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Credit Card Advice

FireFireCohen
FireFireCohen Member Posts: 74
edited May 2022 in Tug Tavern


Got my credit score up into the 600s, so I no longer need one of those securecards. Thinking about applying for this TJ max one. It says interest of APR 27.74% variable. That seems pretty high. Can I get a better deal? How do I close my old account? TYIA.
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  • Doog_de_Jour
    Doog_de_Jour Member Posts: 8,041 Standard Supporter
    edited March 2021
    This one only charges 24.99%, and you get additional perks!


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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,141 Standard Supporter
    I use whatever one Mrs. Throbber v2.0 lets me hold on to for the day.

    Then I have to give it right back.

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  • HuskyJW
    HuskyJW Member Posts: 15,317
    You should only have a credit card if you have $200K in the bank. Live like a pauper for 80% of your life so you can enjoy the last 20
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  • Doog_de_Jour
    Doog_de_Jour Member Posts: 8,041 Standard Supporter
    HuskyJW said:

    You should only have a credit card if you have $200K in the bank. Live like a pauper for 80% of your life so you can enjoy the last 20

    But Visa gave me a free UW branded frisbee when I signed up a card in college! 😅

    In all seriousness, how does one just starting out (college/post-graduation) build credit w/o a card of some kind? (I’m not saying young people should be forced to get one, but it does seem like a necessary evil.)
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  • Doog_de_Jour
    Doog_de_Jour Member Posts: 8,041 Standard Supporter
    edited March 2021
    Purple_Pills said:

    HuskyJW said:

    You should only have a credit card if you have $200K in the bank. Live like a pauper for 80% of your life so you can enjoy the last 20

    Disagree. You should only have a credit card if you will never miss a payment ever. Credit cards provide rewards, added security for certain transactions, and other perks. Unless you are getting a cash discount you are better off using a credit card for your purchases.

    Yup. I don’t think anyone would try to argue cash isn’t king, but despite what Dave Ramsey preaches I think paying for certain transactions with a credit card makes sense...even if you don’t have $200k in savings yet (as is the case with many people).
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  • haie
    haie Member, Swaye's Wigwam Posts: 23,877 Founders Club
    BennyBeaver said:

    Who pays interest on their credit card?

    Your best effort ever.
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  • 1to392831weretaken
    1to392831weretaken Member Posts: 7,696
    My credit card rate is 8% and does 1% cash back (2% on certain purchases like gas or whatever). Effectively, it has the same rate as my first mortgage in 2008. I use it for EVERYTHING. I'd like to say I keep it paid down. I'd like to say that...
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  • RaceBannon
    RaceBannon Member, Moderator, Swaye's Wigwam Posts: 114,239 Founders Club
    I'm still stuck on credit score in the 600s. Thoughts and prayers
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  • BennyBeaver
    BennyBeaver Member Posts: 13,346
    HuskyJW said:

    You should only have a credit card if you have $200K in the bank. Live like a pauper for 80% of your life so you can enjoy the last 20

    haie said:

    BennyBeaver said:

    Who pays interest on their credit card?

    Your best effort ever.
    It’s a low bar Camas.
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  • GreenRiverGatorz
    GreenRiverGatorz Member Posts: 10,165
    HuskyJW said:

    You should only have a credit card if you have $200K in the bank. Live like a pauper for 80% of your life so you can enjoy the last 20

    Being that this is a @FireCohen thread, I can't tell if this satire.

    If it's not, this is shit advice. Credit cards are the easiest free money/miles/rewards you will ever find. And it's all made possible because of the rubes who pay with debit cards and don't reap those benefits (and the merchants who pay the exhorbitant CC fees on your behalf). I haven't paid for a domestic flight in god knows how long. Plus the whole credit building thing. Just don't be a fucking idiot, and pay your bills on time.
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  • GreenRiverGatorz
    GreenRiverGatorz Member Posts: 10,165
    1to392831weretaken said:

    My credit card rate is 8% and does 1% cash back (2% on certain purchases like gas or whatever). Effectively, it has the same rate as my first mortgage in 2008. I use it for EVERYTHING. I'd like to say I keep it paid down. I'd like to say that...

    You either have a spending problem or you're a really shitty arbitrageur.
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  • MelloDawg
    MelloDawg Member Posts: 6,853
    edited March 2021
    1to392831weretaken said:

    My credit card rate is 8% and does 1% cash back (2% on certain purchases like gas or whatever). Effectively, it has the same rate as my first mortgage in 2008. I use it for EVERYTHING. I'd like to say I keep it paid down. I'd like to say that...

    If you travel, the answer is the Chase Trifecta which is the Chase Reserve, Freedom Unlimited and then the Flex which has rotating categories. If you want to flex on people (I like to say "flex"), then it's the AMEX Trifecta. Otherwise, AMEX Blue Cash Preferred / Citi Double Cash. Alternatively, the Capital One Savor is good if you enjoy a good entertainment evening as I do with my heterosexual lifemate (she/her).
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  • 1to392831weretaken
    1to392831weretaken Member Posts: 7,696
    GreenRiverGatorz said:

    1to392831weretaken said:

    My credit card rate is 8% and does 1% cash back (2% on certain purchases like gas or whatever). Effectively, it has the same rate as my first mortgage in 2008. I use it for EVERYTHING. I'd like to say I keep it paid down. I'd like to say that...

    You either have a spending problem or you're a really shitty arbitrageur.
    Must be whatever that second thing is, because I have absolutely no problem spending.
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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,141 Standard Supporter
    edited March 2021
    Mrs. Throbber's hobby is playing the credit card game. It's fucking unreal. There's like this cult following of how to scam the credit card companies for cash and airline points.

    Opens a card with X company, gets the promised cash, let's the card sit open for the prerequisite time and then closes it. Keeps the cash.

    Knows which cards give the most points for restaurants - so she uses Card A; some cards give more points for groceries - Card B. It's crazy.

    We haven't paid for a hotel room in probably 3 years. Almost always fly first class because, well, shit, we didn't pay for the tickets in the first place.
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  • RaceBannon
    RaceBannon Member, Moderator, Swaye's Wigwam Posts: 114,239 Founders Club
    Back in the day my Seattle boss was buying materials for our jobs on his credit card. At the size of our jobs he was getting enough miles to go to Mars. Then the credit card companies cracked down as they are wont to do

    You need one for room service and to rent a car or uber. Or DoorDash.

    I was raised as a Lannister to always pay my debts. Even at the abyss I made the minimum payments to all bills. Never dipped below 750 and that was because of the amount of credit I was juggling. Now safely back above 800. It just means more.
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  • Doog_de_Jour
    Doog_de_Jour Member Posts: 8,041 Standard Supporter
    PurpleThrobber said:

    Mrs. Throbber's hobby is playing the credit card game. It's fucking unreal. There's like this cult following of how to scam the credit card companies for cash and airline points.

    Opens a card with X company, gets the promised cash, let's the card sit open for the prerequisite time and then closes it. Keeps the cash.

    Knows which cards give the most points for restaurants - so she uses Card A; some cards give more points for groceries - Card B. It's crazy.

    We haven't paid for a hotel room in probably 3 years. Almost always fly first class because, well, shit, we didn't pay for the tickets in the first place.

    Speaking as someone who has kept the same card for 20+ years, how do you get away with that? I keep wondering if switching to something with better perks would be a good move, but I’m lazy.
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  • MelloDawg
    MelloDawg Member Posts: 6,853
    PurpleThrobber said:

    Mrs. Throbber's hobby is playing the credit card game. It's fucking unreal. There's like this cult following of how to scam the credit card companies for cash and airline points.

    Opens a card with X company, gets the promised cash, let's the card sit open for the prerequisite time and then closes it. Keeps the cash.

    Knows which cards give the most points for restaurants - so she uses Card A; some cards give more points for groceries - Card B. It's crazy.

    We haven't paid for a hotel room in probably 3 years. Almost always fly first class because, well, shit, we didn't pay for the tickets in the first place.

    So, basically what I said to do. She is a good churner, it's called churning. No need to close the accounts though, just keep them at a zero balance.
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  • 1to392831weretaken
    1to392831weretaken Member Posts: 7,696
    Doog_de_Jour said:

    PurpleThrobber said:

    Mrs. Throbber's hobby is playing the credit card game. It's fucking unreal. There's like this cult following of how to scam the credit card companies for cash and airline points.

    Opens a card with X company, gets the promised cash, let's the card sit open for the prerequisite time and then closes it. Keeps the cash.

    Knows which cards give the most points for restaurants - so she uses Card A; some cards give more points for groceries - Card B. It's crazy.

    We haven't paid for a hotel room in probably 3 years. Almost always fly first class because, well, shit, we didn't pay for the tickets in the first place.

    Speaking as someone who has kept the same card for 20+ years, how do you get away with that? I keep wondering if switching to something with better perks would be a good move, but I’m lazy.
    I have never found a card with a better rate than mine, so I've never given a thought to switching. That the card is through the credit union I bank with anyway, that's also a bonus.
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  • MelloDawg
    MelloDawg Member Posts: 6,853
    1to392831weretaken said:

    Doog_de_Jour said:

    PurpleThrobber said:

    Mrs. Throbber's hobby is playing the credit card game. It's fucking unreal. There's like this cult following of how to scam the credit card companies for cash and airline points.

    Opens a card with X company, gets the promised cash, let's the card sit open for the prerequisite time and then closes it. Keeps the cash.

    Knows which cards give the most points for restaurants - so she uses Card A; some cards give more points for groceries - Card B. It's crazy.

    We haven't paid for a hotel room in probably 3 years. Almost always fly first class because, well, shit, we didn't pay for the tickets in the first place.

    Speaking as someone who has kept the same card for 20+ years, how do you get away with that? I keep wondering if switching to something with better perks would be a good move, but I’m lazy.
    I have never found a card with a better rate than mine, so I've never given a thought to switching. That the card is through the credit union I bank with anyway, that's also a bonus.
    I don't know why people here aren't just paying for things in gold. Frankly, this nation has been on a path to destruction ever since it left the gold standard and we should all look forward to the day when the God Emperor is coronated again on March 4th, the true inauguration day.
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  • GreenRiverGatorz
    GreenRiverGatorz Member Posts: 10,165
    Doog_de_Jour said:

    PurpleThrobber said:

    Mrs. Throbber's hobby is playing the credit card game. It's fucking unreal. There's like this cult following of how to scam the credit card companies for cash and airline points.

    Opens a card with X company, gets the promised cash, let's the card sit open for the prerequisite time and then closes it. Keeps the cash.

    Knows which cards give the most points for restaurants - so she uses Card A; some cards give more points for groceries - Card B. It's crazy.

    We haven't paid for a hotel room in probably 3 years. Almost always fly first class because, well, shit, we didn't pay for the tickets in the first place.

    Speaking as someone who has kept the same card for 20+ years, how do you get away with that? I keep wondering if switching to something with better perks would be a good move, but I’m lazy.
    It's becoming more difficult as banks have started to disincentivize churning. That many hard inquiries will also hurt your credit score, so it's a balancing act. But those who play it right can take advantage of numerous bonus offers a year and rack up miles in a hurry.
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  • whlinder
    whlinder Member Posts: 5,280
    MelloDawg said:

    PurpleThrobber said:

    Mrs. Throbber's hobby is playing the credit card game. It's fucking unreal. There's like this cult following of how to scam the credit card companies for cash and airline points.

    Opens a card with X company, gets the promised cash, let's the card sit open for the prerequisite time and then closes it. Keeps the cash.

    Knows which cards give the most points for restaurants - so she uses Card A; some cards give more points for groceries - Card B. It's crazy.

    We haven't paid for a hotel room in probably 3 years. Almost always fly first class because, well, shit, we didn't pay for the tickets in the first place.

    So, basically what I said to do. She is a good churner, it's called churning. No need to close the accounts though, just keep them at a zero balance.
    I've played that game too; it can be worth it but you need someone like Mrs. Throbber to keep close tabs on the cards. Back in the day would run massive business expenses for my mom's company through my card while living in her basement and rack up 100K in expenses (and therefore points plus bonuses) without blinking.

    I don't play it much anymore since the benefits have been cut and the hoops to jump through are more complicated. Just go ahead and use my Fidelity 2% cash back on everything card and not worry about all the other shizz.
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  • HHusky
    HHusky Member Posts: 23,982
    whlinder said:

    MelloDawg said:

    PurpleThrobber said:

    Mrs. Throbber's hobby is playing the credit card game. It's fucking unreal. There's like this cult following of how to scam the credit card companies for cash and airline points.

    Opens a card with X company, gets the promised cash, let's the card sit open for the prerequisite time and then closes it. Keeps the cash.

    Knows which cards give the most points for restaurants - so she uses Card A; some cards give more points for groceries - Card B. It's crazy.

    We haven't paid for a hotel room in probably 3 years. Almost always fly first class because, well, shit, we didn't pay for the tickets in the first place.

    So, basically what I said to do. She is a good churner, it's called churning. No need to close the accounts though, just keep them at a zero balance.


    Just go ahead and use my Fidelity 2% cash back on everything card and not worry about all the other shizz.
    Ditto
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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,141 Standard Supporter
    Doog_de_Jour said:

    PurpleThrobber said:

    Mrs. Throbber's hobby is playing the credit card game. It's fucking unreal. There's like this cult following of how to scam the credit card companies for cash and airline points.

    Opens a card with X company, gets the promised cash, let's the card sit open for the prerequisite time and then closes it. Keeps the cash.

    Knows which cards give the most points for restaurants - so she uses Card A; some cards give more points for groceries - Card B. It's crazy.

    We haven't paid for a hotel room in probably 3 years. Almost always fly first class because, well, shit, we didn't pay for the tickets in the first place.

    Speaking as someone who has kept the same card for 20+ years, how do you get away with that? I keep wondering if switching to something with better perks would be a good move, but I’m lazy.
    It's like a soduko puzzler for her. She has spreadsheets and all sorts of shit to track this. I think she may even subscribe to a credit card perks website to get all the latest strategies.

    Ask her next time you are cuddling.

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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,141 Standard Supporter
    whlinder said:

    MelloDawg said:

    PurpleThrobber said:

    Mrs. Throbber's hobby is playing the credit card game. It's fucking unreal. There's like this cult following of how to scam the credit card companies for cash and airline points.

    Opens a card with X company, gets the promised cash, let's the card sit open for the prerequisite time and then closes it. Keeps the cash.

    Knows which cards give the most points for restaurants - so she uses Card A; some cards give more points for groceries - Card B. It's crazy.

    We haven't paid for a hotel room in probably 3 years. Almost always fly first class because, well, shit, we didn't pay for the tickets in the first place.

    So, basically what I said to do. She is a good churner, it's called churning. No need to close the accounts though, just keep them at a zero balance.
    I've played that game too; it can be worth it but you need someone like Mrs. Throbber to keep close tabs on the cards. Back in the day would run massive business expenses for my mom's company through my card while living in her basement and rack up 100K in expenses (and therefore points plus bonuses) without blinking.

    I don't play it much anymore since the benefits have been cut and the hoops to jump through are more complicated. Just go ahead and use my Fidelity 2% cash back on everything card and not worry about all the other shizz.
    I'm watching porn on my laptop every night - she's over there gaming the system on her laptop. Or at least that's what she says she'd doing.

    @Doog_de_Jour - is Mrs. Throbber v2.0 watching porn too?!?

    NTTAWWT

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  • RoadDawg55
    RoadDawg55 Member Posts: 30,148
    edited March 2021
    HuskyJW said:

    You should only have a credit card if you have $200K in the bank. Live like a pauper for 80% of your life so you can enjoy the last 20

    This seems like such stupid advice. Sure, you need money when you’re old, but wouldn’t you enjoy spending a lot more in your younger years?
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