Originally Posted By: billt460
Originally Posted By: gathermewool
Seems like he has one point: live WELL within your means, if you're going to play the game; otherwise, you may end up losing way more than you intended to gain.
Exactly. Also, you can bet there are a lot of well intentioned people who buy into the whole "cash back" scheme, with full intentions of paying it off immediately. Only to get financially side tracked, then fail to do so because of other expenses that pop up after they make the purchase.
The bottom line is we're right back to cash. If you don't have the cash put aside when you make the purchase, don't play the "cash back" game. Most of those that do will lose, and just pile on more debt in the process.... Which is exactly what the credit card companies are hoping for in the first place.
About 1/3 of the people don't carry a balance on their credit card. The other 2/3's do. The cash back game is fine for the 1/3 who can pay off their balance every month.
Originally Posted By: gathermewool
Seems like he has one point: live WELL within your means, if you're going to play the game; otherwise, you may end up losing way more than you intended to gain.
Exactly. Also, you can bet there are a lot of well intentioned people who buy into the whole "cash back" scheme, with full intentions of paying it off immediately. Only to get financially side tracked, then fail to do so because of other expenses that pop up after they make the purchase.
The bottom line is we're right back to cash. If you don't have the cash put aside when you make the purchase, don't play the "cash back" game. Most of those that do will lose, and just pile on more debt in the process.... Which is exactly what the credit card companies are hoping for in the first place.
About 1/3 of the people don't carry a balance on their credit card. The other 2/3's do. The cash back game is fine for the 1/3 who can pay off their balance every month.