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Posted on 4/13/14 at 11:15 am to ShubutaMS
I put $50-$100 each month on my credit card. Just depends on how much gas I need to get that month. Hell, my card has a limit of $200, so I can't get crazy. Never had the need to get anything else, though I've been looking into getting a better one for online orders and such.
Posted on 4/13/14 at 11:20 am to madamsquirrel
quote:
Too many years of being a single mom and refusing to charge everything
All a credit card would do is pay you back 1-2% for keeping the budget you already were, assuming you are financially responsible. And as you note build credit so you get a better interest rate on cars, or homes.... But I'm sure less money in your pocket made life easier.
This post was edited on 4/13/14 at 11:21 am
Posted on 4/13/14 at 11:42 am to NoSaint
I really can't believe all the OT ballers in this thread that are scared of credit cards. if you pay with a debit card, whats the difference in the plastic (or metal for my sapphire preferred 
). set it up to pay balance each pay period and you are done. i always have about $1k-$2k in credit balance (charges occured after the statement date) but don't pay a cent in interest charges because I pay that statements balance off at the due date
). set it up to pay balance each pay period and you are done. i always have about $1k-$2k in credit balance (charges occured after the statement date) but don't pay a cent in interest charges because I pay that statements balance off at the due datePosted on 4/13/14 at 11:46 am to Teddy Ruxpin
From the recommendations in the credit card thread on the MB and some online research, I went with the barclays arrival as my main card. 2X points on everything is amazing, and I like that they're redeemable on just about any airline, hotel, rental car, or travel expense. The $90/year fee will more than pay for itself many, many times over.
For you "churners" out there, how do you close all the credit lines you open? Surely you're not hanging on to those 3 to 4 new accounts every year...
For you "churners" out there, how do you close all the credit lines you open? Surely you're not hanging on to those 3 to 4 new accounts every year...
This post was edited on 4/13/14 at 11:48 am
Posted on 4/13/14 at 11:47 am to ShubutaMS
I average around 5k-6k per month because I have a reoccurring (daily) business expense that HAS to be billed to a card. As far as personal (non-business related) purchases-I would guess maybe $500 a month or so.
I have awesome travel rewards .
I didn't have a credit card until I was almost 30.
I have awesome travel rewards .
I didn't have a credit card until I was almost 30.
Posted on 4/13/14 at 11:47 am to CE Tiger
quote:
CE Tiger
The misunderstanding of how credit cards and credit scores work is epidemic. So much "information" is wrong out there. Very intelligent people literally don't know jack fricking shite about how credit scoring works and will argue with me until blue in the face. It's weird.
Posted on 4/13/14 at 11:49 am to CE Tiger
Like others in here I charge everything I can to my southwest card. Wish I could charge the mortgage too. Wife and I have a monthly budget so our cards get paid off...
the other benefit of charging everything is it's easy to dispute charges. Or if it gets stolen they take care of you. It's much safer than cash or debit.
the other benefit of charging everything is it's easy to dispute charges. Or if it gets stolen they take care of you. It's much safer than cash or debit.
This post was edited on 4/13/14 at 11:50 am
Posted on 4/13/14 at 11:52 am to link
quote:
For you "churners" out there, how do you close all the credit lines you open? Surely you're not hanging on to those 3 to 4 new accounts every year...
First thing to do is downgrade a premium card to a no fee version if you no longer need it, then put a charge on it every 6 months to keep it open. I put a biannual reminder in Google Calendar to remind me to buy a coke at Walmart or whayever for this purpose.
Another route is to go ahead and cancel the card but only do it by transferring the credit line to a new card you open with the same bank issuer. Ex. Close Chase United Card with 10k credit line into a Chase Hyatt and Chase Southwest with 5k limits each.
At this point in the game canceling the United card isn't going to hurt you, and you should have some "anchor cards" for your age of credit lines in place.
Posted on 4/13/14 at 11:52 am to Teddy Ruxpin
Question about my credit score:
I am 24 and have around a 750 credit score.
Currently I have two credit cards:
1. Amex Silver medallion card (the one with a $150 fee that gets a companion pass). I have had this one since 2011.
2. Barclay's Master Card ($89 annual fee, 2.2% back on travel). I have had this card since 2013.
Basically, I feel that I don't spend enough to justify having two cards with high annual fees. I want to get rid of the American Express. Can someone estimate how much of a hit my credit score will take if I cancel it?
For reference, I have paid student loan debt on time since 2011, and the same on a car note since 2013.
I am 24 and have around a 750 credit score.
Currently I have two credit cards:
1. Amex Silver medallion card (the one with a $150 fee that gets a companion pass). I have had this one since 2011.
2. Barclay's Master Card ($89 annual fee, 2.2% back on travel). I have had this card since 2013.
Basically, I feel that I don't spend enough to justify having two cards with high annual fees. I want to get rid of the American Express. Can someone estimate how much of a hit my credit score will take if I cancel it?
For reference, I have paid student loan debt on time since 2011, and the same on a car note since 2013.
Posted on 4/13/14 at 11:53 am to ShubutaMS
(no message)
This post was edited on 10/24/22 at 11:24 am
Posted on 4/13/14 at 11:56 am to LSUtoOmaha
Are you accurate with the title of your Amex? Are you confusing it with the Amex Platinum or Delta card?
In any event, you could exchange the card for another and keep the line open. If your card earns MR points(Plat earns MR points), a good option is the no fee Amex Everyday card so you won't lose your MR points, won't pay a fee, and won't lose any credit score benefits of the credit line.
The Amex Everyday card is brand new, and the ONLY no fee card that earns MR points.
In any event, you could exchange the card for another and keep the line open. If your card earns MR points(Plat earns MR points), a good option is the no fee Amex Everyday card so you won't lose your MR points, won't pay a fee, and won't lose any credit score benefits of the credit line.
The Amex Everyday card is brand new, and the ONLY no fee card that earns MR points.
This post was edited on 4/13/14 at 12:00 pm
Posted on 4/13/14 at 12:00 pm to LSUJuice
quote:
It's much safer than cash
It's kind of hard to ruin the cash in my pocket because of the internet.
I've been both routes in using the cards and using the cash. Yep, paid my card off every month just like most you guys. However, at my young age the usability of places that took cards was limited. Started using cash more often and finally stuck with it.
Know the big difference though? I found by paying cash I didn't end up buying as much as I did with the card. I ended up with more free money realizing that some of the things I bought with the card, I really need that bad after all.
Posted on 4/13/14 at 12:09 pm to Homesick Tiger
quote:
I found by paying cash I didn't end up buying as much as I did with the card. I ended up with more free money realizing that some of the things I bought with the card,
this has nothing to do with the credit card it has to do with self control on spending.
Posted on 4/13/14 at 12:16 pm to CE Tiger
quote:
credit and self control
I think those two kind of go hand-n-hand don't they? Using self control to know your credit limit? Without the control the credit won't be there eventually. With cash you know your limit.
Posted on 4/13/14 at 12:38 pm to Teddy Ruxpin
quote:
Are you accurate with the title of your Amex? Are you confusing it with the Amex Platinum or Delta card?
Sorry, it's the Amex Delta
Posted on 4/13/14 at 1:13 pm to 911Moto
quote:
I put about $3-4,000/month on my credit cards. I have about $27,000 in credit card debt at the moment.
At least you are being honest unlike a lot of people in this thread.
Posted on 4/13/14 at 1:15 pm to LSUtoOmaha
quote:
Sorry, it's the Amex Delta
Ah, I'm reading up on the issue, and it looks like it might be tough to exchange this card for another dissimilar card without doing a separate application.
You can always call Amex and see what exactly they'll let you do. You're 24, so I don't think you'd be losing too much credit age closing this account if you had to.
I'd look into applying for a no fee card such as Chase Freedom, Discover It, Amex EveryDay just to have a card you never have to cancel to serve as a nice anchor on your report. The thing about credit age is the best that you can do is get closer to death. No way around that.
I have three or four cards that do this for me.
This post was edited on 4/13/14 at 1:19 pm
Posted on 4/13/14 at 1:16 pm to ShubutaMS
About a 100 ... got to keep the credit flowing 
Posted on 4/13/14 at 1:17 pm to stout
quote:
At least you are being honest unlike a lot of people in this thread.
I found his post sort of refreshing on the OT.
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