Nuclear Option with Amazon Chase

[kdm31091]

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@cakkd wrote:

Yep, my finance goals these days don't have tons to do with CSs:

1) Stay within my budget.

2) Get my debt-to income as low as possible

3) Have two months of reserves

4) Get a couple of cards with low APRs just in case

I find CC rewards in general to be a bit of fool's gold.

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Rewards exist for one reason: to entice people to spend more. You spend more than you need to just to get over the edge and obtain a sign up bonus. Or you spend so you can have enough points to redeem. Or you spend because 5% on ____ is a better deal than you could get before. etc.

People have to be careful because it's very easy for "rewards" to trap you into spending more than you normally would.

[cakkd]

Agreed. And realistically, what's the maximum CC rewards are going to raise your income? 1% per year, maybe?

[ddemari]

When I am trying to budget or clean up my finances, the last thing I think about are credit card rewards.

CC rewards make me want to spend spend spend. Also, getting a good rewards card with a low apr usually needs pretty excellent credit and even then, the rewards probably wont out weigh the interest charges. 

[UncleB]

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@cakkd wrote:

Yep, my finance goals these days don't have tons to do with CSs:

1) Stay within my budget.

2) Get my debt-to income as low as possible

3) Have two months of reserves

4) Get a couple of cards with low APRs just in case

I find CC rewards in general to be a bit of fool's gold.

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Say what??  LOL... just joking.

My youngest brother feels the same way.  He uses a debit card for all his expenses; he says it keeps things simple, and keeps him from getting into debt.  It works for him.

That being said, using my rewards cards to pay for things I buy anyway, I'm able to earn enough rewards to take care of most (if not all) of my holiday gift buying expenses.  I understand that some folks don't want to be concerned with using certain cards at certain merchants, and prefer to have just a couple of really, good cards.  That works for them.

For me, I really, really like free money.  I don't have a problem with making sure my cards are paid in full each month, and I also like the added protection I get from using a credit card vs. a debit card (or cash). 

If you consider free money to be fool's gold, just send any you don't want over to me... 

[redpat]

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@cakkd wrote:

Yep, my finance goals these days don't have tons to do with CSs:

1) Stay within my budget.

2) Get my debt-to income as low as possible

3) Have two months of reserves

4) Get a couple of cards with low APRs just in case

I find CC rewards in general to be a bit of fool's gold.

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Fool's gold, you absolutely are missing the point about canceling your Discover card over APR rate.  They are offering DOUBLE CASHBCK right now.  You should be using it without carrying a balance anyway.  I'm using the hell out of mine during this promotion and you are worried about APR?

Hmmm, fool's gold, you are missing the boat on minor issue wich you control anyway, don't incurr interest on your Discover.  

Go go ahead and cancel but that would be foolish, lol.

[Anonymous]

If you care about APR you are using your card wrong. You should never run as balance on a credit card.

Ever.

[onstar]

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@UncleB wrote:

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@cakkd wrote:

Yep, my finance goals these days don't have tons to do with CSs:

1) Stay within my budget.

2) Get my debt-to income as low as possible

3) Have two months of reserves

4) Get a couple of cards with low APRs just in case

I find CC rewards in general to be a bit of fool's gold.

---

Say what??  LOL... just joking.

My youngest brother feels the same way.  He uses a debit card for all his expenses; he says it keeps things simple, and keeps him from getting into debt.  It works for him.

That being said, using my rewards cards to pay for things I buy anyway, I'm able to earn enough rewards to take care of most (if not all) of my holiday gift buying expenses.  I understand that some folks don't want to be concerned with using certain cards at certain merchants, and prefer to have just a couple of really, good cards.  That works for them.

For me, I really, really like free money.  I don't have a problem with making sure my cards are paid in full each month, and I also like the added protection I get from using a credit card vs. a debit card (or cash). 

If you consider free money to be fool's gold, just send any you don't want over to me... 

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I also really, really like free money. My "Fool's Gold" is over $1,000 per year. I don't mind getting $1,000+ per year for stuff that I already buy anyway. Maybe $1,000 is not a lot of money for some people, and it won't kill me to not have that, but I really like having it!

[longtimelurker]

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@Anonymous wrote:
If you care about APR you are using your card wrong. You should never run as balance on a credit card.

Ever.

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Unless you have to!   There are crises that can use up all alternatives, such as emergency funds, after say prolonged job loss.  And you cannot get other forms of credit because you dont have a job and your scores are bad.  Now I have a set of emergencies.   I can sell my kidney, or run a balance on my credit card.   Neither choice is ideal but.....

[Anonymous]

You have two kidneys. Surely you can sacrifice one to prevent the interest from accruing?

[Anonymous]

APR shouldn't matter if you dont carry a high balance anyways.  I have a QS ast 22% but i only let less than $20 report and once it does, pay it off...each month.  Now, if you make big transactions each month where you have to pay in 2-4 months, then i can understand.