CC super users :-)

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icfrugal1
Posts: 2084
Joined: Fri Aug 28, 2015 12:54 am

CC super users :-)

Post by icfrugal1 » Sat Jul 14, 2018 12:21 am

https://www.cnbc.com/2018/07/13/credit- ... morga.html

You and me !!!!!!

One of the "legs" of my stool !

IC

Dgflorida
Posts: 2255
Joined: Wed Oct 07, 2015 8:10 pm

Re: CC super users :-)

Post by Dgflorida » Sat Jul 14, 2018 6:35 am

I use my cc a lot. And the rewards make it enjoyable. But I don't fit the profile of a high spender. Interesting article.

littlemiss63
Posts: 1355
Joined: Thu Aug 27, 2015 10:11 pm
Location: Middle Tennessee

Re: CC super users :-)

Post by littlemiss63 » Sat Jul 14, 2018 8:49 am

I would definitely fit the profile because I make sure to use whatever card in a particular month/or quarter that is the most beneficial to me.

I have read that it's a proven fact that credit card users spend more money, I don't think I fit that profile because I don't pay more for an item because I am not paying cash and I try not to spend unless it's in my budget. Rental repairs that I spend money on can only be controlled to the point of taking care of things by maintenance. If a faucet can't be fixed and it's leaking I must replace it. The only category that I have exceeded this year was my clothes budget. That happened because I bought things in April and May that were on sale that I wouldn't actually need until August. In the long run I saved money by buying them early and at year-end I will actually be under budget.

In the last 90 days I have gotten 3 new credit cards that gave me $150.00 bonus per card for charging $500.00 the first 90 days that the account was open. I had my personal house insurance of $1200.00 that I paid with one, Car Insurance for 6 months at $674.00 for another and a rental house insurance of $544.00 with the third. It took me less than 30 minutes to fill out the application requests and I reduced these bills that I had to pay by $450.00. All 3 cards allowed me to apply the bonus against my credit card balance. Wouldn't have mattered to me if they hadn't I would have used the cards for groceries, gas or other monthly expenses until the credits were used up. It's the overall bottom line for the year that I am striving for.

This is a part-time job for me and by making a spreadsheet that I check on a monthly basis I know exactly what card I need to use for a particular month and those are the only ones in my wallet. I have to spend money for medical,gas,groceries, utilities, cell phone,insurances,and personal care. Whatever credit card that I have that gives me the highest percentage of savings is used for a particular month. It's really quite simple. I save 2%-5% a month on every penny that I spend, plus the nice one time bonuses. It's Free money folks and pays better than a savings account or CD.

There are a couple of qualifications for the credit card game.

#1 is that you never never never carry a balance, the cards you are using must be paid off monthly. Interest would eat you alive on these cards.

#2 Do not be late on a payment. You do this by setting up the payment to be deducted from your checking or savings account the minute you get the e-mail alert that your statement is ready. I am paperless on everything so I don't have the clutter of credit card statements.

#3 You must have the money in your account to pay for what you have purchased so the payment clears when it hits your account.

floridacatlover
Posts: 1911
Joined: Fri Aug 28, 2015 7:21 am

Re: CC super users :-)

Post by floridacatlover » Sat Jul 14, 2018 9:04 am

LittleMiss, I thought of you immediately when I read this. You are a master! It sounds like you've found some very good bonus offers lately, too.

I go for the rebates but am not as dedicated in getting new cards with bonuses. So many I've seen lately have high spending for the bonus ($3k-$5k in three months). Most things I charge on a card that gives me 1.5%.

BevMoore
Posts: 458
Joined: Thu Aug 27, 2015 11:04 pm

Re: CC super users :-)

Post by BevMoore » Sat Jul 14, 2018 5:01 pm

I have three credit cards that I use a lot. One of them pays 1-3% on my purchases but I use my Sams and Costco credit cards because not only is their cash rewards higher but it's even better yet on gas purchases. Plus the cost of their gas is about $.45 per gallon cheaper than elsewhere. I make it a point to take an almost empty vehicle to gas up around 8 in the morning. No lines and then the type of card I have allows me to get i early to shop if I want to thus saving me an extra trip for that.

Bev

SandiSAHM
Posts: 744
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: CC super users :-)

Post by SandiSAHM » Sat Jul 14, 2018 5:04 pm

I like that their profits were up overall, it makes them less likely to trim back the rewards programs. If I can't save money using a cc, for some charges that don't need protection (not like I buy jewelry or art every day) or insurance, I'd just write a check. It's better for them that they continue to entice folks to charge it.

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