Anyone Here Utilize Cash Back Credit Cards?

CFM said:
With over $1 trillion in credit card debt, there are plenty that aren't responsible. The difference between us is I don't have the possibility of that happening and you do regardless of how much you claim you pay it off. Claiming that the possibility doesn't exist for you is like saying you can win the PowerBall lottery without buying a ticket.
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Well, the only way it can happen is if my checking account magically empties overnight and if I magically lose my job and magically never receive my final paycheck.
 
Michael_Panetta said:
Well, the only way it can happen is if my checking account magically empties overnight and if I magically lose my job and magically never receive my final paycheck.
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That's not the only way it could happen. If you think so, you're on your way to being in credit card debt.
 
Michael_Panetta said:
I'll ask again: What difference is there if you pay with check and I pay with credit card?
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The check represents money that is actually there and using a credit card is nothing more than a promise for something that may or may not be there when it's time to pay.
 
CFM said:
The check represents money that is actually there and using a credit card is nothing more than a promise for something that may or may not be there when it's time to pay.
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I'm not asking for a definition of the two. I'm asking why you think they're different in practice. I only use my credit cards to earn cash back. I've never spent money I didn't already have in my checking account.
 
Michael_Panetta said:
I'm not asking for a definition of the two. I'm asking why you think they're different in practice. I only use my credit cards to earn cash back. I've never spent money I didn't already have in my checking account.
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I've got the C(ertified)F(ucking)M(oron) on ignore but from what you've quoted it sounds like he doesn't understand that maintaining a credit card account (or two), that you pay off in full each month, is a smart way to manage your personal finances.

I've done that for more than 20 years now. When my girls were old enough to get credit in their own names (age 18 where we used to live), I helped them open checking accounts and apply for a reputable credit card. They followed my advice and paid off their balances in full each month, eventually qualified for an upgrade to a cash-back credit account, and by age 20 were able to apply for credit to buy a vehicle on credit. They're in their early thirties now, married with kids, and own their own homes. The older of the two changed careers from graphic designer to veterinary tech in her mid-20s, took out student loans to pay for the $25,000 two-year program, and paid off those loans last year. The younger is within a year of paying off her student loan for her masters.
 
ThatOwlWoman said:
I've got the C(ertified)F(ucking)M(oron) on ignore but from what you've quoted it sounds like he doesn't understand that maintaining a credit card account (or two), that you pay off in full each month, is a smart way to manage your personal finances.

I've done that for more than 20 years now. When my girls were old enough to get credit in their own names (age 18 where we used to live), I helped them open checking accounts and apply for a reputable credit card. They followed my advice and paid off their balances in full each month, eventually qualified for an upgrade to a cash-back credit account, and by age 20 were able to apply for credit to buy a vehicle on credit. They're in their early thirties now, married with kids, and own their own homes. The older of the two changed careers from graphic designer to veterinary tech in her mid-20s, took out student loans to pay for the $25,000 two-year program, and paid off those loans last year. The younger is within a year of paying off her student loan for her masters.
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I tried to start a non-partisan topic and he just wants to argue with me no matter what. He even did the same in my Jeep thread.
 
Jack said:
I think the Vendor has to pay a small percentage to the Credit Card companies. So it's in the interest of the CC company to incentivize your use of 'plastic' rather than 'green dollars'.
(I'm guessing the Vendors just tack on the 'cost' to the price. In the end, the Little Guy that pays cash, ends up paying more)
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The cash back they're giving is often less than the % they collect from vendors.

I make at least $1000/year in cash back on a variety of cards. I get 5% on all the gas I buy, and then take advantage of revolving rewards on different cards.

I get a minimum of 2% when I don't have a card that offers more at the time. Right now I'm getting 10% on gas with Amex. That's crazy.


I believe that all banks need people like me...the 'deadbeats'. We pay the balance in full each month, to avoid interest. But...banks need to stay liquid in order to loan money to those who carry large balances.

I'm guessing that's the only reason that they'll lose money by giving away more in points than they charge vendors.
 
Jack said:
I'm not sure that will resonate with CFM.
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I'm guessing he uses a debit card for online purchases?

Which adds another reason for using credit cards. Protection in case a vendor doesn't do the right thing.
 
Bill said:
I have bought cars using a CC....... 1-3% off of that price-take your shoes off & do the math.....(I pay off the card every month :| )

You are a dummy w/ no cred, kinda like here...............:rolleyes::rolleyes:
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Yep. I once put a $10k deposit on a car with my card. Now they only allow $3-$5 grand max at the dealerships.
 
Celticguy said:
Well just the reality of the matter.
High charges kept AmEx from being accepted by low margin providers like grocery stores for ages. But dem legislation has changed the playing field and now every card is charging too much so we all pay the price.
Whenever the donkeys say theyre coming to help the poor comsumer, its really just the opposite.
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Cards charge vendors a fraction of what they used to.
 
Althea said:
The cash back they're giving is often less than the % they collect from vendors.

I make at least $1000/year in cash back on a variety of cards. I get 5% on all the gas I buy, and then take advantage of revolving rewards on different cards.

I get a minimum of 2% when I don't have a card that offers more at the time. Right now I'm getting 10% on gas with Amex. That's crazy.


I believe that all banks need people like me...the 'deadbeats'. We pay the balance in full each month, to avoid interest. But...banks need to stay liquid in order to loan money to those who carry large balances.

I'm guessing that's the only reason that they'll lose money by giving away more in points than they charge vendors.
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Getting a Statement at the end of the month is also a Big Benefit. It's like your Personal Bookkeeper keeping track of your Spending. :)
 
Jack said:
Very good. I had an encounter with some pissed off Biker guy in front of an Oil Refinery. I had my Tool Belt, Lunch Kit, and a Newspaper. He charged up behind me yelling something. I spun around, dropped my Paper and Lunch Kit and pulled out my hammer. I said "This is a 22 ounce checker head straight claw, do you want the head (then I flipped it in the air and caught it with the claw sticking out) or do you want the straight claw? hahaha. He stood there with big open eyes. Then I took a few steps toward him and he backed off.
Later that day I heard he called the Cops on me. Said I threatened him. Too bad for Tricycle Boy, the Security Guard saw everything and said Biker Boy was the Instigator.

:)
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LOL...I've got a few Estwings. They could do some damage. WTF was the guy pissing about?

I've seen union guys picketing outside of jobs I've been on. Pretty common. They can be pissy.
 
Bill said:
You are lying to yourself, not me... I HAVE NEVER PAID A CARD PAYMENT, EVER........... I pay it off every month w/out exception.........

If I buy a car I could pay cash but I can get a percent or two back using the card.......... Why would I leave that money on the table?? Cause I am a dummy like you?? shut the hell up:palm:
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He never bought a car. Dealers are more apt to give you a better deal if you finance. As long as you have 800+ credit like I do.

I buy all my vehicles at invoice or below. Dealer won't go that far into holdback just because you bring in a giant jar of pennies.
 
Evmetro said:
With enough discipline one can make out pretty good with rewards cards, and I admire those who do. I've found that just using a debit card attached to my checking account saves me the most money over the long term. Keeping my cards limited to just the debit card works well for me because I don't like managing several cards with rewards and potential fees or interest, but I certainly respect those who can properly utilize them. I've seen a few small business owners do well with them.
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Debit cards offer no protection that CCs do.
 
Jack said:
:) I'm pretty sure there are people posting that have auto loans and mortgages. And you're right, some of the people here are older and probably have no debt other than a Credit Card that they use and pay off each month.
My point was that all of us have a Credit Score, and that a better Rating gives you a better Deal on a Car or Home Loan.
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And auto insurance
 
Michael_Panetta said:
But if you have the cash to buy the car, just pay with the credit card and then pay off the credit card immediately. If the car costs $15,000 and you pay by card that earns 3% cash back, then pay of that card immediately, you'll have no interest to pay and you'll save $450.
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Exactly...save for the fact that most dealers won't let you put that much on a card anymore. I make all my business purchases on various cards. Tens of thousands of dollars each year.
 
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