Credit Card Advice

PurpleThrobber said:

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

How else do you think she entertains herself between my visits? 😉

BleachedAnusDawg said:

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.

The general "pro" advice is probably that the rate shouldn't really matter if you're paying the balance each month, so go with the one that has the best perks. Of course, if there is economic doom it's always good to have a low-rate card, too, to get thru the tuff tims.

What is this sorcery!?

Due to some combination of bad luck and inexperience/idiocy, a majority of my adult life has been "tuff tims." I bought a house I could barely afford in early 2008 (because, like now, that was the only option at the time) that immediately fell apart to the tune of low six-figures in repairs and desperately needed updates, got married, went on a honeymoon, and had two kids all in under five years. Let's just say my credit card's interest rate was a very good friend of mine then and for many years after while I climbed out from under it.

Only to, in 2015, right as I was finally ready to start building savings, have my shop burn down with the vast majority of my possessions inside (in retrospect, I wish it would have taken the house with it...). If you're going to go into debt building a shop, it might as well be the one you really want, so that low card rate came in handy again for several years of construction.

It is what it is. The reason interest exists is because money now is more valuable than money later. Having savings and paying cash would have been preferred, but I don't have a time machine to go back and make that happen while I still had a chance. Hell, looking at the cost of building materials and subs nowadays, I SAVED money paying credit card (and HELOC) interest during my shop construction. And, once again, I've already paid it all down. Just in time for more huge and expensive house repairs commencing this summer...

Debt-free in 2033!...

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.

Truth. Anyone using a debit card for online purchases is axing for the reverse conical grater.