:22:04 AM
and I saw an article that credit card companies are starting to close people's unused accounts without warning, even if they're in good standing. If that happens, your credit score takes a hit...
This is true. The best defense is to make sure you use each card you have at least once a year. Mark it on your calendar as an annual event, go buy some chips and beer and put it on the card, and pay your bill. Your account stays active, and you don't take the big-ass hit to your credit rating.
i thought that keeping a card open with no balance is actually bad for your credit rating.
The credit rating bureaus like to see you have available credit - the more the better. Keeping your card maxed out hurts, but having no balance should help, especially if you use it and pay off the balance every month
i realize that, but i'm saying if you open a card but never use it and keep the balance at zero, i think that's bad.
The rating takes a little hit for the application for the new card, but the increase in available credit should more than make up for it
I think Thawk is right on this - one of the factors is debt to available credit ratio, so an open card pads the available part of that.
Quote from: phattymatty on February 13, 2009, 01:59:59 PM
i realize that, but i'm saying if you open a card but never use it and keep the balance at zero, i think that's bad.
while its good to use your available credit and show that you can pay it off, bottom line is youre establishing credit
cancelling might hurt though because it upsets your credit-utilization ratio. 5 other categories involved that make up a good score is amount owed, new credit, length of credit history, types of credit, and payment history..thats it
just pay the card off and your FICO score jumps over time. You dont get penalized for being responsible
I changed my mind. This conversation is absolutely fascinating.
this discussion is proof positive that the system is farged.
it should be clear and simple what you have to do or not do to establish credit. exactly what is affecting your credit rating should be spelled out.
if you people don't know what is good or bad for your credit, just imagine how little the rest of the idiots in this country understand it
Quote from: rjs246 on February 13, 2009, 02:52:59 PM
I changed my mind. This conversation is absolutely fascinating.
Yo lippy--nobody says a damn word to you when you spew out 6 paragraphs of a review a 1950's Western movie or talk about your new Barack Obama car seat covers...shut it
don't those come standard in a Prius?
yep and pack of double D batteries just in case he breaks down
Quote from: reese125 on February 13, 2009, 02:57:17 PM
Quote from: rjs246 on February 13, 2009, 02:52:59 PM
I changed my mind. This conversation is absolutely fascinating.
Yo lippy--nobody says a damn word to you when you spew out 6 paragraphs of a review a 1950's Western movie or talk about your new Barack Obama car seat covers...shut it
Aw did I hurt your feelings? I'm terribly sorry. Please continue having this fascinating conversation about things that anyone can google to learn about.
hurt my feelings..ha.
youre just annoying that any conversation that doesnt involve your political or cinematic insight bores you to death and you feel the need to tell us 18 times a day..thats all
Quote from: reese125 on February 13, 2009, 03:18:49 PM
hurt my feelings..ha.
youre just annoying that any conversation that doesnt involve your political or cinematic insight bores you to death and you feel the need to tell us 18 times a day..thats all
You know me so well it's scary. Almost as scary as your atrocious butchering of the english language.
Quote from: Diomedes on February 13, 2009, 02:53:40 PM
this discussion is proof positive that the system is farged.
if you people don't know what is good or bad for your credit, just imagine how little the rest of the idiots in this country understand it
AnnualCreditReport.com offers a free credit report, while FreeCreditReport.com signs you up for an annual service. Mindblowing!