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Posted by
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Credit Cards
Posted by Sleeping Tiger on 7/8/15 at 3:52 pm00
I've never owned one. I have questions.
Taking more steps toward mainstream adulthood. Puke on myself.
Basically if I'm spending money at a decent clip, I might as well get some kind of reward in return.
I plan on paying off my purchases month to month, maybe an occasional lingering item that I pay down over a few months.
I'd prefer no annual fee, but the idea of perks for certain things is interesting.
Cards I've lightly researched:
Capital One Venture and Venture One
Southwest Rapid Rewards
Citi Thank you seems like it might be out of my league, but I don't know.
Chase Preferred?
Basically how much do people typically spend before they get signifiant miles for flights? The shite is confusing. Maybe it's me. But I don't get it.
What cards are worth the perks, along with the rewards/points?
I don't even know what questions to ask. Overthinking? Just get a Capital One Venture?
Thanks in advance.
Taking more steps toward mainstream adulthood. Puke on myself.
Basically if I'm spending money at a decent clip, I might as well get some kind of reward in return.
I plan on paying off my purchases month to month, maybe an occasional lingering item that I pay down over a few months.
I'd prefer no annual fee, but the idea of perks for certain things is interesting.
Cards I've lightly researched:
Capital One Venture and Venture One
Southwest Rapid Rewards
Citi Thank you seems like it might be out of my league, but I don't know.
Chase Preferred?
Basically how much do people typically spend before they get signifiant miles for flights? The shite is confusing. Maybe it's me. But I don't get it.
What cards are worth the perks, along with the rewards/points?
I don't even know what questions to ask. Overthinking? Just get a Capital One Venture?
Thanks in advance.
re: Credit CardsPosted by hungryone on 7/8/15 at 3:56 pm to Sleeping Tiger
quote:
maybe an occasional lingering item that I pay down over a few months.
Don't get a credit card if you already plan to do this. That's not a step toward mainstream adulthood, it's a step toward a form of debt peonage.
quote:
maybe an occasional lingering item that I pay down over a few months.
Don't get a credit card if you already plan to do this. That's not a step toward mainstream adulthood, it's a step toward a form of debt peonage.
I second this. If you don't plan on paying off in full each month, then a credit card is an extremely slippery slope.
How much and what do you typically spend money on?
re: Credit CardsPosted by LSUFanHouston on 7/8/15 at 4:03 pm to Sleeping Tiger
quote:
Basically how much do people typically spend before they get signifiant miles for flights? The shite is confusing. Maybe it's me. But I don't get it
Basic rule is 1 dollar spent = 1 mile. Some banks offer specials from time to time to increase the miles per dollar, especially in certain categories. Some cards have an annual limit of how much you can earn.
Say a round trip ticket costs 30,000 miles. So... assuming no bonuses, that's $30,000 in spending. If you did that over a year, that's $2,500 a month.
You have to have the discipline that 95 percent of Americans don't have, to make this work.
re: Credit CardsPosted by Coach Guidry on 7/8/15 at 4:05 pm to Sleeping Tiger
quote:
maybe an occasional lingering item that I pay down over a few months.
Dont do that.
re: Credit CardsPosted by Sleeping Tiger on 7/8/15 at 4:21 pm to Coach Guidry
Laugh out loud at the ballers on here.
Never mind. Forget I asked.
It's entirely normal to make a purchase that's out-of-budget for the month, and pay that off over a couple months.
Especially when you're dealing with low or no interest rates for the first 12 months.
Using a credit card for the typical purchases, and then the occasional item that is out of budget for a month is not a slippery slope.
Oh well.
Never mind. Forget I asked.
It's entirely normal to make a purchase that's out-of-budget for the month, and pay that off over a couple months.
Especially when you're dealing with low or no interest rates for the first 12 months.
Using a credit card for the typical purchases, and then the occasional item that is out of budget for a month is not a slippery slope.
Oh well.
re: Credit CardsPosted by VABuckeye on 7/8/15 at 4:31 pm to Sleeping Tiger
quote:
Laugh out loud at the ballers on here.
Those of us here that play the credit card game pay our balance in full each month. You devalue the rewards if you pay any interest.
If you want a rewards card you are going to have an annual fee. That's how it works.
re: Credit CardsPosted by GenesChin on 7/8/15 at 4:33 pm to Sleeping Tiger
If you waste a couple months then but that thing, it is like getting it on sale. Don't be a child and be patient
re: Credit CardsPosted by Golfer on 7/8/15 at 4:42 pm to Sleeping Tiger
quote:
Using a credit card for the typical purchases, and then the occasional item that is out of budget for a month is not a slippery slope.
Here's my real life scenario. Got my first credit card just after graduating and making roughly $40k a year and still living in my college apartment. Was a rewards card, did as you planned and put everything on it plus a few extras of "out of budget" stuff that I planned to pay off each month. Then the place I was living in caught fire, moved to a normal "adult" house (meaning higher living expenses) and those "out of budget" items I had planned on paying off in a few months dragged out for 18-24 months since my income hadn't changed.
Just listen to us who may not be that much older than you but regret doing what we did and saying the same things as you.
re: Credit CardsPosted by I Love Bama on 7/8/15 at 4:46 pm to Sleeping Tiger
quote:
It's entirely normal to make a purchase that's out-of-budget for the month, and pay that off over a couple months.
Here is where you are misguided. Maybe you were raised this way and are a product of your environment, but make no mistake about it, this isn't the "normal" you want to be a part of.
Don't put a damn thing on that credit card you can't pay cash for. That's what all the poor sheep in America do.
Einstein said: “Those who understand interest earn it, those who don’t, pay it.”
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re: Credit CardsPosted by bayoubengals88 on 7/8/15 at 5:03 pm to Sleeping Tiger
With that response, I'm somewhere between laughing, crying, and raging over your naivety.
You don't have to be a "baller" to refrain from making poor life decisions (what you call normal).
I, along with many others here have had your exact mindset.
Five years down the road, more often than not, it ends like this:
$6,000 in credit card debt spread out over two or three different cards due to 0% balance transfers.
That was my situation, and it doesn't have to be yours, but your attitude of "it's normal" screams the contrary.
You asked for advice and there's a clear consensus. You're looking for ONE person to justify your stupidity right now.
Report back in five years if you haven't already asked us for the best balance transfer card after two.
I'm being real with you right now because I feel responsible for your fiscal future, and this decision impacts it more than you could ever imagine. Please change your mindset before the debt changes you.
You don't have to be a "baller" to refrain from making poor life decisions (what you call normal).
I, along with many others here have had your exact mindset.
Five years down the road, more often than not, it ends like this:
$6,000 in credit card debt spread out over two or three different cards due to 0% balance transfers.
That was my situation, and it doesn't have to be yours, but your attitude of "it's normal" screams the contrary.
You asked for advice and there's a clear consensus. You're looking for ONE person to justify your stupidity right now.
Report back in five years if you haven't already asked us for the best balance transfer card after two.
I'm being real with you right now because I feel responsible for your fiscal future, and this decision impacts it more than you could ever imagine. Please change your mindset before the debt changes you.
re: Credit CardsPosted by foshizzle on 7/8/15 at 5:18 pm to I Love Bama
quote:
Here is where you are misguided. Maybe you were raised this way and are a product of your environment, but make no mistake about it, this isn't the "normal" you want to be a part of.
Don't put a damn thing on that credit card you can't pay cash for. That's what all the poor sheep in America do.
He did (correctly) point out that if the interest is zero there is nothing at all wrong with this.
The trick is to pay off the balance before interest is charged. And as you know, for many cards these days that might be 12 months away or longer.
re: Credit CardsPosted by I Love Bama on 7/8/15 at 5:21 pm to foshizzle
Fair enough, but companies make a frick ton of money off people just like him and that mentality. I'd like to know the % of people who pay off that "0% no interest for 12 months".
I'm a huge fan of credit cards, one just needs to make sure they are winning the game when dealing with them.
I'm a huge fan of credit cards, one just needs to make sure they are winning the game when dealing with them.
re: Credit CardsPosted by Joshjrn on 7/8/15 at 5:35 pm to Sleeping Tiger
I hesitate to give any advice as I'll feel somewhat responsible when I see his thread in a few years asking for credit cards with 0% on balance transfers.
quote:
He did (correctly) point out that if the interest is zero there is nothing at all wrong with this. The trick is to pay off the balance before interest is charged. And as you know, for many cards these days that might be 12 months away or longer.
This was basically what happened to me. Made a few big purchases in addition to the daily stuff that I said I knew could be split up into 12 monthly payments. Problem was I didn't do the best job planning for an unexpected hike in my housing costs that soon. Before the change I could have afforded the $3000 split over 12-18 months no interest. Instead at the end of that period I still had the bulk of it to pay off and very little left in my monthly budget.
re: Credit CardsPosted by Jag_Warrior on 7/8/15 at 7:10 pm to Sleeping Tiger
Not trying to ride or lecture you. But since you're already considering some out of budget purchases (using low/no interest debt), do you currently have an emergency fund that would carry 3-6 months of your necessary living expenses? If not, and you're already living paycheck to paycheck, get a rewards or cash back card, as you please. But I believe I'd focus on setting aside some cash first and foremost.
And believe me, when the guys here mentioned a slippery slope, it's not that they're trying to get all big brother/little brother with you. Like myself, they also have bruises on their asses and they're just trying to give you a heads up.
When you're young, you'll be surprised at how fast debt can get away from you if you aren't able to hold to a pretty tight budget while you're learning thto ropes.
OK, I guess that was a lecture. I'm old. I forgot that I said I wouldn't do that. Now get out of my yard!
And believe me, when the guys here mentioned a slippery slope, it's not that they're trying to get all big brother/little brother with you. Like myself, they also have bruises on their asses and they're just trying to give you a heads up.
When you're young, you'll be surprised at how fast debt can get away from you if you aren't able to hold to a pretty tight budget while you're learning thto ropes.
OK, I guess that was a lecture. I'm old. I forgot that I said I wouldn't do that. Now get out of my yard!
re: Credit CardsPosted by foshizzle on 7/8/15 at 7:30 pm to I Love Bama
quote:
Fair enough, but companies make a frick ton of money off people just like him and that mentality. I'd like to know the % of people who pay off that "0% no interest for 12 months".
I'm a huge fan of credit cards, one just needs to make sure they are winning the game when dealing with them.
Totally understood.
It just occurred to me that if you can buy houses down there for $25k you could probably charge one for 0% APR on the right credit card for a year or so.
re: Credit CardsPosted by I Love Bama on 7/8/15 at 8:26 pm to foshizzle
That's actually a damn good idea.
re: Credit CardsPosted by 911Moto on 7/8/15 at 10:11 pm to Sleeping Tiger
Get your credit card and enjoy what you buy. There's a funny thing about money - you can't take it with you when you die. I learned a valuable lesson pretty quickly after dental school. A good friend, who was making $450K/year, ran out to pick up dinner 5 minutes from home for his wife and kids. On the way home, just blocks from his house, he was hit head on and died instantly. All the money in the world couldn't bring him back. And all the money he stockpiled did him no good. Sure it benefitted his family - but so would life insurance. Enjoy every minute of your life, and enjoy it now. One of the first big purchases I made was a motorcycle. I could have saved for a couple years and paid cash, but instead I financed it and paid a very reasonable interest rate. What did I lose by not waiting and paying cash? I lost a few bucks in interest payments. What did I gain by not waiting to pay in cash? I gained a couple more years of enjoyment of that motorcycle. Same with cars and just about everything else I've ever bought - most of which I get rid of before they are ever paid off. I once had my credit cards up to $30K, then paid them off. Then I ran them up to around $40K again. And paid them off. Last year they were around the $36K mark, and they are down to around $21K right now. I'd be looking at around 3 months of expendable income to pay them off again, but I see no reason to. Only about $3K of that costs me any interest at the moment, and about half of that interest is offset by rewards. The vast majority is easy to float free of interest due to the never-ending flow of interest free offers. Of course, I'm not advocating for someone with an income of $50K to have $20K in credit card debt. But there is a lot to be said for having what you want and having it NOW, because there is one commodity more precious than any other - TIME. My dad is the complete opposite - he carries zero debt and pays for everything in cash - and I'm talking about things like houses, $400K motorhomes, and $200K boats. But on his boat, he haggled price for well over a year to save around $10K. He was happy as could be when he got his deal, but what he couldn't understand was that he cost himself over a year of enjoying that boat - and for a guy in his mid 60s at the time, a year of enjoyment in that boat is one hell of a long time.
Don't be afraid to enjoy your life to save a few dollars. Use simple common sense and keep things within limits your income can handle, but don't buy into the fear-mongering money hoarders.
Don't be afraid to enjoy your life to save a few dollars. Use simple common sense and keep things within limits your income can handle, but don't buy into the fear-mongering money hoarders.
This post was edited on 7/8 at 10:33 pm
re: Credit CardsPosted by Jag_Warrior on 7/9/15 at 12:10 am to 911Moto
I'm sorry, but I can't agree with that. While it's true that the one thing that none of us can manufacture or create is time, your post revolves around the consumption of material trinkets as a path to happiness and a fulfilling life. At least that's how I read it.
Your dentist pal wouldn't have had any happier life if he'd been wearing a Rolex, driving a Maserati and clothed in tailored Italian suit (all charged to an Amex Black card) when he met his end.
Becoming an indebted card slave, just to satisfy the immediate gratification disease that plagues this increasingly sad republic, ain't the answer, brother. Been there. Done that. And I learned my lesson well. I've been blessed financially. But I don't worship material things (ETA: any longer).
I'm a car guy. Always have been. And I've plowed more that I'll admit here to my hobby/passion/obsession/addiction. But I've been through enough to know that no car, by itself, is going to fulfill my life - OK, maybe a Series 1.5 E-type. But you get the point.
Your dentist pal wouldn't have had any happier life if he'd been wearing a Rolex, driving a Maserati and clothed in tailored Italian suit (all charged to an Amex Black card) when he met his end.
Becoming an indebted card slave, just to satisfy the immediate gratification disease that plagues this increasingly sad republic, ain't the answer, brother. Been there. Done that. And I learned my lesson well. I've been blessed financially. But I don't worship material things (ETA: any longer).
I'm a car guy. Always have been. And I've plowed more that I'll admit here to my hobby/passion/obsession/addiction. But I've been through enough to know that no car, by itself, is going to fulfill my life - OK, maybe a Series 1.5 E-type. But you get the point.
This post was edited on 7/9 at 12:14 am
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