whats ur cc limit? (first credit card)

[FitSparky1]

> Spend 15-20% more with plastic than you would have with cash
> Earn 3% back with rewards
> Math

Statistics also suggest people are willing to pay at-least 30% more (when using plastic vs cash) at fast-food joints and twice as much for live events for concerts & games. But of course, the misc is 100% immune to this & the effect paying with plastic has on your psyche.

[irollurmom]

> Spend 15-20% more with plastic than you would have with cash
> Earn 3% back with rewards
> Math

Statistics also suggest people are willing to pay at-least 30% more (when using plastic vs cash) at fast-food joints and twice as much for live events for concerts & games. But of course, the misc is 100% immune to this & the effect paying with plastic has on your psyche.

It's all in the mindset.

I think completely opposite to that. I spend literal cash like it's grown on trees. I think I spend almost $200-$300 in cash this weekend alone because I know it's my money that I'm wasting.

But with my CC, I'm very conservative with how I use it because I know it's the CC company's money, not mine, and the effects of spending it willy-nilly are a lot worse than just outright spending my cash.

As for the OPs question:

I have my primary card with a $20K limit and a secondary card with a $15K limit.

[SpeedCheeser]

If you don't have one, I would recommend getting into an entry level one. The Discover IT card is pretty damn good, has 2-5% cash back categories ranging from gas to groceries to dining.

I would just try it out for a few months. Don't spend money you don't already have in the form of cash in your banking account. Pay the card when you get the billing statement.

At the end of a few months, you'll find that you have A) not spent a single dime on interest and B) you now have cash back rewards.

It's kind of fun. You'll also realize that you can make your money work for you without paying any extra.

The 2 I have are a Capital One - 1.5% on everything, no annual fees (there are probably better, but this was the first I came across like this and have just kept it), and the Chase Amazon Prime card - 1% off anywhere; 2% off pharmacies, gas stations, and restaurants; and 5% off of all Amazon purchases (3% if you don't have a Prime membership). If you have a Prime membership, you should probably have this card. Also, fun note: every bar tab I can remember has been charged as a restaurant, so it gets that 2% off. Awwww yeah.

> Spend 15-20% more with plastic than you would have with cash
> Earn 3% back with rewards
> Math

Statistics also suggest people are willing to pay at-least 30% more (when using plastic vs cash) at fast-food joints and twice as much for live events for concerts & games. But of course, the misc is 100% immune to this & the effect paying with plastic has on your psyche.

lol, what? You seriously order more food at a fast food joint if you have a card vs using cash? Who the fukk does that? I look at the menu and pick whatever burger meal looks good.

But yeah, like everyone is saying, if you are irresponsible with your spending, then paying cash is probably better.

[tanksoldier]

hmm. i dont really worry about my parents defaulting. they make good money.

Then why did you have to co sign their Loan?

Statistics also suggest people are willing to pay at-least 30% more (when using plastic vs cash) at fast-food joints and twice as much for live events for concerts & games

I call horse chit without a cite. If I’m going to buy a burger I buy a burger. I don’t say, oh heck I’m not actually spending money give me two.

[FitSparky1]

hmm. i dont really worry about my parents defaulting. they make good money.

Then why did you have to co sign their Loan?

Statistics also suggest people are willing to pay at-least 30% more (when using plastic vs cash) at fast-food joints and twice as much for live events for concerts & games

I call horse chit without a cite. If I’m going to buy a burger I buy a burger. I don’t say, oh heck I’m not actually spending money give me two.

my dad told me to build my credit. yea i did sign it when i was 19, just forgot. there was only 2 lines for signers on the mortgage and my name was written below my moms. i remember having an asian realtor, she probably told us to do this.

[tanksoldier]

If you travel a ton and can utilize the lounges / Uber / $200 airline thing, Amex CAN come out on top.

For a pure, straight frequent Traveler card Amex platinum is better. That’s what that poster asked about. For one, you get the Centurion lounges, the PP network lounges and 2 other smaller networks besides.

However, for someone who travels less often the CSR is better. Far better range of perks.

We may actually switch this year, we are traveling less than we used to.

my dad told me to build my credit. yea i did sign it when i was 19, just forgot.

Well, might not want to forget stuff like that.

Next, get copies of your credit reports and see if it is helping or hurting you.

[khergan]

Brah I have anywhere from 40-60k flowing annually through a reward card and haven’t paid any interest in years, I’m no stranger to this

Right off the bat, the cards you mentioned aren’t available in Canada. Here we have a few zero-fee cards that offer 2% on one category like groceries and 0.5% on everything else, so you’ll be lucky to scrape out 1% and that’s barely significant. Good rewards cards here come with annual fees, so you need to hit above a specific cash flow threshold to actually come out positive

Aside from that, my original points stand. Very few people pull it off properly, and you can be sure the credit card companies are betting that even if you do manage it temporarily, you’ll fall behind somewhere and they’ll make their money back. The number of people who end up making money off this in the end is surely tiny, and it probably doesn’t amount to much of a blip on their radar

Not really. Everyone I know uses cards. I don't know anyone who is in over their head.

But I hang around people who earn good paychecks, are college educated, and aren't spending on retarded **** living paycheck to paycheck.

You act like it's this slippery slope where they're going to get you eventually. They're really not. Either you get it or you don't. Someone who can't do something as simple as a budget and put away for retirement or investment is probably spending their cash on drugs or other dumb ****. You don't need a credit card to make stupid financial decisions.

[tyn89]

The people who saying you are most likely gonna spend more in credit card or pay interest on outstanding balance are retarded as fuk. Anyone with good spending habit and self control will be able to control spending easily, if you can't even control spending habit, your personal finance is probably chit and credit card will make it worse.

Create a budget and follow it through, this way you wouldn't spend more than you are supposed to be with credit card or cash.

But I bet you retards wouldn't because budgeting is a waste of time right? Financially retarded people with bad spending habits.

[Pown]

mines 5k, costco CC

[FitSparky1]

my dad told me to build my credit. yea i did sign it when i was 19, just forgot.

Well, might not want to forget stuff like that.

Next, get copies of your credit reports and see if it is helping or hurting you.

yea my rep told me checking ur credit score can lower it (srs).

[Destor]

Not really. Everyone I know uses cards. I don't know anyone who is in over their head.

But I hang around people who earn good paychecks, are college educated, and aren't spending on retarded **** living paycheck to paycheck.

You act like it's this slippery slope where they're going to get you eventually. They're really not. Either you get it or you don't. Someone who can't do something as simple as a budget and put away for retirement or investment is probably spending their cash on drugs or other dumb ****. You don't need a credit card to make stupid financial decisions.

I don’t think it’s a slippery slope at all, but I do think things happen in life. Economies turn, people lose jobs or are hit with wage reductions, industries change, personal stuff (kids, divorces, costly family emergencies) happens, etc etc. Even people with good financial habits can be affected and may have to eat credit card interest charges at some point, and that erodes whatever gains you made in the past

Anyways I’m a big advocate of using credit cards for rewards, I’d put everything through mine if I could. But MEDITATE isn’t really wrong to be skeptical, it’s safe to say the vast majority of credit card users aren’t coming out ahead

[aestheticlife21]

$15,000 and like 1% interest

Navy federal ftw

[tyn89]

I don’t think it’s a slippery slope at all, but I do think things happen in life. Economies turn, people lose jobs or are hit with wage reductions, industries change, personal stuff (kids, divorces, costly family emergencies) happens, etc etc. Even people with good financial habits can be affected and may have to eat credit card interest charges at some point, and that erodes whatever gains you made in the past

Anyways I’m a big advocate of using credit cards for rewards, I’d put everything through mine if I could. But MEDITATE isn’t really wrong to be skeptical, it’s safe to say the vast majority of credit card users aren’t coming out ahead

Things do happen but having a credit card have nothing to do with it at all. If there's an emergency expense, with no credit card you would just take out a loan(with interest for sure) for it right?

So with credit card, you made some gains. With no credit card, you will never made any gains.

You might say that a personal loan will most likely have lower interest, yes - and you can still take out a loan even if you have credit card depending which one has lower interest for installments. And guess what, if you have a good credit history with the credit card, your loan will most likely have lower interest rate and high limit.

[ryan0931]

Mines is $750. No annual fee. 5% back on amazon or Whole Foods purchases. 2% back for gas station purchases

Got my second card for a retail store a week later. $750 limit.

I was co-signing my car for a whole year prior to these cards

[ryan0931]

yea my rep told me checking ur credit score can lower it (srs).

Hard inquiries do. I think using credit karma doesn’t hurt it

[tanksoldier]

yea my rep told me checking ur credit score can lower it (srs).

Nope. Hard checks, yes. Soft checks, you checking or a potential employer checking, no.

I don’t think it’s a slippery slope at all, but I do think things happen in life. Economies turn, people lose jobs or are hit with wage reductions, industries change, personal stuff (kids, divorces, costly family emergencies) happens, etc etc. Even people with good financial habits can be affected and may have to eat credit card interest charges at some point, and that erodes whatever gains you made in the past

...and when those things happen and you DON'T have a credit card, how does that make it better?

But MEDITATE isn’t really wrong to be skeptical,

Skeptical is one thing, being critical of them while ignorant of even the most basic functioning of credit cards is another.

it’s safe to say the vast majority of credit card users aren’t coming out ahead

Absolutely true...

[Destor]

Things do happen but having a credit card have nothing to do with it at all. If there's an emergency expense, with no credit card you would just take out a loan(with interest for sure) for it right?

So with credit card, you made some gains. With no credit card, you will never made any gains.

You might say that a personal loan will most likely have lower interest, yes - and you can still take out a loan even if you have credit card depending which one has lower interest for installments. And guess what, if you have a good credit history with the credit card, your loan will most likely have lower interest rate and high limit.

Yup if chit goes south regardless, you’re better off having received rewards previously. And people damn well should be going for rewards and routing everything through credit cards. But MEDITATE is still right to be skeptical. The creditors would chop those rewards if their bottom line was being impacted, so let’s hope the majority continue to not do it properly

[Slaughterm]

10k on capital one, 5k on mastercard. And lol at 'annual fee', seriously bruh?

[Austanian]

> Spend 15-20% more with plastic than you would have with cash
> Earn 3% back with rewards
> Math

Statistics also suggest people are willing to pay at-least 30% more (when using plastic vs cash) at fast-food joints and twice as much for live events for concerts & games. But of course, the misc is 100% immune to this & the effect paying with plastic has on your psyche.

Carry around hundreds of dollars in cash and then pay a premium on your mortgage which will cost you A LOT.

You are correct that using CASH does reduce spending, but using DEBIT card does not. However, then you are forced to carry around massive amounts of money. In addition online shopping typically saves you a large portion over retail stores.

Use cash if you want, but be aware there are plenty of counter arguments. The KEY is a budget. If you live off of one it doesn't matter what you use, but there are better choices. If you let money control you... It doesn't matter the tool you use.

[RubberBandMang]

Credit cards are generally good for upper class responsible people, and bad for poor irresponsible people. Credit cards wouldn't exist if they majority of people were responsible though, lots of dummies out there just paying their minimum monthly payment.

Amex Plat the goat if you do lots of travelling.

[TreFo]

Chase sapphire, 70k. Balance $900, pay it off every month. Credit cards are a scam brah. Buy it with cash if you can.

this

these cash back offers and travel miles, thats not even worth focusing on when u spend time learning bout investments

[Globally]

If credit cards have a negative impact on your financial situation, you should report to your nearest clinic for sterilization.

No negotiations or doubts about that.

[MakeItMatt]

8k right now, didn't even apply for it to be raised it's just automatic approval.. I'm 20

[nzgs]

I don't like to use credit cards but I have one with £4k. I only use it if I'm buying something questionable online otherwise I hate the thing.

[SmackBang77]

8k right now, didn't even apply for it to be raised it's just automatic approval.. I'm 20

man im gonna start telling everyone they re pre approved for a limit increase, make me some sales that way

to add to the topic i sell credit cards for a living and my highest credit card that I own has a limit of like 3k, I got other cards that have around 1k each so a few thousand dollars in total for my cc limit

annual fees aren't worth it most of the time unless you spend a lot of money or you actually are gonna use the additional benefits it comes with as much as you can (if you travel often trip cancellation insurance can save you hundreds-thousands of dollars, delayed baggage insurance can get you hundreds too as well etc)

for people who don't spend enough to benefit from the higher reward rates that premium cards offer the best option is to have a chequing with that same bank (or have a cc with the same bank your main account is with), all banks have a chequing account that offers waivers on other products/services including premium credit cards, these chequing accounts are more expensive but if you carry a high enough balance you can have the monthly fee waived too and not pay anything.

for example, instead of keeping 5000$ in a savings account that gives you chitty interest and can be taxable (or put it in an investment that could put it at risk and not bring you much especially at 5k dont except gigantic profits), put that 5k in a chequing account that includes premium benefits and waivers for free, you will save more than putting your money in your savings/investment account and your savings won't actually be taxable. You can even ask the bank to put a hold on that account to make sure you don't go under the minimum balance by accident, and you can remove those holds per your request by asking an employee.

(of course if you have 50 000$ dont keep all that in your chequing account, just keep enough to waive the monthly fee and go ahead and invest the rest)

If you can't do any of that, then just stick to a basic credit card until you get out of poverty

i dont get people who call credit cards scams, just cuz you're too dumb to use a product right doesn't make it a scam. you're spending money anyway, the bank isn't the one making you spend more you just spend whatever the f u would have using cash but using a tool that pays you back and helps build/maintain good credit.

all credit cards have interest-free grace periods too (unless you do a cash advance which is the most retarded thing you can do), so you have more freedom and you can return purchases and get refunds more easily that way without having used your own money.

everyone should have a premium card with a waived annual fee from a chequing account, and a free back-up credit card 2 (preferably with a low interest-rate or just a basic card to have around in case you misplace your main card or lose it). It's not much, but credit cards are the best tool to use for spending, no other tool will help you save more money.

---- CLIFFS---
holy **** this post turned out longer than it was meant to

- got a few thousand ks in total cc limit
- not worth paying the annual fee if u dont spend enough or dont plan on using the additional benefits
- do get a premium credit card but get the annual fee waived using a package deal with a chequing account
- dont be poverty and keep a high balance in ur chequing to waive its monthly fee too

[LexBrah]

I got a virgin atlantic one (Amex) with £3600 on it, which at the time I got it (years ago.. Was like 18-19) was about 3X my monthly take home pay after taxes. So a bit weird how they'd do that for a 19 year old?

Havent changed it since, but then hardly use it. Only use it for big purchases tbh (Like £750+)


I went through a phase (about 1-2 months) of sticking everything on there. Fuel, groceries - ALL of that stuff. But I really didnt like having one transaction on my bank account that was like £2-3K. Its just depressing seeing everything you spend in a month in one transaction.

Tempted to swap to the Amex british Airways one cos they fly more short haul places in Europe - so I can use the rewards quicker.

I think for americans the chase sapphire was the best one?

Amex Platinum also gets a lot of good rep - but its a £500 yearly fee and the hotels they give you benefits for are ****. Its like Premier Inn and Travel Lodge.

John Lewis/Waitrose looks alright too, but the max you can get back is £15 regardless of how much you spend of vouchers.

[JamesMUSCLE]

~$10k

[eXistenceLies]

Those feels where it won't let you pay over your balance to offset your pending purchases.

[tyn89]

Yup if chit goes south regardless, you’re better off having received rewards previously. And people damn well should be going for rewards and routing everything through credit cards. But MEDITATE is still right to be skeptical. The creditors would chop those rewards if their bottom line was being impacted, so let’s hope the majority continue to not do it properly

Even if everyone use credit card properly, the bank still make profit out of it due to transaction fee from retailer. Unless people abuse the credit cards' unique such as price protection which Chase sapphire preferred will be cancelling that benefit of the card soon due to people abusing it to get free money.

Understand this, banks will still like you even if you don't pay interest on credit card because they WILL make profit regardless.

MEDITATE is being skeptical because he's very ignorant of this topic.

[ipleadthe5th]

3 cc

MC with 7500 limit $25 balance

Visa with 4500 limit $800 balance no interest thru the end of the year

Visa with 4000 limit $0 balance