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FFS, no one has suggested anything of the kind. Just a few posts ago you agreed that it makes sense provided you were going to spend the money anyway, now suddenly you are railing against phantom claims. Let me guess, a DR devotee.
It's tough to reason with the financially illiterate. They refuse to see the other side where people are making thousands for hardly doing any work at all.
The only caution I'd have on it.. At times, having so many cards can be overwhelming and the confusion about which card you've put things on or which one you should use can be too much.
You'd hate to have a situation where you put a small charge on a seldom used card, slips your mind, and then you get hit with a late fee or something like that.
If you feel you have the ability to keep track of everything without driving yourself batty.. You seem to be responsible with your spending, so.. I don't see an issue from that side of things.
I did have that happen once. I opened a Kohl's card (against my better judgement) to get the extra 15% off. They also send you lots of coupons and discount offers. Well, I made a purchase, forgot and got hit with a $25 late fee plus 24.99% interest on my $84 purchase.
I pretty much avoid all store cards now but if I do open a new line of credit, the first thing I do is go in and set up automatic payments so that never happens again. Given that I am usually responsible about things like that I kicked myself for quite awhile over that one!
The only caution I'd have on it.. At times, having so many cards can be overwhelming and the confusion about which card you've put things on or which one you should use can be too much.
You'd hate to have a situation where you put a small charge on a seldom used card, slips your mind, and then you get hit with a late fee or something like that.
If you feel you have the ability to keep track of everything without driving yourself batty.. You seem to be responsible with your spending, so.. I don't see an issue from that side of things.
I think the hardest part is getting my wife to stay on board and use the correct card
Sapphire reserved for food and travel
Citi Costco for gas
Freedom unlimited for everything else
That’s the basic plan but she says it’s too confusing. I also have the Amex plat, southwest premier and southwest premier business but they really aren’t for daily use
FFS, no one has suggested anything of the kind. Just a few posts ago you agreed that it makes sense provided you were going to spend the money anyway, now suddenly you are railing against phantom claims. Let me guess, a DR devotee.
No I'm not a DR devotee. I am an advocate of responsible individuals having credit cards for the right reasons.
The original poster asked why they should not take advantage of these offers (0% financing and cash back). I pointed out the reasons why. Nothing more, nothing less. I never said the original poster should avoid getting a credit card period. I was simply pointing out the downsides of 0% financing and cash back rewards. It is not a free ride. That's all.
It's tough to reason with the financially illiterate. They refuse to see the other side where people are making thousands for hardly doing any work at all.
It more than qualifies for top tier rates. Forget whatever you've read when it comes to those things when it comes to opening and closing accounts. I've found it simply untrue. And who cares if it was, a small 10 or 20 point drop temporarily isn't going to impact me in any way.
I did have that happen once. I opened a Kohl's card (against my better judgement) to get the extra 15% off. They also send you lots of coupons and discount offers. Well, I made a purchase, forgot and got hit with a $25 late fee plus 24.99% interest on my $84 purchase.
I pretty much avoid all store cards now but if I do open a new line of credit, the first thing I do is go in and set up automatic payments so that never happens again. Given that I am usually responsible about things like that I kicked myself for quite awhile over that one!
You opened a new credit card to save $12? Seriously?
I think the hardest part is getting my wife to stay on board and use the correct card
Sapphire reserved for food and travel
Citi Costco for gas
Freedom unlimited for everything else
That’s the basic plan but she says it’s too confusing. I also have the Amex plat, southwest premier and southwest premier business but they really aren’t for daily use
No I'm not a DR devotee. I am an advocate of responsible individuals having credit cards for the right reasons.
The original poster asked why they should not take advantage of these offers (0% financing and cash back). I pointed out the reasons why. Nothing more, nothing less. I never said the original poster should avoid getting a credit card period. I was simply pointing out the downsides of 0% financing and cash back rewards. It is not a free ride. That's all.
Then why all the hyperbola? Can you point out where anyone said "spend all you possibly can and never pay your statement balance in full!", because I sure don't see that anywhere in this thread.
And you're wrong, cash back rewards on things you were going to buy anyway is tax-free money for nothing. I raked in over $500 in 2018, and I don't spend much. No one time bonuses in 2018 either. Mainly car insurance, utility bills, medical co-pays. Oh, and the cruise we are taking in a few days.
You opened a new credit card to save $12? Seriously?
LOL, no - it was on a different purchase but it wasn’t much more than that - maybe $150. I don’t know why it sounded like a good idea at the time, but I certainly learned a lesson. That and I won’t shop at Kohl’s anymore because they are so relentless about hounding you to open an account. One cashier mumbled to me that I should just say I already have one because they were required to push the card. At 24.99% interest, I can see why!
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