Caporegime
Everything on Credit card payed off monthly without fail*.
*so far
*so far
Poll: How many of your non-essential purchases are bought on credit?
- Thread starter SideWinder
- Start date
sure ok. Context is how conversations work though.Well, some have rewards too/cashback offers when you sign up, and sometimes it depends on what you want to do with the money.
Also, i have a few reward cards i use for all purchases, so why not then have another with a 0% balance transfer offer on it that you dont have to pay back for a while?
There are so many different cards and offers, that mean there is no real right way to go about things
.Its fairly simple to earn a nice amount back from having multiple credit cards doing different things.
Soldato
I've had a 0% credit card for about 6 months. I cut down my phone contract by going SIM only by about £35 a month, so I bought an apple watch on the credit card and have been paying that off monthly. I also bought a new bass amp on the card because I decided the invest the cash I had for it in crypto. There's no rush to pay that, so I'll just watch the money grow and pay it before there's any interest on it.
I use a Halifax Clarity card when I go abroad as you get an absolutely ridiculous exchange rate - when we were in Japan we were getting the perfect conversion rate compared to the market. I put my work expenses on there and a few other things - I owe it under £200 atm.
I'd rather not use the latter, but it's nice to have a buffer sometimes.
I use a Halifax Clarity card when I go abroad as you get an absolutely ridiculous exchange rate - when we were in Japan we were getting the perfect conversion rate compared to the market. I put my work expenses on there and a few other things - I owe it under £200 atm.
I'd rather not use the latter, but it's nice to have a buffer sometimes.
Well, some have rewards too/cashback offers when you sign up, and sometimes it depends on what you want to do with the money.
Also, i have a few reward cards i use for all purchases, so why not then have another with a 0% balance transfer offer on it that you dont have to pay back for a while?
There are so many different cards and offers, that mean there is no real right way to go about things
Its fairly simple to earn a nice amount back from having multiple credit cards doing different things.
Typically moving money to a balance transfer card isn’t free though, normally they charge a fixed % of the balance for the pleasure of doing so. I’ve seen more 0%/0% offers recently but I can’t see that lasting if rates go up.
Granted that’s far better than some crazy APR figure but it still defeats the purpose of reward credit cards as it wipes out any savings.
Those cards are often how people find themselves in credit traps because their circumstances change, they over extend, never had a plan to pay it back in the first place or have other unexpected expenses.
If you end up on the edge or temporarily jobless or something like that then getting declined in the next 0% transfer card can completely screw you financially for years.
And to OP, you need to remember there are some gucci belt wearing high earners on here, but it is all relative and you are potentially seeing a looking glass into several folks 'one time big spenny purchases'. When you scroll infinitely through the thread though it looks like everyone is a baller 24x7
Amazing, isn't it? Also have to factor in the "I'm lying to make myself look successful" brigade.
Soldato
I get a few things on credit - my last two sofas were done on monthly zero percent interest free credit options as to me it made no sense to pay out in full when I could pay it over two years with no negatives to me.
For all of my other general purchase (including lego, that this month included Home Alone and the Tumbler) I do buy them on a credit card, but that is paid off in full each month, my credit card is a tesco one so I get clubcard points on all purchases and so I use it to buy everything that doesnt require cash payments (my local chinese still only accepts cash), but I am lucky to live alone, have no dependents and earn a decent salary to be able to splurge if I want to and it just means I get no extra into my savings that month.
For all of my other general purchase (including lego, that this month included Home Alone and the Tumbler) I do buy them on a credit card, but that is paid off in full each month, my credit card is a tesco one so I get clubcard points on all purchases and so I use it to buy everything that doesnt require cash payments (my local chinese still only accepts cash), but I am lucky to live alone, have no dependents and earn a decent salary to be able to splurge if I want to and it just means I get no extra into my savings that month.
I'm not sure if you are deliberately missing the point on this one, but it is quite simple:
1. Have cash
2. Buy thing on 0% purchase card
3. Put cash in savings
4. When 0% purchase period ends, either
4a. Cover CC bill with amount in savings
4b. BT to another card
If the answer is 4b then:
5a. Find a BT card with a cashback offer to cover the % charge
5b. Do the maths on whether the interest on savings is offsetting the credit card charge
It is absolutely no different to spanking a rewards credit card, other than you need a bit of a "longer term" view of value. Making 1% now or making (depending on the purchase price) several more percentage is a no brainer.
As you rightly said though, the free cash flow is helpful if disciplined in not drawing down on it and not paying it back.
This is borderline poor discipline as investments go up as well as down. YOLO
I have had to make more than one Section 75 claim in my time, so for me, it's definitely worth it.
As for credit card rewards, my wife and I are currently working on a very extensive kitchen and laundry room remodel that is costing a lot of money (due to how extensive it is). We shopped around for a good credit card bonus/reward points deal and found it in an American Express Platinum card. We're basically getting 10% back on our money due to the extra reward points that we get with the card (10X points up to $25K spend per retailer and we are buying from multiple retailers). We are going to spend the money that we saved for the remodel anyway, so we asked ourselves why not get 10% back for "free"?*
* The annual fee on the card isn't $0 but it's still well worth it given that the introductory point bonus more than pays for the annual fee.
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Soldato
I don't understand the poll 
. Is 'credit?' meant to be 'yes I use credit' or 'what it credit, I have never used it?'? And what does 'rich' mean - 'I don't need to use credit, I am rich'?
Anyway, I never use credit if it can be avoided. I buy some stuff on a credit card for protection but pay it off every month. I understand for some people living paycheck to paycheck it might be necessary if an unexpected expense (eg washing machine breaks) comes in, but it just seems like a waste of money to me if you have the option, and encourages over-extending yourself financially. Much better to live frugally and save up a bit so you don't need to rely on credit imo.
I have two friends (a couple) who both have well paying jobs but seem to spend it all immediately and have all sorts of subscriptions and everything is on credit from their brand new leased cars to new kitchen to furniture. Then they always complain about having no money. I don't get it.
. Is 'credit?' meant to be 'yes I use credit' or 'what it credit, I have never used it?'? And what does 'rich' mean - 'I don't need to use credit, I am rich'?Anyway, I never use credit if it can be avoided. I buy some stuff on a credit card for protection but pay it off every month. I understand for some people living paycheck to paycheck it might be necessary if an unexpected expense (eg washing machine breaks) comes in, but it just seems like a waste of money to me if you have the option, and encourages over-extending yourself financially. Much better to live frugally and save up a bit so you don't need to rely on credit imo.
I have two friends (a couple) who both have well paying jobs but seem to spend it all immediately and have all sorts of subscriptions and everything is on credit from their brand new leased cars to new kitchen to furniture. Then they always complain about having no money. I don't get it
.Excluding the obvious house/mortgage, I think the only thing I have 'on credit' is my mobile phone just because when you find the right subsidised deals, it's usually cheaper to get a phone within a contract than go SIM only and buy a phone seperately.
Soldato
That sort of happened. I am up, but not up as much as I was. #shiba4eva
Soldato
If I pay for non essentials using a credit card it will be paid off in full that month.
Only things that stay on credit are a car loan, house repairs/renovations and mortgage.
Only things that stay on credit are a car loan, house repairs/renovations and mortgage.
The forums will ignite in rage if he adds "I send cash in an envelope marked with the queens head as I don't believe in cashless options"
Associate
Nothing, I keep meaning to cut the CC up now, because I am retired, but have never had the guts to do it...
Accidental baller
