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The cards I don't carry are locked up in a safe. One of them, I use for balance transfers. I get extended periods of 0% interest with a 3% up front fee. I let the balance sit there for 12 months and then pay it off. You really can't beat that deal.
I have two Bank of America cards that really don't offer the best rewards. I wil try to use the add it up and the bank america deals periodically. Those cards also have some pretty good balance transfer offers that I have used. This helps me keep the cards active.
What do you do with your sock drawer cards?
in my safe
@FutureBillionaire wrote:The cards I don't carry are locked up in a safe. One of them, I use for balance transfers. I get extended periods of 0% interest with a 3% up front fee. I let the balance sit there for 12 months and then pay it off. You really can't beat that deal.
? It's only a good deal if either a) the alternative is paying a higher interest rate on other cards (because you don't have the cash to pay it off) or b) you do have the cash but you can get a higher rate of return than an upfront 3%. Not sure b) is easy in this environment.
I dont really want anything to do with credit cards or owing anyone money other than as a vehicle to improve my credit so all my cards are in my sock draw. I keep my bank checkcard on me. Then I am rotating every month I put one charge on one of the cards in my sock drawer, let it report on the statement date, then pay it off. It actually has been working great. The other day I was going to buy something on impulse. Then I remembered that my Capital One card was in my sock drawer so I couldn't make the purchase. A few hours later when I came to my senses and remembered that my credit cards are to build my credit only, I was happy that my cards are in my sock drawer. I am into building wealth which mean to have assets that loan other people money. I am staying far away from borrowing money myself.
@bs6054 wrote:
@FutureBillionaire wrote:The cards I don't carry are locked up in a safe. One of them, I use for balance transfers. I get extended periods of 0% interest with a 3% up front fee. I let the balance sit there for 12 months and then pay it off. You really can't beat that deal.
? It's only a good deal if either a) the alternative is paying a higher interest rate on other cards (because you don't have the cash to pay it off) or b) you do have the cash but you can get a higher rate of return than an upfront 3%. Not sure b) is easy in this environment.
It's b for me. I put my money into other places and pay off other debt that has more of an interest rate.
@dddewdrop wrote:I dont really want anything to do with credit cards or owing anyone money other than as a vehicle to improve my credit so all my cards are in my sock draw. I keep my bank checkcard on me. Then I am rotating every month I put one charge on one of the cards in my sock drawer, let it report on the statement date, then pay it off. It actually has been working great. The other day I was going to buy something on impulse. Then I remembered that my Capital One card was in my sock drawer so I couldn't make the purchase. A few hours later when I came to my senses and remembered that my credit cards are to build my credit only, I was happy that my cards are in my sock drawer. I am into building wealth which mean to have assets that loan other people money. I am staying far away from borrowing money myself.
Borrowing money isn't bad. Borrowing money that you can't pay back is. I'd rather use other people's money to do things.
Regarding the creation of wealth, I agree with you there. I use a combination of balance transfers and payments from cash to pay my one credit card that has a big balance on it.
I also have a safe in my house. I keep my CC's, extra books of checks, a little cash (always less than $1000), and a bunch of semi-important papers including my passport in there. Its actually gun safe so there are 2 guns and ammo in there was well
But things like titles, birth certificates, etc. are in my safe deposit box at Wells Fargo.
In an extra wallet in a top secret location!