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Established Contributor
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Registered: ‎12-12-2012
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What do you do with your sock drawer cards?

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?

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Balance transfers: Kroger 123 rewards
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Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Regular Contributor
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Registered: ‎08-04-2012
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Re: What do you do with your sock drawer cards?

in my safe

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Registered: ‎11-11-2012
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Re: What do you do with your sock drawer cards?


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.

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Registered: ‎02-06-2013
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Re: What do you do with your sock drawer cards?

    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.

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Re: What do you do with your sock drawer cards?


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. 

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
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Posts: 652
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Re: What do you do with your sock drawer cards?


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.

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
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Re: What do you do with your sock drawer cards?

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 :smileyvery-happy:

 

But things like titles, birth certificates, etc. are in my safe deposit box at Wells Fargo.

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Registered: ‎03-07-2013
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Re: What do you do with your sock drawer cards?

In an extra wallet in a top secret location!


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