topic Re: Who is a rewards fiend? in Credit Cards

Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 04:53:13 GMT

Who out there is a rewards fiend? I'm definitely one now...hehe...i jsut can't get enough. I realized the other, i charge everything but my rent to my reward CCs now....anyone else out there doing the same?

Re: Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 04:57:23 GMT

pjriverap wrote:
Who out there is a rewards fiend? I'm definitely one now...hehe...i jsut can't get enough. I realized the other, i charge everything but my rent to my reward CCs now....anyone else out there doing the same?

MeMeMeMeME!

A co-worker and really good friend came to me at school today to tell me she didn't have enough gas to pick up her child and get to the bank. (She's having some life issues at the moment.) I gave her the keys to the car to get a card out my wallet and told her in which order I would prefer her to pick. "Don't use the BofA Amex, it's still at zero, avoid Target Visa, but you're welcome to take Disc Doggie Bones and then Travelocity MC as a backup!"

I'm even making my friends use my rewards appropriately!

Re: Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 04:58:00 GMT

pjriverap wrote:
Who out there is a rewards fiend? I'm definitely one now...hehe...i jsut can't get enough. I realized the other, i charge everything but my rent to my reward CCs now....anyone else out there doing the same?

Yep, I use rewards cards for absolutely everything except rent, electric, and natural gas (only because rent doesn't accept them and electric and natural gas charge convenience fees that are higher than the rewards I would receive).

Re: Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 04:59:40 GMT

cheddar wrote:

pjriverap wrote:
Who out there is a rewards fiend? I'm definitely one now...hehe...i jsut can't get enough. I realized the other, i charge everything but my rent to my reward CCs now....anyone else out there doing the same?
Yep, I use rewards cards for absolutely everything except rent, electric, and natural gas (only because rent doesn't accept them and electric and natural gas charge convenience fees that are higher than the rewards I would receive).

Yes I remember figuring the difference. I was so sad when I couldn't pay the gas bill with the card. They need to fix this!

-P

Re: Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 05:00:50 GMT

@Anonymous wrote:

@pjriverap wrote:
Who out there is a rewards fiend? I'm definitely one now...hehe...i jsut can't get enough. I realized the other, i charge everything but my rent to my reward CCs now....anyone else out there doing the same?
Yep, I use rewards cards for absolutely everything except rent, electric, and natural gas (only because rent doesn't accept them and electric and natural gas charge convenience fees that are higher than the rewards I would receive).

I had a similar issue re: utilities, but now I use the chase billpay...works like a charm w/ 3 % cash back!

Re: Who is a rewards fiend?

heirophant — Fri, 28 Mar 2008 05:03:21 GMT

cheddar wrote:

pjriverap wrote:
Who out there is a rewards fiend? I'm definitely one now...hehe...i jsut can't get enough. I realized the other, i charge everything but my rent to my reward CCs now....anyone else out there doing the same?
Yep, I use rewards cards for absolutely everything except rent, electric, and natural gas (only because rent doesn't accept them and electric and natural gas charge convenience fees that are higher than the rewards I would receive).

Say what? What electric company? I have never had any utility charge a fee for using a CC. And I have paid rent with a CC at a big apartment complex I lived in while in Seattle. Now that's some good rewards.

Re: Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 05:06:17 GMT

I'm jealous on the rent thing....

Re: Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 05:06:23 GMT

heirophant wrote:

Say what? What electric company? I have never had any utility charge a fee for using a CC. And I have paid rent with a CC at a big apartment complex I lived in while in Seattle. Now that's some good rewards.

ConEdison in NYC. I think the fee is like $4.95. If I regularly had electric bills greater than $165 I'd be all over it with Chase Freedom @ 3% cashback.

Re: Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 10:41:43 GMT

Same here, especially electronics rewards... lol!! Have the same problem with the utilities. 5.95 convenience fee to pay by CC. They get auto-debited from checking.

Re: Who is a rewards fiend?

vanilla — Fri, 28 Mar 2008 11:09:32 GMT

@Anonymous wrote:
@heirophant wrote:
Say what? What electric company? I have never had any utility charge a fee for using a CC. And I have paid rent with a CC at a big apartment complex I lived in while in Seattle. Now that's some good rewards.
@ConEdison in NYC. I think the fee is like $4.95. If I regularly had electric bills greater than $165 I'd be all over it with Chase Freedom @ 3% cashback.

Yeah the utility co I work for has the same 4.95 fee. It's actually charged by the company that processes CC payments (Speedpay, which is probably also the one your utility co uses), not by us. anywho, I also LOVE my rewards.

Re: Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 16:24:59 GMT

Those fees are rotten. I'm moving next month and I hope my new apt takes CC w/out fees. I will rack up cash back on my blue card!!

Re: Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 17:38:21 GMT

My wife and I pay everything with our credit cards (mainly Chase Freedom an REI Visa). We PIF every month (we are definently blessed to be able to do so) and just by using our credit cards, we get tons of rewards. We can't pay our rent with it but everything else we can (including utilities). I am a rewards fiend. The Chase Freedom has the best rewards I can find.

Re: Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 17:52:33 GMT

woohoo - I jsut jumped over the 5%/1.5% blue cash awards line!! Five months w/ the card and I've alreayd earned $60...now my rewards are hopefully going to sky rocket...woot-woot!

Re: Who is a rewards fiend?

Anonymous — Fri, 28 Mar 2008 17:58:26 GMT

To have rewards work for you it takes discipline. If you PIF every month you are making money by using "their" money. This is the best situation to be in. This allows you not only to earn rewards on money you would typically spend anyway, but it allows you to keep your money in the bank longer earning more interest. You will now be making money on both ends.

Obviously, CCC's want you to carry a balance so they can make $$$ off of you. They entice you with a lavish rewards program that encourages spending. Spend more, earn more rewards. Carry a balance, and you easily dissolve the rewards you built up. Yes, you earned $100 cash back over the year for your purchases, but you paid $400 in interest. Or you got the new drill set for free (retails at $149.99) but you paid $250 in interest.

I am guilty as charged. I am a rewards fiend. I have recently chosen all cash back rewards with no AF. I do have one card that has a high AF and has membership rewards. After year end my rewards are > than my AF so I am still on top of the game, just by the skin of my teeth.

Re: Who is a rewards fiend?

Anonymous — Sat, 29 Mar 2008 00:29:59 GMT

Yes, I am definately a rewards FIEND...

All of my cards have rewards, and I never carry cash. Everything gets charged: gas, electricity, telephone, cable, groceries, etc. What does actual cold hard cash look like?

The rewards add up quickly.

Re: Who is a rewards fiend?

unknown_entity — Sat, 29 Mar 2008 00:42:00 GMT

I take my friends to the grocery store with my rewards card and have them pay me cash...lol. I get the rewards plus the utilization with the CCC.

Re: Who is a rewards fiend?

Anonymous — Sat, 29 Mar 2008 00:44:32 GMT

@unknown_entity wrote:
I take my friends to the grocery store with my rewards card and have them pay me cash...lol. I get the rewards plus the utilization with the CCC.

niccce...

Re: Who is a rewards fiend?

haulingthescoreup — Sat, 29 Mar 2008 00:56:26 GMT

In my neck of the woods, I have been terribly disappointed as to which recurring bills can be paid with a CC. My local utility used to, but when I called to ask, they told me that they had stopped doing so out of concern for me. (thanks...) Comcast has our Internet, HDTV/cable, and home phone, and they're not on the list for Tennessee. I did add Verizon wireless for our 4-number cell phone plan, but they don't do automatic drafts --I have to authorize it each month. Countrywide Mortgage? fuggetaboudit!

Anyway, I am currently moving toward a model of AmEx Gold charge for points, and everything else had better be cash rewards! And good ones at that.

Re: Who is a rewards fiend?

Anonymous — Sat, 29 Mar 2008 03:01:19 GMT

I think rewards are actually pretty lame, for the most part.

They play a psychological trick on you that induce you to spend more than you might otherwise, thinking, 'Oh, but I'll get points for this.'

They're a pretty crappy return...$2500 in spending gives me a $25 gift certificate or cash back? Woopie frickin doo. What a reward.

And, because they cost the CC company money, they're undoubtedly recouping the cost elsewhere...APRs, fees, or other ways.

Remember, folks, there is no such thing as a free lunch.

Re: Who is a rewards fiend?

Anonymous — Sat, 29 Mar 2008 03:09:39 GMT

@Anonymous wrote:
I think rewards are actually pretty lame, for the most part.

They play a psychological trick on you that induce you to spend more than you might otherwise, thinking, 'Oh, but I'll get points for this.'

They're a pretty crappy return...$2500 in spending gives me a $25 gift certificate or cash back? Woopie frickin doo. What a reward.

And, because they cost the CC company money, they're undoubtedly recouping the cost elsewhere...APRs, fees, or other ways.

Remember, folks, there is no such thing as a free lunch.

I only use my CCCs for things I need to pay for (e.g. utilities, groceries, etc) and things I've wanted for at least six months and that meet purchasing other criteria (e.g. laptop replacement, trip home for holidays,etc.). In the end, I also save a lot now since paid off CCs last year. And I disagree, rewards can be plentiful. Last year, I got back $300 in gift certificates and $200 cashback...and I never paid finance charges or anything else to CCCs...however, it does require a lot of discipline.

Message Edited by pjriverap on 03-28-2008 11:09 PM