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you are using a guaranteed monthly return of 1%? that seems very optimistic to me (especially since you used the word "guaranteed")
i agree with the concept, but you arent going to make 700 something bucks on the deal.
yeah, $700 sounds too high. i don't feel like checking the math though. the end result is slightly more money in my pocket. whether it's 7 cents, or 700 dollars, it's still worth it to my cheap arse.
i love my blue cash card. i got almost $1,000 cash back last year.
it was actually my first card when everyone else was rejecting me. i canceled it because i found a card with a good reward program (im not sure if it was really better). now i want back! especially since my wife keeps complaining that our current card looks crappy.
but get this, i picked up a cell phone for a new business and i had to put it in my name because the business had no credit. i didnt use the phone (someone else did), the bill was unpaid a few months (bill didnt go to me), they sent it to collections and now i got rejected for the blue cash card. i settled everything with att just a few days ago, but im not sure if ill be able to take the blemish off my credit so fast. ill give them a call once a little time has elapsed and the report can show that i resolved the issue.
Last edited by CaptainNJ; 04-26-2011 at 02:36 PM..
where on earth do you have your money so you only get 1% annually?
Huh? I didn't bring up 1%, you did. Though the short-term "risk-free" rate is around 1% right now, so its an appropriate number. Higher rates of return are going to involve risk and since you are borrowing you are essentially leveraging and hence increasing the risk portfolio even higher. This has to be discounted for, something that debt-junkies rarely seem to do.
After tax, the potential gain here for anything that is low to moderate risk is going to be peanuts, not even worth the time you have to spend applying for the credit.
Well, I bought a car for $25,000 four years ago at 0% financing. I tend to be leery about a lot of those things, but Ford was really dealing at the time.
Huh? I didn't bring up 1%, you did. Though the short-term "risk-free" rate is around 1% right now, so its an appropriate number. Higher rates of return are going to involve risk and since you are borrowing you are essentially leveraging and hence increasing the risk portfolio even higher. This has to be discounted for, something that debt-junkies rarely seem to do.
After tax, the potential gain here for anything that is low to moderate risk is going to be peanuts, not even worth the time you have to spend applying for the credit.
It is $770ish with a 1% monthly (my portfolio rate), $70 with a standard high-yield savings account interest rate. So even with a standard bank (ING for example) you would get around $70. Are you saying doing five minutes of work to take out a new card isn't worth $70?
it was actually my first card when everyone else was rejecting me. i canceled it because i found a card with a good reward program (im not sure if it was really better). now i want back! especially since my wife keeps complaining that our current card looks crappy.
but get this, i picked up a cell phone for a new business and i had to put it in my name because the business had no credit. i didnt use the phone (someone else did), the bill was unpaid a few months (bill didnt go to me), they sent it to collections and now i got rejected for the blue cash card. i settled everything with att just a few days ago, but im not sure if ill be able to take the blemish off my credit so fast. ill give them a call once a little time has elapsed and the report can show that i resolved the issue.
that stinks. you know how to check your credit report for free right? it doesn't give you your score, but it gives you the full report. i think you have to pay like $8 for the score.
It is $770ish with a 1% monthly (my portfolio rate), $70 with a standard high-yield savings account interest rate. So even with a standard bank (ING for example) you would get around $70. Are you saying doing five minutes of work to take out a new card isn't worth $70?
in all fairness, it's $70 before taxes. but i'm with you. it's worth the few minutes of filling out credit (or using credit you already have), to save the money. to some it's not though. that's fine.
in all fairness, it's $70 before taxes. but i'm with you. it's worth the few minutes of filling out credit (or using credit you already have), to save the money. to some it's not though. that's fine.
I agree.
Obviously it won't make you wealthy, but I see it as free money for virtually no effort. Take advantage of small amounts like that throughout your life and personally I feel it will add up.
Obviously it won't make you wealthy, but I see it as free money for virtually no effort. Take advantage of small amounts like that throughout your life and personally I feel it will add up.
yeah. in my mind, it's no different than the reason why i paid for my box of pasta at the grocery store 2 days ago with my amex. it was $1, but i get 5% cashback. 5 cents. it adds up for me over the year. and if they want to give me free money, i'm taking it.
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