flmgrip_IHB
New member
get some freaking dicipline and use the cards to your advantage
Killer Credit Card Rewards
- Thread starter ipoplaya_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
green_cactus_IHB
New member
If there is a fraudulent charge you are better off with a credit card than debit. Debit cards should at most be used to pay for swipe/PIN transactions.
Credit cards will usually extend and warranty as well (usually by 1 year) and credit you if thee store won't accept an item you are returning.
Credit cards will usually extend and warranty as well (usually by 1 year) and credit you if thee store won't accept an item you are returning.
no_vaseline_IHB
New member
I do not own an ATM card, and refuse to carry one with a Visa or MC logo.
UrbanVerve_IHB
New member
If this was not the case, credit card companies would not offer the programs. Think about it...
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They get paid even if you don't carry a balance - don't they charge the retailer a certain percent of each purchase just for allowing customers to use credit cards? I thought that was why some places don't take AmEx - I've heard they're more expensive. If the cc company can claim more customers because of their reward program (even if its a loss leader), they can use that in their favor to negotiate with retailers, get more exclusive locations, and charge higher transaction fees. I think there was a big settlement recently between Visa and AmEx over tactics used to squeeze each other out and become the 'exclusive' accepted card at given locations. That might change the fee structures soon and have an impact on rewards programs.
Of course, the cc companies like it a lot more if you carry a balance or incur fees, but I bet they come close to covering the cost of rewards programs just on their transaction fees charged to retailers.
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They get paid even if you don't carry a balance - don't they charge the retailer a certain percent of each purchase just for allowing customers to use credit cards? I thought that was why some places don't take AmEx - I've heard they're more expensive. If the cc company can claim more customers because of their reward program (even if its a loss leader), they can use that in their favor to negotiate with retailers, get more exclusive locations, and charge higher transaction fees. I think there was a big settlement recently between Visa and AmEx over tactics used to squeeze each other out and become the 'exclusive' accepted card at given locations. That might change the fee structures soon and have an impact on rewards programs.
Of course, the cc companies like it a lot more if you carry a balance or incur fees, but I bet they come close to covering the cost of rewards programs just on their transaction fees charged to retailers.
ipoplaya_IHB
New member
Excellent point Urban. Yes, Amex does charge higher merchant fees...
Fraychielle_IHB
New member
I pay off balances on all of my CCs. Parents drilled that into my head long ago. I may have carried a balance once or twice ever in my life.
I see CCs as a way to consolidate my outgo into one monthly bill.
I primarily use a Upromise card that gives me 1% towards my kids' Upromise 529s.
I also engaged in some 0% arbitrage last year to get 5.05% APY, but it made me nervous just thinking about it. It's not what CCs were meant for. Besides, I don't think we'll see 0% incentives x 15 months for a long time.
I see CCs as a way to consolidate my outgo into one monthly bill.
I primarily use a Upromise card that gives me 1% towards my kids' Upromise 529s.
I also engaged in some 0% arbitrage last year to get 5.05% APY, but it made me nervous just thinking about it. It's not what CCs were meant for. Besides, I don't think we'll see 0% incentives x 15 months for a long time.
IrvinePerson_IHB
New member
I'm pretty hardcore. I'm using a mixture of 4 credit cards to maximize my cash back savings. I always pay in full and set aside money I spend to pay these credit cards so it's just like using cash. Only difference is that I'm averaging about 3-3.5% overall on cash back.
xtreeter_IHB
New member
<p>waiting2buylater, thanks I will look into it. Without knowing the facts, my gut feeling is that if CapitalOne charges no fee for currency conversion, then the currency exchange rate is probably worse than the real exchange rate. Other than booking for airplane tickets and hotels, I have gotten used to using cash, and always carry a thick stack with me at all time. It actually feels kind of good.</p>
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interestedinirvine_IHB
New member
Thought I'd chime in. We're part of the 2% who pay their cards off in full every month.
One of the best cards around for those interested in travel rewards is the Starwood Preferred Guest AMEX. You can transfer your points to over 30 airlines and their partners. Plus for every 20,000 points you transfer you get a bonus 5000 points. When we travel internationally we use our CapitalOne Rewards Cash card because the rates are good and there is no fee (remember MC and Visa already charge 1%; your bank/issuer will charge an additional 1 to 2%).
One of the best cards around for those interested in travel rewards is the Starwood Preferred Guest AMEX. You can transfer your points to over 30 airlines and their partners. Plus for every 20,000 points you transfer you get a bonus 5000 points. When we travel internationally we use our CapitalOne Rewards Cash card because the rates are good and there is no fee (remember MC and Visa already charge 1%; your bank/issuer will charge an additional 1 to 2%).
raymond_IHB
New member
If you are about to make large purchases in a short amount of time, you can consider the <a href="http://citi.bridgetrack.com/usc/07/Cash/Returns/default.htm?BTData=C021079736C61745E5C424AB0BEB0AFA19D928490F0F7F5E8EAC5C2D6F1FDE66&BT_TRF=585383&BT_CON=1&app=UNSOL&sc=483ZA237&m=8SGO000000W&langId=EN&siteId=CB&B=M&DS=p602657&ProspectID=8AE85BE06CD5426F84FFC4077A55B4AC">Citi CashReturns Card</a>. For the first 3 months, you will get 5% cash back on all purchases. There is no limit on how much cash back you can receive.
After the initial 3 months, you get the standard 1% cashback. No annual fee. No limits.
To maximize the cash back, you can pay off the card as soon as the limit is reached. That way, you would have freed up your balance to make more purchases for that month.
After the initial 3 months, you get the standard 1% cashback. No annual fee. No limits.
To maximize the cash back, you can pay off the card as soon as the limit is reached. That way, you would have freed up your balance to make more purchases for that month.
capocorso_IHB
New member
Credit Card companies make money in many more ways than just interest and fees. Those of us that own businesses that take credit cards can attest to the amount of fees we pay to all the credit card companies. Reward cards and corporate cards cost even more.
profette_IHB
New member
<a href="http://cartoonbox.slate.com/nickanderson/"><img width="500" border="0" alt="" src="http://content.cartoonbox.slate.com/?feature=8a3f52516230c04b14a77cbeb7d58bda&resize=no" /></a>
IrvineRenter_IHB
New member
<a href="http://en.wikipedia.org/wiki/Icarus">Icarus</a>
Daedalus_IHB
New member
That's my boy!
effenheimer_IHB
New member
<p>Start paying the light bill with the money.</p>
<p>It'll give us something to default on when the pot runs dry. Why go broke with no debt when instead you can stay afloat for another year and stick it to the man at the same time? </p>
<p>It'll give us something to default on when the pot runs dry. Why go broke with no debt when instead you can stay afloat for another year and stick it to the man at the same time? </p>
buylowsellhigh_IHB
New member
<p>CC Companies lose money to the 2% of the population who use the rewards and incentives to their advantage, but make it back on the 98% who pay interest 
</p>
<p>If your credit is strong enough, you can probably get 50-100k of interest free money BT'ing to no interest cards. But one slip and you are done.</p>
<p>I get about $5000 of cash back, free hotels, and plane tickets a year on credit cards alone, and I pay $50-100 of annual fees. But a lot of cards have limits for cash back, rewards, etc.</p>
<p>The credit card discount fee I pay is a little lower than 2%. But I think that with credit cards, consumers are more likely to spend. So the 2% fee is well worth the money.</p>
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</p><p>If your credit is strong enough, you can probably get 50-100k of interest free money BT'ing to no interest cards. But one slip and you are done.</p>
<p>I get about $5000 of cash back, free hotels, and plane tickets a year on credit cards alone, and I pay $50-100 of annual fees. But a lot of cards have limits for cash back, rewards, etc.</p>
<p>The credit card discount fee I pay is a little lower than 2%. But I think that with credit cards, consumers are more likely to spend. So the 2% fee is well worth the money.</p>
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ipoplaya_IHB
New member
Was on the phone opening up a CD with Countrywide Bank and learned of a pretty good <a href="https://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?partner_dir_name=countrywide_rewardslow&page=cont&mkid=64V6">rewards credit card they are offering.</a>
2% back if you "redeem" your points as a deposit to a Countrywide savings or mortgage product. No annual fee and no annual cap on rewards...
2% back if you "redeem" your points as a deposit to a Countrywide savings or mortgage product. No annual fee and no annual cap on rewards...
EvaLSeraphim_IHB
New member
Yes, but if you sneeze, they will jack your rate to 40% and charge you a $50 per sneeze penalty.
stepping_up_IHB
New member
I've noticed a couple of banks offering some really great BT offers lately to current card holders that have not used the card in a while. Capital One is offering 1.99 fixed for the life of the transfer with a $50 max transfer fee and Chase is offering 2.99 fixed for the life of the transfer with a max of $99 per transfer. With inflation rearing it's ugly little head, these are good deals. They will even just transfer the money right into your checking account!