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LOL, You really confuse them when you do that, though. At least that's what my DH says, when he pays off his Amex before he gets a bill.
I hate to burst his bubble and spoil his fun, but DH is wrong. If you send a check, some data entry clerk enters the payment and goes on about his or her business, no confusion there. If you pay online it's all handled electronically so that there's not even anyone in the loop to confuse.
Those "cash back" offers always remind me that there truly IS no free ride, there's a catch somewhere. From what I've read, overall, interest rates on those cards with cash back options are generally higher than those that don't offer them. I've tended to stay away from those.
The "catch" is that most people will carry a balance, and those that do will pay much more in interest than the bank pays out in rewards.
The relatively few who are disciplined enough to spend no more than they can pay off each month are earning those reward points on the backs of those who aren't.
Those "cash back" offers always remind me that there truly IS no free ride, there's a catch somewhere. From what I've read, overall, interest rates on those cards with cash back options are generally higher than those that don't offer them. I've tended to stay away from those.
Yes my rewards credit card has a stupid high interest rate, but I've never paid a penny.
The bank gets a cut from the merchant, the merchant gets higher sales and easier accounting, I get some percentage back, consumer protections, and don't have to carry large amounts of cash or checks wherever I go.
And I get a two month float on my purchases from charge until bill due date, that's more time to have my money in savings earning just a bit more for me.
I just had my credit checked and my credit score was 834 out of 843 on the Transunion scale. I'm pleased, this near perfect.
My question is, is there anything cool I can do with a high credit score? I pay cash for everything, so a low interest rate doesn't help me. Best I can figure out is I can qualify for credit card offers that provide a bonus to open a credit card. Can't figure out anything else that I can do though.
A good credit score is nice, but it's not the be-all, end-all. Mine is 817. Other than getting good offers for credit card bonuses (spend $500 in 3 months, get $100 statement credit), I don't do anything with my credit score.
Having savings and investments trumps the importance of a good credit score, IMO.
He already told how he did it. Pays cash for everything. Just a 1%er wondering if the common folk know of any tricks??
One does not need to be a 1%er to have a high credit score. I am far from that and my score is in the same range as the OPs.
If you have a few credit cards and you don't charge them up to the max and you pay them on time every month, you'll have a good credit score. No big deal.
You don't even have to wait for a bill to come. We pay our Amex off weekly
I do something similar. I pay my credit cards every 2 weeks as I get paid. Then I don't have to worry about grace periods and all that other nonsense. It also helps me keep from making too many impluse purchases if I pay more frequently. Just call the 800 number on the back of each card to get the balances and pay the bills online. Easy.
Last edited by mysticaltyger; 05-02-2014 at 01:36 AM..
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