Credit Card Rewards - Let make money

[7oclock]

Another secret is to close the card before u have to pay the yearly rate, and reopen it as a new care 6 months later.

frownded upon, because they could easily see that and deny you for future services but if it works go ahead and do it.

Every card has these promotional deals and you could easily make sign up for 5-6 cards a year (if your credit is good) and make up to 100-200 a deal/credit card. I prefer not to deal like that as I don't want them touching my credit and having cards open/cancelling cards as that affect credit. (although, outside of credit cards I don't believe in credit anyway lol).

 

[7oclock]

I like the Amex because whenever Ive had a dispute, they shyt all over the person who tried to fukk me over. My boy was in Italy using the card and they are scumbags to tourists over there. Tried to say he fukked up the car and there was 4K in damage. I called Amex and they requested proof, pictures, before and after, etc.. Got the charges taken right off. I've never dealt with a CC company that was so easy to get refunds back from.

that's definitely the plus side, Chase is not too far off from Amex but Amex provides that insurance/warranty side and typically have your back. But, why not use both? The beauty is you will get much more back from your Chase Ink business purchases then transfer the points to Delta skymiles - travel on the skymiles and then book rental cars, large purchases that need warranties, etc etc with the Amex. All your business expenses (phones, cables, paper, ink, etc etc) should go through Chase ink as that gives you 5X, restuants too. You do that and you'll be taking 2 free trips with your partners next year.

 

[ill]

that's definitely the plus side, Chase is not too far off from Amex but Amex provides that insurance/warranty side and typically have your back. But, why not use both? The beauty is you will get much more back from your Chase Ink business purchases then transfer the points to Delta skymiles - travel on the skymiles and then book rental cars, large purchases that need warranties, etc etc with the Amex. All your business expenses (phones, cables, paper, ink, etc etc) should go through Chase ink as that gives you 5X, restuants too. You do that and you'll be taking 2 free trips with your partners next year.

We have very very low overhead costs and almost zero office costs so its not that appealing but I'll look into it. I have heard good things about Chase Business.

 

[Toe Jay Simpson]

This good knowledge. I work in the banking industry and with credit cards most people go one of two ways, they either a) totally dismiss them as the devil, or b) look at it as self entitled free money to blow and worry about later

But while the game is intended for suckers a smart man can use it to his advantage

 

[ill]

This good knowledge. I work in the banking industry and with credit cards most people go one of two ways, they either a) totally dismiss them as the devil, or b) look at it as self entitled free money to blow and worry about later

But while the game is intended for suckers a smart man can use it to his advantage

Do you work directly in credit or just banking in general? I've always wondered if paying off the card in full or leaving some debt on the card factors into your credit score and in which way

 

[Domingo Halliburton]

find a card that has no interest for a couple months and borrow against the float and put it in an interest bearing account. Honestly I dont know if this legal or not anymore.

 

[7oclock]

find a card that has no interest for a couple months and borrow against the float and put it in an interest bearing account. Honestly I dont know if this legal or not anymore.

problem are the fees and what you get nowadays in low-level interest bearing accounts; now if you're risky you could make this work (again I don't know if you can borrow against the float you can definitely do cash advances)

 

[7oclock]

Do you work directly in credit or just banking in general? I've always wondered if paying off the card in full or leaving some debt on the card factors into your credit score and in which way

paying off full is the way to go - I believe the "small balance" myth was created by the credit companies to impose fees on you. No way should you leave any balance on your card (unless you have 0% APR). Not only does this not improve you credit, it weakens your available credit (in case you're applying for anything additional).

 

[7oclock]

throwing another one out there that is in the Chase Freedom category is the Discoverer IT

another 5% category card, doesn't get the respect it deserve because not many people know Discover. Have great service, US based, and free credit scores monthly .

 

[Toe Jay Simpson]

paying off full is the way to go - I believe the "small balance" myth was created by the credit companies to impose fees on you. No way should you leave any balance on your card (unless you have 0% APR). Not only does this not improve you credit, it weakens your available credit (in case you're applying for anything additional).

It's all about fees. That's how money is made but on the flip side you don't want to leave a zero balance for too long, for someone looking at your credit it makes it look like you're not a "team player" so to speak. That's why even when it comes to people who have a card just for emergencies I suggest to them at least once a month order a pizza or fill up the gas tank or something just to show activity.

At the end of the day credit in it's simplest form is about the quanity of what's being borrowed, the speed at which it's paid off, and the frequency of the borrowing done. In other words, a guy borrowing $500, paying it off quickly, then borrowing again will always fair better than a guy who borrows $1000 and lets it linger around.

 

[ill]

paying off full is the way to go - I believe the "small balance" myth was created by the credit companies to impose fees on you. No way should you leave any balance on your card (unless you have 0% APR). Not only does this not improve you credit, it weakens your available credit (in case you're applying for anything additional).

Word. Thats the theory I've subscribed to as well. I've always paid my cards off in full every month. I think I've only missed a payment once in the past 5 years but that was due to forgetting about the payment. I got it cleared up with my bank and they took the late payment penalty off.

 

[Domingo Halliburton]

problem are the fees and what you get nowadays in low-level interest bearing accounts; now if you're risky you could make this work (again I don't know if you can borrow against the float you can definitely do cash advances)

yeah its probably not feasible in this interest rate environment

 

[7oclock]

It's all about fees. That's how money is made but on the flip side you don't want to leave a zero balance for too long, for someone looking at your credit it makes it look like you're not a "team player" so to speak. That's why even when it comes to people who have a card just for emergencies I suggest to them at least once a month order a pizza or fill up the gas tank or something just to show activity.

At the end of the day credit in it's simplest form is about the quanity of what's being borrowed, the speed at which it's paid off, and the frequency of the borrowing done. In other words, a guy borrowing $500, paying it off quickly, then borrowing again will always fair better than a guy who borrows $1000 and lets it linger around.

totally agree

credit card should be used like a debit card, you use it and pay it off every month.

Also, it's okay to not have activity - if you're active on other cards. I have a credit card I used (my first credit cards actually) that I never use anymore, I didn't cancel/close the account because credit companies look to see how long you have credit lines opens; the older the accounts the better especially if in good standing. Most only worry about utilization and length (and negative marks as well)O

 

[Hiphoplives4eva]

I use the United Presidential Plus Mastercard. I get tons of miles, as well as the option to get items. I mainly use it for miles though. Went to Hawaii first class with the wife this year and only paid 120 for taxes...

 

[ill]

I use the United Presidential Plus Mastercard. I get tons of miles, as well as the option to get items. I mainly use it for mikes though. Went to Hawaii first class with the wife this year and only paid 120 for taxes...

You're in Houston, right? United is probably the way down in your area as their HQ is in Houston. United out of Boston is atrocious and such a pain in the ass.