Who is a rewards fiend?

[Anonymous]

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!!

[Anonymous]

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.

[Anonymous]

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!

[Anonymous]

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. 

[Anonymous]

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.

[unknown_entity]

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. 

[Anonymous]

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@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.

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niccce...

[haulingthescoreup]

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.

[Anonymous]

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.

[Anonymous]

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@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.

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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