Too many credit cards? aka "The Credit Card thread"

smeemi said:
How so
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Okay so you're buying a £10,000 car for instance.
You then get £100 cashback on that because you used the credit card. You still don't think the box is free?

Do you also think the likes of Quidco are costly and don't have any positives.
 
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smeemi said:
Ah that's the way to justify your spending. I would have spent it anyway. Good one.
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That is the entire point.

We all have things we must spend money on. Car insurance, bills, food, medicine (more in the States), Bilt in the US even give cash back on rent payments. They are necessities.

I bet none of us here are monks or Amish.
 
robj20 said:
Okay so you're buying a £10,000 car for instance.
You then get £100 cashback on that because you used the credit card. You still don't think the box is free?
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Definitely not.
9 times out of 10 if you asked for the cash price, even by debit card, on a purchase that big it would be cheaper due to credit card fees for the vendor for one.
 
robj20 said:
Okay so you're buying a £10,000 car for instance.
You then get £100 cashback on that because you used the credit card. You still don't think the box is free?

Do you also think the likes of Quidco are costly and don't have any positives.
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Quidco is completely different to credit cards. I use quidco.
 
I use my own CC for corporate expenses too. So not only do I get interest on my expenses (paid every 2 weeks) but I also get cashback on the spend. In the chap aboves' example, I guarantee the $375 dining credit will be expensed as real money when the cost is actually incurred ;)

In fact when I was buying the house I put all my business expense on a 0% card to take the interest free loan.
 
smeemi said:
If you're a 100% rationale person, all the time, sure. But majority of people are not.
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We are not speaking for other people, I am speaking for me and people who have good financial management. Everything can be bad if you misuse it.

No one is advocating racking up debt then can't repay, in fact, it is the very opposite and i have stated a few times already that if you do not have the self discipline then do not get a credit card. Those who do have it, they can get back something from these corporations. I feel like you would be behind that, making money from these people that takes so much away from others.

This is where you turn around and use the guilt trip thing again, and we are going round in circles and you are not understanding what i am saying.
 
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Raymond Lin said:
We are not speaking for other people, I am speaking for people who have good financial management. Everything can be bad if you misuse it.

No one is advocating racking up debt then can repay, in fact, it is the very opposite and i have stated a few times already that if you do not have the self discipline then do not get a credit card. Those who do have it, they can get back something from these corporations. I feel like you would be behind that, making money from these people that takes so much away from others.

This is where you turn around and use the guilt trip thing again, and we are going round in circles and you are not understanding what i am saying.
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Fine. For a small number of people yes there is a net benefit to them. However if you miss a credit card payment just one time for any reason, that will incur interest plus leave a bad mark on your file. All for what.. few hundred pounds a year?
 
Raymond Lin said:
I feel like you would be behind that, making money from these people that takes so much away from others.
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People need a true representative on how this would be achievable. If everyone did that, then the CC companies would find away to remove these advantage and come up with new schemes so that most of the world fails at having a CC and ends up owning the CC company more than it makes.
 
smeemi said:
Fine. For a small number of people yes there is a net benefit to them. However if you miss a credit card payment just one time for any reason, that will incur interest plus leave a bad mark on your file. All for what.. few hundred pounds a year?
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E.g. administrative error by the bank.. it's just hassle for not much reward.
 
GaryTheSnail said:
People need a true representative on how this would be achievable. If everyone did that, then the CC companies would find away to remove these advantage and come up with new schemes so that most of the world fails at having a CC and ends up owning the CC company more than it makes.
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I thought about this too, I was going to boiler plate this in my post but that would never happen because human beings are not perfect.

They make money from other means than interest on your debt, like fees on purchases and annual fees. These would no doubt change, and the perks will also decrease. This is why the perks in the US is so much better as the purchase fee there are higher. EU laws puts a cap on the purchase fee so their profit here is less and thus credit card perks this side is worse.
 
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GaryTheSnail said:
People need a true representative on how this would be achievable. If everyone did that, then the CC companies would find away to remove these advantage and come up with new schemes so that most of the world fails at having a CC and ends up owning the CC company more than it makes.
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Well duh but why is that my problem? I don't live in communist Korea.
 
the shadow said:
Keep two just incase one company decides to just cancel the account
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We cleared an 8k balance on the mrs credit card. they immediately reduced the limit to £500. What???? It had a 16K limit before we cleared it. They wouldn't say why and they couldn't reverse it.
So I took £2.5 million worth of business a year away from them. When the Manager called and asked why I was moving my business accounts he said he could sort it.... Too late mate......
 
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smeemi said:
Definitely not.
9 times out of 10 if you asked for the cash price, even by debit card, on a purchase that big it would be cheaper due to credit card fees for the vendor for one.
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Untrue unless it is a small enough business. Paying G4S to come and collect cash is a material cost.
 
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