Current Events > 30 year olds outlook on credit cards

(+) Yeah! (+)

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It's sometimes worth it if you sign up for a card that has a minimum-spend requirement on a sign-up bonus.

ElatedVenusaur posted...

Capital One has treated me well. They gave me an excellent sign-up bonuses: I got a $500 bonus once I had spent $2,000 and didnt have to worry about interest for a year plus. I only had to carry a balance recently due to a surprise bill, but the interest on the thing isnt even bad, for a credit card, so it only hurt a little. Theyre very transparent about everything too.

Meanwhile, I get 1.5% cash back and little statement credits for certain online shopping sites. Its probably saved me a nice chunk of change.

I have 8 credit cards atm and honestly dislike my Capital One card for only one reason, they are strict as hell about raising my credit limit. I got the card when I was pretty young, nearly 15 years ago, and my current limit is still only $600. It has only increased once, and I've been rejected for increase after requesting it, lol. All my other cards range from 8k to 15k now. My current credit score is ~820 with very little debt and no missed payments ever on any credit/loan (I almost always pay full balance every month). My liquid assets are now above 500k. $600 credit limit, SMH. WTF Capital One, lol.

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project_night posted...

I have 8 credit cards atm and honestly dislike my Capital One card for only one reason, they are strict as hell about raising my credit limit. I got the card when I was pretty young, nearly 15 years ago, and my current limit is still only $600. It has only increased once, and I've been rejected for increase after requesting it, lol. All my other cards range from 8k to 15k now. My current credit score is ~820 with very little debt and no missed payments ever on any credit/loan (I almost always pay full balance every month). My liquid assets are now above 500k. $600 credit limit, SMH. WTF Capital One, lol.

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I cancelled my first Capital One card. Technically this was a "mistake" because it did lower my credit score, but the credit limit started at $300 and maybe increased to $500 by the time I closed it. Was worth it just to simplify my finances.

I'm not going to tango with mankind's most profitable industry ever.

All they do is hire call center people and psychologists to try and fuck you

If you could pay rent with a credit card the average american would save roughly $200 a year.

But yeah i will take every penny i can get in savings honestly. I know some guys might scoff at 1.5% return but that's money in one year. I try to be as efficient as possible nowadays. I literally monitored my data usage on my phone just to get a $10/month discount. If there is some kind of hack or way for me to get an edge in the system then i am on it. It has to be practical obviously. But yeah $10/month phone savings is $120/year, 1.5% on my disposable income is around $140/year, $4/month off my adobe license is $48/year...there is a lot more savings but you get the jist. When it is all said and done i can sleep a little better when making big purchases on things i actually want. I do not feel as guilty about purchasing things ya know? I feel like i actually deserve them and i value them more.

In the past year and a half alone I've purchased two computer monitors and dual monitor arms with credit card reward points along with supplementing a handful of other purchases.

But on the other hand, I also experienced the nightmare of spending money you don't have thanks to depression during grad school. I never paid a dime for undergrad or grad school but when I finished up in late 2015 I had 10k credit card debt, 1k added at the end due to moving costs. Most recently that was 4k cc debt January 2020 after originally being debt free the previous year and then dumping money into a down payment literally the next month and having a nonrefundable trip to Asia already on my plate. Interest payments suck ass because I'm pretty sure I paid over double what I owed over those 5 years.

Debt free May 2020 and now that money isn't going towards interest payments I have enough saved up where I could turn into a NEET and survive 4 or 5 years. So yeah just don't be dumb with money or ever get the big sad and you're golden. I use my credit cards for purchases I used to use my debit card for, pay them in full at the end of the month, and reward points go brrrrrrr

And for post #80, I have 2 credit cards, 3 if Home Depot counts even though I only put a purchase on it like 3x a year. The card with no annual fee is the one I use most for reward points. For hotel and airline reservations I use the one with an annual fee because they are like a guardian angel for those kinds of charges

project_night posted...

I have 8 credit cards atm and honestly dislike my Capital One card for only one reason, they are strict as hell about raising my credit limit. I got the card when I was pretty young, nearly 15 years ago, and my current limit is still only $600. It has only increased once, and I've been rejected for increase after requesting it, lol. All my other cards range from 8k to 15k now. My current credit score is ~820 with very little debt and no missed payments ever on any credit/loan (I almost always pay full balance every month). My liquid assets are now above 500k. $600 credit limit, SMH. WTF Capital One, lol.

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Capital One is unique in that they only raise your limit if you are consistently using the credit you have towards the limit.

So youll have to get your usage to like ~$500 before they will raise it.

To $700 lol.

I personally dislike them for that reason too.

cuttin_in_farm posted...

Capital One is unique in that they only raise your limit if you are consistently using the credit you have towards the limit.

So youll have to get your usage to like ~$500 before they will raise it.

To $700 lol.

I personally dislike them for that reason too.

In the beginning, they would up my limit any time I asked. All I did was increase my salary. Thought it stopped working around $6000 since they kept saying I didn't ever get a high enough balance to justify it. That went on for a year or a year and a half that they kept rejecting it for that reason. I hadn't applied for an increase in a couple months now, but randomly last week, I got an email saying my limit was increased to $8,500. I first got the card in late 2017 with a $1,000 limit.

Nintendo_Porn posted...

Any reason to have another card other than my freedom unlimited? What compliments it?

Citi custom card - 5% back on top spend category, when the freedom flex doesnt have 5% back on groceries

chase freedom flex card - for the rotating 5% categories

US bank cash plus card - for chosen 5% categories

Citi double cash over the freedom unlimited to get 2% vs 1.5% back

cuttin_in_farm posted...

Capital One is unique in that they only raise your limit if you are consistently using the credit you have towards the limit.

So youll have to get your usage to like ~$500 before they will raise it.

To $700 lol.

I personally dislike them for that reason too.

After doing so light googling and yeah, it seems you have to constantly get near the limit for a 3-6 months in a row before they increase. I've updated my income and net worth for them every year or so, they just don't seem to use that as a reason to increase, unlike other cards. I just rarely use that card anymore besides a regular monthly auto bill for my internet.

Most people seem to say that Capital One is the most difficult about raising the limit on your existing card, and it is much easier and quicker to just apply for a different Capital One card to get a new limit, lol. Definitely not going to do that unless maybe they have some crazy good promo or something.

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As long as your finances are in order credit cards are awesome. We'll constantly open up new credit cards, spend enough to get bonus miles, pay the card off then move on.

I also though credit cards are a scam. I was a dumbass though and they arent. They are really convenient and free money.

Im getting 12% apy on my crypto holdings

yes I know it is more dangerous, no I dont care

suck my dick banker fucks

VigorouslySwish posted...

Im getting 12% apy on my crypto holdings

yes I know it is more dangerous, no I dont care

suck my dick banker fucks

Inflation is kinda what crypto is good to hold against

Prismsblade posted...

No, the higher credit limit is great because it raises the cap on your credit utilization which is great since you don't what to go above 30%. Which at $1500 is only perhaps a car repair or some over emergency expanse away.

That and if your spending habits stay the same.... it doesn't really matter how much they raise it.

This. I have maybe 80k of available credit between all my cards. I always stay under 10% utilization. Never pay any interest. My credit score is over 800. I used to think CCs were terrible but I grew up with parents that maxed out their cards (and still do) and only pay the minimum balance. Thats the worst way to use them. Once I learned to pay it off every month, I saw what a huge benefit it is. If you know youre going to spend stupidly though, then yes its best not to have them.

VigorouslySwish posted...

Im getting 12% apy on my crypto holdings

yes I know it is more dangerous, no I dont care

suck my dick banker fucks

You sound fun at parties

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I'd delete this. You can pull the UV code off of the NFC chip with a picture.

I routinely buy stuff by holding a picture of my card to the card reader

Unsugarized_Foo posted...

I'd delete this. You can pull the UV code off of the NFC chip with a picture.

I routinely buy stuff by holding a picture of my card to the card reader

Holy shit. I never even considered that was a thing. But sure enough I looked at all my cards and they all look noticeably different.

I've recently opened up two credit cards after several years of financial manipulation by my soon to be ex-wife. I'm super pumped to use them so I can improve my credit (which isn't currently terrible, but it's not amazing) and get some of that cash back.

Just don't be a dumbass like my ex. She maxed out her card (hitting like a 7k limit), took out a loan to pay it off, and then maxed it out again like two months later. It was an absolutely garbage card too with no rewards or real benefits. And because it was maxed out, she could never get approved for another card. When she paid it off, I actually did a ton of research to find better cards for her so she could get cashback and other stuff. She never got around to it though and maxed it out again. Blows my mind. She made good money too; she just lived way beyond her means.

Unsugarized_Foo posted...

Inflation is kinda what crypto is good to hold against

No it isn't. Also, funny to talk about APY when that rate definitely won't last for a year.