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Old 11-16-2013, 09:22 AM
 
2,382 posts, read 4,856,407 times
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Years ago, when DH and I were both active duty military - American Express posted a 20,000 payment by mistake to our account. We were both "in the field" and came home to several messages trying to arrange receipt of a refund check of 20K - we both had military post office mailing addresses so they had no where to overnight the check. These messages were followed by several messages apologizing for the "inconvenience" as they had posted another members payment to our account,LOL
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Old 11-17-2013, 08:35 PM
 
Location: N. Raleigh
728 posts, read 1,436,239 times
Reputation: 1180
Quote:
Originally Posted by MrRational View Post
In another thread I made this suggestion as a way to "stash" the cash that your budgeting
should have you set aside each month until it's needed for those known categories of expense
but of unknown specific amounts.

Rather than opening an additional (and no to low interest) savings accounts and constantly
shifting money back and forth to pay off a CC... just put it there to begin with.

The example given was the vague automobile maintenance & repair budget.
As you put $X aside each month you'll accumulate a nice pool of cash.
When you find yourself in the tire or brake shop (as you know you will)...
you then lay down the plastic and start over.

The key is NOT spending it on other things and of course to not go negative.
But no... it's not intended as a substitute for your OTHER savings that should be heading for investments.
I did the stash the cash method for years until it got way out of hand and I could no longer fill the envelopes with cash without tearing them.

I, now, just have "virtual" accounts within my checking and savings. I keep up with the balances in each category and add them back to the overall balance when balancing the checkbook and has works great. It's the only way my wife and I can budget without going back to keeping thousands of dollars in envelopes.
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Old 02-01-2014, 07:36 AM
 
1 posts, read 4,650 times
Reputation: 10
Oook
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Old 02-01-2014, 09:05 AM
 
Location: NY
9,130 posts, read 16,675,538 times
Reputation: 11662
I do not know why you would want to carry a positive balance on a CC as a habit or regular course of action. The money is at risk for loss. If something unexpected happens with the CC or company (stolen card, company goes under, etc), or if you have a sudden expense that doesn't accept your card, the money loses it's liquidity. You lose the opportunity to earn anything with the money (even if it is a paltry amount).
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Old 04-14-2014, 09:04 PM
 
1 posts, read 4,597 times
Reputation: 10
Sorry to bump this up to the top, but I was wondering if anyone thought of using a secured card (backed by a cd or other savings vehicle) to save money over a length of time, but still have access to the funds (via the credit card) without any kind of crazy penalty.
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Old 04-15-2014, 01:59 AM
 
13,645 posts, read 22,281,644 times
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It won't work. Even a secured card won't let you stockpile money on the card to spend later. You pay your balance, or payment amount.

The account attached to the card was locked -- no access. So you couldn't make deposits to get a higher credit limit.
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Old 04-15-2014, 06:05 AM
 
Location: Missouri
592 posts, read 714,385 times
Reputation: 550
I don't really understand the purpose of doing this. It's not like you're going to earn anything just for keeping money there.
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Old 03-08-2018, 08:01 PM
 
1 posts, read 155 times
Reputation: 10
I was looking this up because my GF is here on a student visa from Vietnam so she doesn't have a social to apply for credit. She can't open anything under her name because it will bring up a red flag for the agencies monitoring F1 Visa's because they are not allowed to work. Looking for a way for her to have a free account that she can make deposits into and not get in trouble.
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