Credit One Bank!
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Credit Card Recommendations?
- Thread starter 05satinGT
- Start date
Good advice here.
How is that? A 20-25 year old will not have the free flowing cash to buy a $50,000 truck outright, but can be financed at 0%......and how does one get to do that? By establishing credit with low risk credit cards....
That’s not a benefit to you?
Buying something you can’t afford is not a benefit. It’s a behavior that leads to a life of no money. Ask me how I know.
That same 20-25 kid making 30k a year can have a $2k car and be saving $1k every month.
Paid for car, $12k in the bank
Vs $45k note on a truck/car that’s now worth $40k.
Difference of $20k(12+2+5)in one year! Nice.
That same 20-25 kid making 30k a year can have a $2k car and be saving $1k every month.
Paid for car, $12k in the bank
Vs $45k note on a truck/car that’s now worth $40k.
Difference of $20k(12+2+5)in one year! Nice.
Be patient, keep building, my point is, Amex plat has a lot of travel benefits that are actually useful, like instant gold status for Hertz, Marriott, SPG, and Hilton. Also access to some airport clubs. Airline and Uber credits. Here is a write up I saw on Jalopnik recently
https://jalopnik.com/which-credit-card-is-the-most-bang-for-your-travel-buck-1548898746
https://jalopnik.com/which-credit-card-is-the-most-bang-for-your-travel-buck-1548898746
Actually this is accurate and not accurate. The key is to pay off the balance each month! Don’t go into debt to get the cash back that’s true, however using the card WISELY to maximize the benefit it provides is FREE MONEY as long as you pay it off and don’t carry a balance. My example might be to the extreme as I have to use it for work expenses, hotels, meals and other related expenses that I get 100% reinbursed for. Many cards not only give you cash back but also have benefits that extend manufacture warranty and also price guarantees, rental car insurance, trip insurance. Paying cash, you don’t get that benefit unless you pay extra for it. Again as long as you pay off the card and not have a balance, using credit cards provides much more than cash!
Getting 2% back on a card is nothing. Most banks make 3% or on every purchase then the 20/23% interested when we buy too much.
Once again you will not build wealth on the 2% you get back from the $100k in purchases. You build wealth by saving money and creating interests off those savings.
Instead of spending 100k and making 4K a net loss of 96k. Try saving 20k and then making 10% off the 20k. A net gain of 22k.
Once again you will not build wealth on the 2% you get back from the $100k in purchases. You build wealth by saving money and creating interests off those savings.
Instead of spending 100k and making 4K a net loss of 96k. Try saving 20k and then making 10% off the 20k. A net gain of 22k.
There is a search engine for that isn't there? Oh yeah, Google.
I do not have the site in mind but there is one that compares many of the cards and sorts them by features you want.
Sent from my hairy pimpled buttocks using the svtperformance.com mobile app
I do not have the site in mind but there is one that compares many of the cards and sorts them by features you want.
Sent from my hairy pimpled buttocks using the svtperformance.com mobile app
Using a credit card for monthly expenses and paying it off each month and building wealth are 2 completely separate items. No one said using a card to get cash back is a way to build wealth.
Someone said it’s a benefit to use a card to buy things you can’t afford. Others have stated I only use it to make money.
I’m stating you can’t make enough money(2% and other rewards) to justify the use of a credit card.
You simply lose too much by using one, to build wealth.
So, if you use it to buy things you normally would with a debit card or cash and pay it off timely it is not useful? Groceries, utilities, fuel, ect.
Do not get me wrong, most people are impulsive, myself included. If you are disciplined you can do well with one. Most of us are not rich because we are dumb about money and too lazy to do work necessary to make money work for us.
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I’m saying it give no benefit over paying with cash.
It can be one tool but most and I mean nearly everyone except SVTP gazillionaires would likely fall into deep or crushing debt cycles.
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I really don't understand your angle. A person dumb with money is going to be stupid with it regardless of source. There is a measurable benefit to using a card responsibly.
You're working under the assumption that a person's income covers all their necessary monthly expenses and only uses the card to buy useless stuff?
Depends what youre looking for. I like to travel, so I mainly stick with travel cards. I have the following:
I use to be big into turning and burning cards for their bonus point sign up. It takes too much time to keep up with now days.
If i had to recommend one, It would be the capital one venture card as its a straight 2% back, and redeeming points are super easy. with captial one you can request a credit limit increase as well pretty often so it helps build the debt to income ratio.
- Amex Platinum Business $150k Limit. This is used for business purchases only and is paid off everything month. I do a lot of shipping so i get 5% back on it. I think everything else is a 1:1 ratio. I use it do to my transaction sizes i make so im not having to pay it down every other day. These points i mainly sell every year to a mileage broker and do pretty well with.
- Capital One Venture Card. This is my personal card. $15k limit. 2% cash back towards travel. my everyday expenses go on this one. I like this one as it uses an eraser system vs a book with points system. You just puts the travel on this card, and go and erase it with your points.
- Chase Sapphire preferred. $15k limit. I signed up for this one to take advantage of their bonus they were offering at the time. I use this one for business purchases, just enough to get a couple free flights a year for the wife and I.
- AA advantage citi card. Also signed up for this one for the points offer to use and burn it when done.
- Capital one business spark. I use this one with my distributors that dont take AMEX. 2% cash back. This is nice as you can just credit the amount to our statement.
- Discover Card. This ones benefits are minimal. However i keep this one as this was my first card and it helps with my credit length.
I use to be big into turning and burning cards for their bonus point sign up. It takes too much time to keep up with now days.
If i had to recommend one, It would be the capital one venture card as its a straight 2% back, and redeeming points are super easy. with captial one you can request a credit limit increase as well pretty often so it helps build the debt to income ratio.
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Meh.
Meh.
I agree. All that it means is there is a lot of money movement, which doesnt always translate to net income.
Not to be taken personally man. I'm only messing around.
Maybe I'm misunderstanding it, but you need to make good money to get a higher amount of credit allowed? Correct?
Someone making 15K a year isn't going to get a 10K credit limit. Or, am I wrong?
Its not taken personally at all. hard to convey via the internet. But yes, Generally that is the case depending on the card company. They will usually go based off of credit, reported salary, inquiries, and spending habits.
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