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Message
re: How much money per month do you put on your credit card?
Posted on 4/13/14 at 11:11 pm to The People
Posted on 4/13/14 at 11:11 pm to The People
quote:
Can somebody in this thread who puts all of their expenses on a card for the rewards throw me a bone and sell me on what I will gain?
For one, more security than if you use a debit card.
It all depends where you spend your money. I have a Delta Amex and paid for 2 first class tickets to St. Lucia from what I have earned the last year and a half.
1
Posted on 4/13/14 at 11:14 pm to LaFlyer
quote:
It did indeed work, but received an alert from my credit monitor and my credit rating went to shite. High use of cc and over limit dropped me like a rock. Even paid off monthly it looks bad because reporting date for cards is on a date other than due and always show a balance. Always on time never late on payments. The FICO game is to have high limit no collateral credit for extended time and only using it sparingly. Which is great for the idle of rich, but not guys doing commerce.
Yea. Just because you pay it off every month doesn't mean that the credit bureaus see that and your FICO will take a beating if it looks like you use too much revolving credit.
Posted on 4/13/14 at 11:30 pm to BACONisMEATcandy
quote:
It all depends where you spend your money.
I am family man. My disposable income goes towards groceries, clothing, fuel, dining out, and large amounts of cheap whiskey.
What sellers offer the biggest rewards on purchases?
quote:
Paid for 2 first class tickets to St. Lucia from what I have earned the last year and a half.
Don't ever grow up man, ever.
This post was edited on 4/13/14 at 11:33 pm
Posted on 4/13/14 at 11:37 pm to The People
Chase Freedom & Discover IT have a rotating 5% categories that change each quarter on. They always have gas for 2 of the 4 quarters. (5% cash back at $1500 each quarter, everything over is only 1% cashback)
Penfed has a 5% cash back card ( I don't believe there is currently a cap)
But I think this is the best overall card around right now
LINK
It's our honeymoon
that is exactly what it is
Penfed has a 5% cash back card ( I don't believe there is currently a cap)
But I think this is the best overall card around right now
LINK
quote:
Don't ever grow up man, ever.
It's our honeymoon
that is exactly what it is This post was edited on 4/13/14 at 11:40 pm
Posted on 4/13/14 at 11:42 pm to The People
In credit cards, I think there are two reward structures worth anything. Travel rewards or Cash back.
Determining which one of those two you want is step one. You're response makes it sound like you have a family you're raising, and travel options limited. So cash back might be your thing.
You've identified you're spending categories, now research the big issuers. You may require 2 or 3 cards to get the best cash back values for the categories you need. Good thing is, as far as I'm aware, most cash back cards are fee free, so no reason not to maximize your points back.
What's really great is, travel cards offer big bonuses upon signup, so if you do randomly need travel rewards for your family, your wife and yourself can both sign up for the same card separately, earn the bonus twice, burn the points, save a bundle and trash the card.
Glorious!
Determining which one of those two you want is step one. You're response makes it sound like you have a family you're raising, and travel options limited. So cash back might be your thing.
You've identified you're spending categories, now research the big issuers. You may require 2 or 3 cards to get the best cash back values for the categories you need. Good thing is, as far as I'm aware, most cash back cards are fee free, so no reason not to maximize your points back.
What's really great is, travel cards offer big bonuses upon signup, so if you do randomly need travel rewards for your family, your wife and yourself can both sign up for the same card separately, earn the bonus twice, burn the points, save a bundle and trash the card.
Glorious!
This post was edited on 4/13/14 at 11:45 pm
Posted on 4/13/14 at 11:51 pm to RollTideATL
quote:
Doing the Dave Ramsey thing... so no credit cards. I'm not anti credit card because of the points. I think Dave Ramsey is against them because of the mentality that it creates... meh, I'll just throw it on the CC. Also against the whole envelope system he preaches.
Currently reading his book The Total Money Makeover and he is awesome. Really changing how I handle my personal finances. However, I plan to still use my card each month.
As for my charges per month, they total $100.
This post was edited on 4/14/14 at 12:11 am
Posted on 4/14/14 at 12:10 am to ShubutaMS
Put everything on my chase freedom. Pay off every month.
I get 1% cash back and 5% on select things. I probably get 50-70 bucks back a month.
I used to think credit cards were the devil. They are not if you pay them off every month.
They are also better if your information gets stolen. It doesn't come directly out of your account like when it's a debit card.
I get 1% cash back and 5% on select things. I probably get 50-70 bucks back a month.
I used to think credit cards were the devil. They are not if you pay them off every month.
They are also better if your information gets stolen. It doesn't come directly out of your account like when it's a debit card.
This post was edited on 4/14/14 at 12:14 am
Posted on 4/14/14 at 12:13 am to Teddy Ruxpin
quote:
I think there are two reward structures worth anything. Travel rewards or Cash back
Thanks for pointing me in the right direction.
(Opens new window to start research)
Posted on 4/14/14 at 12:13 am to BACONisMEATcandy
quote:
BACONisMEATcandy
Amex needs to start paying you.
Posted on 4/14/14 at 12:17 am to BACONisMEATcandy
quote:
It's our honeymoon that is exactly what it is
Awesome. I was in the same boat as you around this time last year.
Married June 16th, baby showed up March 17th this year. I will do the math, 9 months and a day.
Get to work son.
Posted on 4/14/14 at 12:19 am to The People
quote:
The only time I use my credit card is when I can't find/lose my debit card. I've always been pretty budget conscious with money. I put myself through undergrad in cash and the only debt I currently have is a mortgage. Can somebody in this thread who puts all of their expenses on a card for the rewards throw me a bone and sell me on what I will gain? If I switched to this method and put 3-4k a month on a card what type of return can I reasonably expect? And also, which card should I apply for?
I used to be like you.
I have a chase freedom card. I usually get 50-70 back a month. It depends on what the 5% back is for that quarter. I got like 120 back a few months ago. Some yearly bonus apparently.
So there's the cash back.
But also there's the fact that if someone steals your card information, it doesn't come directly out of your own account.
Posted on 4/14/14 at 2:54 am to ShubutaMS
quote:
How much money per month do you put on your credit card?
Less than $400. But I currently have debt. I'm working on paying it off, I have about $700. I essentially pay off what I spend and then chip off about $100/month. Be debt free pretty soon, minus the little bit of student loans I have.
I generally pay for everything cash.
Posted on 4/14/14 at 5:57 am to ShubutaMS
First page of thread, full of "I pay it off every month" responses when statistical data shows otherwise.
Only Stout and Paul Allen were truthful.
Only Stout and Paul Allen were truthful.
Posted on 4/14/14 at 5:59 am to RollTideATL
quote:
Doing the Dave Ramsey thing... so no credit cards. I'm not anti credit card because of the points. I think Dave Ramsey is against them because of the mentality that it creates... meh, I'll just throw it on the CC. Also against the whole envelope system he preaches.
Dave believes, and who am I to question if he is wrong, people spend more on a credit card than they do when having to pay with cash, because you feel the impact immediately.
Posted on 4/14/14 at 6:04 am to FloridaMike
quote:
FloridaMike How much money per month do you put on your credit card? This is very true, I just get annoyed when people talk about him like he's a personal finance genius. His target audience is putt putt golfers though so I guess it works for stupid and/or irresponsible people.
I listen to Dave. He helps keep me grounded, because I am naturally a spender at heart. I've also attended his live seminars and Financial Peace University and I don't play putt putt golf. I have two credit cards that I use responsibly, because of their extended warranty benefit and cash back rewards.
Is he a one size fits all? No, but he certainly helps more people than he hurts. Is his advice common sense? Yes to many on here, but most people elsewhere don't practice good common sense.
Posted on 4/14/14 at 6:05 am to Will Cover
The dozen or so times I have listened to him I have come away feeling he is an idealist that should be considered, but not followed by a vast majority of people.
I do laugh that he had a caller that was so proud that they were able to pay off 40k in credit card debt in two year and save some money for a new home. Then followed it up that they made 250k a year with one kid.
I do laugh that he had a caller that was so proud that they were able to pay off 40k in credit card debt in two year and save some money for a new home. Then followed it up that they made 250k a year with one kid.
Posted on 4/14/14 at 6:41 am to fightin tigers
I make around 2,000 dollars per year by using credit cards.
Citi forward - 5% back on amazon and restaurants.
Chase freedom - 5% back on rotating categories.
Amex HHonors - 9 points per dollar at Hiltons, 6 on gas and groceries. (If used wisely, a point equals a penny)
I also usually do one sign up bonus churn per year for at least $200.
Given my top marginal tax bracket, that equates to an additional 3,000 of taxable income. I'm sure using cards makes me spend a little more, but I doubt it is more than $2,000 a year. In addition, I have the enjoyment of those luxuries.
Anyone being holier than thou about using cash is an idiot. If you need to do it for your own reasons, that's okay, but it is by no means the best way.
Citi forward - 5% back on amazon and restaurants.
Chase freedom - 5% back on rotating categories.
Amex HHonors - 9 points per dollar at Hiltons, 6 on gas and groceries. (If used wisely, a point equals a penny)
I also usually do one sign up bonus churn per year for at least $200.
Given my top marginal tax bracket, that equates to an additional 3,000 of taxable income. I'm sure using cards makes me spend a little more, but I doubt it is more than $2,000 a year. In addition, I have the enjoyment of those luxuries.
Anyone being holier than thou about using cash is an idiot. If you need to do it for your own reasons, that's okay, but it is by no means the best way.
Posted on 4/14/14 at 7:04 am to ShubutaMS
2k ish
Pay it all off. Never have a balance. I refuse to have any kind of debt outside of our small mortgage. We payed off 92k in student loans in just over two years prior to buying a house or even having the discussion of bringing kids into the world.
Pay it all off. Never have a balance. I refuse to have any kind of debt outside of our small mortgage. We payed off 92k in student loans in just over two years prior to buying a house or even having the discussion of bringing kids into the world.
This post was edited on 4/14/14 at 7:10 am
Posted on 4/14/14 at 7:05 am to TheHiddenFlask
My Amex runs between 5-10k a month. It gets paid off every single month without a question. I have already hit the first spending threshold on it (Delta Reserve Amex) and will get bonus miles later this week when the statement cuts off.
On the card I plan to earn about 120k miles this year from the monthly charges and double miles for Delta purchases. 120k can get you a couple roundtrip coach tickets or a low fare business class ticket to Europe. It has worked out very well for me.
On the card I plan to earn about 120k miles this year from the monthly charges and double miles for Delta purchases. 120k can get you a couple roundtrip coach tickets or a low fare business class ticket to Europe. It has worked out very well for me.
Posted on 4/14/14 at 7:09 am to Will Cover
quote:
when statistical data shows otherwise.
Once again the OT is a statistical anomaly.
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