Nuclear Option with Amazon Chase

[Anonymous]

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@Anonymous wrote:
You have two kidneys. Surely you can sacrifice one to prevent the interest from accruing?

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Of course, but once the money from the first is used up...., well, who needs two lungs AND two eyes when interest is at stake!

[kdm31091]

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@Anonymous wrote:
If you care about APR you are using your card wrong. You should never run as balance on a credit card.

Ever.

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That is an oversimplification, though. "Should never" and "will never" are two different things. Stuff  happens.

[Anonymous]

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@kdm31091 wrote:

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@Anonymous wrote:
If you care about APR you are using your card wrong. You should never run as balance on a credit card.

Ever.

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That is an oversimplification, though. "Should never" and "will never" are two different things. Stuff  happens.

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I think what Canadian was trying to say is same as i stated....just a simple general answer "no worries on APR if you dont carry high balances", we know things can happen and we need to carry large balance 

[onstar]

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@Anonymous wrote:

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@kdm31091 wrote:

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@Anonymous wrote:
If you care about APR you are using your card wrong. You should never run as balance on a credit card.

Ever.

---

That is an oversimplification, though. "Should never" and "will never" are two different things. Stuff  happens.

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I think what Canadian was trying to say is same as i stated....just a simple general answer "no worries on APR if you dont carry high balances", we know things can happen and we need to carry large balance 

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Having a "safety net" like a credit card is probably the worst thing for most people. Because it makes people lazy and not save. Instead of putting money away each month, most people spend it and use a credit card with low APR as their safety net. And maybe lazy is not the best word. Maybe financially immature or irresponsible is a better term. I'm talking strictly about people who rely on CC as their "savings" thus having no savings account and putting $0 towards their savings each month, with no equity to back them up; so like 80% of the US population? (LOL).

There could be emergencies where a credit card can come in really handy. The trouble with that is, people use the term "emergency" really loosely now. It used to be things like medical emergencies or long periods of unemployment. Now, too many people consider the following as a real emergency: the boots I really wanted are on sale, or I really need that 4KTV because it's football season, or it's our anniversary so we have to go on a trip.

It may sound like I'm lecturing. Maybe. But it's more sharing my personal experiences. That was me from the age 20 to age 40. I spent tens of thousands in interest charges. Terrible.

[onstar]

So sorry this is going on a tangent and I've helped with that. To bring this back on topic ...

I'm gonna close out my Chase Amazon also. But probably after the holiday season. They might have a special offer for Chase Amazon like they did on Amazon Prime Day ($20 off $100 for Chase Amazon card). This is also my highest ARP among Chase cards. The other cards are 15% but this is 22%.

[redpat]

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@onstar wrote:

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@Anonymous wrote:

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@kdm31091 wrote:

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@Anonymous wrote:
If you care about APR you are using your card wrong. You should never run as balance on a credit card.

Ever.

---

That is an oversimplification, though. "Should never" and "will never" are two different things. Stuff  happens.

---

I think what Canadian was trying to say is same as i stated....just a simple general answer "no worries on APR if you dont carry high balances", we know things can happen and we need to carry large balance 

---

Having a "safety net" like a credit card is probably the worst thing for most people. Because it makes people lazy and not save. Instead of putting money away each month, most people spend it and use a credit card with low APR as their safety net. And maybe lazy is not the best word. Maybe financially immature or irresponsible is a better term. I'm talking strictly about people who rely on CC as their "savings" thus having no savings account and putting $0 towards their savings each month, with no equity to back them up; so like 80% of the US population? (LOL).

There could be emergencies where a credit card can come in really handy. The trouble with that is, people use the term "emergency" really loosely now. It used to be things like medical emergencies or long periods of unemployment. Now, too many people consider the following as a real emergency: the boots I really wanted are on sale, or I really need that 4KTV because it's football season, or it's our anniversary so we have to go on a trip.

It may sound like I'm lecturing. Maybe. But it's more sharing my personal experiences. That was me from the age 20 to age 40. I spent tens of thousands in interest charges. Terrible.

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So why did you run 200k+ in CL?

You can't use that much anyway.

It always makes me wonder why individuals feel the need for six plus figures in CL, baffling....

[kdm31091]

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@onstar wrote:

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@Anonymous wrote:

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@kdm31091 wrote:

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@Anonymous wrote:
If you care about APR you are using your card wrong. You should never run as balance on a credit card.

Ever.

---

That is an oversimplification, though. "Should never" and "will never" are two different things. Stuff  happens.

---

I think what Canadian was trying to say is same as i stated....just a simple general answer "no worries on APR if you dont carry high balances", we know things can happen and we need to carry large balance 

---

Having a "safety net" like a credit card is probably the worst thing for most people. Because it makes people lazy and not save. Instead of putting money away each month, most people spend it and use a credit card with low APR as their safety net. And maybe lazy is not the best word. Maybe financially immature or irresponsible is a better term. I'm talking strictly about people who rely on CC as their "savings" thus having no savings account and putting $0 towards their savings each month, with no equity to back them up; so like 80% of the US population? (LOL).

There could be emergencies where a credit card can come in really handy. The trouble with that is, people use the term "emergency" really loosely now. It used to be things like medical emergencies or long periods of unemployment. Now, too many people consider the following as a real emergency: the boots I really wanted are on sale, or I really need that 4KTV because it's football season, or it's our anniversary so we have to go on a trip.

It may sound like I'm lecturing. Maybe. But it's more sharing my personal experiences. That was me from the age 20 to age 40. I spent tens of thousands in interest charges. Terrible.

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I agree with your message for the most part but it's a bit ironic because you yourself have 200k in credit, which is more than anyone would need even for a util buffer. So obviously you look at some of it as a "safety net" just like you are talking about.

I agree one should have other options, and that America's definition of "emergency" is laughable, but the fact is you have a LOT of available credit yourself.

[onstar]

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@redpat wrote:

So why did you run 200k+ in CL?

You can't use that much anyway.

I always make me wonder why individuals feel the need for six plus figures in CL, baffling....

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I have no need for all that CL. That is what they gave me. I don't consider that a safety net, and I certainly don't ever plan on using even 20% of it.

It's the rewards that I like. And I think this is true for most people here who have dozens of cards and a very high total CL. For example, my hotel cards give me free nights annually and elite statuses. If $80 AF gets me a $200 hotel each year, I'll take 10 of those. But I only have 4 hotel cards, and they are each $10K to $17K in CL. Similar for airline cards (elite status; free bag check) and store cards (typically 5% back).

I have a few cards that I don't really use, and I plan on canceling them in the next 12 months. My goal is to bring the total CL to below $200K. I don't want it that high.

[Anonymous]

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@onstar wrote:

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@Anonymous wrote:

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@kdm31091 wrote:

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@Anonymous wrote:
If you care about APR you are using your card wrong. You should never run as balance on a credit card.

Ever.

---

That is an oversimplification, though. "Should never" and "will never" are two different things. Stuff  happens.

---

I think what Canadian was trying to say is same as i stated....just a simple general answer "no worries on APR if you dont carry high balances", we know things can happen and we need to carry large balance 

---

Having a "safety net" like a credit card is probably the worst thing for most people. Because it makes people lazy and not save. Instead of putting money away each month, most people spend it and use a credit card with low APR as their safety net. And maybe lazy is not the best word. Maybe financially immature or irresponsible is a better term. I'm talking strictly about people who rely on CC as their "savings" thus having no savings account and putting $0 towards their savings each month, with no equity to back them up; so like 80% of the US population? (LOL).

There could be emergencies where a credit card can come in really handy. The trouble with that is, people use the term "emergency" really loosely now. It used to be things like medical emergencies or long periods of unemployment. Now, too many people consider the following as a real emergency: the boots I really wanted are on sale, or I really need that 4KTV because it's football season, or it's our anniversary so we have to go on a trip.

It may sound like I'm lecturing. Maybe. But it's more sharing my personal experiences. That was me from the age 20 to age 40. I spent tens of thousands in interest charges. Terrible.

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Not sure how that is a joke to you, I gurantee you that 100% of the population wants to put money away in savings but not everyone has a well paid job do so. 

[onstar]

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@Anonymous wrote:

Not sure how that is a joke to you, I gurantee you that 100% of the population wants to put money away in savings but not everyone has a well paid job do so. 

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I find it a bit amusing. I can guarantee you that 100% of the population wanting to put money away is so far from the truth. They SAY they want to, but they don't. Most people are fully capable of spending less each month, but they don't want to. They'd rather go to bars/restaurants/clubs/movies and other entertainment and run up CC bills than stay at home and save money. I was an insurance agent / personal financial planner for 4 years, and this was the typical case. Whenever I go to a conference and meet other financial planners, same story. Everyone says they want to save, but they'd reather enjoy life now and save later. Hence LOL. In general, America treats finances as a joke. That's why the typical household spends 110% of what it makes. More often than not, this is because they want to spend and not because their job is too low paying.