Credit card question

[kskboys]

Yes.
As they know most people will get the introductory rate or no interest balance transfer (well they have the 3% fee which is like interest). As they know most will not pay that off. Many will think no payments then wham, all of a sudden it is due, and they can't pay, and get hit with a whopping interest added. People need to watch out for that.
I had a few friends that did that. Then claimed they were cheated.
The interest still accumulates for if not paid off.

Correct.

I use my discover card all the time when I want a small loan. 3-4%, and 12 months to pay it off. And don't ever(evereverever) go anywhere near that 12 months w/o paying it off. If you go this route, you absolutely must have the self discipline to pay it off in 6-8 months, or don't even try this method.

I really don't know if they add the interest back in or not, as I've never let it get to that point.

Credit cards are not for everyone. They must be constantly monitored as they will try little things to get cash.

Worst story is when I had a credit card charge me for 37 days worth of interest in a 30 day period, and then claim that it was OK.

This was back when I was starting my business, and I'd just put a $6,500 mower on a credit card. At this point, before I got established, I'd buy the mower in January/February, and then make large payments and pay it off in 6 months or less. This was back before credit card checks, and back when the interest on this card was 6.9%.

I had to threaten them w/ notifying the state govt office before they finally removed the entire month of interest.

 

[Reverend Conehead]

Yes, keep them paid off. Even though in some situations one has to carry a balance for a while, that is understandable.
I have all my utilities and other items automatically charged to a credit card. Then I pay them off as soon as I get the e-maill saying it is due. Plus you get the reward points.
I got my last iPhone using rewards points that way.

Since I went all those decades refusing to even have a credit card, I don't even know how to use the rewards points. My main card is already saying I've earned something like $6.50 in rewards, which, of course, is no big whoop, but I guess I'll leave it alone and let it accumulate for something.

 

[jazzcat22]

Correct.

I use my discover card all the time when I want a small loan. 3-4%, and 12 months to pay it off. And don't ever(evereverever) go anywhere near that 12 months w/o paying it off. If you go this route, you absolutely must have the self discipline to pay it off in 6-8 months, or don't even try this method.

I really don't know if they add the interest back in or not, as I've never let it get to that point.

Credit cards are not for everyone. They must be constantly monitored as they will try little things to get cash.

Worst story is when I had a credit card charge me for 37 days worth of interest in a 30 day period, and then claim that it was OK.

This was back when I was starting my business, and I'd just put a $6,500 mower on a credit card. At this point, before I got established, I'd buy the mower in January/February, and then make large payments and pay it off in 6 months or less. This was back before credit card checks, and back when the interest on this card was 6.9%.

I had to threaten them w/ notifying the state govt office before they finally removed the entire month of interest.

I done that a few times. When getting work done on house.
May do that again soon, depending overall cost.
Good way to go.

 

[jazzcat22]

Since I went all those decades refusing to even have a credit card, I don't even know how to use the rewards points. My main card is already saying I've earned something like $6.50 in rewards, which, of course, is no big whoop, but I guess I'll leave it alone and let it accumulate for something.

Yeah, I let my points build up for years, like 4 or 5 before I used them.
Now I have a few cards, I just have the cash put into my bank account. But I keep a separate spreadsheet for that balance to use as other things, then if I get a new phone I have the cash to go where I want, and not from a certain gift card. Like last time it was a Best Buy card.
I don't get new phones often though. I am fine keeping my iPhone 11 for a few more years or more. Had it for a 2 or 3 years now.

 

[Reverend Conehead]

Yeah, I let my points build up for years, like 4 or 5 before I used them.
Now I have a few cards, I just have the cash put into my bank account. But I keep a separate spreadsheet for that balance to use as other things, then if I get a new phone I have the cash to go where I want, and not from a certain gift card. Like last time it was a Best Buy card.
I don't get new phones often though. I am fine keeping my iPhone 11 for a few more years or more. Had it for a 2 or 3 years now.

Bingo. I've always thought it was a total waste of money to get a new phone every year or two. I got my Samsung Galaxy Note 9 a couple years ago, and it was already a version back. But it does what I need it to do. If you bought every latest iPhone or Samsung phone as soon as it was released, that would be huge number of dollars down a black hole. Some of the phone services couldn't even keep up with the iPhone 14. For some bizarre reason, Apple made it an E-SIM only phone, instead of letting you choose between an E-SIM and a physical SIM. Some phone services' IT departments were still scrambling trying to get set up for E-SIM when the iPhone 14 was released. Since the person couldn't use a physical SIM, even temporarily, they had to either change phone service or return the iPhone.

 

[gtb1943]

If you are paycheck to paycheck, get a 2nd job. Many people have two jobs.

Real easy to say. Lot harder to do. and when you factor in children, even harder. Day care is incredibly expensive anymore.

IT is VERY easy to tell people work harder, get two jobs.

 

[Reverend Conehead]

Real easy to say. Lot harder to do. and when you factor in children, even harder. Day care is incredibly expensive anymore.

IT is VERY easy to tell people work harder, get two jobs.

That's a great point. People have lives, and responsibilities, outside of work. The second job probably wouldn't even pay for 100 percent of that day care, and so you're worse off than before. Plus, with it being even more time away from home, that damages relationships with the wife and kid. A whole lot of people can't simply work an extra job in a store or delivering Uber Eats or whatever.

 

[darthseinfeld]

I use 3-5 credit cards. I simply let the cashback accumulate, and get cash in December. I generally get $300-500 back in December, the month where I can really use it.

Yes, I pay my balance off every month. If you don't do this, then either get rid of the cards or get to where you do.

Same. I use them for certain things and as a contingency. One I use for gas, and two others for groceries. Then pay it off at the end of the month. Get your cash back benifits and an outstanding payment history

 

[big dog cowboy]

Yeah, I let my points build up for years

I put everything on my credit card. Cash it in every year after it maxes out.

I even tried to get my house payment on there. Didn't work.

 

[kskboys]

Real easy to say. Lot harder to do. and when you factor in children, even harder. Day care is incredibly expensive anymore.

IT is VERY easy to tell people work harder, get two jobs.

Agreed.

 

[kskboys]

I done that a few times. When getting work done on house.
May do that again soon, depending overall cost.
Good way to go.

The good part is that there are no closing costs and no applying. You simply fill out the check.

The bad part is that you absolutely must pay it off w/i those parameters.

 

[BrAinPaiNt]

I have a bank card that has been in my wallet for years and has NEVER been used whether for credit or debit.
I have no other cards.

Normally use Google Play cards to pay for whatever streaming services I use or to buy movies on occasion.

If I want to order something that is not too pricey. I get a prepaid credit card.

In the very rare times I want to order something that exceeds what most pre paid credit cards allow...I have the wife give me her debit card to the bank and use that with money already in the bank. I use hers because I do not remember my pin number nor do I know if it even works anymore.

The only think I got in the last five years or so that I needed the debit card was my guitar I recently bought.

In the past if I wanted a guitar I would do it on musicians friend credit
I never had trouble paying those off but I would rather not have a monthly bill on a credit card.

Hate the idea of paying all that interest.

Credit Cards are the Debil.
Debit cards are an invitation for people to get your info and use it for themselves. My wife has had this happen numerous times in the last four years.

 

[Runwildboys]

I have a bank card that has been in my wallet for years and has NEVER been used whether for credit or debit.
I have no other cards.

Normally use Google Play cards to pay for whatever streaming services I use or to buy movies on occasion.

If I want to order something that is not too pricey. I get a prepaid credit card.

In the very rare times I want to order something that exceeds what most pre paid credit cards allow...I have the wife give me her debit card to the bank and use that with money already in the bank. I use hers because I do not remember my pin number nor do I know if it even works anymore.

The only think I got in the last five years or so that I needed the debit card was my guitar I recently bought.

In the past if I wanted a guitar I would do it on musicians friend credit
I never had trouble paying those off but I would rather not have a monthly bill on a credit card.

Hate the idea of paying all that interest.

Credit Cards are the Debil.
Debit cards are an invitation for people to get your info and use it for themselves. My wife has had this happen numerous times in the last four years.

That card in your wallet probably doesn't work anymore. They usually freeze them after a year of inactivity.

 

[gtb1943]

That card in your wallet probably doesn't work anymore. They usually freeze them after a year of inactivity.

Pretty much can guarantee that; I had a card I had not used in a year or so and then when I did it was dead. But the &**&&^^%^^&** bank never told me they had suspended it.

 

[John813]

I've used the chase monthly payment option a few times, especially after buying my current house. I think the options range from 3 months to 18months with a low fee and no prepayment penalty.
The reoccurring billing gets old so I usually just pay it off early but it's not a bad option if you don't abuse it.

 

[Runwildboys]

Pretty much can guarantee that; I had a card I had not used in a year or so and then when I did it was dead. But the &**&&^^%^^&** bank never told me they had suspended it.

Same here. I didn't know they'd do that, so it was very inconvenient and a bit embarrassing.

 

[Reverend Conehead]

That card in your wallet probably doesn't work anymore. They usually freeze them after a year of inactivity.

I had heard that. It's good knowledge to have. That's why, even when I get down to zero, I'm still going to charge a few, basic things from time to time. Maybe just do my grocery shopping with it once a month, and pay it off when the bill arrives.

 

[gtb1943]

I had heard that. It's good knowledge to have. That's why, even when I get down to zero, I'm still going to charge a few, basic things from time to time. Maybe just do my grocery shopping with it once a month, and pay it off when the bill arrives.

IT is kind of stupid but this sort of thing apparently increases your credit score. Having several cards with Zero balance adds to your total available credit.
From what I have gathered, it means more then paying your utilities on time.
the Financial system is so beyond corrupt....

 

[Runwildboys]

IT is kind of stupid but this sort of thing apparently increases your credit score. Having several cards with Zero balance adds to your total available credit.
From what I have gathered, it means more then paying your utilities on time.
the Financial system is so beyond corrupt....

I pay my card off every month, so they recently lowered my limit about $5000. That's fine with me. I don't ever want to put $23,000 on a CC anyway.
What bothers me is that I've never been late on a payment, but my card, which started off at a 6% APR is now at 15%.
The powers that be need to do something about the APRs these banks are allowed to charge.

 

[Reverend Conehead]

IT is kind of stupid but this sort of thing apparently increases your credit score. Having several cards with Zero balance adds to your total available credit.
From what I have gathered, it means more then paying your utilities on time.
the Financial system is so beyond corrupt....

I heard it's even better to occasionally carry a balance. Thus it's better to, for example, charge 60 bucks worth of groceries, then pay roughly 30 when the bill arrives, and pay the remainder the following month. Somehow that's better for your credit than to just pay the whole thing off immediately. Anyone know if this is true or not?