I got my first credit card at age 30 when I found out I could not reserve a rental car without one. Prior to that, I was in graduate school, and there was no "internet". So all my transactions were pretty much pay cash or check at point of purchase.
Credit card cash back programs.
- Thread starter macarose
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All your posts indicate you are a "Senior" like many of us on here. So when you pass will have a load of money in the bank to pass on to your heirs. Congrats-I guess. Personally-I'm trying to spend mine.......
You get the cash back, even if you pay the card off each month (as I do). No downside to the consumer.
LOL. So True.
I have been somewhat too frugal myself and conservative (expenditure wise), now I am a senior, and not particularly energetic as I was in my youthful days. In fact, this aged 'handicap' came on fast without much warning.
So, now I sit on a gigantic pile of $$$ in the "bank" but no Toys**around, no joy but the simple things - and no heirs to inherit it either!
As long as you can put food on the table and have a place to hang your hat - game the system and live it up (a little)
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** I despise that snotty, yuppie(?) term
Got mine a week after turning 18. A Citicard with a $300 limit.
Helped me build a credit history quickly.
It's all upside to the smart and responsible consumer. The "no credit card" crowd can't seem to differentiate between carrying a balance and using a credit card to reconcile monthly purchases, earn cash back and enjoy the protections a credit card provides.
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Hey my 84 yo neighbor, husband passed away 2019. She said she hasn’t touched anything he left apparently able to get by on SS. He told me when alive he had inherited 200k and 400k. Sure her kids are lucky and grandkids too.LOL. So True.
I have been somewhat too frugal myself and conservative (expenditure wise), now I am a senior, and not particularly energetic as I was in my youthful days. In fact, this aged 'handicap' came on fast without much warning.
So, now I sit on a gigantic pile of $$$ in the "bank" but no Toys**around, no joy but the simple things - and no heirs to inherit it either!
As long as you can put food on the table and have a place to hang your hat - game the system and live it up (a little)
_____________________________________________________
** I despise that snotty, yuppie(?) term
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Yep, debit card has no protection although in practice banks make good on fraud. Credit is by law.
Exactly. Bank of America (and I assume most other large banks) won't issue an ATM only card, it has to be a debit card. Luckily I was able to login to my account and set the debit card purchase limit to $1. I never use it, don't even carry it with me. Can't even tell you the last time I withdrew money from an ATM.
THIS^^^^^^^^^^^^^^^
I spent all of about 120 seconds applying for and getting approved for the Wells Fargo Active card this AM. Been using the Capital One Quicksilver card for the last 2 years...but its 1.5% vs 2% of the Wells Fargo Active and that .5 adds up when you use the card for most purchases, subscriptions, cell phone service, cable, streaming, gas, groceries, etc...
I'm going to start to switch ongoing monthly charges to it once it comes.
I'm going to start to switch ongoing monthly charges to it once it comes.
This card is the lowest paying cash back card we carry @ 2%, it's a back up for all the stuff that doesnt qualify for 3 and 5% on our other 6 cards. I like this card a lot. I just let the cash back accumulate for something I want to feel I dont need yet being its free that its ok to buy *LOL*
I NEVER USE DEBIT CARDS FOR PURCHASES, only need for them is a few times a year I might want to take out some cash.
Anyway there is $658.67 in cash back waiting to be spent on something. I dont know what to buy when I do, I tend to use the cash back on the 5% cards first, since they rotate categories.
Maybe I'll use it to buy a generator/inverter that I posted a question about in the Off Topic forums. I'll most likely never need it, so I feel like I maybe wasting my money, however, it would be "free" money on this card combined with some others, assuming I spend $1000 on the generator, window AC and tuck it away in the garage for the power failure that might come along in a decade... or I will just let it ride for something better.
This isnt by any means the highest I ever had this card. Forgot the last time I used the cash back.
I NEVER USE DEBIT CARDS FOR PURCHASES, only need for them is a few times a year I might want to take out some cash.
Anyway there is $658.67 in cash back waiting to be spent on something. I dont know what to buy when I do, I tend to use the cash back on the 5% cards first, since they rotate categories.
Maybe I'll use it to buy a generator/inverter that I posted a question about in the Off Topic forums. I'll most likely never need it, so I feel like I maybe wasting my money, however, it would be "free" money on this card combined with some others, assuming I spend $1000 on the generator, window AC and tuck it away in the garage for the power failure that might come along in a decade... or I will just let it ride for something better.
This isnt by any means the highest I ever had this card. Forgot the last time I used the cash back.
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We totally think alike!
That’s what we use when no 5% or no 3%.
Never apply it to a statement since 1% is when you spend and 1% is when you pay. That’s annoying with the Costco Citi annual certificate and executive membership reward. They have some stipulation you can’t get a cash redemption (but you can buy something for $6.79 or whatever and get cash as the difference. In principle that’s bogus but from a practical standpoint we buy Hawaiian bread and miss out on 2% or 14 cents, we’ll be ok not worth getting upset.
Those of you who are good with money, how do I time it, and get a cashiers check from an online bank? It’s over $9/day in interest I hate to just accept that $50-$60 is lost in waiting for the check. It’s to buy a car. Better yet, how does the money get to the car dealer and earn interest as long as possible…online bank doesn’t do certified checks….
Something I tell my wife regularly is, "The house always wins."
Wire transfer to the dealer?
I struggled with the same thing when we bought our house. ACH limit was such that I was going to have to transfer multiple days. I ended up doing a wire transfer to local bank to leave the money at Fidelity longer. What I didn't anticipate was the potential holding period at the local bank. Ended up working out but wasn't worth the stress for the extra interest to be honest.
An online bank does do bank checksWe totally think alike!
That’s what we use when no 5% or no 3%.
Never apply it to a statement since 1% is when you spend and 1% is when you pay. That’s annoying with the Costco Citi annual certificate and executive membership reward. They have some stipulation you can’t get a cash redemption (but you can buy something for $6.79 or whatever and get cash as the difference. In principle that’s bogus but from a practical standpoint we buy Hawaiian bread and miss out on 2% or 14 cents, we’ll be ok not worth getting upset.
Those of you who are good with money, how do I time it, and get a cashiers check from an online bank? It’s over $9/day in interest I hate to just accept that $50-$60 is lost in waiting for the check. It’s to buy a car. Better yet, how does the money get to the car dealer and earn interest as long as possible…online bank doesn’t do certified checks….
Another option, which is what we do is maintain an account with a local bank.
For example, First Citizens Bank and Trust offers free paperless checking accounts. When called for we just electronically transfer money between bank accounts.
I’ve had two checking accounts with first citizens for about 16 years now. One of those accounts I just used to keep track of some business expenses at one time.
I rarely use them but every once in a while, for example two years ago when we sold our house and moved to the new one, I brought the check from the closing on the first house to first citizens then move the money to higher rate savings online accounts with other banks
Between both first citizens checking accounts, I keep maybe $250 in them
Yeah, we think alike. I like getting free money and using all the free services of the banking industry as well.
https://www.firstcitizens.com/
By the way, first citizens also owns the online bank called CITBANK (not Citibank)
Without question, no strings, no catch, no cost.
This online bank with its platinum savings account offers the highest interest rate without playing games. You administer everything online or with the app. All you need is $5000 in the account. They also have another account with a minimum of $100 and it almost pays close to the platinum, which is 4% right now
I’ve been with them for quite some time now and highly recommend them for those comfortable dealing with a bank that has one building in some state that I don’t even know where. It doesn’t matter it’s FDIC insured and now some years back First Citizens bought them.
https://www.cit.com/cit-bank/bank/savings
@Pablo
You liked my post before I corrected all the mistakes by Siri and myself. Hopefully you see this and reread it. Now I’ll go make my coffee.
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This thread is quite lopsided because people that are in trouble due to poor credit card use are too embarrassed to participate. I wonder what percentage the responsible credit card users participating here is compared to those in trouble?
Decades ago both my wife and young adult daughter got in over their heads running up "large" (under $8,000) credit card debt. It happens. I was furious, but partly blame myself for becoming detached while doing the workaholic thing. We got it straightened out and debit cards were a tool to help budget money better. Years later we can use and enjoy the benefits of responsible credit card use (rewards, etc.) just like everyone above. Also, our credit union provides the same protections for debit cards as credit cards.
My point here? Consider the debit card as a tool to assist someone that is fiscally challenged. Finally, fiscal responsibility is important, but I pity people where building wealth becomes all consuming and interferes with the more important aspects of living. Changing a popular quote used at BITOG " I never heard anyone on their deathbed wish they had accumulated more unspent money", LOL
Decades ago both my wife and young adult daughter got in over their heads running up "large" (under $8,000) credit card debt. It happens. I was furious, but partly blame myself for becoming detached while doing the workaholic thing. We got it straightened out and debit cards were a tool to help budget money better. Years later we can use and enjoy the benefits of responsible credit card use (rewards, etc.) just like everyone above. Also, our credit union provides the same protections for debit cards as credit cards.
My point here? Consider the debit card as a tool to assist someone that is fiscally challenged. Finally, fiscal responsibility is important, but I pity people where building wealth becomes all consuming and interferes with the more important aspects of living. Changing a popular quote used at BITOG " I never heard anyone on their deathbed wish they had accumulated more unspent money", LOL
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And should you get the urge to lease railroad equipment, you're banking at the right place. Leasing
I now return you to the regular thread, already in progress.
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