topic Re: How people view your CC usage. in SmorgasBoard

How people view your CC usage.

MoreRewards — Sat, 31 May 2014 13:43:44 GMT

OK so I do have several cards (more than I want) but I only use a few.

I also had recent approvals for BCE & CSP. I shared with friends as I was so excited. One of my best friends congratulated me & all but they did go on to say that's a lot of cards. . . Why do you need so many? They just keep giving you cards. . Doesn't it feel weird living on credit cards?

Do people ever have reactions to the amount or usage of your cards?

Re: How people view your CC usage.

Peteyglad — Sat, 31 May 2014 13:49:48 GMT

I dont think anyone besides my fiance knows how many cards I have. She knows I have a different purpose for each card to maximize rewards.

Re: How people view your CC usage.

ExplicitElicit — Sat, 31 May 2014 13:54:59 GMT

Well I'm young, so when I pay in front of my friends (whom still use debit for everything) they tend to ask me if I'm having money problems or ask if I'm okay when I pay credit. I tell them it's the exact opposite and each of my cards have a different use, but in the end they all get paid every month.

Re: How people view your CC usage.

youngandcreditwrthy — Sat, 31 May 2014 14:27:18 GMT

My friends always ask me how I have such good credit.... They also joke that I have a Black Card (the metal Marriott one!) lol I give them tips on getting big clis, which lenders pull hard pulls, etc. I remind them to pif unless there is 0% apr. I explain statement cut date and how to keep balances at zero on CR.

The thing with certain cards is that you have to be financially smart to get a card imo (ie have a good to excellent credit history!) Ive never had an issue with anyone thinking Im living om credit.
My friends have also noticed my borderline lavish and multiple vacations(3-4 a year) resulting from rewards cards and bonuses!! They certainly peaks their interests. Lol

Re: How people view your CC usage.

MoreRewards — Sat, 31 May 2014 18:12:57 GMT

Yes it seems if you use credit some people think you need to.
I do try to help people & share info abouts rewards / PIF. But some still act like CC are the devil.

Re: How people view your CC usage.

youngcreditcarduser — Sat, 31 May 2014 19:40:34 GMT

I tell a few friends about my credit cards and sometimes they ask if I have money trouble, almost all of my friends (about 22 years old) only use debit cards and have no credit history which has turned ot problematic for them as they have to make high deposits when applying for apartments and utilities. I try to convince them that its simple to use credit cards as long as you keep up with the bills and often rewarding but they still seem to have a bad stigma following them.

Re: How people view your CC usage.

mattmix36 — Sat, 31 May 2014 19:57:07 GMT

It depends on the crowd you hNg out with. My mom's side of the family typically has a bad view on credit cards and assume I'm in massive debt. My dad's side of the family assumes I have awesome credit...and my friends think I'm Bruce Wayne when they see my wallet.

Re: How people view your CC usage.

j_casteel — Sat, 31 May 2014 19:59:42 GMT

Credit or credit cards are never the topic of discussion with my friends. We all have em but don't know any specifics about each other.

Re: How people view your CC usage.

mattmix36 — Sat, 31 May 2014 20:12:06 GMT

I was at lunch with a couple of my friends/coworkers t a couple of weeks ago. One friend pays with debit, the other pays with freedom. I tell my freedom friend that his card is a good deal like my discover getting 5% back in category spending. My debit friend says "I had no idea you can get a card with 5% back....what a newb.

Re: How people view your CC usage.

E150GT — Sat, 31 May 2014 20:20:52 GMT

my friends think I am obsessive. They made fun of me when I told em I was on a credit card forum. I dont care. They do ask me for credit card advice and credit advicein general when they need it though.

Re: How people view your CC usage.

Themanwhocan — Sat, 31 May 2014 20:39:33 GMT

@mattmix36 wrote:
I was at lunch with a couple of my friends/coworkers t a couple of weeks ago. One friend pays with debit, the other pays with freedom. I tell my freedom friend that his card is a good deal like my discover getting 5% back in category spending. My debit friend says "I had no idea you can get a card with 5% back....what a newb.

Right. You can even get cards that pay more than 5% cash back, with no annual fees.

Edit: I can think of 3 cards with no annual fee, that can give more than 5% cash back.

Re: How people view your CC usage.

nachoslibres — Sat, 31 May 2014 21:38:59 GMT

No, but my friends like to pick my brains about budgeting - because they know I am OCD. Example - if I know that a $12 charge is due annually I budget $1 a month for it.

Some of them know I use credit cards to maximize points but none of them are really interested in that (even though some of them do carry cards like the CSP). Like someone else stated it isn't really something we talk about - unless they bring it up first.

Re: How people view your CC usage.

Anonymous — Sat, 31 May 2014 21:45:40 GMT

@Themanwhocan wrote:
Edit: I can think of 3 cards with no annual fee, that can give more than 5% cash back.

OK, I'll bite! Which ones are you thinking of? I think it also depends on definitions, so some cards give back say $25 with the first purchase (some cards from Barclays for example). So if I just spend 1c, I get $25 back! What a card! But doesn't really scale.

I suspect one of your three is the Cash Plus, with the additional $25 for redeeming $100. But that's only true for small spends (per card).

Re: How people view your CC usage.

Anonymous — Sat, 31 May 2014 21:47:12 GMT

@j_casteel wrote:
Credit or credit cards are never the topic of discussion with my friends. We all have em but don't know any specifics about each other.

I don't understand. What do you talk about then!

Re: How people view your CC usage.

j_casteel — Sat, 31 May 2014 22:10:40 GMT

@Anonymous wrote:
@j_casteel wrote:
Credit or credit cards are never the topic of discussion with my friends. We all have em but don't know any specifics about each other.
I don't understand. What do you talk about then!

Just boring stuff like: family, hunting, fishing, sports, weather all while drinking beers. I should only allow CC talk from now on and see how long I have friends. Well, I guess I'll always have you guys here at myFICO so I'm golden either way.

Re: How people view your CC usage.

Themanwhocan — Sat, 31 May 2014 23:02:46 GMT

@Anonymous wrote:
@Themanwhocan wrote:
Edit: I can think of 3 cards with no annual fee, that can give more than 5% cash back.
OK, I'll bite! Which ones are you thinking of? I think it also depends on definitions, so some cards give back say $25 with the first purchase (some cards from Barclays for example). So if I just spend 1c, I get $25 back! What a card! But doesn't really scale.

I suspect one of your three is the Cash Plus, with the additional $25 for redeeming $100. But that's only true for small spends (per card).

Citizens Bank Green$ense (25 cents per transaction, 50 cents if you have certain other Citizens Bank accounts). Less than $5 transactions = more than 5% cash back. For example $4 transactions would be 6.25% cash back; $2.50 transactions would be 10% cash back, etc.

US Bank Cash+ $2000 spend in 5% categories per year, with $25 bonus, wouldbe 6.25% cash back.

Bank Of America Better Balance Rewards.

Re: How people view your CC usage.

PandiferBear — Sat, 31 May 2014 23:11:01 GMT

@E150GT wrote:
my friends think I am obsessive. They made fun of me when I told em I was on a credit card forum. I dont care. They do ask me for credit card advice and credit advicein general when they need it though.

My husband thinks I am a little crazy about these things, and he is amused by the enjoyment I get from these boards. BUT - in the end - when it comes down to anything financial, he looks my way. And he knows to use this card for gas, that one for grocieries, not to touch that one until the BT is paid in full, etc. There is a method to my madness.

Re: How people view your CC usage.

Themanwhocan — Sat, 31 May 2014 23:12:43 GMT

@Anonymous wrote:
@j_casteel wrote:
Credit or credit cards are never the topic of discussion with my friends. We all have em but don't know any specifics about each other.
I don't understand. What do you talk about then!

I imagine the typical conversation goes something like this:

http://www.youtube.com/watch?v=EePcWVFtRCU

Re: How people view your CC usage.

youngandcreditwrthy — Sat, 31 May 2014 23:28:47 GMT

My friends def'ly ask me for financial advice, but I am a finance/economics major of sorts. LOL

There are so many misconceptions about credit, and this forum has taught me so much. I actually just use the advice from here creditwise when I discuss with friends.

Re: How people view your CC usage.

youngandcreditwrthy — Sat, 31 May 2014 23:29:39 GMT

I average 6% on Freedom on the rotating cats.. I get the 10 pts per purchase and 10% on top of that... all with no AF.