Credit Cards - Too many to choose from

jdhdiggs

I think Ron's hometown is named non-sequitur...

bobman1235

Someone's missing a golden opportunity here. Bundle up all of rskarvan's wisdom and put it in a book, sell it as "what not to do". You'd make millions.

Seriously, calling real estate a bad investment, and advocating buying a cheaper house so you don't LOSE AS MUCH MONEY? Seriously? Telling people who are responsible with credit that they are the cause of their neighbors divorce and children not growing up in what you call a "stable home"? REALLY?

jdhdiggs

Bob: I think the title ought to be: "How economics, business, and personal finance don't work"

BaggedLancer

bobman1235 wrote: »

Someone's missing a golden opportunity here. Bundle up all of rskarvan's wisdom and put it in a book, sell it as "what not to do". You'd make millions.

Seriously, calling real estate a bad investment, and advocating buying a cheaper house so you don't LOSE AS MUCH MONEY? Seriously? Telling people who are responsible with credit that they are the cause of their neighbors divorce and children not growing up in what you call a "stable home"? REALLY?

jdhdiggs wrote: »

Bob: I think the title ought to be: "How economics, business, and personal finance don't work"

^^^^^ lol :D:D

BaggedLancer

Got an email from american express today. Application went through and I'm approved as expected. They gave me quite the credit limit too.

I should have the card in 7 to 10 days then it's time to start spending irresponsibly.

Thanks everyone for your help.

Demiurge

Good luck, a lot of places (still) don't accept AMEX cards due to the expense on businesses to have it.

steveinaz

Amex is not as bad as it used to be, as far as acceptance. I rarely run into a situation when a business won't take mine---and when I do, I go to someone that will or I use my back-up VISA.

American express has never given me an instant of heartache in 10 years, I'll take that kind of service anyday.

Quick story:

Last year during one of our Vegas trips, my wallet was stolen (my dumbass fault**). Luckily the only thing in it was my drivers license, the Amex card, and about $127 bucks. I immediately called Amex---got a HUMAN--and reported the theft. She quickly checked the cards activty for the last 12 hours--no charges. Immediately locked the card down, gave me a new account number. THE NEXT DAY, the hotel had a Fedex overnight envelope for me---containing----wait for it

---

my new Amex card. In 1 DAY! That's service.

**I had stopped at a slot machine, sat down and stuck my wallet under my thigh. Played that machine for about 15 minutes, got up and walked over to another machine about 50 feet away, and noticed immediately that I left my wallet, ran over to the machine I was on---in that span of about 30 seconds it was GONE. The casino took my report, had all the bathroom trash cans checked, and gathered my info. It was never found. Someone was obviously watching me closely--just a heads up for the rest of you, at my expense.

BaggedLancer

steveinaz wrote: »

Amex is not as bad as it used to be, as far as acceptance. I rarely run into a situation when a business won't take mine---and when I do, I go to someone that will or I use my back-up VISA.

Exactly, I have a back-up mastercard as well as a debit card. Amex just seemed to have the right offer going.

Demiurge

If American Express was the bees knees you wouldn't need a back-up....

BaggedLancer

Demiurge wrote: »

If American Express was the bees knees you wouldn't need a back-up....

I guess I could call it a second card rather than a backup. It had a good interest rate when I opened it, and now that's over I needed something new since the interest sucks and it has no benefits.

steveinaz

Amex IS the bees knees. I'll take the no playing games with my rate, no mailers, no opt out notices anyday over the rare occassion when its not accepted.

phuz

Demiurge wrote: »

Good luck, a lot of places (still) don't accept AMEX cards due to the expense on businesses to have it.

This really isn't an issue anymore. Now you see banks like Citi and others issuing AMEX cards. It used to be ONLY AMEX that would issue cards. They knew that had a problem, and they've gone to great lengths to fix it. It's still a work in progress, but I very rarely run into a place that doesn't take AMEX.

Airplay355

I don't understand why people don't like credit cards. I love mine, and as long as I pay the balance in full at the end of the month I don't get charged any interest. So basically they only make the $15 a year I pay to have the card. Not a big deal in my book.

PhantomOG

Why do you pay to have the card? Plenty of really good cards with cashback with no annual fee.

WilliamM2

So basically they only make the $15 a year I pay to have the card.

Time to find a new card.

Ricardo

Just saw this; I basically NEVER pay cash. I use my AMEX Skymiles for everything where AMEX is accepted. My wife does also. This pays for our international tickets to go visit Chavez every year(4 tickets). I like it.

Edit: some of the miles come from business travel, so it's not fair to say that expenses pay for the full 4 tickets. Still a good deal though.

sucks2beme

WilliamM2 wrote: »

There are many good reasons to use credit cards. Can you dispute a cash transaction months after the purchase? Does paying cash double the warranty on purchases? How do you send cash for internet purchases?

I use a credit card for just about every purchase I make, pay the balance off every month, and haven't paid any interest in over 20 years. No need to carry cash. What is the "risk" you are talking about?

Ditto. I don't do every purchase with one, but most major purchases as proof of date of purchase, in case of receipt loss. Yes, the **** get money out of the merchants when you use it. until there's a cash only discount,
there's no advantage to cash. There were some gas stations with a cash
discount, but a few greenbacks slipped to the Texas lawmakers did away with that. The only exception is a "cash or debit card only" gas station.

Go with the cash back. Only way to be sure you're getting something.
I travel a lot for the company, so my airline miles come via flying.
Credit card airline miles would take too long to build up.

Airplay355

Why would I want a new card, because I have to pay $15 a year for the card? My rate is 7% and I only pay that on the balance that's not paid in full at the end of the month. When I pay in full, they make nothing.

bobman1235

Because there's plenty of cards out there that DON'T charge you an annual fee? Seems like a no brainer to me.

rskarvan

Here is a question for you all: Why do you all want Visa or Mastercard to get 3% from every transaction? Simple example.... you buy gas with a credit card. Flying J charges 3% extra because of the credit card fees (duh - they have to).

So, basically by using credit cards for "nearly all purchases" you are voluntarily contributing a 3% bonus to the banks.

Call me stupid... but, building a 3% middle-man into EVERY TRANSACTION doesn't make a lot of sense. In the long run, the consumer just absorbs a 3% increase in the cost of the goods and services.

Ricardo

There is no cost difference for me if I pay cash or use a credit card. Yes, if NO ONE used credit cards then the gas station could avoid that 3%, and MAYBE pass it to customers, but I particularly think that that 3% is worth for the convenience and security of using a credit card.

Demiurge

rskarvan wrote: »

Call me stupid...

Stupid.

nms

rskarvan wrote: »

Here is a question for you all: Why do you all want Visa or Mastercard to get 3% from every transaction? Simple example.... you buy gas with a credit card. Flying J charges 3% extra because of the credit card fees (duh - they have to).

So, basically by using credit cards for "nearly all purchases" you are voluntarily contributing a 3% bonus to the banks.

Call me stupid... but, building a 3% middle-man into EVERY TRANSACTION doesn't make a lot of sense. In the long run, the consumer just absorbs a 3% increase in the cost of the goods and services.

Regardless of one's opinion on the topic you just mentioned, one consumer paying cash for everything is not going to change how the system works. And if you think you (or anyone else) could persuade every American to give up credit cards just to cut the net price by 3%, you are very mistaken.

Just shush and go with the flow man

rskarvan

Citgo gas provides a 10 cent per gallon discount if you use one of their "cash cards" for paying at the pump. FYI.

Ricardo

yes, but that money goes to Chavez. No-no for me.

rskarvan

nms wrote: »

Regardless of one's opinion on the topic you just mentioned, one consumer paying cash for everything is not going to change how the system works. And if you think you (or anyone else) could persuade every American to give up credit cards just to cut the net price by 3%, you are very mistaken.

Just shush and go with the flow man

At what point will consumers wise-up? If they can get 3%... why not increase it to 4%? I think Discover & Amex charge the merchants even more - and, that is why they aren't accepted everywhere (even though their acceptance rate is growing).

The solution is organization. The banks have gotten together and set their rates and imposed them on the consumers. Without organization, the consumer has no voice - they just foot the bill.

rskarvan

Ricardo wrote: »

yes, but that money goes to Chavez. No-no for me.

Look on the bright side, at least he didn't secure the office of Emperor.

steveinaz

Those costs are built-in regardless of what method of payment you use.

rskarvan

Benefits of cash:
1. Immediate transaction
2. No future payments required
3. Anonymous (virtually untraceable) funds
4. No brainer... you either have it, or you don't
5. Nobody charges extra for paying cash
6. Its accepted by all for all debts public and private
7. I like the color green.
8. Its good to remember the past presidents for their public service.
9. I also like to ponder the meaning of the eye on the top of the pyramid.
10. You can't tuck a credit card.

nms

rskarvan wrote: »

Benefits of cash:
1. Immediate transaction
2. No future payments required
3. Anonymous (virtually untraceable) funds
4. No brainer... you either have it, or you don't
5. Nobody charges extra for paying cash
6. Its accepted by all for all debts public and private
7. I like the color green.
8. Its good to remember the past presidents for their public service.
9. I also like to ponder the meaning of the eye on the top of the pyramid.
10. You can't tuck a credit card.

REBUTTAL:
1. So is credit - it has to be approved before you can actually leave with your stuff, just like cash
2. Valid point
3. Also valid, if you are paranoid and self-centered enough to think you're worth tracing.
4. And if you don't have it, what can you use? A Credit Card! Wow!
5. The extra charges are passed onto all consumers because it's so common - nothing out of pocket for the consumer per transaction
6. Valid.
7. Completely irrelevant
8. Also irrelevant
9. Also irrelevant.
10. Well, you can, but you'll probably end up paying a lot more than you meant to!

I won't go into the benefits of credit, because I'm only interesting in shooting your arguments apart. So let's see, you have 1,... 2 valid points. Wow :rolleyes: