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Senior Contributor
Posts: 3,135
Registered: ‎04-04-2013
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Re: A SAFE Visa card with 2% cash back


user5387 wrote:

Fico2Go wrote:
Revelate, I respectfully disagree since a charge card can and will buy a free grace period of interest free and free from CR UTIL increase.

Open, have u ever had issues with a particular issuer while making the minimum 0% interest payment?


Isn't the grace period on a charge card only a few weeks?  If you qualify for Amex's Pay Over Time for charge cards, then you can revolve such a balance, but presumably at a rate like 17%.

 

I agree totally with what Revelate said.  It's easy to forget that the advice in this forum is typically aimed at people who pay in full.

 

Like other people, I have a set of nice rewards CCs.  But I don't believe those CCs will do anything for me if I need to carry a balance, get a cash advance, or do a balance transfer.  The idea of using CCs for financing purposes is another whole area, that is so important that it deserves its own forum.

 

As an example of the issue, suppose that I'm revolving a $5000 balance at 15%, and the same CC has 1.5% rewards and I spend $1000 a month.

 

In such a case, I'd pay $750 a year in interest, and reap $180 in rewards, and thus the CC company would make $570 off me.

 

If instead I used a 10% card with no rewards, the CC company would make $500 off me.

 


Or you could use a 10% card with rewards. Like the SAFE Platinum Cash Rewards Visa card. It has a 9.90% - 15.90 APR after the initial 0% for 9 months. And it still rewards you with 2% or 1% cash back! Although it IS a credit Union card, so you'll probably be stuck with a large credit limit or something.

 

See what I did there? How I cleverly redirected the thread back on topic? Smooth...



TU-08: 760 EX-08: 766    EX-08 Bankcard: 807    EX-98: 751 EQ-04: 753
Super Contributor
Posts: 13,984
Registered: ‎04-22-2013
0

Re: A SAFE Visa card with 2% cash back


Open123 wrote:

Fico2Go wrote:
I think Amex should be ok too. Otherwise they wouldnt offer 0% interest on a few of their products.

I've done with AmEx too.  When I app'ed for the BCP's signing bonus, it came with a 12 month 0% promo.  I pretty much paid the montly premium, and the ballon balance right before the promo's expiration.

 

This is standard practice for me.


I was thinking of doing this with Blue Cash, but since there will be a lot of CVS stuff on there, I thought I should PIF on the "the fewer reasons to question, the better" approach.

Super Contributor
Posts: 13,984
Registered: ‎04-22-2013
0

Re: A SAFE Visa card with 2% cash back


Themanwhocan wrote:


Or you could use a 10% card with rewards. Like the SAFE Platinum Cash Rewards Visa card. It has a 9.90% - 15.90 APR after the initial 0% for 9 months. And it still rewards you with 2% or 1% cash back! Although it IS a credit Union card, so you'll probably be stuck with a large credit limit or something.

 

See what I did there? How I cleverly redirected the thread back on topic? Smooth...


Doesn't this one have a key advantage for you: https://www.safecu.org/credit_cards/platinum_rewards_visa/index.aspx

Senior Contributor
Posts: 3,135
Registered: ‎04-04-2013
0

Re: A SAFE Visa card with 2% cash back


longtimelurker wrote:

Themanwhocan wrote:


Or you could use a 10% card with rewards. Like the SAFE Platinum Cash Rewards Visa card. It has a 9.90% - 15.90 APR after the initial 0% for 9 months. And it still rewards you with 2% or 1% cash back! Although it IS a credit Union card, so you'll probably be stuck with a large credit limit or something.

 

See what I did there? How I cleverly redirected the thread back on topic? Smooth...


Doesn't this one have a key advantage for you: https://www.safecu.org/credit_cards/platinum_rewards_visa/index.aspx


I think thats a travel points rewards card.



TU-08: 760 EX-08: 766    EX-08 Bankcard: 807    EX-98: 751 EQ-04: 753
New Contributor
Posts: 79
Registered: ‎09-14-2013
0

Re: A SAFE Visa card with 2% cash back

2% on the first $300? I don't think $3/month is worth the hard pull...


I don't do senior citizen activities like Bingo, needlepoint, shuffleboard, square dancing, and ABSOLUTELY NO GARDENING!
Super Contributor
Posts: 13,984
Registered: ‎04-22-2013
0

Re: A SAFE Visa card with 2% cash back


Themanwhocan wrote:

longtimelurker wrote:

Themanwhocan wrote:


Or you could use a 10% card with rewards. Like the SAFE Platinum Cash Rewards Visa card. It has a 9.90% - 15.90 APR after the initial 0% for 9 months. And it still rewards you with 2% or 1% cash back! Although it IS a credit Union card, so you'll probably be stuck with a large credit limit or something.

 

See what I did there? How I cleverly redirected the thread back on topic? Smooth...


Doesn't this one have a key advantage for you: https://www.safecu.org/credit_cards/platinum_rewards_visa/index.aspx


I think thats a travel points rewards card.


Um yes, I was referring more to its appearance.  (But it has some interesting rewards, buy a 30-day advance ticket worth up to $475 for 22K points etc.)

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Valued Contributor
Posts: 1,257
Registered: ‎07-18-2009
0

Re: A SAFE Visa card with 2% cash back


user5387 wrote:

Fico2Go wrote:
Revelate, I respectfully disagree since a charge card can and will buy a free grace period of interest free and free from CR UTIL increase.

Open, have u ever had issues with a particular issuer while making the minimum 0% interest payment?


Isn't the grace period on a charge card only a few weeks?  If you qualify for Amex's Pay Over Time for charge cards, then you can revolve such a balance, but presumably at a rate like 17%.

 

I agree totally with what Revelate said.  It's easy to forget that the advice in this forum is typically aimed at people who pay in full.

 

Like other people, I have a set of nice rewards CCs.  But I don't believe those CCs will do anything for me if I need to carry a balance, get a cash advance, or do a balance transfer.  The idea of using CCs for financing purposes is another whole area, that is so important that it deserves its own forum.

 

As an example of the issue, suppose that I'm revolving a $5000 balance at 15%, and the same CC has 1.5% rewards and I spend $1000 a month.

 

In such a case, I'd pay $750 a year in interest, and reap $180 in rewards, and thus the CC company would make $570 off me.

 

If instead I used a 10% card with no rewards, the CC company would make $500 off me.

 


Amex charge cards don't have a credit card like grace period. The amount is due and payable immediately.  However, Amex gives you til the next statement cuts to make your payment. The two week "suggested pay by date" is just that, a suggestion. There are no penalties or fees as long as you pay before the next statement cuts. It's a holdover from the early days where businesses typically paid bills net 30.

 

If you select items to pay over time interest acrues on the date of the selected transaction.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k

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