Credit Card Recommendations?

[ON D BIT]

First off, Amex does charge a higher transaction fee which supports many different and great rewards program for card members.

If you own credit cards, it is your responsibility to buy only what you can afford to payoff each month or take advantage of special financing offers and don’t be late on your payments.

We use Amex all the time and receive cash back, rewards points and cash credits when used at select vendors. Never been late on a payment to worry about late fees.


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Amex, charges more to give more back. Does this mean they lose money on people that use their cards?

If youre a vendor paying more for Amex I’m guessing that means the vendor will lose money too. As the only that makes money are those using credit according to some here.

I’ve had payments lost in the mail a number of times. I guess postmarked 10 days before bill is due is not good enough.

 

[ssj4sadie]

Amex, charges more to give more back. Does this mean they lose money on people that use their cards?

If youre a vendor paying more for Amex I’m guessing that means the vendor will lose money too. As the only that makes money are those using credit according to some here.

I’ve had payments lost in the mail a number of times. I guess postmarked 10 days before bill is due is not good enough.

You still mail in your bills? Do you also hand crank your vehicle?

 

[Ohio Snake]

Amex, charges more to give more back. Does this mean they lose money on people that use their cards?

If youre a vendor paying more for Amex I’m guessing that means the vendor will lose money too. As the only that makes money are those using credit according to some here.

I’ve had payments lost in the mail a number of times. I guess postmarked 10 days before bill is due is not good enough.

The transaction fees are paid by the vendor and Amex does charge more. People, like me, use their card because of the benefits afforded to its cardmembers. So the answer to your question is NO.

Depending on your credit, the interest rate charged to you for not paying the bill within the grace period is variable and can be higher. It pays to have good credit and pay your balance off monthly.

Some vendors choose not to honor Amex due to the higher transaction fees, but this is rare. I have no problem using an Amex card at anytime especially when traveling. BTW- all credit cards have transaction fees charged to merchant.The merchant “looses” money when a consumer uses a credit card at that establishment. Its the cost of convenience for the merchant and can help the merchant generate higher sales volume.

I always pay my bill online. It’s free, secure and instantaneous with a confirmation. If I knowingly had payments lost in the mail a number of times, I would change my payment method and either do a tele-payment or do an online payment. There are a number of ways to make payments timely other than relying on the post office. Sorry, there really is no excuse for not paying a bill timely multiple times.


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[Bdubbs]

If you use credit you will lose money.
If you use credit the lender will make money off of you.

That may be ok with you. I’m not sure and it’s your choice.

How are they making money off me if we pay them off every month?

I've had two credit cards that had 0% interest. One was for 18 months and the other was 22 months. They were both paid off in full before accruing any interest.

Those two cards helped buy my tf wheels, tvs blower, supporting mods, car insurance, and other miscellaneous stuff.

Credit cards are NOT a bad thing if you know how to use them properly.

 

[ON D BIT]

How are they making money off me if we pay them off every month?

I've had two credit cards that had 0% interest. One was for 18 months and the other was 22 months. They were both paid off in full before accruing any interest.

Those two cards helped buy my tf wheels, tvs blower, supporting mods, car insurance, and other miscellaneous stuff.

Credit cards are NOT a bad thing if you know how to use them properly.

Like I already said the banks make billions a year off of credit cards. Yes that money(a small portion) comes from you.

They make money off of each of your purchases. Retail pays them this money because they know you will buy more with credit than you would with cash.
You buy more retail will make up the 3% loss for every transaction.

Of your 10k in purchases above the banks made $300 off of you. Chase made $24.73 billion net income last year because people purchased on credit.

Tell me again how that extra money of $24,730,000,000 is better in the banks hand than in your pocket or mod money for your car.

 

[Bdubbs]

Like I already said the banks make billions a year off of credit cards. Yes that money(a small portion) comes from you.

They make money off of each of your purchases. Retail pays them this money because they know you will buy more with credit than you would with cash.
You buy more retail will make up the 3% loss for every transaction.

Of your 10k in purchases above the banks made $300 off of you. Chase made $24.73 billion net income last year because people purchased on credit.

Tell me again how that extra money of $24,730,000,000 is better in the banks hand than in your pocket or mod money for your car.

Lol okay. They didn't take one dime out of MY pocket.

 

[ON D BIT]

Lol okay. They didn't take one dime out of MY pocket.

They do but don’t worry about it....

 

[gasyone]

I run over $300 million in gross revenue sales in retail locations in VA and NC. Retail wise we charge the exact same to everyone regardless of payment method. The retailer takes the hit on any credit card fees charged to a transaction not the consumer. Yes the banks and credit card companies do profit off this however like all businesses they are in business to make money. 3% profit margin is a tiny profit margin, most businesses cannot survive with that amount of return. It does not cost the consumer unless the consumer has a balance with interest being charged, that’s where the banks and CC companies become profitable.


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[Buckwheat 1]

I only swipe the card for things I need. I haven't paid 1 cent in interest to the bank. The rewards do add up to real money.

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[Smooth]

I’ve had payments lost in the mail a number of times.

I've never had a payment lost in the mail, let alone a number of times.

 

[Intervention302]

View attachment 1453752

I've never had a payment lost in the mail, let alone a number of times.

I've never once mailed in a bill.

Do it all online.

Ask Discover for a credit line increase. I love my discover card. They give me a stupid high credit line, but as long as you're sensible and use it such as you'd use cash, its great.

 

[05satinGT]

Thanks for all of the recommendations everyone.

I ended up applying for Chase Saphire, and got approved with a $12,000 limit and went through with it.

Like I said earlier, with any credit card I ever will have, I will always pay the balance in full before it is due every month. I treat my discover card as a debit.

I appreciate all of the insight. Thank you everyone.

 

[Smooth]

I've never once mailed in a bill.

Do it all online.

Ask Discover for a credit line increase. I love my discover card. They give me a stupid high credit line, but as long as you're sensible and use it such as you'd use cash, its great.

Back before the internets, we had to mail stuff. With a stamp and everything.

 

[Intervention302]

Back before the internets, we had to mail stuff. With a stamp and everything.

My mom bought me a sample pack of stamps when I bought my first house 2.5 years ago.

There were 6 stamps.

I now have just run out

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[tones_RS3]

You still mail in your bills? Do you also hand crank your vehicle?

HA HAAAAAAAAAAAAAAAAAAAAAAAAAAAA
I'm old and old school. I still mail in all my bills as well.

 

[Bdubbs]

I only swipe the card for things I need. I haven't paid 1 cent in interest to the bank. The rewards do add up to real money.View attachment 1453735


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According to ON D BIT you are paying...

 

[limitedex]

I like Discover.

5% cashback on certain things every new quarter including gasoline, Amazon, and Sams Club. There is a maximum though on how much you can earn, but still, it's free money. Then one can redeem the (free) cashback for (free) gift cards at a discount.

For example, you get 5% cashback and apply that to a $100 gift card you redeem for $80 in rewards. 5% free, and $20 more free on top of a free gift card to many restaurants etc.

Pay the balance off every month and Discover makes zero dollars on me. I don't understand why some in this thread debate this fact...

 

[Equalbracket]

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.

We get it it, you read Dave Ramsey's book and live and preach by it. You buy a $2,000 car and expect to drive it for a year without spending more on maintenance then the price of the vehicle? Can't make any money if you cant get to work, having a reliable vehicle is absolutely necessary.

My only debt is my truck and it's financed at .99% which literally, I pay less then a few hundred dollars a year in interest, which is nothing for peace of mind.

Having no credit history is worse then having bad credit. You put off the vibe of someone who crams their believes into other peoples heads, it's either your way or they're stupid and ignorant and will have a life with no money if they dare not follow your advice.

 

[DAVESVT2000]

In the past 20 years I have had ZERO interest and late fees on my credit cards, and just this year alone have redeemed my points for over $500 in gift cards.

The only service charges have been foreign transaction fees when traveling to Canada.

 

[Ohio Snake]

Like I already said the banks make billions a year off of credit cards. Yes that money(a small portion) comes from you.

They make money off of each of your purchases. Retail pays them this money because they know you will buy more with credit than you would with cash.
You buy more retail will make up the 3% loss for every transaction.

Of your 10k in purchases above the banks made $300 off of you. Chase made $24.73 billion net income last year because people purchased on credit.

Tell me again how that extra money of $24,730,000,000 is better in the banks hand than in your pocket or mod money for your car.

Your starting to catch on to how credit cards can work for you when used properly and how banks can make money without costing the consumer.

One thing to adjust in your blog...... is the Net income for Chase is not due to just purchases on credit. It includes mortgages, credit cards, transaction fees (ATM, purchases), products, investments and income returns to name a few.


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