Quote :

"thinking you are getting cash back on a credit card for purchasing something is like getting excited about a whopping tax return actually it's worse"

how do you figure that? if you pay it off every month then you aren't paying extra

[Edited on February 22, 2007 at 7:21 PM. Reason : ]

2/22/2007 7:20:17 PM

I should start buying a whole ton of stuff so I can get cash back?
If I give more to the government right now, I'll get a whopping return!

or

If I give less to the governement now, I keep more and can do what I want with it.

2/22/2007 7:30:01 PM

your analogy is flawed.

you're assuming because someone gets cash back they are gonna buy more than they normally would...just for the rewards. i doubt that is the case for most people.

instead of using a card with no rewards or cash that is very inconvenient, they are just choosing to buy something with a rewards card that they would normally buy anyway.

2/22/2007 7:44:13 PM

Quote :

"cash that is very inconvenient"

huh?

2/22/2007 7:52:58 PM

in·con·ven·ient
–adjective
1.	not easily accessible or at hand
2.	inopportune; untimely
3.	not suiting one's needs or purposes

2/22/2007 8:01:34 PM

for whom is cash inconvenient? the lazy?

2/22/2007 8:02:36 PM

it's a pain to carry around and take up mad space in your pocket / wallet

2/22/2007 8:20:45 PM

wow....my mistake....THAT IS INCONVENIENT!!!

2/22/2007 8:25:34 PM

1. Your analogy is flawed.
2. He is right. It is very inconvenient. I fucking hate it because I hate change. I'll charge an item that costs a dollar to my card just to avoid getting a handful of change back.

2/22/2007 9:58:41 PM

kdawg(c) obviously does not understand how credit cards work.


to answer your question, I haven't paid the CC company a single cent for the car. They are basically paying the interest on my original loan for me (in a sense).

Again, the CC company is loaning me money at 0% APR, that's free money.

Credit Card companies have never gotten a single dime of my money. I use their money all the time, and they even give me extra money for free (in the form of rewards).

To say your analogy is flawed is being kind.

2/23/2007 9:48:21 AM

Quote :

"FYI, I get 5% on: gas groceries drugstores bookstores restaurants/bars utilities computer stores (best buy, circuit city, staples. office depot, etc) Amazon.com Shipping (FedEx, UPS) record stores movies Airline tickets"

what card is that

time for me to get out of my SECU card and use one that will give me some kinda kick back... (5k limit on it at the moment)

2/23/2007 10:01:16 AM

I'll post the answer here, since I've been getting PMs about it:

it's a combination of cards

Citi - mtvU, Dividend
Advanta - Platinum Business card
AmEx - Platinum Business card

2/23/2007 10:25:11 AM

I've heard really good things about citi's reward program. Been meaning to sign up.

2/23/2007 10:31:19 AM

They do have a good rewards program, lots of choices, and it's unified across all your Citi accounts (credit cards, checking accounts, mortgages, CDs, etc) which is unique.


However, they've started devaluing the ThankYou points, which is a bummer. Flights used to be a flat 25k points for domestic, they now make you pay the actual cost of the flight in points. So in the vast majority of cases, you are paying way more that you would've in the past.

Also, their $50 gift cards are now 6k points instead of 5k. The $100 gift cards are still 10k, but it sucks not having the option to redeem when you hit 5k. And perhaps the biggest kicker: They don't offer Amazon.com gift certificates in $100 denominations anymore, only $50 (so you have to get them at the shitty rate).

[Edited on February 23, 2007 at 10:41 AM. Reason : w]

2/23/2007 10:40:47 AM

I went ahead and got an AMEX platinum card

$450/year but it comes with a shitload of shit

and it's baller as fuck to lay it down at those bars

holler

3/20/2007 10:22:54 AM

$450 a year? holy shit....that card better suck my dick if im paying $450 a year for it.

3/20/2007 10:23:41 AM

to be honest I just really wanted to be able to get into the little VIP areas of the airport

that and to be able to buy 2 airline tickets for the price of 1

plus whatever else you get with it

it's pricey but it is tits

3/20/2007 10:31:05 AM

Sounds like some bullshit to me.

3/20/2007 10:34:58 AM

^^do you travel enough to make it worth while.

3/20/2007 10:42:54 AM

between january and may of this year I will fly 20 times or so

3/20/2007 10:49:54 AM

There's really no reason to ever carry a card with an annual fee, especially a $450 annual fee.

Companion tickets really suck, considering you have to pay the full regular fare on the 1st ticket to qualify (usually "street value" + about $300).

If you fly enough, you can get access to the VIP areas of your airline anyway, so not much of an advantage there.

I may be wrong, but I'd say you got hosed.

3/20/2007 11:00:13 AM

i'm too lazy to look up the exact details of the benefits but...i expense $300 for AA's admiral's club every year - the companion ticket benefit isn't a benefit at all - you can always get 2 tickets cheaper than utilizing that so called benefit - it looks like you threw away $150?

3/20/2007 11:07:41 AM

I just got a Chase Freedom card with 3% cashback for gas/grocery/quick service (bars/restraunts) and 1% on everything else. They had a deal going where if you signed up you got an instant $250 cashback bonus so I should get that check in the mail in the next month or two. I guess I could try for a 5% cashback card but I don't think I spend enough right now to qualify and $250 free at first is fun.

If you have self control credit cards are the shit. I don't have to worry about carrying cash, if i lose my wallet nothing happens, I get 1-5% back on my purchases, I get free stuff when I sign up, and I don't pay anything extra because I pay them off everymonth and use them as if they are cash.

3/20/2007 11:33:31 AM

Quote :

" don't pay anything extra because I pay them off everymonth and use them as if they are cash. "

yeah, im the same way. the only time i really ever use cash is at bars because we typically dont stay at one bar long enough to deal with a tab.

Quote :

" you can always get 2 tickets cheaper than utilizing that so called benefit "

i think that depends....if your local airport doesnt have a lot of direct flights, i can see that being a benefit. its tough to get cheap rates at smaller airports.

[Edited on March 20, 2007 at 11:36 AM. Reason : d]

[Edited on March 20, 2007 at 11:37 AM. Reason : d]

3/20/2007 11:35:11 AM

^^I got in on that Chase Freedom deal too.

See if you can get it converted to a Chase Cash Rewards Plus card after you get your bonus. You have to call b/c they took it off their site, and some people have a hard time getting it. But it's the Chase card that gives 5% on everyday purchases.

3/20/2007 11:52:00 AM

let me go ahead and say that I really don't care what you people say

TWW advice is typically the worst advice being that it represents the 10% of society that is increasingly anti social and has no concept of reality

I just wanted to share my investment with you to upset you

thanks

3/20/2007 12:14:47 PM

I COULD CARE LESS ABOUT WHAT YOU SAY!

[Edited on March 20, 2007 at 12:16 PM. Reason : d]

3/20/2007 12:15:49 PM

Quote :

"AA's admiral's club"

American Airlines still has flights?

3/20/2007 12:28:32 PM

^^

Heh I always try to use a card at bars because in the end I can tipall at once and it ends up being less. I guess paying in cash and doing rounds would be just as effective.

3/20/2007 12:32:03 PM

http://www.ciao.co.uk/American_Express_Platinum__5097138

3/20/2007 12:56:39 PM

do you live in the UK now or are these the only positive reviews you could find

3/20/2007 1:01:04 PM

I dunno, but after a while it gets ridiculous. Across my 3 credit cards (I only use one), I have over 75k in credit. My credit score is still super high, so its hasnt hurt me yet.

3/20/2007 1:09:57 PM

having "too much" credit will not hurt your score. ever.


If you are applying for a new mortgage or something, they might be uncomfortable with you having so much available credit and ask you to close some accounts.

it will not hurt your score though.


Maestro, one of your main points was that the card is "ballah as fuck"... yeah... ok... money well spent.


reading through some of those "reviews", this sentence pretty much sums it up:

"Why the American Express Platinum card ? Well, if you have to ask that, you've missed the plot someplace. It is widely recognised as one of life's little essential status symbols."

[Edited on March 20, 2007 at 1:33 PM. Reason : df]

3/20/2007 1:29:43 PM

The Maestro is the new rally durham, only not as funny.

3/20/2007 1:44:40 PM

Credit Card Companies try to set your credit limit high enough that you never hit it but low enough to limit liability in the event that your card gets stollen.

3/20/2007 2:31:00 PM

I would like to point out that no one is going to be impressed when you plunk down that platinum card at the bar.

I own 3 Amex platinum cards... total annual fees b/w the 3: $0

3/20/2007 2:46:27 PM

I will impress myself

3/20/2007 2:58:42 PM

Quote :

" Credit Card companies have never gotten a single dime of my money."

Not entirely true. Whether you own a credit card or not they have indirectly gotten some of your money.

Credit cards charge retailers a fixed % on all purchases. In turn, retailers pass some or all (depending on the elasticity) of this charge on to you in the form of higher prices for goods & services.

So even if you pay in cash or pay your balance off every month, you are purchasing goods at somewhat artificially higher prices because of the credit card premium attached to the price of the goods you buy.


Okay, that felt good.

3/21/2007 4:17:36 PM

Quote :

"it's pricey but it is tits"

haha i remember the south park where cartman kept saying everything was tits

gg

3/21/2007 4:20:31 PM

Quote :

"Not entirely true. Whether you own a credit card or not they have indirectly gotten some of your money. Credit cards charge retailers a fixed % on all purchases. In turn, retailers pass some or all (depending on the elasticity) of this charge on to you in the form of higher prices for goods & services. So even if you pay in cash or pay your balance off every month, you are purchasing goods at somewhat artificially higher prices because of the credit card premium attached to the price of the goods you buy. Okay, that felt good."

I still pay these inflated prices if I'm paying with cash.

so, [NO]

3/22/2007 8:43:08 AM

^ um, you really missed the boat.


My whole point was that credit card companies have indirectly gotten some of your money whether you use them or not.


So, [YES]

3/22/2007 3:13:37 PM

you're really reaching there...

I say it's the retailer's money, since the consumer pays the same regardless.


i just sank your boat

3/22/2007 3:20:02 PM

^ no, they don't.


Unless the good is perfectly elastic.


If the good is not perfectly elastic then all or part of the burden is shifted to the consumer.


Getting busted up by basic micro econ now. Careful hanging out around the volcano, you might get burned by the molten lava

3/22/2007 4:42:17 PM