Credit card ? - Page 2

tommymac · 04-09-2013, 10:46 AM

Quote:

Originally Posted by Cutty72

I can't remember when my cards had under a 8K limit...
With that, I have never maxed one out either, can't imagine having to pay that off!

Same here, I keep getting stuff for cards with a 15k limit. bad enough mine took a hit and is aorund 2k right now, but between some stuff from sandy then my car needing work it sone of those necessary evils, but I cant wait to get that and the car and bike payments eliminated.

dubbs · 04-09-2013, 11:21 AM

I think he just means that paying the statement balance, which still leaves a balance afterward, and avoids paying any finance charges.. For my chase gas card - they have a convenient option to automatically pay the statement balance only, which at the end of each month still leaves 100-150$ on there and i've never paid a finance charge on the card in 8+ years I've had it.

That said - when I get 0% cards I rack up all the purchases then calculate my monthly to fully pay it off before the finance charges start.

OneSickPsycho · 04-09-2013, 11:31 AM

Quote:

Originally Posted by dubbs

I think he just means that paying the statement balance, which still leaves a balance afterward, and avoids paying any finance charges.. For my chase gas card - they have a convenient option to automatically pay the statement balance only, which at the end of each month still leaves 100-150$ on there and i've never paid a finance charge on the card in 8+ years I've had it.

That said - when I get 0% cards I rack up all the purchases then calculate my monthly to fully pay it off before the finance charges start.

This. I thought it was apparent based on the original topic, but thanks for clarifying dubbs.

As long as you pay as much or more on your card as you've spent in the previous cycle, you can avoid finance charges. One of my cards generally carries about $1,000 at all times... I've never had a finance charge on that card...

OneSickPsycho · 04-09-2013, 11:36 AM

Oh and fuck 0% intro cards... most of them suck for rewards... Like I said, I maximize my shit...

Two cards...

Amazon Visa - always 3% on Amazon, 2% on gas/restaurants/drugstore/office supplies, 1% on everything else

Chase Freedom - quarterly promotions for 5% cash back (currently Lowes, restaurants, movies... plus 10% bonus points at the end of the year.

I used to use my Discover Card too, but I found that the Freedom card mirrors their quarterly 5% cash back rotation...

I keep a sliver of a sticky note in my wallet to remind me which card to use for what to max out my rewards. I used to get anywhere from $500 to $1000 cash back each year... since I'm paying attention to it now, I expect to hit $1500 this year.

dubbs · 04-09-2013, 11:47 AM

Quote:

Originally Posted by OneSickPsycho

Oh and fuck 0% intro cards... most of them suck for rewards... Like I said, I maximize my shit...

I needed to spend about 10k on home improvements.. I got a 0% for 24 months.. worked for me..

tommymac · 04-09-2013, 11:58 AM

Quote:

Originally Posted by dubbs

I needed to spend about 10k on home improvements.. I got a 0% for 24 months.. worked for me..

Storm damage? I was/am using my lowes card for most of my bigger purchases for the 5% off then pay it next month. I wa susing my citi rewards card similar to OTB untill I racked up a larger balance and need to pay that of ffirst.

In the past I played the balance transfer or 0% game to pay off the larger debt I had and it worked rather well. Either I had enough time to pay it off and if not another offer would have come up and I would switch it to there.

Homeslice · 04-11-2013, 10:12 PM

Quote:

Originally Posted by OneSickPsycho

Oh and fuck 0% intro cards... most of them suck for rewards... Like I said, I maximize my shit...

Two cards...

Amazon Visa - always 3% on Amazon, 2% on gas/restaurants/drugstore/office supplies, 1% on everything else

Chase Freedom - quarterly promotions for 5% cash back (currently Lowes, restaurants, movies... plus 10% bonus points at the end of the year.

I used to use my Discover Card too, but I found that the Freedom card mirrors their quarterly 5% cash back rotation...

I keep a sliver of a sticky note in my wallet to remind me which card to use for what to max out my rewards. I used to get anywhere from $500 to $1000 cash back each year... since I'm paying attention to it now, I expect to hit $1500 this year.

OK let's say that you averaged 4% cash back across all your purchases (and that's being generous, since I'm sure most of your transactions only give you 2-3%)..........You would still need to charge $37,500 (more than $3K per month) to get back $1,500. Do you seriously charge that much per month? On what?

Cutty72 · 04-12-2013, 12:28 AM

Quote:

Originally Posted by Homeslice

OK let's say that you averaged 4% cash back across all your purchases (and that's being generous, since I'm sure most of your transactions only give you 2-3%)..........You would still need to charge $37,500 (more than $3K per month) to get back $1,500. Do you seriously charge that much per month? On what?

Every dollar I spend, less the mortgage payment, goes on a credit card and gets paid off every month.
If he's doing it right and maxing the 5% stuff, I can see it.

shmike · 04-09-2013, 11:40 AM

Quote:

Originally Posted by dubbs

I think he just means that paying the statement balance, which still leaves a balance afterward, and avoids paying any finance charges.. For my chase gas card - they have a convenient option to automatically pay the statement balance only, which at the end of each month still leaves 100-150$ on there and i've never paid a finance charge on the card in 8+ years I've had it.

That said - when I get 0% cards I rack up all the purchases then calculate my monthly to fully pay it off before the finance charges start.

Quote:

Originally Posted by OneSickPsycho

This. I thought it was apparent based on the original topic, but thanks for clarifying dubbs.

As long as you pay as much or more on your card as you've spent in the previous cycle, you can avoid finance charges. One of my cards generally carries about $1,000 at all times... I've never had a finance charge on that card...

That's what I though but wanted clarification for those less versed.

It used to drive me crazy when my wife would pay "outstanding balance" rather than "statement balance."

Rangerscott · 04-09-2013, 03:39 PM

I just pay off each cycle. As I said I just mainly use it as a gas card. Sadly it adds up when youre driving a 93 F150 w/ 5.0L. For awhile there were whole street gas wars going on. Havent seen it happen in a month now. It was great when they finally opened a Murphy station that wasnt attached to walmart. That lasted a good while.

04-09-2013, 11:21 AM	#2
dubbs Multistrada Join Date: Mar 2008 Location: Manorville, NY Posts: 652	I think he just means that paying the statement balance, which still leaves a balance afterward, and avoids paying any finance charges.. For my chase gas card - they have a convenient option to automatically pay the statement balance only, which at the end of each month still leaves 100-150$ on there and i've never paid a finance charge on the card in 8+ years I've had it. That said - when I get 0% cards I rack up all the purchases then calculate my monthly to fully pay it off before the finance charges start. __________________ Sportbike - 2013 Ducati Multistrada S Touring - Red Luxury Car - 2013 Cadillac ATS 2.0 Turbo - Black Weekend Car - 2003 Honda S2000 - Black Daily Driver - 2011 Toyota Prius - Black Beater - 2005 Honda Civic Hybrid - Dust Colored

04-09-2013, 11:36 AM	#4
OneSickPsycho Ride Like an Asshole Join Date: Feb 2008 Moto: nothing... Posts: 11,254	Oh and fuck 0% intro cards... most of them suck for rewards... Like I said, I maximize my shit... Two cards... Amazon Visa - always 3% on Amazon, 2% on gas/restaurants/drugstore/office supplies, 1% on everything else Chase Freedom - quarterly promotions for 5% cash back (currently Lowes, restaurants, movies... plus 10% bonus points at the end of the year. I used to use my Discover Card too, but I found that the Freedom card mirrors their quarterly 5% cash back rotation... I keep a sliver of a sticky note in my wallet to remind me which card to use for what to max out my rewards. I used to get anywhere from $500 to $1000 cash back each year... since I'm paying attention to it now, I expect to hit $1500 this year.

04-09-2013, 03:39 PM	#10
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	I just pay off each cycle. As I said I just mainly use it as a gas card. Sadly it adds up when youre driving a 93 F150 w/ 5.0L. For awhile there were whole street gas wars going on. Havent seen it happen in a month now. It was great when they finally opened a Murphy station that wasnt attached to walmart. That lasted a good while.