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Old 11-15-2007, 02:54 PM   #15
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by charliez:
Why don't you just pay cash? I find it odd that people intentially pay hundreds of $$$ in interest so they can save a dollar or two on each fillup.

Same thing with air miles. Folks just love to go out and spend $2000 on a credit card just so they can get a $250 airline ticket for free. Makes no sence to me.

If you don't want ot carry cash, which I don't, then get a debit card. No interest, comes right out of your account, paid in full, and no giant envelopes full of cash laying around. </div></BLOCKQUOTE>
The only way it makes sense to pay with a credit card is to pay off the credit card in full each month so you pay no interest. This is the one financial area where you can "float" on the CC money until the bill comes... often deferring payment for a couple weeks or more, paying no interest for the use of their money, getting a guarantee that they will resolve conflicts with vendors over contested charges, and pay you a dividend of some sort for the privilege.

Of course, most people DON'T pay off the balance each month, but those of us who do really do "profit" from the practice.
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Old 11-15-2007, 04:56 PM   #16
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I use a credit card as well for the discount or cash back. But I do not carry a balance on the account. It is paid when the bill comes in and paid in full. I also do not carry a card that has a fee to use. Why should I pay them to use their card.
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Old 11-16-2007, 08:00 AM   #17
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It's easy to choose a rebate/cash back credit card at bankrate.com.

http://www.bankrate.com/nltrack/news/news_cc_home.asp

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Old 11-24-2007, 05:20 AM   #18
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I have an Advanta Platinum MC. I get 5% and pay the bill when I get it. No limit on the amount of fuel I buy in a day. That's good when you have a diesel pusher with a 150 gal fuel tank. Every little bit helps !
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Old 11-24-2007, 09:21 AM   #19
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Raca-roni,
What bank is the Advanta card associated with?
thanks,
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Old 11-24-2007, 10:20 AM   #20
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Raca-roni:
I have an Advanta Platinum MC. I get 5% and pay the bill when I get it. No limit on the amount of fuel I buy in a day. That's good when you have a diesel pusher with a 150 gal fuel tank. Every little bit helps ! </div></BLOCKQUOTE>

May not be a limit on the amount of fuel you can buy in a day but there is a $1200 yearly limit on your 5% cash back in a year for fuel. After $1200 in fuel purchases your rebate drops to 1% for the remainder of the year.

Read the fine print.....

"Cash Back rewards are earned based on your annual level of Net Purchases, excluding Bonus Qualifying purchases as follows: .25% on up to $3,000 in purchases; .50% on purchases between $3,000.01 and $5,000; .75% on purchases between $5,000.01 and $15,000; and 1% on purchases in excess of $15,000."

"Cash Back rewards are also earned on Bonus Qualifying purchases, which include purchases in the following categories: "gasoline and diesel fuel," "computers, computer supplies, electronics and office supplies," "online advertising services," and "utilities and telecommunications." Cash Back rewards on Bonus Qualifying purchases are earned as follows: 5% on up to $1,200 in annual purchases; 1% on purchases in excess of $1,200."
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Old 11-24-2007, 11:54 AM   #21
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Bob&Pat:
$425 is what I received from BP Visa (Chase) in the first 12 months.
5% gas, 2% restaurant and travel, 1% all other purchases.

10% for the first 60 days on gas. Plus I received a
$75 bonus for signing up and using the card, in the summer of 2006

Also have Discover but it limits you to 120.00 back on gas at 5%.

Use Discover only when I can't use the BP Visa.

When we travel this winter I will sign up for a new BP Visa in wife's name.

</div></BLOCKQUOTE>

Bp Visa is what I use. We had rebates of several hundred $ this past year. To receive the 5% you must purchase BP fuel.

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Old 11-24-2007, 12:19 PM   #22
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There is a Chase Shell Mastercard with 5% rebate on Shell gas and Jiffy Lube.

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Old 11-24-2007, 12:33 PM   #23
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by charliez:
Why don't you just pay cash? I find it odd that people intentially pay hundreds of $$$ in interest so they can save a dollar or two on each fillup.

Same thing with air miles. Folks just love to go out and spend $2000 on a credit card just so they can get a $250 airline ticket for free. Makes no sence to me.

If you don't want ot carry cash, which I don't, then get a debit card. No interest, comes right out of your account, paid in full, and no giant envelopes full of cash laying around. </div></BLOCKQUOTE>



While i agree with you 110% you cannot convince CC users. CC's are the devil just waiting to take you out. Why do you think Mickey D's started taking them?? The did a survey and found that on average people using CC's spend 30% more per ticket!!! When you lay plastic down you don't feel a thing! Cash hurts to spend. I use a Debit card for Gas and cash for everything else. If i can't pay for it in cash i don't need it!!!! It seriously made me sick when i went through 5 years worth of paperwork and added up all the interest i paid between Car payment and Credit cards!!! Just doing that would scare most people into a cash based life. If i had that 5 years worth of interest in a mutual fund i would have a lot better retirement down the road thats for sure!!!!!


As far as rebates and miles go, people are most likely going backward being it has been proven by MANY studies that most people spend more with plastic than if they were paying with cash..........
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Old 11-24-2007, 12:39 PM   #24
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From Dave Ramseys Site..........



We Thought We Were Smart
By Elaine in Chicago

We thought we were really smart, using a rewards credit card for all of our purchases and paying it off every month. We were really beating the system! We paid our bills with it, bought gas and groceries with it, and used it to pay anyone who would accept plastic. After all, every purchase would add up to money off of future car repairs or a replacement vehicle.

Well, guess what? It's really hard to budget when you're paying for everything with a credit card. Every extra penny went to paying that thing off every month.

After discovering Dave's show, we switched to a cash-budget system. Sure, we had accumulated about $200 total in rebates on future car repairs, but our financial records were showing that we were spending about $300 per month more than we make.

Now that we're cash-only and budgeting our money on paper every month, we suddenly have an extra $500 per month to send to pay off debts!

The lesson I learned: Sure, you can earn rewards, but you're going to pay for them in all the unnecessary JUNK you buy.



Dear Dave,
My brother-in-law is giving me a hard time about my credit card. It has no annual fee, and I get money back from the credit card company for all of my charges. I only use it for bills and pay it off every month, but he tells me there's no justification for having a credit card. In this scenario, I'm getting paid back by the credit card company for using their credit card to pay my bills. So where am I wrong?
Chris

Dear Chris,
There is absolutely no justification for using a credit card. Why don't you just pay your bills with a debit card, and draw the money directly out of your bank account? That's better than borrowing it and paying interest on the blasted thing.

Where you're wrong is a good question, though. I've been doing financial counseling for years and worked with tens of thousands of people. During that time, I've repeatedly met folks who were doing exactly what you are and it has come back to bite them.

When you're talking about credit cards you're talking about a multi-billion dollar industry designed to do just one thing separate you from your money. And they're very good at it! They're more than willing to pay you a percentage point back because they know you're going to stumble at some point and that's when they pounce!

I've talked with hundreds of millionaires, and I've never met one who said credit cards were a blessing or that they got rich thanks to credit card rebates. They've all just gone about the business of earning money, living on less than they make and saving. They don't play with snakes because they know sooner or later they'll get bitten.

This is a dangerous game you're involved in, Chris. I challenge you to stop playing it, and model yourself after wealthy people!
- Dave
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Old 11-24-2007, 12:44 PM   #25
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And THIS one is the best one!!!!



Myth: Aren't there positive uses of a credit card? Like rebates and airline miles?
Truth: Responsible use of a credit card does not exist. Credit card debt is a major problem in America.

There is NO positive side to credit card use. You will spend more if you use credit cards. Even by paying the bills on time, you are not beating the system! But most families don't pay on time. The average family today carries $8,000 in credit card debt according to the American Bankers' Association.

Now let's talk about the rebates. If you were using a credit card at 5%, you would have had to have spent $80,000 to get $4,000 rebates on new cars that lost $6,000 of value when you drove them off the lot. That is not a good deal!

Cash vs. Credit Cards
When you pay cash, you can "feel" the money leaving you. This is not true with credit cards. Flipping a credit card up on a counter registers nothing emotionally. If you use credit cards instead of cash you will spend 12-18% more. This is money you could have saved.

If you "have to" use plastic, I suggest a debit card. I use them for travel and the occasional convenience of ordering something over the Internet or phone. Other than that, I use cash.

Personal finance is 80% behavior. You need to cut out habits that make you spend more. You do not build wealth with credit cards. Use common sense. When you play with a multi-billion dollar industry and you think you're going to win at their game, you are naive. You cannot beat the credit card companies.
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Old 11-24-2007, 01:58 PM   #26
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by charliez:
Why don't you just pay cash? I find it odd that people intentially pay hundreds of $$$ in interest so they can save a dollar or two on each fillup.

</div></BLOCKQUOTE>

charliez;
Your statement implies that we all are carrying an interest earning balance on our credit card. I pay my bill in full each month and never pay interest. 5% of $3.20 fuel is equal to .16 per gallon. On 50 gallons that equals $8.00 which pays off tremendously for me. I feel I can't afford to pass up the money.

Don
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Old 11-24-2007, 02:43 PM   #27
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For those wanting to pay cash, go for it. I think you should continue to pay cash. Since I prefer to pay via CC and get the cash back, I'll continue to do that. Don't bash or lump me into a bucket with others. In over 40 years with CCs, I have never paid a penny of interest. In addition, I buy what I need, just like the cash customer. I pay the same price as a cash customer but I receive a considerable amount back which makes my cost lower than the cash paying customer's cost.

As for the wealthy people mentioned in an earlier post, me thinks the statement is bull (you know what). Ask any wealthy person if they built their wealth by paying cash. To a person, they would say their wealth was built with credit. Credit used wisely. You can begin with me. I'm considered wealthy and the wealth was and will continue to grow with credit. Credit used wisely and with a business cased that stays on the black side of the balance sheet. And no, I am not in the minority, but the silent majority.

The only news one hears is about the people who can not manage their $s in this complex society we live in. There are many, many of us who take advantage of what is offered and are able to profit from it.

The bottom line is if you feel what is best for you is to pay cash, then pay cash. Good luck to each of you.
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Old 11-24-2007, 03:40 PM   #28
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Credit cards work best for people who know how to keep control of their finances.
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