Stumpalump said:Like Dave Ramsey says "Credit card companys are snakes and sooner or later you will get bit." We charge 1-2k a month running a houshold of 4. If we miss a payment we will get screwed. So far it allways gets paid first on the first of the month in full. Knock on wood!
Stumpalump said:I have no debt but the mortgage and I send them $300 extra a month. I look at it like this: I fund my 401k at 16%,I fully fund the Roth IRA every year and 10% payroll deduction company stock. If I piss away every last dime at least I took care of buisness first.
DrMoab said:Points are a scam. The amount of points you get isn't even close to the amount you will pay in interest.
RichP said:No free lunch, the people that run these credit card companies are NOT doing it for altruistic reasons...
Yeah and for every person like you how many are there who get suckered into the deal because they offer "points"JeepFreak21 said:There are ways of getting a free lunch out of them! We have a CitiBank Dividend card. We charge all the everyday stuff on it. We used to get 5% back on gas and groceries but they changed it (not sure what it is now). They cap you at $300 cash back per year, but we would hit that around mid-summer. There are no annual fees and auto pay makes sure the balance is paid in full every month. So, they pay us $300/yr and they haven't made a cent off us.![]()
Billy
DrMoab said:Yeah and for every person like you how many are there who get suckered into the deal because they offer "points"
You may think you are screwing them but the ten thousand jokers out there who get suckered to the one of someone like you makes it totally worth their while.
It's still all a scam.
JeepFreak21 said:Oh, I don't care if I'm screwing them... in fact, I'm glad they are making money off some people, so they can give $300 a year of it to me
Billy
XJ Dreamin' said:They charge the merchant a fee per transaction, which the merchant then passes on to the consumer - me. Thanks for running up my bill. Enjoy your $300.
Don't take that too hard. I'm mostly pulling you leg. But, it is true they do nothing for nothing. They will collect from someone, somewhere along the money trail.
JeepFreak21 said:Actually, then I take my "free" $300 and buy goods or services with it, making merchants more money and helping to soften the blow of those nasty transaction fees
Like Moab said, they're making the $300 off somebody else's interest. Hell, I can give you the first and last name of 5 people that pay that much in interest every month.
Billy
The finacial gurus like Dave Ramsey don't consider motgage a debt because it's an OK investment plus you need a place to live. My credit card is not a debt for us because we have the money in the bank before we use the card . Pay it off every month on time and you pay absolutly nothing but what you charged. No revolving credit debt. The points are good for a guy like me. The gas companies have cards that pay back on gas that are good but you have to be a freak with your finances to have any of this credit card stuff pay off. Like 1 in a 100. Everbody else gets bit. We stick to one card and one back-up that only gets used for my wifes items she can write off on taxes. Keeps it simple and provides a back-up in case our main card gets lost or stolen.DrMoab said:Sounds like you have debt to me.![]()
Just curious...and not flaming you or anything like that but if you have money in the bank why put it on a card?Stumpalump said:The finacial gurus like Dave Ramsey don't consider motgage a debt because it's an OK investment plus you need a place to live. My credit card is not a debt for us because we have the money in the bank before we use the card . Pay it off every month on time and you pay absolutly nothing but what you charged. No revolving credit debt. The points are good for a guy like me. The gas companies have cards that pay back on gas that are good but you have to be a freak with your finances to have any of this credit card stuff pay off. Like 1 in a 100. Everbody else gets bit. We stick to one card and one back-up that only gets used for my wifes items she can write off on taxes. Keeps it simple and provides a back-up in case our main card gets lost or stolen.
DrMoab said:Just curious...and not flaming you or anything like that but if you have money in the bank why put it on a card?
I have debt...lots of it. I also understand keeping a credit card in case there is something that comes up that you just can't pay for but if I have the cash for things I will always use it first.
DrMoab said:Just curious...and not flaming you or anything like that but if you have money in the bank why put it on a card?