Credit card cash back programs.

[billt460]

Dave is fine for people who have no clue and no self-control. His one-size fits all approach, because he himself has gone bankrupt (twice?) is where he loses me. I also remember that Dave is selling you a product - the no CC do as I say product. I have nearly 30 years of history using a credit card responsibly. Between business and personal my points generate $7-10K per year in points that get deposited into my ROTH IRA and they will literally generate hundreds of thousands of dollars in returns for stuff I would buy anyway over the next 30 years.

"The average millionaire has gone bankrupt at least 3.5 times".​

You Won’t Believe These 10 Millionaire Facts

If you want to be a millionaire, you've got to learn about millionaires. These 10 fascinating millionaire facts will reveal their lives and secrets.

www.timothysykes.com

​

 

[Pablo]

"The average millionaire has gone bankrupt at least 3.5 times".​

You Won’t Believe These 10 Millionaire Facts

If you want to be a millionaire, you've got to learn about millionaires. These 10 fascinating millionaire facts will reveal their lives and secrets.

www.timothysykes.com

​

Statistically probably true because so relatively easy to be a millionaire now

 

[Al]

I have the Amazon card. Free shipping and usually 600$ back

 

[PWMDMD]

"The average millionaire has gone bankrupt at least 3.5 times".​

You Won’t Believe These 10 Millionaire Facts

If you want to be a millionaire, you've got to learn about millionaires. These 10 fascinating millionaire facts will reveal their lives and secrets.

www.timothysykes.com

​

Lol...as compelling an argument as that is, I opt to just keep all the wealth I've worked hard to build and avoid bankruptcy.

 

[billt460]

Lol...as compelling an argument as that is, I opt to just keep all the wealth I've worked hard to build and avoid bankruptcy.

It's really not an argument. It's a simple, proven fact. I never gone bankrupt either. But it's because I've never taken any risks that could or would bankrupt me. Minimal risk equals minimal reward.

 

[billt460]

Statistically probably true because so relatively easy to be a millionaire now

That's mostly because of inflation. Not because people are any smarter financially.

 

[PWMDMD]

It's really not an argument. It's a simple, proven fact. I never gone bankrupt either. But it's because I've never taken any risks that could or would bankrupt me. Minimal risk equals minimal reward.

It's a set of statistics for a population of people who happen to be millionaires and not a prescription on how to be a millionaire.

 

[Pablo]

That's mostly because of inflation. Not because people are any smarter financially.

Indeed

 

[billt460]

It's a set of statistics for a population of people who happen to be millionaires and not a prescription on how to be a millionaire.

There is no "prescription" on achieving massive wealth. But one of the major components is being willing to take large risks.... Hence the 3.5 bankruptcies per millionaire.

 

[CKN]

The point is the majority of people don't have the discipline to do that...and that's what the banks hope for. If you can do it that way, that's great. Most people simply don't.

The point is those people are not playing "the game" correctly. There is no way you can make a rational argument- not to use a credit card for money you would spend anyway, and pay off your balance monthly-and then get hundreds or thousands of dollars back in a check, statement credit, etc.
This topic on BITOG has been absolutely, totally, beaten to death.

 

[CKN]

That's mostly because of inflation. Not because people are any smarter financially.

Just about any body who owns a house in California is a millionaire-at least on paper. Of course there are other places as well.

 

[billt460]

This whole idea that, "you would be spending it anyway" is the only way you can justify this whole rigged parlay these banks have set up for you. They're not doing it to lose money. They're banking that they can beat you at their own game.

 

[99Saturn]

I love the turns these threads always take about the evils of credit cards!

OP, here’s another one for you. Citi Rewards+, 1% cash back but rounds up to the nearest 10 points. Now how many $.11 charges can I make.

 

[PWMDMD]

The point is the majority of people don't have the discipline to do that...and that's what the banks hope for. If you can do it that way, that's great. Most people simply don't.

Ok...but someone need just make the commitment to have the discipline and then it can be a very good way of making real extra cash. I see people mismanage things I do all the time without any issues and the takeaway shouldn't be don't do those things. The take away should be do those things correctly.

 

[PWMDMD]

This whole idea that, "you would be spending it anyway" is the only way you can justify this whole rigged parlay these banks have set up for you. They're not doing it to lose money. They're banking that they can beat you at their own game.

They are with me...or at least they make their money on the merchants and not me.

 

[SHOZ]

I see Walmart is added to the 5% Groceries quarter with Discover coming up in July.

 

[tnt_motorsports]

We use a Sam's Club Master Card. We get cash back as follows, 5% on fuel, 3% on travel and store purchases, 1% on everything else. It usually provides a nice little kick back a couple times a year.

Just my $0.02

 

[CKN]

This whole idea that, "you would be spending it anyway" is the only way you can justify this whole rigged parlay these banks have set up for you. They're not doing it to lose money. They're banking that they can beat you at their own game.

But they can't if AGAIN you pay off the balance. Is that hard to understand? REALLY?

 

[CKN]

I love the turns these threads always take about the evils of credit cards!

OP, here’s another one for you. Citi Rewards+, 1% cash back but rounds up to the nearest 10 points. Now how many $.11 charges can I make.

Yea-they go the same way of "I thinking about buying a pickup truck" and the comments are "buy a trailer" to tow behind your 300,000 mile Corolla, as another member on here wrote so well!
I don't get it. The ones who are anti credit card-are either so brainwashed by "that guy on the radio" or either hate "the big banks" or don't have the "self discipline" to use them.
So...........

IT'S FREE MONEY GUYS! You don't like FREE MONEY?

 

[John105]

You’re totally missing the point… you pay ordinary expenses with the card and payoff the balance monthly.

I agree. I have to buy gas, so I buy it at Costco, and I use PenFed which is 5% permanent no redemption simply subtracts 5% off the statement. There’s no hidden agenda. They even paid me $200 to make it paperless and autopay from my PenFed checking.

I will offer a gripe. I opened a preapproved Ally MasterCard. 3% on groceries and pharmacy. $200 when $500 spent. I had to wait almost 3 1/2 mos for the $200 and they literally deposited it on the last day promised.

My buddy who was a huge DR fan has soured on him. I never had any opinion. But interesting how he sells cruises to be with him, in his retirement. Is he really that charismatic? I don’t see it.