Current Events > I do this because I love you, CE: USE A CREDIT CARD, not a debit card or cash.

(+) Yeah! (+)

https://i.imgur.com/8woTVO8.png

$320 cash in a year. For literally nothing. No signup fee (there was actually a signup bonus of I think $150 or $250), no annual fee, no interest (because the caveat for all this is you have to pay your bill, which is easy).

I use a Chase Freedom Unlimited, 1.5% cash back on everything. I pay for virtually everything with it and didn't change my spending habits one bit. The only thing I don't pay for with it is rent, which is because my apartment, like most, has a 3% transaction fee for credit (and not debit), so obviously that'd be a loss.

I used this for a brand new set of golf clubs, and I still have like another $320 from last year.

CE for the love of god, use a credit card. It doesn't even have to be this one. There are other ones too, like the Citi Double Cash.

My advice is to use ones like the CFU or the Citi, where the cash back is flat. I understand the appeal of the ones that have rotating categories where the bonuses are like 5%, but for the simple, beginner credit card user, the flat rates across the board are the best because you won't be tempted to change your spending habits as a result of a particular rotating category.
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Are you stealing Bluemonks gimmick now?

Thanks bro

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Yeah ever since I got my credit card i never use anything else. Though I did have to use my debit yesterday for a big purchase cuz the place only took cash/debit and I was kinda upset lol
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Discover It will 100% match your first year points, highly recommend that one. Will pay for my first class flight to Hawaii next year

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Just be careful because it's easy to get debt trapped

I don't think I spend close to $20k a year in things I could charge

Paying a monthly bill and worrying about hidden fees is not worth $10/mo tbh

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Credit cards great if you pay your bills on time and don't roll over debt. Otherwise they're terrible
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Nah.

My credit cards are for emergent issues and building credit only.

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If I don't have cash in hand, I don't need it.

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TheHoldSteady posted...

Nah.

My credit cards are for emergent issues and building credit only.

But you could also use them to accumulate cash back, why give up easily earned money?

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Colorahdo posted...

Paying a monthly bill and worrying about hidden fees is not worth $10/mo tbh

It's not that hard. Just pay off your card once a month. You can even get it to autopay from your bank account if you really can't remember to log into a site. I've also never had a hidden fee charged on a credit card.

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Sorry I dont like chase as they screwed my brother big time, and I mean horribly screwed like bent over a desk and took it up the pooper so bad he is still feeling it years later screwed. So imo if chase is willing to screw my brother then well they have terrible taste in men.

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As long as you dont carry a balance into the next billing cycle then there's literally no reason to not use your credit card. You're leaving money on the table and you're paying for other people's rewards inadvertantly.
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Master_Bass posted...

It's not that hard. Just pay off your card once a month. You can even get it to autopay from your bank account if you really can't remember to log into a site. I've also never had a hidden fee charged on a credit card.

that part isn't a problem. the banks aren't willing to lend me a credit line because they think i'm a liability. they want me to pay them to use the card and then it wouldn't pay out. "ill owe them".
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Smashingpmkns posted...

As long as you dont carry a balance into the next billing cycle then there's literally no reason to not use your credit card. You're leaving money on the table and you're paying for other people's rewards inadvertantly.

Thiiiiiis


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Master_Bass posted...

It's not that hard. Just pay off your card once a month. You can even get it to autopay from your bank account if you really can't remember to log into a site. I've also never had a hidden fee charged on a credit card.

This
I have this same type of thing set up for my recurring bills. It's less work for free money if you're financially able to have enough money to pay off your cc every month.

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Apart from the cashback, credit cards are just plain safer. Better to have access to the credit card out there floating around, rather than your actual cash in your checking account
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kingdrake2 posted...

that part isn't a problem. the banks aren't willing to lend me a credit line because they think i'm a liability. they want me to pay them to use the card and then it wouldn't pay out. "ill owe them".

That's different. That sounds like they only want to offer you a secured card. I'd suggest going to a local credit union and asking them for a card if you want to build some credit.

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kingdrake2 posted...

Master_Bass posted...

It's not that hard. Just pay off your card once a month. You can even get it to autopay from your bank account if you really can't remember to log into a site. I've also never had a hidden fee charged on a credit card.

that part isn't a problem. the banks aren't willing to lend because they think i'm a liability.

So prove that you aren't: get a secured credit card for $1000 and use it for a year until you have enough of a credit history that you are seen as a low enough risk that banks are willing to give you a real credit card account.
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I mean, paying bills on time is pretty easy too you can set up autopay with your checking account so you don't even have to worry about it
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TC is right.

I have Citi double cash which I use for everything except for when Im purchasing something that is on the Chase Freedoms rotating category.

free money. Dont carry over debt month to month. It also builds credit. Good credit makes everything else easier.

with cash back cards, its stupid to use cash or debit.

I'm using Capital One Venture Card for travel points. I've got enough for just over $2000 worth of flights

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kingdrake2 posted...

that part isn't a problem. the banks aren't willing to lend me a credit line because they think i'm a liability. they want me to pay them to use the card and then it wouldn't pay out. "ill owe them".

That happens when you have trash credit. When I was younger I had to get a capital one secured credit card that I had to pay $200 to get a card with a $300 limit.

Fast forward a few years, I have a score in the 800s with cards that have thousands in the limit. Build credit and it pays off; not just for the cash back cards but for any loan youd need in the future.

No thanks. I prefer to pay as little balance protection insurance in a month as possible. Cash has no fee.

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Stagmar posted...

No thanks. I prefer to pay as little balance protection insurance in a month as possible. Cash has no fee.

There are plenty of credit cards that give rewards and have no fees as long as you pay everything off on time. Even with credit cards that have annual fees, you get more benefits from the rewards than what the fee is.

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Stagmar posted...

No thanks. I prefer to pay as little balance protection insurance in a month as possible. Cash has no fee.

Chase Freedom (1% cash back on all purchases or 5% on rotating categories) no annual fees.

Citi DoubleCash (2% cash back) no annual fees.

You're going to spend the money on your regular purchases anyways. No reason to not get cash back for it. Don't carry over balances and you'll never pay interest. The people who are terrified must be either A) ignorant or B) have trash credit and have a bad experience with interest/fees for a high risk credit line.

Ethosian posted...

Are you stealing Bluemonks gimmick now?

he isnt capable of coming up with his own thing so he always tries a cheap imitation of other users gimmicks

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I'm intrigued. I don't have the best credit though cuz I stopped paying my student loans at one point last year to see what would happen. It's finally recovered, but it's not back to great like it used to be.

Whats a good starter card that will give cash back rewards? Or airplane rewards?

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LostForest posted...

I'm intrigued. I don't have the best credit though cuz I stopped paying my student loans at one point last year to see what would happen. It's finally recovered, but it's not back to great like it used to be.

Whats a good starter card that will give cash back rewards? Or airplane rewards?

Whatever bank you use should have a no fee credit card with small cash back you can use to build credit.

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LostForest posted...

I'm intrigued. I don't have the best credit though cuz I stopped paying my student loans at one point last year to see what would happen. It's finally recovered, but it's not back to great like it used to be.

Whats a good starter card that will give cash back rewards? Or airplane rewards?

Ball park, what's your credit score at?

I use three cards for everything.

American Express Blue Cash Everyday for groceries (3% cashback) and gasoline (2% cashback)

Chase Amazon Prime Visa Signature for all Amazon purchases (5% cashback)

Chase Freedom Unlimited for literally everything else except for my mortgage, car payments, and student loan (only because I can't make payments on any of those accounts with credit) (1.5% cashback)

So much free money

I got like $22 on the Amazon card right now from last month alone. I usually get about $35 a month on the Freedom and $15 or so on the Amex (which is annoying because that one only lets you redeem cashback at $25 or higher so it takes a couple months for me to be able to use it)

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andel posted...

he isnt capable of coming up with his own thing so he always tries a cheap imitation of other users gimmicks

Lmfao hahahah

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XxKrebsxX posted...

Ball park, what's your credit score at?

Just checked now, it's 724.

I have a car loan, so that's probably what built it back up.

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LostForest posted...

Just checked now, it's 724.

I have a car loan, so that's probably what built it back up.

You might try applying for the one I've got, the Chase Freedom Unlimited. 1.5% cash back on everything, won't change your spending habits. Great way to get started.

If 724 is still too low, you should still easily be able to get some basic low limit low reward credit card from your bank. I did that for like 6 months because I had no history, then was able to move up to the CFU.

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PatrickMahomes posted...

https://i.imgur.com/8woTVO8.png

$320 cash in a year. For literally nothing. No signup fee (there was actually a signup bonus of I think $150 or $250), no annual fee, no interest (because the caveat for all this is you have to pay your bill, which is easy).

I use a Chase Freedom Unlimited, 1.5% cash back on everything. I pay for virtually everything with it and didn't change my spending habits one bit. The only thing I don't pay for with it is rent, which is because my apartment, like most, has a 3% transaction fee for credit (and not debit), so obviously that'd be a loss.

I used this for a brand new set of golf clubs, and I still have like another $320 from last year.

CE for the love of god, use a credit card. It doesn't even have to be this one. There are other ones too, like the Citi Double Cash.

My advice is to use ones like the CFU or the Citi, where the cash back is flat. I understand the appeal of the ones that have rotating categories where the bonuses are like 5%, but for the simple, beginner credit card user, the flat rates across the board are the best because you won't be tempted to change your spending habits as a result of a particular rotating category.

That is nothing I literally have about 12+ credit cards and only use them depending what I am buying for at least 5% cash back. Nothing has yearly fees or foreign exchange fees.

Anytime a card offers free cash I sign up for it and get cash, and if it has fees close it, if not keep it for free credit boost.

To top this off I use said credit cards through Samsung Pay with cashback rewards and point rewards for even more cash back.

Then I make sure to only buy deals through sites like SlickDeals. For everything including flight.

All my bills go through credit too.

Every Monday and Friday I pay every single last penny of every card off through apps on my phone in about 2-3 minutes.

I would say I get back about $200-$2,000 every month depending on current promotions I find.

I even bought my Audi Convertible completely through credit ($12,000) then used tax returns to pay it off immediately just for the free cash/credit boost/and easy quick purchase at a discount.

I even made them throw in 3 month guarenteed that Engine worked. Then I paid $1,200 taking it to multiple repair shops till someone agreed Engine had problems and made them have to pay $17,000 to put a new engine in.

My current score is 812

XxKrebsxX posted...

Chase Freedom (1% cash back on all purchases or 5% on rotating categories) no annual fees.

Citi DoubleCash (2% cash back) no annual fees.

You're going to spend the money on your regular purchases anyways. No reason to not get cash back for it. Don't carry over balances and you'll never pay interest. The people who are terrified must be either A) ignorant or B) have trash credit and have a bad experience with interest/fees for a high risk credit line.

So much this. Ive had the Citi Double Cash card for 3 years now and have never paid a fee of any sort. Every couple weeks I open up the Citi bank app and click Make Payment. Then the money comes out of my bank account. It takes 30 seconds to do.

I make around $200 every quarter in cash back rewards. Then I pull up the app and move the cash back money to my bank account.

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XxKrebsxX posted...

Chase Freedom (1% cash back on all purchases or 5% on rotating categories) no annual fees.

Citi DoubleCash (2% cash back) no annual fees.

You're going to spend the money on your regular purchases anyways. No reason to not get cash back for it. Don't carry over balances and you'll never pay interest. The people who are terrified must be either A) ignorant or B) have trash credit and have a bad experience with interest/fees for a high risk credit line.

I'm not talking interest. I'm talking mandatory monthly balance protection fees.

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Stagmar posted...

mandatory monthly balance protection fees.

????

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Stagmar posted...

I'm not talking interest. I'm talking mandatory monthly balance protection fees.

That's not a thing with credit cards in general.

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I literally just applied for Citi Double Cash thanks to this topic.

It's something I've been meaning to do for a while, but this topic made me finally do it.

Most of my finance game is pretty good, but I need to up by credit card game.

I do have one good use for debit card--I have a checking acct with a local credit union that pays 3.3% "dividends" on balances up to $20,000. As part of that I need a certain # of debit card transactions.

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CableZL posted...

That's not a thing with credit cards in general.

Not everywhere is the US.

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Also, some credit cards include cell phone protection plans. The chase ink business preferred card covers $600 for repairs or replacement as long as you pay your regular monthly service bill with the card
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Stagmar posted...

Not everywhere is the US.

Dude, regardless of where you are, it shouldn't be that difficult to find a card that doesn't have these mystery fees that you're going on about. All the major banks have cards with no fees and I'm assuming most other banks and credit unions have them too. Are in some extremely rural town that's nowhere at all near a Chase, Bank of America, Capital One, Wells Fargo, or some other big bank?

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Twin3Turbo posted...

Dude, regardless of where you are, it shouldn't be that difficult to find a card that doesn't have these mystery fees that you're going on about. All the major banks have cards with no fees and I'm assuming most other banks and credit unions have them too. Are in some extremely rural town that's nowhere at all near a Chase, Bank of America, Capital One, Wells Fargo, or some other big bank?

But even then you literally don't have to even live near said banks. I got my Chase card online without ever setting foot in a branch.

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Tag.

I need a card. I used to have both debit and a shell mastercard that gives cash back on shell gas purchases. But it kept getting fraudulent charges across the country, even though I hardly used it for things and I'm not dumb about card safety. I eventually just canceled the card even though they always fixed it, just because it was annoying.
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Only if you can be responsible with one

Late fees and interest will knock out that cash back real fast

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I'll pass, thanks.

I'd rather not tempt myself, and I'm perfectly happy with how I've been handling my finances so far.