topic Re: Whats the best way to save with cc's? in Credit Cards

Whats the best way to save with cc's?

Anonymous — Thu, 27 Aug 2009 03:17:10 GMT

do you pay all bills with cc's?and let pay checks pile up for 3 or 4 months then pay cc's off and start process over again with the idea of regulated spending your checks will overtake the bills anyone have any methods that are effective please share

Re: Whats the best way to save with cc's?

athensguy — Thu, 27 Aug 2009 03:20:51 GMT

I pay off my CCs every month. If you don't pay them off every month, it gets expensive paying interest.

Re: Whats the best way to save with cc's?

Anonymous — Thu, 27 Aug 2009 03:31:47 GMT

CC interest was great when it was deductible. Now it is death. Just say no!

Re: Whats the best way to save with cc's?

haulingthescoreup — Thu, 27 Aug 2009 10:57:29 GMT

I put every bill I possibly can on a CC, preferably a rewards card, and pay each off monthly. No penalties, nice rewards, lots of simplicity.

The idea of letting anything at all pile up for 3 or 4 months makes my toes curl.

Re: Whats the best way to save with cc's?

Watchmann — Thu, 27 Aug 2009 14:02:01 GMT

In my view utility bills, groceries and such don't belong on credit cards. Why have another layer of payment issues involved paying everything with a card, especially bills. People have fallen in love with 'rewards', but a couple of goof ups or getting overextended will wipe out that 2-3% reward. When bills come in they get paid immediately from my CU bill payer, they don't go on a CC. Day to day stuff is paid in CASH so I don't have to think about the bills coming in later. To each their own. Use what works for you.

Re: Whats the best way to save with cc's?

Karatz — Thu, 27 Aug 2009 14:31:48 GMT

@Watchmann wrote:
In my view utility bills, groceries and such don't belong on credit cards. Why have another layer of payment issues involved paying everything with a card, especially bills. People have fallen in love with 'rewards', but a couple of goof ups or getting overextended will wipe out that 2-3% reward. When bills come in they get paid immediately from my CU bill payer, they don't go on a CC. Day to day stuff is paid in CASH so I don't have to think about the bills coming in later. To each their own. Use what works for you.

I totally agree. If you can charge $50 in gas, run home, send a bill pay to your visa from your checking account for $50 immediately, the charge is ok. Next step is to be able to charge up to only what you can pay in full...Otherwise, pay cash.

Re: Whats the best way to save with cc's?

Anonymous — Thu, 27 Aug 2009 14:32:27 GMT

All of our bills are first budgeted, then set up on automatic payment. I make one payment to my CC, and then the bills are charged to the CC as they are scheduled on automatic payment. That way if there's a brain glitch (mine), there are still no late payments. I PIF my CC's (the ones that temporarily have a balance) twice a month - so there's never any interest, and those CC payments are already written into the budget, so there's no pain. I like the rewards!

I don't like anyone having access to my checking account - it's easier to handle problems (like overpayments or double payments or continuing payments when they shouldn't) if they're pulling from a CC. We've had that happen before and it was a painful surprise to our checking account. Although I keep a cash cushion in my checking, I have a greater cushion on my CC balance than I do in my checking account.

We put all groceries (and eating out) on one card - it makes it very easy to budget. And again, the rewards.

We don't let anything stack up for 3 or 4 months - I'm probably not getting what you're talking about there. Every dollar spent is already on the budget - including a small budget for cash for some random spending every payday.

I agree with Watchmann - whatever floats your boat. It's just fun to see what others are doing - sometimes you get a good idea from someone else and sometimes our needs change and we need to look at something new. Good thread with great responses.

Re: Whats the best way to save with cc's?

Anonymous — Thu, 27 Aug 2009 15:22:12 GMT

I pay everything with a credit card. I just deposited a $250 rewards check from Chase on Saturday and when my statement cuts on Sept. 17th I'll have another $50 in rewards accumulated. No check numbers to keep track of, no checkbook to lug around, all charges itemized and downloaded to Quicken and $1000 a year in rewards. One transfer on the 16th of each month to pay the balance with a 25 day grace period in case I forget, which I never do. I go out to the mailbox, scan the rewards check with edeposit from Alliant and within minutes it is earning interest in my savings account. Works for me.

Message Edited by hemi961 on 08-27-2009 08:22 AM

Re: Whats the best way to save with cc's?

Jazzzy — Thu, 27 Aug 2009 16:14:07 GMT

I make a couple of thousand dollars each year in rewards. My rewards pay for travel to see my grandbabies...trips that I otherwise might not be able to do as often. It pays for other things as well, but reward travel is especially important to me.

Rewards right now are very valuable, but you have to have the personal discipline to collect the rewards by charging on the cc and then paying before interest kicks in. We also won't pay an annual fee for those rewards. That works for us.

Re: Whats the best way to save with cc's?

Anonymous — Thu, 27 Aug 2009 16:25:46 GMT

Those CC rewards are like coupon-less coupons. Plus, you can use the coupons, too! I've also never seen a perpetual coupon for 5% off my gasoline purchases. I will keep doing what I need to do to get my rewards!

Re: Whats the best way to save with cc's?

Jazzzy — Thu, 27 Aug 2009 16:27:53 GMT

@Anonymous wrote:
Those CC rewards are like coupon-less coupons. Plus, you can use the coupons, too! I've also never seen a perpetual coupon for 5% off my gasoline purchases. I will keep doing what I need to do to get my rewards!

Are you getting the 5% on gas on a PenFed card? If not, which card?

Thanks,

Re: Whats the best way to save with cc's?

Anonymous — Thu, 27 Aug 2009 16:33:39 GMT

@LynetteM wrote:
@Anonymous wrote:
Those CC rewards are like coupon-less coupons. Plus, you can use the coupons, too! I've also never seen a perpetual coupon for 5% off my gasoline purchases. I will keep doing what I need to do to get my rewards!

Are you getting the 5% on gas on a PenFed card? If not, which card?

Thanks,

PenFed, and I am extremely happy with them.

Re: Whats the best way to save with cc's?

athensguy — Thu, 27 Aug 2009 16:37:07 GMT

@LynetteM wrote:
@Anonymous wrote:
Those CC rewards are like coupon-less coupons. Plus, you can use the coupons, too! I've also never seen a perpetual coupon for 5% off my gasoline purchases. I will keep doing what I need to do to get my rewards!

Are you getting the 5% on gas on a PenFed card? If not, which card?

Thanks,

I didn't qualify for a PenFed, so I get 6% back with a Citi Driver's Edge or 5% back at BP with the BP Visa. The Driver's Edge is no longer offered, but if you have a Citi you might be able to product change to it. The reason it's so high is that you can redeem driven miles for points, but you have to match those miles with spending.

Re: Whats the best way to save with cc's?

Jazzzy — Thu, 27 Aug 2009 16:41:55 GMT

@Anonymous wrote:
@LynetteM wrote:
@Anonymous wrote:
Those CC rewards are like coupon-less coupons. Plus, you can use the coupons, too! I've also never seen a perpetual coupon for 5% off my gasoline purchases. I will keep doing what I need to do to get my rewards!

Are you getting the 5% on gas on a PenFed card? If not, which card?

Thanks,

PenFed, and I am extremely happy with them.

I just apped PenFed a few days ago. I joined a couple of weeks ago but didn't app at that time because I was waiting for some zero balances to hit.

I am an RN working only part-time because I am in my last year of schooling to be a Nurse Practitioner (retirement career!). When I called PenFed about something else, they (of course) wanted me to apply. I told them that I have fairly low income for the next 9 months, so we decided to put my DH on the app as well. I just got a ScoreWatch alert that PenFed pulled EQ on him two days ago. We had to send in IRS documents because my DH is self-employed.

We'll see what they do...but I'm looking forward to those rewards if we're approved.

I am a reward card junkie and would like to get rid of my cards that don't have rewards...but, after reading here I haven't done that. I just barely use those cards.

I have no idea what the best rewards card is out there. When I saw the title of this thread...that's the first thing that came to my mind. Rewards...that is the best way to save with cc's.

Re: Whats the best way to save with cc's?

Anonymous — Thu, 27 Aug 2009 17:08:54 GMT

@LynetteM wrote:
@Anonymous wrote:
@LynetteM wrote:
@Anonymous wrote:
Those CC rewards are like coupon-less coupons. Plus, you can use the coupons, too! I've also never seen a perpetual coupon for 5% off my gasoline purchases. I will keep doing what I need to do to get my rewards!

Are you getting the 5% on gas on a PenFed card? If not, which card?

Thanks,

PenFed, and I am extremely happy with them.

I just apped PenFed a few days ago. I joined a couple of weeks ago but didn't app at that time because I was waiting for some zero balances to hit.

I am an RN working only part-time because I am in my last year of schooling to be a Nurse Practitioner (retirement career!). When I called PenFed about something else, they (of course) wanted me to apply. I told them that I have fairly low income for the next 9 months, so we decided to put my DH on the app as well. I just got a ScoreWatch alert that PenFed pulled EQ on him two days ago. We had to send in IRS documents because my DH is self-employed.

We'll see what they do...but I'm looking forward to those rewards if we're approved.

I am a reward card junkie and would like to get rid of my cards that don't have rewards...but, after reading here I haven't done that. I just barely use those cards.

I have no idea what the best rewards card is out there. When I saw the title of this thread...that's the first thing that came to my mind. Rewards...that is the best way to save with cc's.

Unfortunately the credit pull that is going to be used for you is the one obtained at the time of your membership app. There is nothing you can do about that. They will not make another pull until the 60-90 day period elapses. Hopefully the other credit pull will satisfy them. If you can clear the bar for one of their unsecured credit products they are wonderful!

Re: Whats the best way to save with cc's?

Jazzzy — Thu, 27 Aug 2009 17:40:45 GMT

@Anonymous wrote:

Unfortunately the credit pull that is going to be used for you is the one obtained at the time of your membership app. There is nothing you can do about that. They will not make another pull until the 60-90 day period elapses. Hopefully the other credit pull will satisfy them. If you can clear the bar for one of their unsecured credit products they are wonderful!

You're right...there has been no new pull for me. Oh, well. My hubby's pull will show the zero balances. Who knows how much they actually compare them.

We're pretty skittish about apping because of my DH's self-employed status. I hope this hasn't all been for nothing. Sometimes it's not worth the work.

Re: Whats the best way to save with cc's?

Anonymous — Thu, 27 Aug 2009 17:43:26 GMT

@LynetteM wrote:
@Anonymous wrote:

Unfortunately the credit pull that is going to be used for you is the one obtained at the time of your membership app. There is nothing you can do about that. They will not make another pull until the 60-90 day period elapses. Hopefully the other credit pull will satisfy them. If you can clear the bar for one of their unsecured credit products they are wonderful!
You're right...there has been no new pull for me. Oh, well. My hubby's pull will show the zero balances. Who knows how much they actually compare them.

We're pretty skittish about apping because of my DH's self-employed status. I hope this hasn't all been for nothing. Sometimes it's not worth the work.

PenFed can be a real PITA for self-employed folks. You're going to have to let us know how this turns out.

Re: Whats the best way to save with cc's?

KingAdrock — Thu, 27 Aug 2009 17:57:35 GMT

@Watchmann wrote:
In my view utility bills, groceries and such don't belong on credit cards. Why have another layer of payment issues involved paying everything with a card, especially bills. People have fallen in love with 'rewards', but a couple of goof ups or getting overextended will wipe out that 2-3% reward. When bills come in they get paid immediately from my CU bill payer, they don't go on a CC. Day to day stuff is paid in CASH so I don't have to think about the bills coming in later. To each their own. Use what works for you.

I disagree, I think utility bills are perfect for rewards cards. The biggest pitfall of rewards cards is getting so into the idea that spending makes you money it causes you to buy extra junk you don't need. (which is pretty much the whole point, as far as the CCCs are concerned) But who on earth would say "Ooh, if I waste more electricity I'll get more rewards!"

Re: Whats the best way to save with cc's?

wmarat — Thu, 27 Aug 2009 18:07:56 GMT

Not to argue with your philosophy, but to understand it.

My monthly utilitis and groceries and such about $1500. Paying with rewards card gives me at least $15/mos back, which is $180/year, which provides my kids with videogames. Why would I give it up?

@Watchmann wrote:
In my view utility bills, groceries and such don't belong on credit cards. Why have another layer of payment issues involved paying everything with a card, especially bills. People have fallen in love with 'rewards', but a couple of goof ups or getting overextended will wipe out that 2-3% reward. When bills come in they get paid immediately from my CU bill payer, they don't go on a CC. Day to day stuff is paid in CASH so I don't have to think about the bills coming in later. To each their own. Use what works for you.

Message Edited by wmarat on 08-27-2009 11:07 AM

Re: Whats the best way to save with cc's?

haulingthescoreup — Thu, 27 Aug 2009 22:09:26 GMT

Watchmann wrote:
In my view utility bills, groceries and such don't belong on credit cards. Why have another layer of payment issues involved paying everything with a card, especially bills. People have fallen in love with 'rewards', but a couple of goof ups or getting overextended will wipe out that 2-3% reward. When bills come in they get paid immediately from my CU bill payer, they don't go on a CC. Day to day stuff is paid in CASH so I don't have to think about the bills coming in later. To each their own. Use what works for you.

I see your point, and as you say, "To each their own. Use what works for you."

As someone who doesn't handle paper well, I've found that paying my accounts once a month (as was done back in my grandmother's day) works best for me. When my grandmother was running her family back in the 1920's and 30's, the corner grocer carried her account on a piece of paper, and she settled up on payday. Now my CCC's carry my accounts on line, and I settle up two days before the statement date. Same thing.

Oddly, I'm incredibly methodical at work, but it somehow doesn't carry over at home.

After reading it enough times, including on this thread, I am going to go ahead and set up all my accounts so that they will automatically draft the minimum balance plus $10 a week before the due date, just in case I'm hit by a bus. As bad as I am, the rest of the family is worse, and I do see the potential for all hell breaking loose if I were somehow incapacitated.